IDEAS home Printed from https://ideas.repec.org/a/spr/homoec/v33y2016i1d10.1007_s41412-016-0010-7.html
   My bibliography  Save this article

A Comment on “What Is Wrong with the West’s Economies?” by Edmund Phelps

Author

Listed:
  • Branko Urošević

    (University of Belgrade and CESIfo Network)

Abstract

Can one simultaneously have an economic system that is both vibrant and just? And, if so, is the current mainstream economic paradigm helping us achieve such a worthwhile goal? We argue that the notions of justice and economic vibrancy should not be discussed in isolation from one another. Also, any potential solution to this problem has to be dynamically consistent and take into the account changing nature of the world economy in which production and distribution of information and knowledge takes increasingly the center stage. This may require switching from solving mechanistic optimization problems prevalent in the main stream economics, to more complex approaches that explicitly take into the account both the role of institutional development and more complex ways in which economic decisions are actually made today.

Suggested Citation

  • Branko Urošević, 2016. "A Comment on “What Is Wrong with the West’s Economies?” by Edmund Phelps," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 33(1), pages 25-31, August.
    • Handle: RePEc:spr:homoec:v:33:y:2016:i:1:d:10.1007_s41412-016-0010-7
    DOI: 10.1007/s41412-016-0010-7
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s41412-016-0010-7
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s41412-016-0010-7?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Edmund Phelps, 2015. "Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change," Economics Books, Princeton University Press, edition 1, number 10058-2.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Pies, Ingo & Hielscher, Stefan & Everding, Sebastian, 2020. "Do hybrids impede sustainability? How semantic reorientations and governance reforms can produce and preserve sustainability in sharing business models," Journal of Business Research, Elsevier, vol. 115(C), pages 174-185.
    2. Kevin L. Kliesen & John A. Tatom, 2018. "Is American manufacturing in decline?," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 53(3), pages 107-123, July.
    3. Giuseppe Attanasi & Ylenia Curci & Patrick Llerena & Adriana Carolina Pinate & Maria del Pino Ramos-Sosa & Giulia Urso, 2019. "Looking at Creativity from East to West: Risk Taking and Intrinsic Motivation in Socially and Culturally Diverse Countries," GREDEG Working Papers 2019-21, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    4. Kushlin, Valery Ivanovich (Кушлин, Валерий Иванович) & Ustenko, V.S. (Устенко, В.С.), 2016. "Analysis of International Experience of Intensification of Scientific and Innovative Activity in the Modern Unstable Conditions [Анализ Международного Опыта Активизации Научно-Инновационной Деятель," Working Papers 2832, Russian Presidential Academy of National Economy and Public Administration.
    5. Weede Erich, 2015. "Von Hayek lernen: Wissen und Freiheit, Recht und Gesetzgebung / Learning from Hayek: Knowledge and Liberty, Law and Legislation," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 66(1), pages 81-96, January.
    6. Francesco Saraceno, 2018. "The end of the consensus ? The economic crisis and the crisis of macroeconomics," SciencePo Working papers Main hal-03443466, HAL.
    7. Marini, Annalisa & Navarra, Pietro, 2016. "Autonomy, Social Interactions and Culture," MPRA Paper 69757, University Library of Munich, Germany.
    8. Francesco Saraceno, 2018. "The end of the consensus ? The economic crisis and the crisis of macroeconomics," Post-Print hal-03443466, HAL.
    9. Afcha, S. & García-Quevedo, J. & Mas-Verdú, F., 2023. "Gaining or losing PhDs: What are the effects on firms' linkages with universities?," Technological Forecasting and Social Change, Elsevier, vol. 186(PA).
    10. David Ahlstrom & Amber Y. Chang & Jessie S. T. Cheung, 2019. "Encouraging Entrepreneurship and Economic Growth," JRFM, MDPI, vol. 12(4), pages 1-14, November.
    11. Kjell Hausken & John F. Moxnes, 2019. "Innovation, Development and National Indices," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 141(3), pages 1165-1188, February.
    12. Shaphali Gupta, 2020. "Understanding the feasibility and value of grassroots innovation," Journal of the Academy of Marketing Science, Springer, vol. 48(5), pages 941-965, September.
    13. Ross B. Emmett, 2014. "Economics Is Not All of Life," Econ Journal Watch, Econ Journal Watch, vol. 11(2), pages 144-152, May.
    14. Magnus Henrekson, 2014. "Entrepreneurship, innovation, and human flourishing," Small Business Economics, Springer, vol. 43(3), pages 511-528, October.
    15. Remy Guichardaz & Julien Pénin, 2021. "Entrepreneurs “from within”? Schumpeter and the challenge of endogenizing novelty," Working Papers of BETA 2021-41, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    16. Kovács, Olivér, 2017. "Az ipar 4.0 komplexitása - I [The complexity of industry 4.0 - Part 1]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 823-851.
    17. Peter Gordon & Karima Kourtit, 2020. "Agglomeration and clusters near and far for regional development: A critical assessment," Regional Science Policy & Practice, Wiley Blackwell, vol. 12(3), pages 387-396, June.
    18. Vartanov, Sergey, 2020. "Стратегический Подход К Анализу Медиасистемы России [A strategic approach to Russian media system analysis]," MPRA Paper 105224, University Library of Munich, Germany.
    19. Meg Patrick Tuszynski, 2021. "Entanglement and Perverse Spontaneous Orders," Studies in Public Choice, in: David J. Hebert & Diana W. Thomas (ed.), Emergence, Entanglement, and Political Economy, pages 87-101, Springer.
    20. Ahmadiani, Mona & Hyde, Adam S. & Jackson, Jeremy, 2019. "Creative Destruction, Job Reallocation, and Subjective Well-Being," 2019 Annual Meeting, July 21-23, Atlanta, Georgia 290966, Agricultural and Applied Economics Association.

    More about this item

    Keywords

    Justice; Economic vibrancy; Dynamic consistency; Information and learning;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:homoec:v:33:y:2016:i:1:d:10.1007_s41412-016-0010-7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.