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

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  • 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
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    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.
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    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;

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