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

Author

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  • Timo Airaksinen

    (University of Helsinki)

Abstract

Professor Phelps has written a plea for social, technological, and economic innovation as the key to human flourishing. I cannot see how the middle class drab life could be alleviated by innovation. This paper criticises his views and argues that people need what I call openings (opportunities) that channel their natural activities in the right way.

Suggested Citation

  • Timo Airaksinen, 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 37-41, August.
    • Handle: RePEc:spr:homoec:v:33:y:2016:i:1:d:10.1007_s41412-016-0013-4
    DOI: 10.1007/s41412-016-0013-4
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    More about this item

    Keywords

    Happiness; Human flourishing; Opportunity; Innovation; Human values;
    All these keywords.

    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General
    • Z1 - Other Special Topics - - Cultural Economics

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