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Getting Innovation Right: The Key to Happiness and Flourishing?

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  • David E. Hojman

    (University of Liverpool Management School)

Abstract

Correlations between happiness and other variables, including innovation, are possibly dubious and may be ultimately misleading. Quality-of-life enhancing innovation is a social phenomenon, and much more than just a technological breakthrough. It typically involves institutional, cultural, organizational, managerial and other changes. It is the social phenomenon, rather than the technological breakthrough, or in addition to it, which makes the economy more dynamic and lives richer. Interesting examples include the distinction between the invention of the airplane and the development of mass tourism between northern and southern Europe. But there are many other examples, from access to pharmaceuticals in poor countries to wine making, miners' rescue and earthquake damage prevention. Failure to see the difference between the technological breakthrough and the social phenomenon may lead to the wrong conclusions.

Suggested Citation

  • David E. Hojman, 2016. "Getting Innovation Right: The Key to Happiness and Flourishing?," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 33(4), pages 311-316, December.
    • Handle: RePEc:spr:homoec:v:33:y:2016:i:4:d:10.1007_s41412-016-0016-1
    DOI: 10.1007/s41412-016-0016-1
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    References listed on IDEAS

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    1. Joel Mokyr, 2014. "A Flourishing Economist: A Review Essay on Edmund Phelps's Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 189-196, March.
    2. Suma Athreye & Dinar Kale & Shyama V. Ramani, 2009. "Experimentation with strategy and the evolution of dynamic capability in the Indian pharmaceutical sector," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 18(4), pages 729-759, August.
    3. Baldwin, Robert & Cave, Martin & Lodge, Martin (ed.), 2010. "The Oxford Handbook of Regulation," OUP Catalogue, Oxford University Press, number 9780199560219.
    4. Suma Athreye & Andrew Godley, 2009. "Internationalization and technological leapfrogging in the pharmaceutical industry," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 18(2), pages 295-323, April.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Non-technological innovation; The good life; Happiness correlations; Institutions; Culture; Organization; Latin America;
    All these keywords.

    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • 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
    • Z1 - Other Special Topics - - Cultural Economics

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