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Edmund Phelps on Productivity Slowdown: Limits to Utilitarian Economics

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  • Shanti P. Chakravarty

    (Bangor Business School, The University)

Abstract

Nobel Laureate economist Edmund Phelps blames the increasing marginalisation of a large number of workers in unstimulating jobs on low wages as a contributory factor to productivity slowdown in the West. He blames utilitarian economics because it cannot accommodate the idea of social inclusion. In our view, the problem is best understood as a manifestation of the poverty of the theory of prices governing the allocation of resources.

Suggested Citation

  • Shanti P. Chakravarty, 2016. "Edmund Phelps on Productivity Slowdown: Limits to Utilitarian Economics," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 33(4), pages 357-365, December.
    • Handle: RePEc:spr:homoec:v:33:y:2016:i:4:d:10.1007_s41412-016-0029-9
    DOI: 10.1007/s41412-016-0029-9
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    References listed on IDEAS

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    More about this item

    Keywords

    Science policy; Innovation; Inequality; Information; Uncertainty; Productivity;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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