IDEAS home Printed from https://ideas.repec.org/a/spr/homoec/v33y2016i4d10.1007_s41412-016-0030-3.html
   My bibliography  Save this article

Which Economics? Which Economies?

Author

Listed:
  • Heinz D. Kurz

    (University of Graz)

Abstract

It is argued that the problems affecting our societies at present are not so much the result of a mysterious disappearance of inventiveness and imagination, as Phelps deplores. It is rather the dramatic change of the socio-economic order propelled by the neoliberal ideology that captured the minds of many people and politicians. This led to a de-regulation of financial markets and a policy of austerity, which triggered the “Great Recession” and stifled innovation. There is also the problem of a mismatch between our measurement devices and what is to be measured in a world of bits and bytes. With the firm establishment and growth of R&D&I in all Western economies the talk about a declining innovativeness ought to be received with suspicion. New materials and rare earths, biotechnology, further advances in ICT and what is called the fourth industrial revolution based on cyber-physical systems can be expected to have an important impact on economic performance.

Suggested Citation

  • Heinz D. Kurz, 2016. "Which Economics? Which Economies?," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 33(4), pages 297-310, December.
    • Handle: RePEc:spr:homoec:v:33:y:2016:i:4:d:10.1007_s41412-016-0030-3
    DOI: 10.1007/s41412-016-0030-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s41412-016-0030-3
    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/s41412-016-0030-3?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. Paul M. Romer, 2015. "Mathiness in the Theory of Economic Growth," American Economic Review, American Economic Association, vol. 105(5), pages 89-93, May.
    2. Duncan K. Foley & Adalmir A. Marquetti, 1999. "Productivity, Employment and Growth in European Integration," Metroeconomica, Wiley Blackwell, vol. 50(3), pages 277-300, October.
    3. Martin L. Weitzman, 1998. "Recombinant Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 113(2), pages 331-360.
    4. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
    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. Cristiano Antonelli, 2011. "The Economic Complexity of Technological Change: Knowledge Interaction and Path Dependence," Chapters, in: Cristiano Antonelli (ed.), Handbook on the Economic Complexity of Technological Change, chapter 1, Edward Elgar Publishing.
    2. Antonelli Cristiano, 2012. "Compulsory licensing: the foundations of an institutional innovation," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201207, University of Turin.
    3. Antonelli, Cristiano & David, Paul, 2015. "The Useful Application of Knowledge: An Introduction," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201538, University of Turin.
    4. Wang, Jian & Veugelers, Reinhilde & Stephan, Paula, 2017. "Bias against novelty in science: A cautionary tale for users of bibliometric indicators," Research Policy, Elsevier, vol. 46(8), pages 1416-1436.
    5. Antonelli, Cristiano & Amidei, Federico Barbiellini & Fassio, Claudio, 2014. "The mechanisms of knowledge governance: State owned enterprises and Italian economic growth, 1950–1994," Structural Change and Economic Dynamics, Elsevier, vol. 31(C), pages 43-63.
    6. Cristiano, Antonelli, 2010. "The economic complexity of technology and innovation. A review article of The nature of technology. What it is and how it evolves, by Arthur, W.B. Free Press, New York, pp.1-247"," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201003, University of Turin.
    7. Nina Ebner & Jamie Peck, 2022. "FANTASY ISLAND: Paul Romer and the Multiplication of Hong Kong," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 46(1), pages 26-49, January.
    8. Simon, György, 1999. "Technikai haladás, érték és profit [Technical progress, value and profit]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 428-445.
    9. Nicholas Dew & Stuart Read & Saras Sarasvathy & Robert Wiltbank, 2011. "On the entrepreneurial genesis of new markets: effectual transformations versus causal search and selection," Journal of Evolutionary Economics, Springer, vol. 21(2), pages 231-253, May.
    10. Abida Hafeez & Karim Bux Shah Syed & Fiza Qureshi, 2019. "Exploring the Relationship between Government R & D Expenditures and Economic Growth in a Global Perspective: A PMG Estimation Approach," International Business Research, Canadian Center of Science and Education, vol. 12(4), pages 163-174, April.
    11. Giuliani, Elisa & Martinelli, Arianna & Rabellotti, Roberta, 2016. "Is Co-Invention Expediting Technological Catch Up? A Study of Collaboration between Emerging Country Firms and EU Inventors," World Development, Elsevier, vol. 77(C), pages 192-205.
    12. Ufuk Akcigit & Murat Celik & Daron Acemoglu, 2014. "Young, Restless and Creative: Openness to Disruption and Creative Innovations," 2014 Meeting Papers 377, Society for Economic Dynamics.
    13. Alhassan Abdul-Wakeel Karakara & Evans Osabuohien, 2020. "ICT adoption, competition and innovation of informal firms in West Africa: a comparative study of Ghana and Nigeria," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing Limited, vol. 14(3), pages 397-414, June.
    14. Michael Fritsch & Viktor Slavtchev, 2007. "What determines the efficiency of regional innovation systems?," Jena Economics Research Papers 2007-006, Friedrich-Schiller-University Jena.
    15. Catherine Baumont, 1995. "Urban economics and endogenous dynamics in regional growth [Economies d'agglomération et dynamique endogène de croissance des régions]," Working Papers hal-01527237, HAL.
    16. Juan Pineiro Chousa & Haider Ali Khan & Davit N. Melikyan & Artur Tamazian, 2005. "Institutional and Financial Determinants of Development: New Evidence from Advanced and Emerging Markets," CIRJE F-Series CIRJE-F-326, CIRJE, Faculty of Economics, University of Tokyo.
    17. David L. Ellison, 2007. "Subnational regionalism in a supranational context: the case of Hungary," IWE Working Papers 177, Institute for World Economics - Centre for Economic and Regional Studies.
    18. Motoyama, Yasuyuki & Cao, Cong & Appelbaum, Richard, 2014. "Observing regional divergence of Chinese nanotechnology centers," Technological Forecasting and Social Change, Elsevier, vol. 81(C), pages 11-21.
    19. Sorin Celea & Petre Brezeanu & Ana Petrina Păun, 2013. "Fiscal Discipline within the EU: Comparative Analysis," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 13(2), pages 23-30.
    20. repec:hal:spmain:info:hdl:2441/6493 is not listed on IDEAS
    21. Reis, Anabela & Heitor, Manuel & Amaral, Miguel & Mendonça, Joana, 2016. "Revisiting industrial policy: Lessons learned from the establishment of an automotive OEM in Portugal," Technological Forecasting and Social Change, Elsevier, vol. 113(PB), pages 195-205.

    More about this item

    Keywords

    Adam Smith; Classical economics; Financial crisis; Innovation; Joseph A. Schumpeter; Technical progress;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

    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:4:d:10.1007_s41412-016-0030-3. 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.