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A general model of the innovation - subjective well-being nexus

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  • Hans-Jürgen Engelbrecht

Abstract

A model of the innovation – subjective well-being (SWB) nexus is needed to advance our understanding of the welfare implications of innovation. Building on an earlier contribution by Swann (G. M. Peter Swann, 2009, The Economics of Innovation, Edward Elgar, Cheltenham, UK), I first assemble the major building blocks of such a model and then discuss some of the many potential linkages between them. A central feature is the inclusion of multiple SWB impacts of processes as well as of outcomes. Some general issues that would have to be addressed in any empirical application are also discussed. SWB impacts are to be used as an additional indicator in the assessment of innovation, not as something to be maximised. By taking SWB into account, new insights might emerge that could result in either strengthening or modifying existing innovation policies, or in novel policies. Copyright Springer-Verlag Berlin Heidelberg 2014

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  • Hans-Jürgen Engelbrecht, 2014. "A general model of the innovation - subjective well-being nexus," Journal of Evolutionary Economics, Springer, vol. 24(2), pages 377-397, April.
    • Handle: RePEc:spr:joevec:v:24:y:2014:i:2:p:377-397
    DOI: 10.1007/s00191-014-0343-y
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    More about this item

    Keywords

    Innovation; Subjective well-being; Knowledge-based economies; General model; Policy; O30; B52; D60;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D60 - Microeconomics - - Welfare Economics - - - General

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