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

Branko Urošević ()
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Branko Urošević: University of Belgrade and CESIfo Network

Homo Oeconomicus: Journal of Behavioral and Institutional Economics, 2016, vol. 33, issue 1, No 5, 25-31

Abstract: Abstract Can one simultaneously have an economic system that is both vibrant and just? And, if so, is the current mainstream economic paradigm helping us achieve such a worthwhile goal? We argue that the notions of justice and economic vibrancy should not be discussed in isolation from one another. Also, any potential solution to this problem has to be dynamically consistent and take into the account changing nature of the world economy in which production and distribution of information and knowledge takes increasingly the center stage. This may require switching from solving mechanistic optimization problems prevalent in the main stream economics, to more complex approaches that explicitly take into the account both the role of institutional development and more complex ways in which economic decisions are actually made today.

Keywords: Justice; Economic vibrancy; Dynamic consistency; Information and learning (search for similar items in EconPapers)
JEL-codes: B1 B51 B52 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/s41412-016-0010-7

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