Edmund Phelps on Productivity Slowdown: Limits to Utilitarian Economics

Shanti P. Chakravarty ()
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Shanti P. Chakravarty: Bangor Business School, The University

Homo Oeconomicus: Journal of Behavioral and Institutional Economics, 2016, vol. 33, issue 4, No 8, 357-365

Abstract: 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.

Keywords: Science policy; Innovation; Inequality; Information; Uncertainty; Productivity (search for similar items in EconPapers)
JEL-codes: B59 D80 J01 O31 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/s41412-016-0029-9

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