Which Economics? Which Economies?

Heinz Kurz

Homo Oeconomicus: Journal of Behavioral and Institutional Economics, 2016, vol. 33, issue 4, No 1, 297-310

Abstract: 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.

Keywords: Adam Smith; Classical economics; Financial crisis; Innovation; Joseph A. Schumpeter; Technical progress (search for similar items in EconPapers)
JEL-codes: A13 B12 B13 B31 E44 O31 O47 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/s41412-016-0030-3

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