For an economy where knowledge plays an increasingly important role in shaping its dynamics, economics needs a dynamic (Schumpeterian) welfare theory. This paper sketches the role of knowledge in an economy and argues that a static Paretian welfare economics is inadequate, or at least needs to...

Stefan Stremersch (Ph.D., Tilburg University, December 2001, cum laude) is Professor of Marketing at Erasmus University Rotterdam, The Netherlands, and Visiting Associate Professor of Marketing at Goizueta Business School, Emory University, United States. He also has been a visiting research...