While there is little doubt that innovations drive economic growth, their effects on well-being areless clear. One reason for this are ambivalent effects of innovations on well-being that result frompecuniary and technological externalities of innovations, argued to be inevitable. Another...

In recent economic literature, there has been an increasing interest in modellingpreferences as endogenous. Some arguments go along the lines that institutions shapepreferences. This paper suggests that adopting a more substantive concept ofpreferences furthers our understanding of how they...

We use a panel vector autoregressions model to examine the coevolution of changes in happinessand changes in income, health, marital status as well as employment status for the BritishHousehold Panel Survey (BHPS) data set. This technique allows us to simultaneously analyzethe impact of the...

Subjective well-being is a complex phenomenon coevolving with events in important do-mains of life. Panel vector autoregressions are a suitable tool to analyze the underlyingstructure of changes in happiness and its coevolution with changes in income, health, wor-ries, marital status and...

Despite lower incomes, the self-employed consistently report higher satisfaction with theirjobs. But are self-employed individuals also happier, more satised with their lives as awhole? High job satisfaction might cause them to neglect other important domains of life,such that the fullling job...

New knowledge with potential commercial value is created, replicated, and transferred in adistributed manner. The highly systemic nature of knowledge production and the need for anyknowledge to be individually acquired and expressed in order to produce an effect, jointlyconstrain the dynamics of...

The emergence of novelty is a driving agent for economic change. New technologies, new productsand services, new institutional arrangements, to mention a few examples, are the backbone ofdevelopment and growth. Important though it is, the emergence of novelty is not well understood.What seems to...

Twentieth century demand theory is an outgrowth of the revision of the utilitarian program undertakenby Jevons (1879) in the so-called marginalist revolution. In the original, Benthamite version, theutilitarian program was based on a naturalistic, hedonic theory of behavior. Utility was...

The functionality of organizational routines, i.e. the factual value for accomplishing theirpurposes, is an important constraint on the capabilities an organization can bring to bear on itsoperations. Often falling short of its potential, the actual make-up of organizational routinesinvites...

Epistemic arguments play a significant role in Hayek’s defense of market liberalism. Hisclaim that market competition is a discovery procedure that serves the common good is acase in point. The hypothesis of the markets’ efficient use of existing knowledge issupplemented by the idea that...