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Strong growth in disposable income has driven, and is still driving, consumption to unprecedented, but not sustainable levels. To explain the dynamic interplay of needs, need satisfaction, and innovation underlying that growth a behavioral theory of consumption is suggested and discussed with...
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Epistemic arguments play a significant role in Hayek's defense of market liberalism. His claim that market competition is a discovery procedure that serves the common good is a case in point. The hypothesis of the markets' efficient use of existing knowledge is supplemented by the idea that...
Persistent link: https://www.econbiz.de/10009126110
The fact that innovative capitalism needs institutional co-evolution has widely been recognized with respect to pro-active institutional adaptations. Examples are the rearrangement and safeguarding of supply chains or the creation of public institutions providing indispensable systemic...
Persistent link: https://www.econbiz.de/10013368883
The emergence of novelty is a driving agent for economic change. New technologies, new products and services, new institutional arrangements, to mention a few examples, are the backbone of development and growth. Important though it is, the emergence of novelty is not well understood. What seems...
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While there is little doubt that innovations drive economic growth, their effects on well-being are less clear. One reason for this are ambivalent effects of innovations on well-being that result from pecuniary and technological externalities of innovations, argued to be inevitable. Another...
Persistent link: https://www.econbiz.de/10010281855
Epistemic arguments play a significant role in Hayek's defense of market liberalism. His claim that market competition is a discovery procedure that serves the common good is a case in point. The hypothesis of the markets' efficient use of existing knowledge is supplemented by the idea that...
Persistent link: https://www.econbiz.de/10010286745