There is growing evidence that rising levels of prosperity in Western economies since 1945 have not been matched by greater incidences of reported well-being and happiness. Indeed, material affluence is often accompanied instead by greater social and individual distress. A growing literature...

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...

Technology and technological change play a central role in economics, whether in the theory of resource allocation or in the theory of growth and development. Yet the nature of technology is largely ignored in economic theory, it being considered sufficient to treat technology as a constraint on...

The goal of scientific work is to understand more and more by less and less. In this effort, theoretical unification plays a large part. There are two main types of theoretical unification - unification of different theories of the same field of phenomena and unification of theories of different...

This paper introduces a new theoretic entity, a nominalist heuristic, defined as a focus on prominent numbers, indices or ratios. Abstractions used in the evaluation stage of decision making typically involve nominalist heuristics that are incompatible with expected utility theory which excludes...

The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in...

In this essay I compare two different theoretical frameworks in economics for orienting analysis of issues in technology policy. One is a neoclassical framework that sees appropriate policies as dealing with 'market failures'. The other framework is provided by an evolutionary and institutional...

The notion of Gross National Happiness (GNH) presents a radical paradigm shift in development economics and social theory. GNH can be regarded as the Buddhist equivalent to Gross National Product (GNP), which is the conventional indicator for a nation’s economic performance. But GNH can also be...

Zeitpräferenzen sind von zentraler Bedeutung für intertemporale Entscheidungsmodelle. In den meisten ökonomischen Modellen werden Zeitpräferenzen jedoch mit exponential discounting gleichgesetzt. Der erste Teil der vorliegenden Arbeit bespricht eine axiomatische Herleitung von...