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C. Schubert
Is Novelty always a good thing? Towards an Evolutionary Welfare Economics
Schumpeter's and Hayek's view of market coordination as being not about efficiency, but about endogenous change and never-ending discovery has been increasingly recognized even by the mainstream of economics. Underlying this view is the notion of creative learning agents who bring about novelty. We argue that apart from the challenges it poses for positive theorizing, novelty (be it technological, institutional or commercial) also has a complex normative dimension that standard welfare economics is unsuited to deal with. We show that welfare economics has to be reconstructed on the basis of evolutionary-naturalistic insights into the way human agents bring about, value and respond to novelty-induced change.
I admit it: I’m a user-group junkie. I got my first taste of user groups when I worked for Apple—speaking at their meetings was one of my great pleasures. Their members were unpaid, raging, inexorable thunderlizard evangelists for Macintosh and...
Obviously we distrust the media on science: they rewrite commercial press releases from dodgy organisations as if they were health news, they lionise mavericks with poor evidence, and worse. But journalists will often say: what about those scientists with their press releases? Surely we should do something about them, running about, confusing us with their wild ideas?
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