TY - JOUR

T1 - Edmund Phelps on Productivity Slowdown

T2 - Limits to Utilitarian Economics

AU - Chakravarty, Shanti

PY - 2016/12

Y1 - 2016/12

N2 - Nobel Laureate economist Edmund Phelps blames the increasing marginalisation of a large number of workers in unstimulating jobs on low wages as a contributory factor to productivity slowdown in the West. He blames utilitarian economics because it cannot accommodate the idea of social inclusion. In our view, the problem is best understood as a manifestation of the poverty of the theory of prices governing the allocation of resources.

AB - Nobel Laureate economist Edmund Phelps blames the increasing marginalisation of a large number of workers in unstimulating jobs on low wages as a contributory factor to productivity slowdown in the West. He blames utilitarian economics because it cannot accommodate the idea of social inclusion. In our view, the problem is best understood as a manifestation of the poverty of the theory of prices governing the allocation of resources.

KW - Science Policy

KW - innovation

KW - Inequality

KW - Information

KW - Uncertainty

KW - Productivity

U2 - 10.1007/s41412-016-0029-9

DO - 10.1007/s41412-016-0029-9

M3 - Article

VL - 33

SP - 357

EP - 365

JO - Homo Oeconomicus

JF - Homo Oeconomicus

IS - 4

ER -