Edmund Phelps on Productivity Slowdown: Limits to Utilitarian Economics

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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.

Keywords

  • Science Policy, innovation, Inequality, Information, Uncertainty, Productivity
Original languageEnglish
Pages (from-to)357-365
JournalHomo Oeconomicus
Volume33
Issue number4
Early online date23 Aug 2016
DOIs
Publication statusPublished - Dec 2016

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