Edmund Phelps on Productivity Slowdown: Limits to Utilitarian Economics
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- 2016 Edmund Phelps on Productivity Slowdown
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DOI
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 language | English |
|---|---|
| Pages (from-to) | 357-365 |
| Journal | Homo Oeconomicus |
| Volume | 33 |
| Issue number | 4 |
| Early online date | 23 Aug 2016 |
| DOIs | |
| Publication status | Published - Dec 2016 |
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