Edmund Phelps on Productivity Slowdown: Limits to Utilitarian Economics

Research output: Contribution to journalArticle

Electronic versions



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.


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

Total downloads

No data available
View graph of relations