Dolfsma, Wilfred - Erasmus Research Institute of Management (ERIM), … - 2004
For an economy where knowledge plays an increasingly important role in shaping its dynamics, economics needs a dynamic … (Schumpeterian) welfare theory. This paper sketches the role of knowledge in an economy and argues that a static Paretian welfare … economics acknowledges the role of knowledge. In a dynamic welfare economics, I suggest, different costs of communication are …