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While acknowledging the successes of modern economics, this paper concentrates on some shortcomings. Many are traced to a single source: the great insights of economics are all qualitative. Economics does not have a theoretical structure that is tightly related to a rich body of data and those...
Persistent link: https://www.econbiz.de/10005496091
TFP is interpreted in the literature in different, mutually contradictory ways. Changes in TFP are shown to measure not technological change, only the super-normal returns to investing in such change - returns that exceed the full opportunity cost of the activity. Thus, in the limit,...
Persistent link: https://www.econbiz.de/10005467082
The evolutionary vision in which history matters is of an evolving economy driven by bursts of technological change initiated by agents facing uncertainty and producing long term, path-dependent growth and shorter-term, non-random investment cycles. The alternative vision in which history does...
Persistent link: https://www.econbiz.de/10010849059
The origin of the second best article is described and criticisms assessed. Distortions making impossible the achievement of either first or second best optima are outlined. Attempts to establish the applicability of first best rules are criticised, as are general rules for making piecemeal...
Persistent link: https://www.econbiz.de/10005809898
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Part I contrasts the general types of policy advice that follow from three different approaches to understanding economic growth and technological change. Neoclassical theory gives policy advice that is assumed to be relevant for all countries at all times: remove sources of 'market failures'....
Persistent link: https://www.econbiz.de/10009200540
Persistent link: https://www.econbiz.de/10009325797
Dismissing industrial policy because 'governments cannot pick winners' is counter-productive. This Element studying selected major innovations illustrates the fact that virtually all major new technologies have been developed by a synergetic cooperation between the public and the private...
Persistent link: https://www.econbiz.de/10013284756
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