Epistemic arguments play a significant role in Hayek’s defense of market liberalism. Hisclaim that market competition is a discovery procedure that serves the common good is acase in point. The hypothesis of the markets’ efficient use of existing knowledge issupplemented by the idea that...

While there is little doubt that innovations drive economic growth, their effects on well-being areless clear. One reason for this are ambivalent effects of innovations on well-being that result frompecuniary and technological externalities of innovations, argued to be inevitable. Another...

Strong growth in disposable income has driven, and is still driving, consumption to unprecedented,but not sustainable levels. To explain the dynamic interplay of needs, need satisfaction, andinnovation underlying that growth a behavioral theory of consumption is suggested and discussedwith...