Towards a dynamic (Schumpeterian) welfare economics

Wilfred Dolfsma*

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

15 Citations (Scopus)

Abstract

Knowledge plays an increasingly important role in shaping the dynamics of an economy. A static Paretian welfare economics is therefore inadequate, and needs to be supplemented by a dynamic (Schumpeterian) welfare theory. A dynamic welfare economics acknowledges the role of knowledge and communication. As knowledge develops cumulatively in a social environment, knowledge may not be readily diffused or exchanged. Different costs of communication need to be considered, each affecting the creation of new knowledge. Recent developments in Intellectual Property Right (IPR) law are evaluated to determine the extent to which they affect communication costs and thus future economic welfare.

Original languageEnglish
Pages (from-to)69-82
Number of pages14
JournalResearch Policy
Volume34
Issue number1
DOIs
Publication statusPublished - 1 Feb 2005
Externally publishedYes

Keywords

  • Communication
  • Communication costs
  • Intellectual Property Rights
  • Knowledge economy
  • Welfare economics

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