What is Wrong with the West’s Economies? An Alternative View

John Hudson

doi:10.1007/s41412-016-0012-5

Abstract

The paper examines several aspects of developed countries with a particular focus on Europe. It argues that despite problems and qualifications, Europe is still in many respects a desirable part of the world in which to live, where people can fulfill their aspirations with a degree of safety. Having said that, Europe faces many problems. Any solution to Europe’s problems must encompass innovation. In this respect Europe’s record is better than many argue, but still there is a need to do better and to place innovation at the very core of policy making. High quality research institutions are valuable here, but too often their work is taken up by non-European multinationals. This is a time of enormous change and issues such as quantitative easing and robotics are also briefly touched upon, in particular their economic and societal impact.

Highlights

The paper examines several aspects of developed countries with a particular focus on Europe
In discussing the article in more depth we focus firstly on the comments on economics as a discipline and turn to the real world problems in Western economies
Phelps argues that in the classical models of economics he describes, there is no place for people trying to think up something new and attempting to create it

Summary

Introduction

The paper examines several aspects of developed countries with a particular focus on Europe. In discussing the article in more depth we focus firstly on the comments on economics as a discipline and turn to the real world problems in Western economies. Phelps argues that in the classical models of economics he describes, there is no place for people trying to think up something new and attempting to create it.

Results

Conclusion