Economic Change and Wellbeing The True Cost of Creative Destruction and Globalization Routledge Frontiers of Political Economy 1st Edition by Fabio DOrlando, Francesco Ferrante, Albertina Oliverio ISBN 1000434893 9781000434897

1 Causes and consequences of economic change

1.1 Causes of economic change

1.1.1 Shocks: industrial revolutions (and the pandemic)

1.1.2 Policies

1.1.3 Globalization

1.2 Consequences for the labor market

1.2.1 Temporary employment, labor income share, efficiency, and collective bargaining

1.2.2 Job and wage polarization

1.2.3 Increasing skill and educational mismatches

1.3 Other consequences

1.3.1 Rising inequality and diverging trends in social mobility

1.3.2 The rise of populism and protectionism

2 Traditional (optimistic) theories: growth without regret

2.1 The traditional (maximizing) approach

2.2 The theoretical foundations of globalization and deregulation

2.2.1 “Downturns are temporary and neutral”

2.2.2 “Growth is good for the poor”

2.3 The labor market

2.3.1 “If product demand increases enough there is no unemployment effect of technological progress”

2.4 Inequality and populism

2.4.1 Inequality boosts growth

2.4.2 “Counteracting inequality reduces growth”

2.4.3 The POUM hypothesis

3 The true costs of economic change

3.1 The main weaknesses of the traditional (maximizing) approach

3.2 Creative destruction revisited

3.2.1 The social reward of innovation when cannibalization is pervasive: a more formal treatment

3.3 The impact of change on individuals: a sociopsychological perspective (by Albertina Oliverio)

3.4 Labor market: the costs of flexibility

3.4.1 Pecuniary and nonpecuniary costs of flexibility

3.4.2 Hedonic adaptation to unemployment status?

3.4.3 The cultural determinants of loss aversion and hedonic adaptation

3.4.4 Economic change and the cost of geographical mobility: a neglected issue

3.5 The disproportionate impact of creative destruction on those who have less

4 Some recipes to increase the social return of creative destruction

4.1 The labor market: different policies for different countries and social groups

4.2 The basis of our recipes

4.3 Changing incentives: microregulation revisited

4.3.1 Enhancing people’s flexibility: education, training, and labor market policy revisited

4.3.2 Industrial policy revisited: lessons from the Asian Miracle

4.3.3 Antitrust and consumer protection policy

4.4 Back to the future: macroregulation policy revisited

4.4.1 Back to fiscal policy for full employment?

4.4.2 Chicago plan, helicopter money, e-money: the new role(s) of monetary policy

4.4.3 Fighting tax havens and fiscal dumping

5 Conclusions: looking for sustainable economic change

5.1 Towards a behavioral economic theory of the long run

References

Index