Creative Destruction: Placing Innovation at the Heart of Progressive Economics
Article
The uniqueness of capitalism resides in its ability to turn the vast capacity of humans to innovate into massive wealth. Progressives are in a good position to recognise that capitalist innovation is a double-edged sword that offers the opportunity to address inequality and poverty by raising productivity and living standards but will also bring about obsolescence and so incur great human costs. The challenge facing progressives is to reduce the human impact of the 'creative destruction' process, without losing its benefits.
'This is a very stimulating and provocative contribution to the debate on economic policy. There are so many ideas in it, everyone is bound to disagree with something, but it is a coherent and wide-ranging attempt to completely rethink the economic position of the centre-left and to bring it into the 21st century. It deserves a wide readership.'
Paul Ormerod
Author of Butterfly Economics and Why Most Things Fail
'The global economic crisis dramatically showed the limitations of current economic thinking. But there are ideas emerging from the field of complexity economics with the potential to give us a much more realistic view of the economy - a view that takes into account real-world human behaviour and institutions. This pamphlet is an important step in developing those ideas and beginning to think how they might be applied to improving policy, with the promise of a more robust, resilient, and innovative economy. With its New Era Economics programme, ippr is helping to reframe economic debates and turn crisis into opportunity.'
Eric D Beinhocker
Author of The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics
Related items
Harry Quilter-Pinner reacts to the Budget on GB News
Interim executive director Harry Quilter-Pinner reacts to the Budget with Jacob Rees Mogg on GB NewsZoë Billingham reacts to the Budget 2024 on Sky News
Zoë Billingham reacts to the Budget 2024 on Sky News live from Grimsby.Second round effects: Why the OBR is likely underestimating the growth effects of public investment
The Office for Budgetary Responsibility has outlined a new approach to modelling the growth impacts of public investment.