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Deepening the Scope of the "Economic Model": Functionalities, Structures, Mechanisms, and Institutions. WWWforEurope Policy Paper No. 24

Author

Listed:
  • Stefan Schleicher

    (WIFO)

Abstract
By responding to the warning voices about the failure of mainstream economics to provide policy advice to seemingly well-known problems as manifest in the ongoing economic crises, we put forward the proposition that the majority of deficiencies in this discipline results from two self-imposed restrictions. The first restriction refers to the limited scope in the perception of economic activities by focusing mainly on reproducible goods (including services) and very few resources, as human capital and by production reproducible capital. The second restriction results from the interwoven relationships that describe economic structures and the coordinating mechanisms which operate on these structures by postulating market relationships that quite often turn out to be too simplistic or non-existing. We propose therefore two conceptual extensions. The first extension opens up the scope of economic activity both by introducing the functionalities of well-being and an extended list of stocks and flows of resources. The second extension separates the description of economic structures from the mechanisms that operate on them, which may be market or non-market based. Furthermore we will demonstrate how these extensions can be made operational in the context of analysing the transition of energy systems.

Suggested Citation

  • Stefan Schleicher, 2015. "Deepening the Scope of the "Economic Model": Functionalities, Structures, Mechanisms, and Institutions. WWWforEurope Policy Paper No. 24," WIFO Studies, WIFO, number 58263.
    • Handle: RePEc:wfo:wstudy:58263
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    File URL: https://www.wifo.ac.at/wwa/pubid/58263
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    References listed on IDEAS

    as
    1. Angela Köppl & Claudia Kettner & Daniela Kletzan-Slamanig & Stefan Schleicher & Andrea Damm & Karl Steininger & Brigitte Wolkinger & Hans Schnitzer & Michaela Titz & Heidemarie Artner & Andreas Karne, 2014. "Energy Transition in Austria: Designing Mitigation Wedges," Energy & Environment, , vol. 25(2), pages 281-304, April.
    2. Carlo Carraro & Marianne Fay & Marzio Galeotti, 2014. "Greening Economics: It is Time," Review of Environment, Energy and Economics - Re3, Fondazione Eni Enrico Mattei, May.
    3. Daniel L. McFadden, 2013. "The New Science of Pleasure," NBER Working Papers 18687, National Bureau of Economic Research, Inc.
    4. D. Joseph Stiglitz, 2009. "Moving Beyond Market Fundamentalism To A More Balanced Economy," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 80(3), pages 345-360, September.
    5. Sen, Amartya, 1999. "Commodities and Capabilities," OUP Catalogue, Oxford University Press, number 9780195650389.
    6. Daniel McFadden, 2006. "Free Markets and Fettered Consumers," American Economic Review, American Economic Association, vol. 96(1), pages 5-29, March.
    7. Philippe Aghion & Reinhilde Veugelers & David Hemous, 2009. "No Green Growth Without Innovation," Policy Briefs 353, Bruegel.
    8. Robert S. Pindyck, 2017. "The Use and Misuse of Models for Climate Policy," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 11(1), pages 100-114.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Karl Aiginger, 2016. "New Dynamics for Europe: Reaping the Benefits of Socio-ecological Transition – Part I: Synthesis. WWWforEurope Deliverable No. 11," WIFO Studies, WIFO, number 58791, March.
    2. Karl Aiginger & Marcus Scheiblecker, 2016. "Österreich 2025 – Eine Agenda für mehr Dynamik, sozialen Ausgleich und ökologische Nachhaltigkeit. Fortschrittsbericht," WIFO Studies, WIFO, number 58885, March.
    3. Angela Köppl & Claudia Kettner-Marx & Stefan Schleicher & Christian Hofer & Katharina Köberl-Schmid & Jürgen Schneider & Ilse Schindler & Thomas Krutzler & Thomas Gallauner & Gabriel Bachner & Thomas , 2016. "ClimTrans2050 – Modelling Low Energy and Low Carbon Transformations. The ClimTrans2050 Research Plan," WIFO Studies, WIFO, number 58890, March.

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