Annual Meeting of the German Economic Association

Earlier this week the German Economic Association (Verein für Socialpolitik) had its annual meeting. On the picture above you can see the nice conference venue in Münster. This year’s motto was “Economic development — theory and policy”. Accordingly, I can report from an interesting keynote speech on development economics by Matthias Doepke from Northwestern University. Continue reading Annual Meeting of the German Economic Association

What Makes Entrepreneurs Valuable to Society?

Others have written before me about this paper by William Baumol. As it is very often the case with good papers, the main idea is quite simple. Scholars and policy makers are obsessed with entrepreneurship. They discuss prime examples such as Apple, Amazon and Google. And every local politician would love to have a Silicon Valley in his backyard. But at its heart, entrepreneurship is nothing more than people seeking economic opportunities. And, depending on the incentives a society provides, these businesses can be either socially valuable, a waste of resources, or, in the worst case, even destructive. Continue reading What Makes Entrepreneurs Valuable to Society?

Aghion’s new Growth Pact for Europe

Philippe Aghion and Ufuk Akcigit have a brand-new draft of a survey* about innovation and growth from a Schumpeterian perspective which they will present on a conference in Brussels next week. It does not differ much from already existing reviews of Schumpeterian growth models. But at the end they add a section on policy advice for Europe which is an interesting read. Continue reading Aghion’s new Growth Pact for Europe