Murphy, Peter (2010) Creative economies and research universities. In: Araya, Daniel, and Peters, Michael, (eds.) Education in the Creative Economy: knowledge and learning in the age of innovation. Peter Lang Publishing, New York, USA, pp. 331-358.

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Abstract

[Extract] When the world recession in 2008 began, the economy wars, which had been dormant for two decades, flared again. After thirty years of the culture wars, this came as a bit of a relief. In one corner, we had the followers of John Maynard Keynes(1883-1946), who were filled with a kind of self-belief that we had not seen since the 1960s. They had a few scores to settle. In another corner were the market friendly followers of Friedrich Hayek (1899-1992) and Milton Friedman (1912-2006). They were looking a bit bloodied after having dominated public polity for two decades. Looking on skeptically from outside the ring was another cohort, the admirers of Joseph Schumpeter (1883-1950). These were, as usual, less combative than the other fighters, and had a quizzical eye trained on all of the pugilists.

Part of the skepticism of the Schumpeter camp was a wariness of public policy tout court. It did not matter whether this was a policy bent on big government or one in love with small government. Schumpeter had been a student of the great Austro-Hungarian Empire Finance Minister, Eugen von Bohm-Bawerk. Schumpeter himself was the first Minister of Finance of the modern Republic of Austria. He seemed to take away from that unusually intimate experience of public policy a strong sense of the need for economists to look beyond rhe policy cycle and explore the deeper structures and long-run temporalities of economies. Schumpeter was a great economist who at the same time understood the power of history and society in shaping economies. He also appreciated the power of the imagination. He observed that modern capitalist economies were driven as much by creative impulse and imaginative insight, as they were by the more commonplace behaviors that arose out of greed, interest, need or calculation. It was not that societies could not-or should not-control such behaviors or encourage them, depending on prevailing economic philosophy. It was just that some of the most decisive economic outcomes could not be determined by such policy tools. Somewhere beyond them, in a larger social-historical zone, lay the human drive to innovate and create.

Item ID:	22551
Item Type:	Book Chapter (Research - B1)
ISBN:	978-1-4331-0744-3
Date Deposited:	04 Jan 2013 01:11
FoR Codes:	13 EDUCATION > 1301 Education Systems > 130103 Higher Education @ 50% 16 STUDIES IN HUMAN SOCIETY > 1608 Sociology > 160806 Social Theory @ 50%
SEO Codes:	97 EXPANDING KNOWLEDGE > 970116 Expanding Knowledge through Studies of Human Society @ 100%
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