Wellbeing Economics: how the digitization and the readjustment effect improve the labour relations and the production processes

Abstract

This is a study on Political Economy and Labor Economics, mixing the analytical approach of the Austrian School and the empirical approach of Cultural Economy, to evaluate the significant transformations of the digital economy and its new model of personal wellbeing. First, there is a synthesis of the institutional evolution and dynamics of processes leading to the transition from industrial capitalism and its heteronomous model of welfare state economy, to move to the talent capitalism and its autonomous model of wellbeing economics. Second, the attention is focused on the impact on labor relations and the Ricardo-Hayek effect or readjustment (linked with education swift), which refutes the thesis of the job destruction of neo-Luddites and the technological unemployment of Keynesians. Finally, the study is completed with the mention of two paradoxes: the economic-cybernetic & happiness.