October 21st 2017


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Articles from this issue:

COVER STORY Reality of family unit must underlie tax system

EDITORIAL Christianity today: the challenges ahead

CANBERRA OBSERVED Xenophon: a Mr Fixit or a political yo-yo?

DRUGS POLICY Science elbowed aside in rush for latest silver bullet: 'medical marijuana'

TRANSGENDER MARRIAGE Decoys to revolutionary laws redefining sex and marriage

FOREIGN AFFAIRS What is the way out of the Catalan crisis?

NATIONAL AFFAIRS Our barmy Army: all politically correct

FAMILY AND SOCIETY The child as weapon in Family Court process

FAMILY AND SOCIETY Faiths and the global future

KOREA Hermit Kingdom versus the Land of Morning Calm

MUSIC Hi-tech lo-fi: Resistance is futile

CINEMA Blade Runner 2049: A cypher unlocking a mystery

BOOK REVIEW The rebels

BOOK REVIEW An attempt to break through the fog

POETRY

HUMOUR More excerpts from the forthcoming revision of Forget's Dictionary of Inaccurate Facts, Furphys and Falsehoods

LETTERS

EUTHANASIA Victoria's death bill: questions that need answers

TRANSGENDER MARRIAGE: George Christensen calls Parliament's attention to activists' end-game

Books promotion page

Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge and Change

Edmund Phelps

$48.95


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(Princeton University Press, Princeton, New Jersey, 2015)
Paperback: 378 pages
ISBN: 9780691165790
Price: AUD$48.95

 

Book description

In this book, Nobel Prize-winning economist Edmund Phelps makes a sweeping new argument about what makes nations prosper – and why the sources of that prosperity are under threat today. Why did prosperity explode in some nations between the 1820s and 1960s, creating not just unprecedented material wealth but “flourishing” – meaningful work, self-expression, and personal growth for more people than ever before? Phelps makes the case that the wellspring of this flourishing was modern values such as the desire to create, explore, and meet challenges. These values fueled the grassroots dynamism that was necessary for widespread, indigenous innovation.

Most innovation wasn’t driven by a few isolated visionaries like Henry Ford and Steve Jobs; rather, it was driven by millions of people empowered to think of, develop, and market innumerable new products and processes, and improvements to existing ones. Mass flourishing – a combination of material wellbeing and the “good life” in a broader sense – was created by this mass innovation.

Yet indigenous innovation and flourishing weakened decades ago. In America, evidence indicates that innovation and job satisfaction have decreased since the late 1960s, while postwar Europe has never recaptured its former dynamism. The reason, Phelps argues, is that the modern values underlying the modern economy are under threat by a resurgence of traditional, corporatist values that put the community and state over the individual.

The ultimate fate of modern values is now the most pressing question for the West: will Western nations recommit themselves to modernity, grassroots dynamism, indigenous innovation, and widespread personal fulfillment, or will we go on with a narrowed innovation that limits flourishing to a few?

About the author

Edmund Phelps was the 2006 Nobel Laureate in economics. He is director of the Center on Capitalism and Society at Columbia University. His many books include Designing Inclusion, Rewarding Work, and Seven Schools of Macroeconomic Thought.


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