March 24th 2018

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Articles from this issue:

COVER STORY Media ensure a comfy rise for Bill Shorten

CANBERRA OBSERVED Can Liberals' broad church survive schism?

INTERNATIONAL AFFAIRS Middle-East time bomb: youth unemployment

ENVIRONMENT Europe's freeze further proof of global warming!

NATIONAL AFFAIRS Cashless debit card records positive results

NATIONAL AFFAIRS Liberals' Tasmanian victory: the implications

OPINION The height of absurdity: education as business

ECONOMICS AND CHINA Eyes averted from the dragon in the marketplace

RELIGIOUS FREEDOM The state attacking the Church: lessons from history

FAMILY POLITICS A Trojan horse for monitoring children

NORTH AMERICA The cultural and political mosaic that is Canada

CINEMA Mary Magdalene on film: a new interpretation

MUSIC Audio-visual: or, how to watch your music

CINEMA The Adventures of Tintin: A light amid the bleakness

BOOK REVIEW Taking arms against the gender fluid fad

BOOK REVIEW Narrative history from a great writer



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

Edmund Phelps


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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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