July 14th 2018


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Articles from this issue:

COVER STORY By-elections a trial run for next federal election

SOCIAL MEDIA Facebook bans reflect a lack of impartiality

CANBERRA OBSERVED The gloves are on for by-election proxy bouts

FEDERAL POLITICS Federal ALP platform reads like a radical on a soapbox

ENVIRONMENT 'Climate change' news is fake news

BRITISH HISTORY Abolition of the Corn Laws paved the way for cheap food

LIFE ISSUES A world of competing sorrows: Ireland's abortion referendum

CULTURE The wee folk and their cousins, up and down the scale

WESTERN CIVILISATION Three great anniversaries of the West

FICTION Autumn Alexei's Story

MUSIC ABBA; Unstoppable, ubiquitous

CINEMA Jurassic World: Fallen kingdom

BOOK REVIEW Vision for the future, if we want to claim it

BOOK REVIEW Taking to task failed privilege

BOOK REVIEW Where Tolkien and St Thomas agree

LETTERS

FOREIGN AFFAIRS Beijing goes 'boo', Qantas gets in a flap

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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