Mass Flourishing. How Grassroots Innovation Created Jobs, Challenge, and Change
Edmund Phelps
Translated from English by D. Kralechkin; scientific editor of the translation A. Smirnov. – Moscow: Gaidar Institute Press; Liberal Mission Foundation, 2015. – 472 p.
ISBN 978-5-93255-431-9
In this book, Nobel laureate Edmund Phelps offers a new look at the causes of the “wealth of nations.” Why was there a sharp increase in well-being in some countries between the 1820s and 1960s, accompanied by an increase not only in material wealth, but also in “prosperity” – meaningful work, self-expression, and personal growth for more people than ever before? Phelps links this prosperity to modern values – the desire to create, make, and explore something new, and to cope with emerging difficulties.
These values fueled the grassroots dynamism that was essential for widespread innovation. However, in recent decades, genuine innovation and prosperity have been on the decline. Research shows that in America, innovation and job satisfaction have been declining since the late 1960s, while post-war Europe has failed to return to its former dynamism. The reason for this, according to Phelps, is that the modern values that underpin the modern economy have been threatened by the rise of traditional, corporatist values that privilege the state and society over the individual. The fate of modern values is now the most pressing question for the West: can Western countries return to modernity, grassroots dynamism, genuine innovation and personal fulfillment, or will we continue to experience limited innovation and prosperity for the few?
ISBN 978-5-93255-431-9
In this book, Nobel laureate Edmund Phelps offers a new look at the causes of the “wealth of nations.” Why was there a sharp increase in well-being in some countries between the 1820s and 1960s, accompanied by an increase not only in material wealth, but also in “prosperity” – meaningful work, self-expression, and personal growth for more people than ever before? Phelps links this prosperity to modern values – the desire to create, make, and explore something new, and to cope with emerging difficulties.
These values fueled the grassroots dynamism that was essential for widespread innovation. However, in recent decades, genuine innovation and prosperity have been on the decline. Research shows that in America, innovation and job satisfaction have been declining since the late 1960s, while post-war Europe has failed to return to its former dynamism. The reason for this, according to Phelps, is that the modern values that underpin the modern economy have been threatened by the rise of traditional, corporatist values that privilege the state and society over the individual. The fate of modern values is now the most pressing question for the West: can Western countries return to modernity, grassroots dynamism, genuine innovation and personal fulfillment, or will we continue to experience limited innovation and prosperity for the few?