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

Author
Edmund S. Phelps
Content Type
Journal Article
Journal
The Cato Journal
Volume
35
Issue Number
1
Publication Date
Winter 2015
Institution
The Cato Institute
Abstract
In his most recent tome, Edmund Phelps, the 2006 Nobel Laureate in Economic Science, addresses a topic crucial to successful national capitalist systems: the dynamics of the innovation process. Phelps develops his thesis around three main themes: In part one, he explains the development of the modern economies as they form the core of early—19th century societies in the West; in part two, he explores the lure of socialism and corporatism as competing systems to modern capitalism; and, in part three, he reviews post-1960s evidence of decline in dynamism in Western capitalist countries.
Topic
Economics
Political Geography
United States, Europe