November 17th 2018


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Articles from this issue:

COVER STORY An election-winning policy: a development bank for Australia

VICTORIAN ELECTION The left gets ready to scream 'haters!'

CANBERRA OBSERVED Nats fracas points up need for vigilance

NATIONAL AFFAIRS Divisions undermine Morrison's leadership

SOCIETY UNDER THREAT The time is now for a real deal for the family

NCC SYDNEY DINNER Speakers spark keenness for a challenging 2019

NORTHERN DEVELOPMENT Aborigines hope to benefit in Kimberley development

CLIMATE CHANGE Rising sea levels? Pacific island data says 'no'

ROYAL COMMISSION Big banks shaken and stirred in their swamp

U.S. HISTORY Slavery: a yet unresolved legacy

INTERNATIONAL AFFAIRS The U.S. and China: more than trade is at stake

SOCIETY UNDER THREAT Partisan divide must vanish for defence of civilisational foundation: Christianity

MUSIC ABBA live: just not in person or on stage

CINEMA Coco: Family and home trump 'identity'

BOOK REVIEW Remnant hopes for post-Brexit Britain

BOOK REVIEW The Great War, raw and uncensored

HUMOUR A few more snippets from Forget's Dictionary of Inaccurate Facts, Furphys and Falsehoods

POETRY

LETTERS

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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