Book Review: Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge and Change by Edmund Phelps. Mass Flourishing has 99 ratings and 13 reviews. In this book, Nobel Prize-winning economist Edmund Phelps draws on a lifetime of thinking to make a. Encuentra Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change de Edmund S. Phelps (ISBN: ) en Amazon.


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This is perhaps just one of the many hypotheses prompted by this thoughtful book.

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

mass flourishing phelps The third part begins by analysing the posts decline in economic conditions productivity, employment and income equality in the US and Mass flourishing phelps.

The book argues that the traditional narratives of US decline do not adequately explain the real causes of that decline. The first narrative is that the golden age of the post-war decades was based on federal government providing welfare support in the New Deal and its decline resulted from a resurgence in efficient managerial capitalism.

This provides a justification on the left for a return to corporatism.

The other narrative argues that the golden mass flourishing phelps began prior to the New Deal and was driven by low taxes, less regulation and support for free enterprise. The decline resulted from leaving this path.

This underpins arguments on the right for a return to lower taxes and regulations. Phelps persuasively argues that neither narrative is appropriate and asserts that decline in the US resulted from a decline in dynamism and a move away from the generation and acceptance of new ideas and innovation.

The latter part of this section considers the dynamic modern economy in the context of the good life and one of the key arguments mass flourishing phelps the book, and perhaps its most controversial, is that a dynamic modern economy is consistent with ideas of economic justice and the concept of the good life.

The book poses challenges to the techno-fetishist and techno-nationalist approaches to innovation that underpin many national and supra-national policies. Over the last few years, innovation has been appropriated as a scientific concept, particularly in Europe, but also in the US.

It is notable how innovation policy now appears as an addition to science and technology policies. For example, the European Commission has developed a strategy on Science, Technology and Innovation; the UK government has issued a Science and Innovation Investment Framework; the Danish government has a Minster for Science, Technology and Innovation; and Ireland has published a similarly titled strategy.

He argues that these policies mass flourishing phelps do more harm than good and that successful innovation relies more on input from, and funding for, entrepreneurs, mass flourishing phelps, managers and consumers.


The linear idea that science and technology is the only, or even the primary, mass flourishing phelps of innovation and, in turn, economic growth, is impressively shattered in this book. Of course it i I wanted to like this book. Of course it is the configuration of the mass flourishing phelps institutions, regulatory regimes and culture.

But that is about as far as he goes. I kept thinking back to Potter Stewart's definition of pornography - you know it when you see it. Second, the book can be divided into a couple of parts - not intentional parts - but parts none-the-less.

Review: ‘Mass Flourishing’ | Financial Times

Phelps has a tendency to write a good deal of his prose mass flourishing phelps. There were mass flourishing phelps parts where I wanted to go back and re-read a paragraph because he often gets caught up in obscure references footnoted that interfere with the main idea.

His discussions of the destructive forces of regulations and bureaucratic structures is well documented and interesting.

He presents some real numbers on the comparative growth of what he calls "social wealth" transfer payments to "private wealth.


mass flourishing phelps There are some long sections on what the declaration called the "pursuit of happiness" which goes back to Aristotle.

It is interesting although I have read clearer discussions of the issues.

Corporatism is a matter of degree; but Phelps has no difficulty in showing that, compared with the more primitively capitalist Mass flourishing phelps economies, the relatively corporatist continental European ones have done worse rather than better.

Therefore their economies were missing the ingredients required for operating at the productivity frontier and thus for having high mean levels of employment. The core message of this book is the need to minimise special-interest legislation. Banks should have a narrower mission, mass flourishing phelps risky assets to financial markets with the appropriate expertise.

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