An abiding question for economists through the ages, from The Wealth of Nations (Smith 2012/1776) to the more recent bestseller, Why Nations Fail (Acemoğlu and Robinson, 2013) has been the source of prosperity for nations. What makes some nations thrive, and others not? For Edmund Phelps, winner of the 2006 Nobel Prize in economics, the paradigmatic instance of the unleashing of prosperity at a global level (‘mass flourishing’) is the birth of modern capitalism in Britain and the US, and it is the question of the psychological roots of this material progress – and its rise and fall – that he addresses in his current scholarship. His particular focus is on the invisible forces driving the engine of growth and innovation – dynamism.
PAGES
348 – 355
DOI
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Issues
Also in this issue:
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Do AIs have politics? Thinking about ChatGPT through the work of Langdon Winner
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Creating value through service innovation: an effectual design thinking framework
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Health and medical researchers are willing to trade their results for journal impact factors: results from a discrete choice experiment
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The death and resurrection of manuscript submission systems
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Ryan Jenkins, David Černý and Tomáš Hříbek (eds) Autonomous Vehicle Ethics: The Trolley Problem and Beyond
Edmund Phelps, Raicho Bojilov, Hian Teck Hoon and Gylfi Zoega, Dynamism: The Values That Drive Innovation, Job Satisfaction and Economic Growth
Book Review