Is the Financial Crisis the Way of the Future?

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edmund phelps: I think the crisis did underline thesatemism of the financial sector. He says it's a different kind of involvement than perhaps in the past, but i think it is the way of the future. In part of ekon talk, thanks rus. For more econ talk, go to econ talk dot org.

Edmund Phelps of Columbia University, Nobel Laureate in economics, and author of Mass Flourishing talks with EconTalk host Russ Roberts about the ideas in the book. Phelps argues that human flourishing requires challenges, struggles, and success and goes beyond material prosperity. He argues that in recent decades, policy has discouraged innovation and mass flourishing resulting in a slow-down in growth rates. Phelps emphasizes the non-material benefits of economic growth and the importance of small innovations over big inventions as key to that growth.