The Creative Destruction Idea

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He says almost nothing, almost never does anything creative come out of a business. He was enthralled by the dupant laboratories. So he saw that businesses could hire scientists in order to do research in house. And he did, he was on to something with the creative destruction idea,. But, i just want to make one thing. I've got to say, with regard, with reeegard to other businesses, are creative. Lest he be misunderstood, he makes it explicit. That's ten 11 book, which was later translated into english an under the title theory of economic development.

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.