i do think there's a lot of innovation going on on the west coast. We've got to stop thinking about innovation as being just a headline, i say. I sure, surely, a little bit of it must go on in operating rooms andhos s. An some of the more important discoveries o mediately get to get taken up by other hospitals. And a deesthis whole world of change going on that we don't, we don't directly see.
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.