This is econ talk, part of the library of economics and liberty. Today's guest is nobel lariate edmund phelps of columbia university. He talks about how grassroots innovation created jobs, challenge and change. We'd love to hear from you. Email us at 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.