I think this means that the cityos are a ta see that lobbing is more profitable than than innovating. And that's just devastating to we do that across the whole economy, absute right now. The outsiders, the upstarts. Wwho would have who would the guys who would have been start up anpiners? A, they're doing less of it because there are fewer entry ways into the established try industries. So, o, it just seems to me that at every turn we're digging ourselves ourselves into a, into a non innovative hole. It's not theo, it's not the exl relations, that's just the frameworks. That's a huge
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.