The rise of materialism and the obsession with money has led to a decline in innovation, says David Frum. He argues that people used to love their work - but now they are just going for the money. 'I don't know why, but it seemsa that the money is now an obsession, almost, with money,' he adds.
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.