Cover -- Title Page -- Copyright -- Dedication -- Contents -- Preface -- Introduction: A Theory of Innovation, Flourishing, and Growth/ Edmund Phelps -- Overview of the Chapters/ Raicho Bojilov, Gylfi Zoega, and Hian Teck Hoon -- I. ESTIMATING INNOVATION-ACROSS TIME AND ACROSS NATIONS -- 1....

"In Dynamism Nobel Laureate Edmund Phelps, Raicho Bojilov, Hian Teck Hoon, and Gylfi Zoega argue that the high level of innovation in the West was not a result of scientific discoveries plus entrepreneurship. Rather, modern values-particularly the individualism and self-expression prevailing...

1. Introduction -- 2. The slowdown and real interest rates -- 3. The slowdown and asset prices -- 4. The slowdown and the share of profits -- 5. The slowdown in the data -- 6. Losing ground to China and other countries -- 7. The pandemic and its aftermath -- 8. Growth to the Rescue.

Phelps explores what makes nations prosper--and why the sources of that prosperity are under threat today. Why did prosperity explode in some nations between the 1820s and 1960s, creating not just unprecedented material wealth but "flourishing"--meaningful work, self-expression, and personal...

In this book, Nobel Prize-winning economist Edmund Phelps draws on a lifetime of thinking to make a sweeping new argument about what makes nations prosper--and why the sources of that prosperity are under threat today. Why did prosperity explode in some nations between the 1820s and 1960s,...