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Mass Flourishing — How Grassroots Innovation Created Jobs, Challenge and Change

Mass Flourishing — How Grassroots Innovation Created Jobs, Challenge and Change Eastern Economic Journal, 2016, 42, (311–316) © 2016 EEA 0094-5056/16 www.palgrave-journals.com/eej/ Book Reviews By Edmund S. Phelps. Princeton University Press, Princeton, 2013. 378 pp., $29.95. ISBN: 978-069-115898-3. Anusua Datta Philadelphia University, Philadelphia, USA. In this book Nobel Prize-winning economist, Edmunds Phelps provides a powerful, complex, and philosophical analysis of his view of the “modern economy” built on grassroots level innovation and creativity, and how it may be under threat today. Phelps draws on historical and cultural evidence to argue his thesis. The focus of this book is the modern economy which is set apart by its “dynamism”— the capacity and aspiration innovate (p. 20). Modern capitalism is differentiated from mercantilism, where prosperity emanated from trade and fi nding new markets. According to Phelps, growth in GDP does not measure dynamism. For example, output per hour grew at the same rate in Italy and the United States between 1890 and 1913, but the Italian economy was never considered to be as dynamic as the United States. He also cites the examples of growth in Japan and China, which largely depended on imitation and manufacturing rather than the creation of new ideas. Phelp’s idea of dynamism is closer to the idea http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Eastern Economic Journal Springer Journals

Mass Flourishing — How Grassroots Innovation Created Jobs, Challenge and Change

Datta, Anusua
Eastern Economic Journal , Volume 42 (2) – Jun 22, 2015
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Publisher
Springer Journals
Copyright
Copyright © 2015 by Eastern Economic Association
Subject
Economics; Economics, general; Economic Theory/Quantitative Economics/Mathematical Methods
ISSN
0094-5056
eISSN
1939-4632
DOI
10.1057/eej.2014.53
Publisher site
See Article on Publisher Site

Abstract

Eastern Economic Journal, 2016, 42, (311–316) © 2016 EEA 0094-5056/16 www.palgrave-journals.com/eej/ Book Reviews By Edmund S. Phelps. Princeton University Press, Princeton, 2013. 378 pp., $29.95. ISBN: 978-069-115898-3. Anusua Datta Philadelphia University, Philadelphia, USA. In this book Nobel Prize-winning economist, Edmunds Phelps provides a powerful, complex, and philosophical analysis of his view of the “modern economy” built on grassroots level innovation and creativity, and how it may be under threat today. Phelps draws on historical and cultural evidence to argue his thesis. The focus of this book is the modern economy which is set apart by its “dynamism”— the capacity and aspiration innovate (p. 20). Modern capitalism is differentiated from mercantilism, where prosperity emanated from trade and fi nding new markets. According to Phelps, growth in GDP does not measure dynamism. For example, output per hour grew at the same rate in Italy and the United States between 1890 and 1913, but the Italian economy was never considered to be as dynamic as the United States. He also cites the examples of growth in Japan and China, which largely depended on imitation and manufacturing rather than the creation of new ideas. Phelp’s idea of dynamism is closer to the idea

Journal

Eastern Economic Journal – Springer Journals

Published: Jun 22, 2015

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