Mass Flourishing

Winner of the 2014 Gold Medal in Economics, Axiom Business Book Awards One of Choice's Outstanding Academic Titles for 2014 One of Bloomberg Businessweek's Best Books of 2014, chosen by chosen by Bjorn Wahlroos One of Financial Times (FT.com) Best Economics Books of 2013 A "Best Business Book of the Year for 2013" selected on LinkedIn by Matthew Bishop, Economics Editor of The Economist "[W]ide-ranging."--Benjamin Friedman, New York Review of Books "The book eloquently discusses the culture of innovation, which can refer to both an entrepreneurial mind-set and the cultural achievements during an age of change... The dismal science becomes a little brighter when Mr. Phelps draws the connections between the economic ferment of the industrial age and the art of Beethoven, Verdi and Rodin."--Edward Glaeser, Wall Street Journal "[I]nquiring readers, not just academics and social scientists, will enjoy the vast learning in Phelps's sophisticated, sometimes sardonic, look at homo economicus."--Publishers Weekly "Phelps, a Nobel laureate in economics, defies categorisation. In this extraordinary book--part history, part economics and part philosophy--he proclaims individual enterprise as the defining characteristic of modernity. But he fears this dynamism is lost. One does not have to agree to recognise that Phelps has addressed some of the big questions about our future."--Martin Wolf, Financial Times "Phelps has written a book that transcends the materialist walls of standard economics... It is a book J.M. Keynes would have admired."--Paul DeRosa, American Interest "[F]ascinating, versatile and profound."--Felix Martin, New Statesman "A great book that will annoy big business and absolutely infuriate the left. I loved it."--Diana Hunter, Financial World "Nobel laureate Edmund Phelps' latest book should be read by those seeking a broader context to the challenges currently facing the global economies. In his wide-ranging and insightful book, Professor Phelps draws on historical trends and cultural shifts to present his hypothesis that a lack of dynamism in modern economies lies at the root of the current malaise... Indeed, this remarkable book addresses the central economic question of why some economies thrive while others languish."--Declan Jordan, London School of Economics Review of Books "Few leading economists ... have tried to develop Marx's contention that there is an ineluctable relationship between human psychology and market participation. This relationship is what Phelps describes as human 'flourishing.'"--Andrew Godley, International Journal of the Economics of Business "Phelps has produced an insightful work that bridges gaps among economics, sociology, and philosophy to identify countries that have the capabilities to prosper and flourish. This book is an essential read for individuals interested in better assessing countries' economies and competitive advantages."--Library Journal "The author ranges extremely widely and any student of any age will gain something from it, irrespective of political views."--Samuel Brittan, Financial Times "Phelps's book deserves credit for showing that the strength of an economy doesn't depend on small differences in the tax rate, or the tactics of a country's central bank. Phelps rightly points out that economic dynamism depends on much deeper issues like a culture's affinity for risk taking and respect for individual achievement. And he wields convincing statistics that suggest actors in our political economy, from our government, to corporations, to workers, have to some extent lost their reverence for these values."--Chris Matthews, Time.com Money & Business "I ... find his values-driven view of national prosperity fascinating--and applicable to corporate and personal prosperity. If inno

Edmund Phelps was the 2006 Nobel Laureate in economics. He is director of the Center on Capitalism and Society at Columbia University. His many books include Designing Inclusion, Rewarding Work, and Seven Schools of Macroeconomic Thought.

Preface vii Introduction: Advent of the Modern Economies 1 PART ONE The Experience of the Modern Economy 1 How Modern Economies Got Their Dynamism 19 2 Material Eff ects of the Modern Economies 41 3 The Experience of Modern Life 55 4 How Modern Economies Formed 77 PART TWO Against the Modern Economy 5 The Lure of Socialism 113 6 The Third Way: Corporatism Right and Left 135 7 Weighing the Rivals on Their Terms 170 8 The Satisfaction of Nations 193 PART THREE Decay and Refounding 9 Markers of Post-1960s Decline 219 10 Understanding the Post-1960s Decline 237 11 The Good Life: Aristotle and the Moderns 268 12 The Good and the Just 289 Epilogue: Regaining the Modern 310 Timeline: Modernism and Modernity 325 Bibliography 337 Acknowledgments 351 Index 353