A Vital People: A Necessity for a Good Economy

Edmund Phelps

Acta Oeconomica, 2019, vol. 69, issue supplement1, 241-248

Abstract: Economics at its core is about human life in human economies. The difficulty is that economies have continued to evolve and economics has lagged behind. Modern life invaded societies in the 19th century: first in Britain and America, later in Germany and France. Increasing numbers were driven not just by a work ethic or a desire to accumulate: They were dreamers, tinkerers, and adventurers on a journey, exercising their imagination, creativity, and curiosity. This indigenous innovation, coming from the grassroots up, was the foundation of modern life which brought people satisfactions that went beyond material rewards. It is time economics has caught up to restore the dynamism and vitality necessary for people to enjoy not only a Good Life but also a Good Economy.

Keywords: productivity growth; indigenous innovation; nonpecuniary rewards of work; social values (search for similar items in EconPapers)
JEL-codes: A13 D24 J39 O31 (search for similar items in EconPapers)
Date: 2019
Note: 2006 Nobel laureate in economics, author of the books Rewarding Work (2007) and Mass Flourishing (2013).
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