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A Vital People: A Necessity for a Good Economy

Author

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  • Phelps, Edmund E.

    (Center on Capitalism and Society at Columbia University)

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.

Suggested Citation

  • Phelps, Edmund E., 2019. "A Vital People: A Necessity for a Good Economy," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 69(supplemen), pages 241-248, January.
    • Handle: RePEc:aka:aoecon:v:69:y:2019:i:supplement1:p:241-248
    Note: 2006 Nobel laureate in economics, author of the books Rewarding Work (2007) and Mass Flourishing (2013).
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    More about this item

    Keywords

    productivity growth; indigenous innovation; nonpecuniary rewards of work; social values;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • J39 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Other

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