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Dynamism "The Values That Drive Innovation, Job Satisfaction, and Economic Growth"

Dynamism "The Values That Drive Innovation, Job Satisfaction, and Economic Growth"

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  • ISBN:9780674244696
  • Editorial: Harvard University Press
  • Fecha de la edición:
  • Encuadernación:
  • Nº Pág.:256
  • Idiomas:Ingles,Inglés

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Nobel Laureate Edmund Phelps and an international group of economists argue that economic health depends on the widespread presence of certain values, in particular individualism and self-expression.

Nobel Laureate Edmund Phelps has long argued that the high level of innovation in the lead nations of the West was never a result of scientific discoveries plus entrepreneurship, as Schumpeter thought. Rather, modern values'particularly the individualism, vitalism, and self-expression prevailing among the people'fueled the dynamism needed for widespread, indigenous innovation. Yet finding links between nations values and their dynamism was a daunting task. Now, in Dynamism, Phelps and a trio of coauthors take it on.

Phelps, Raicho Bojilov, Hian Teck Hoon, and Gylfi Zoega find evidence that differences in nations values matter'and quite a lot. It is no accident that the most innovative countries in the West were rich in values fueling dynamism. Nor is it an accident that economic dynamism in the United States, Britain, and France has suffered as state-centered and communitarian values have moved to the fore.

The authors lay out their argument in three parts. In the first two, they extract from productivity data time series on indigenous innovation, then test the thesis on the link between values and innovation to find which values are positively and which are negatively linked. In the third part, they consider the effects of robots on innovation and wages, arguing that, even though many workers may be replaced rather than helped by robots, the long-term effects may be better than we have feared. Itself a significant display of creativity and innovation, Dynamism will stand as a key statement of the cultural preconditions for a healthy society and rewarding work.

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. Innovation: The Source of Rapid Growth [Raicho Bojilov]
2. Sources of Indigenous Innovation and Channels of Its Transmission across Countries [Raicho Bojilov]
3. Indigenous Innovation during the IT Revolution: We Never Had It So Good? [Raicho Bojilov]

II. The Roots and Benefits of Innovation
4. A Case Study of Icelands Successful Innovators [Gylfi Zoega]
5. The Force of Values [Gylfi Zoega]
6. Individual Values, Entrepreneurship, and Innovation [Raicho Bojilov]
7. Innovation, Job Satisfaction, and Performance in Western European Countries [Gylfi Zoega]

III. Two Applications of Robots
8. Growth Effects of Additive and Multiplicative Robots alongside Conventional Machines [Hian Teck Hoon]
9. Wage Effects of Additive and Multiplicative Robots alongside Factory Buildings and Physical Structures [Hian Teck Hoon]
10. Additive Robots, Relative Prices, and Indigenous Innovation [Hian Teck Hoon]

Epilogue [Edmund Phelps]
Notes
Acknowledgments

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