Schumpeter Got Innovation Wrong, And Other Myth-Busting Ideas From A Nobel Prize Economist

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by Jerry Bowyer

Edmund, Ned, Phelps certainly did not need to write Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change to make a name for himself. His work on labor market economics was both solid and itself innovative enough to earn him the Nobel Prize in Economics in 2006. But Phelps is concerned about his country. He sees a US which has gotten itself stuck in a low innovation rut, and to make matters worse, he sees a public discussion which itself is stuck in a rut of old ideas which looks to government planners, and the college professors as the bearers of the Promethean flame which will once again ignite our engine of new development.

I sat down across a Skype (a good example of modern innovation, clever, but not a true economic game changer) connection with Dr Phelps recently. If you are a regular reader of this column, you may notice some overlap between Dr. Phelps’ book and George Gilder’s recent Knowledge and Power, at least I did.

You can listen to the whole sprawling conversation here.

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