Rekindling the Spirit of Innovation

Edmund Phelps, Nobel Prize winner and esteemed economist, reflects on the diminishing sense of creativity and discovery that once thrived from the late 19th century to the 1970s. He discusses how contemporary American society, preoccupied with financial comparisons and material success, has strayed from the exhilarating pursuit of innovative and creative endeavors. Phelps expresses cautious optimism for a revival of this spirited era, emphasizing the intrinsic joy and personal fulfillment that creative work can bring, and critiques the idea of universal basic income, advocating instead for work that empowers personal development and societal engagement.