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Mass flourishing
In this book, Nobel Prize-winning economist Edmund Phelps draws on a lifetime of thinking to make a sweeping new argument about what makes nations prosper--and why the sources of that prosperity are under threat today. Why did prosperity explode in some nations between the 1820s and 1960s, creating not just unprecedented material wealth but \"flourishing\"--meaningful work, self-expression, and personal growth for more people than ever before? Phelps makes the case that the wellspring of this flourishing was modern values such as the desire to create, explore, and meet challenges. These values fueled the grassroots dynamism that was necessary for widespread, indigenous innovation. Most innovation wasn't driven by a few isolated visionaries like Henry Ford; rather, it was driven by millions of people empowered to think of, develop, and market innumerable new products and processes, and improvements to existing ones. Mass flourishing--a combination of material well-being and the \"good life\" in a broader sense--was created by this mass innovation.
Yet indigenous innovation and flourishing weakened decades ago. In America, evidence indicates that innovation and job satisfaction have decreased since the late 1960s, while postwar Europe has never recaptured its former dynamism. The reason, Phelps argues, is that the modern values underlying the modern economy are under threat by a resurgence of traditional, corporatist values that put the community and state over the individual. The ultimate fate of modern values is now the most pressing question for the West: will Western nations recommit themselves to modernity, grassroots dynamism, indigenous innovation, and widespread personal fulfillment, or will we go on with a narrowed innovation that limits flourishing to a few?
A book of immense practical and intellectual importance,Mass Flourishingis essential reading for anyone who cares about the sources of prosperity and the future of the West.
eBook
Interactions between business conditions, economic growth and crude oil prices
This study aims to research the empirical relationship between business conditions (BCs) and crude oil prices by employing a time series analysis for a panel of regions. BCs have been proxied by real income and real industrial production (IND) as advised in the relevant literature. Results suggest that economic activity and industrial value added are in a long-term relationship with oil price movements in the selected countries and regions. Gross domestic product (GDP) and IND are significantly affected by oil prices worldwide. Real income converges to long-term paths significantly, but at low levels through the channel of oil price movements. Oil price has a negative impact on business activities in some countries while it has a positive impact in others. Therefore, the sign of coefficient of oil prices on business conditions has found significant in this research study.
Journal Article
Short- and Long-Run Business Conditions and Expected Returns
Numerous studies argue that the market risk premium is associated with expected economic conditions and show that proxies for expected business conditions indeed predict aggregate market returns. By directly estimating short- and long-run expected economic growth, we show that short-run expected economic growth is
negatively
related to future returns, whereas long-run expected economic growth is
positively
related to aggregate market returns. In addition, our findings indicate that the risk premium has both high- and low-frequency fluctuations and highlight the importance of distinguishing short- and long-run economic growth in macro-asset pricing models.
This paper was accepted by Neng Wang, finance
.
Journal Article
Entrepreneurial ecosystem research: present debates and future directions
The purpose of this article is to review the emerging research on entrepreneurial ecosystem and to guide future research into this promising area. The study presents a critical review on the entrepreneurial ecosystem, starting from its very definition and antecedents. Combining prior research with building on the main concepts that constitute an entrepreneurial ecosystem, we have developed an original set of guidelines that can help scholars and practitioners seeking an answer to the following pressing question: “How can we gain a comprehensive understanding of an entrepreneurial ecosystem?”. We will then discuss the opportunities for expanding our current knowledge on entrepreneurial ecosystems and describe the current debates and directions for future research. Lastly, we will provide guidelines that policymakers may take into consideration when designing and issuing support measures to promote entrepreneurship in their local ecosystems.
Journal Article
Awakening giants, feet of clay
The recent economic rise of China and India has attracted a great deal of attention--and justifiably so. Together, the two countries account for one-fifth of the global economy and are projected to represent a full third of the world's income by 2025. Yet, many of the views regarding China and India's market reforms and high growth have been tendentious, exaggerated, or oversimplified.Awakening Giants, Feet of Clayscrutinizes the phenomenal rise of both nations, and demolishes the myths that have accumulated around the economic achievements of these two giants in the last quarter century. Exploring the challenges that both countries must overcome to become true leaders in the international economy, Pranab Bardhan looks beyond short-run macroeconomic issues to examine and compare China and India's major policy changes, political and economic structures, and current general performance.
Bardhan investigates the two countries' economic reforms, each nation's pattern and composition of growth, and the problems afflicting their agricultural, industrial, infrastructural, and financial sectors. He considers how these factors affect China and India's poverty, inequality, and environment, how political factors shape each country's pattern of burgeoning capitalism, and how significant poverty reduction in both countries is mainly due to domestic factors--not global integration, as most would believe. He shows how authoritarianism has distorted Chinese development while democratic governance in India has been marred by severe accountability failures.
Full of valuable insights,Awakening Giants, Feet of Clayprovides a nuanced picture of China and India's complex political economy at a time of startling global reconfiguration and change.
eBook