Nobel laureate Edmund Phelps tracks the rise and fall of dynamic economies and explains the problems facing innovation and entrepreneurship in America.
Edmund Phelps outlines the historical emergence of flourishing economies, which value career satisfaction, creativity and individualism.
The birth of modern cities allowed entrepreneurship to blossom as innovators and entrepreneurs were forced into close quarters.
The focus on Wall Street and corporate careers has led to a drop in America's dynamic innovative growth.
Changing education, youth attitudes and government policy are all prescriptions for increasing innovation and growth in our economy.
The risk of pork barrel politics is that businesses start to expend resources on lobbying the government instead of innovation.
INNOVATION How Flourishing Economies Are Born3:36
COLLABORATION The Power of Personal Interactions2:59
CULTURE What Happened to America's Pioneering Spirit?4:07
STRATEGY Building a More Dynamic Economy3:21
POLITICS Corporatism Is Damaging Innovation2:27