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Roundtable Report: Edmund Phelps on “mass flourishing”

The Nobel Prize-winning economist explains his view on the values which have helped modern economies thrive

By Prospect Team  

Edmund Phelps's new book explores what makes nations prosper

In 2006, when the American economist Edmund Phelps was awarded the Nobel Prize in Economics, the Nobel committee declared that he had helped to “deepen our understanding of the relation between short-run and long-run effects of economic policy”. Not long after that award, Phelps’s fellow Nobel laureate Amartya Sen paid tribute to his interest, rarer among academic macroeconomists than one might think, in the question of why economics is “such an important subject for the lives of…

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