Regaining modern values can reverse the slowdown in innovation and its rewards: IMF Blog By Edmund Phelps

Washington DC, United States (PANA) - Why do some nations experience mass economic flourishing while others do not? Why did several Western nations—first the United Kingdom, then the United States, France, and Germany—see a remarkable period of innovation, economic growth, and human progress beginning about 1890? And why did innovation stall after about 1970?My thesis, developed in my 2013 book Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change and tested in its 2020 sequel, Dynamism: The Values That Drive Innovation, Job Satisfaction, and Economic Growth, is that the well-performing nations acquired higher levels of dynamism—the desire and capabilities of the nation’s people to innovate