Perspectives on the Performance of the Continental Economies (CESifo Seminar Series)

Book Details:

• Author: Edmund S. Phelps

• Brand: MIT Press

• Edition: Illustrated

• Binding: Hardcover

• Format: Illustrated

• Number of Pages: 512

• Release Date: 27-05-2011

• ISBN: 9780262015318

• Languages: English

About The Book:

"Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change" by Edmund S. Phelps is an insightful exploration of the economic performance of continental Western Europe, with a particular focus on its productivity challenges. Phelps, a Nobel Prize-winning economist, brings together contributions from leading economists to test and evaluate various explanations for Europe's perceived underperformance in terms of productivity, innovation, and overall economic growth.

The book examines:

1. Economic Systems & Institutions: Are the economic institutions and cultural attitudes in Western Europe deficient? Phelps and contributors assess whether these factors contribute to underperformance or whether other forces are at play.

2. Welfare Systems: How do Europe's systems of social insurance, welfare, and assistance affect economic outcomes? This section delves into the balance between support systems and economic incentives.

3. Market Conditions: The book looks into external factors such as adverse market conditions and their impact on Europe's economies, questioning if these external pressures are suffocating growth or whether internal factors are the primary issue.

4. Economic Methodologies: The contributing economists assess various economic methods and their ability to address Europe's challenges. Some examine basic metrics like income per head or worker, while others focus on efficiency, labor vs. leisure choices, and innovation.

5. Policy Recommendations: The contributors also offer diverse policy solutions. These include developing institutions that foster entrepreneurship, investing in early education to increase human capital, and promoting indigenous innovation as a means to boost overall economic performance.

Phelps provides a comprehensive and critical assessment of the European economic landscape, integrating economic theory with real-world data and offering a nuanced view of the challenges and opportunities facing Western Europe today. The book is an essential read for students, policymakers, and economists interested in the economic dynamics of Europe and the factors influencing its performance.