(AGENPARL) – mar 15 ottobre 2024 Regaining modern values can reverse the slowdown in innovation and its rewards, Nobel laureate Edmund Phelps writes in F&D.
F&D header [ https://www.imf.org/en/Publications/fandd?utm_medium=email&utm_source=govdelivery ]
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Mass Flourishing and Economic Dynamism [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Point-of-view-mass-flourishing-and-economic-dynamism-edmund-phelps?utm_medium=email&utm_source=govdelivery ]
*SEPTEMBER 2024*
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Edmund Phelps [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Point-of-view-mass-flourishing-and-economic-dynamism-edmund-phelps?utm_medium=email&utm_source=govdelivery ]
(Credit: Chantal Jahchan)
Dear Colleague,
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?
Writing in F&D magazine [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Point-of-view-mass-flourishing-and-economic-dynamism-edmund-phelps?utm_medium=email&utm_source=govdelivery ], Nobel laureate and Columbia University professor *Edmund Phelps* says that well-performing nations acquired higher levels of dynamism—the desire and capabilities of the nation’s people to innovate.
“The force behind this innovative dynamism that spurred people in large numbers to conceive innovations was the rise and spread of certain modern values: individualism, vitalism, and a desire for self-expression.”
*Read the article* [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Point-of-view-mass-flourishing-and-economic-dynamism-edmund-phelps?utm_medium=email&utm_source=govdelivery ]
September Issue: Productivity
September cover [ https://www.imf.org/en/Publications/fandd?utm_medium=email&utm_source=govdelivery ]
Productivity is difficult to explain, difficult to measure, and, as the past couple decades show, difficult to improve. But, as F&D editor-in-chief *Gita Bhatt *writes, the only way a country can raise its standard of living sustainably is to produce more with fewer resources. It’s that simple.
F&D’s latest issue is now available in Arabic [ https://www.imf.org/ar/Publications/fandd?utm_medium=email&utm_source=govdelivery ], Chinese [ https://www.imf.org/zh/Publications/fandd?utm_medium=email&utm_source=govdelivery ], French [ https://www.imf.org/fr/Publications/fandd?utm_medium=email&utm_source=govdelivery ], Japanese [ https://www.imf.org/ja/Publications/fandd?utm_medium=email&utm_source=govdelivery ], Russian [ https://www.imf.org/ru/Publications/fandd?utm_medium=email&utm_source=govdelivery ], and Spanish [ https://www.imf.org/fr/Publications/fandd?utm_medium=email&utm_source=govdelivery ].
Feature Articles*
*America Must Rediscover Its Dynamism [ https://www.imf.org/en/Publications/fandd/issues/2024/09/america-must-rediscover-its-dynamism-michael-peters?utm_medium=email&utm_source=govdelivery ]* | Slower productivity growth in the world’s largest economy threatens to reverberate around the globe | *Michael Peters*
*The Innovation Paradox [ https://www.imf.org/en/Publications/fandd/issues/2024/09/the-innovation-paradox-ufuk-akcigit?utm_medium=email&utm_source=govdelivery ] *| Increased R&D spending isn’t necessarily boosting US productivity as industrial giants focus on defending their turf |* Ufuk Akcigit*
*How to Eliminate the Productivity Drag [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Eliminating-the-Productivity-Drag-Li-Noureldin?utm_medium=email&utm_source=govdelivery ]* | Reforms to address misallocation of resources can boost productivity enough to revive stagnating global growth | *Nan Li and Diaa Noureldin*
**AI’s Promise for the Global Economy [ https://www.imf.org/en/Publications/fandd/issues/2024/09/AIs-promise-for-the-global-economy-Michael-Spence?utm_medium=email&utm_source=govdelivery ] **| If properly used, it could help productivity growth rebound | **Michael Spence**
*Working From Home Is Powering Productivity [ https://www.imf.org/en/Publications/fandd/issues/2024/09/working-from-home-is-powering-productivity-bloom?utm_medium=email&utm_source=govdelivery ]* | A fivefold increase in remote work since the pandemic could boost growth and bring broader benefits | *Nicholas Bloom*
*Policy with a Purpose [ https://www.imf.org/en/Publications/fandd/issues/2024/09/policy-with-a-purpose-mazzucato?utm_medium=email&utm_source=govdelivery ] *| Modern industrial policy should shape markets, not just fix their failures | *Mariana Mazzucato*
*We Must Change the Nature of Growth [ https://www.imf.org/en/Publications/fandd/issues/2024/09/we-must-change-the-nature-of-growth-daniel-susskind?utm_medium=email&utm_source=govdelivery ]* | The pursuit of economic growth is one of our most treasured ideas, but also one of the most dangerous | *Daniel Susskind*
three F&D magazine covers from Sept 2024, June 2024, and Dec 2023 [ https://www.bookstore.imf.org/templates/fdec2?cid=imfo-com-compc-fdlanding&source=fdlanding&utm_medium=email&utm_source=govdelivery ]
Get an overview of the latest thinking on international economic challenges, interactions, and policy responses. 
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Also in this Issue
*Fairy Dust’s Economic Possibilities [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Point-of-view-fairy-dusts-economic-possibilities-carter?utm_medium=email&utm_source=govdelivery ] *by **Zachary Carter**
Keynes celebrated the ideals of the Bretton Woods institutions as a victory for the human spirit
*We Must Place Our Hope in Multilateralism [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Point-of-view-we-must-place-our-hope-in-multilateralism-brown?utm_medium=email&utm_source=govdelivery ] *by *Gordon Brown*
Only by working together can countries fend off fragmentation and deepening crises
*Emerging Markets on the Global Stage [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Emerging-markets-on-the-global-stage-aslam-petya-koeva?utm_medium=email&utm_source=govdelivery ]* by *Aqib Aslam* and *Petya Koeva Brooks*
Emerging markets hold both the reins of future growth and the keys to the future of multilateralism
*Inflation’s Rise and Fall [ https://www.imf.org/en/Publications/fandd/issues/2024/09/inflations-rise-and-fall-dao-leigh-mishra?utm_medium=email&utm_source=govdelivery ]* by *Mai Chi Dao*, *Daniel Leigh*, and *Prachi Mishra*
Recent price swings reflected largely energy- and supply-related shocks rather than macroeconomic overheating
*The Sahel’s Intertwined Challenges [ https://www.imf.org/en/Publications/fandd/issues/2024/09/the-sahels-intertwined-challenges-yabi?utm_medium=email&utm_source=govdelivery ]* by *Gilles O. Yabi*
Insecurity, turbulent politics, and weak institutions stymie prospects for shared economic progress
*Creating Value for Taxpayers [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Creating-Value-for-Taxpayers-Chandra-Vaid-Varma?utm_medium=email&utm_source=govdelivery ]* by *Kamya Chandra*, *Tanushka Vaid*, and *Pramod Varma*
Digital public infrastructure can drive a sustainable increase in revenue collection and build trust in government
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Also in this issue, for *Back to Basics [ https://www.imf.org/en/Publications/fandd/issues/2024/09/back-to-basics-total-factor-productivity-robert-zymek?utm_medium=email&utm_source=govdelivery ]*,* Robert Zymek* explains total factor productivity and how can economies do more with less.
For *Picture This [ https://www.imf.org/en/Publications/fandd/issues/2024/09/picture-this-demographic-decline-andrew-stanley?utm_medium=email&utm_source=govdelivery ]*, *Andrew Stanley* shows how falling fertility and aging populations pose significant challenges for many economies.
*Olivia S. Mitchell* tells *Bruce Edwards* it takes financial planning to take the worry out of extra retirement years for *Café Economics* [ https://www.imf.org/en/Publications/fandd/issues/2024/09/cafe-economics-worry-free-retirement?utm_medium=email&utm_source=govdelivery ].
*Prakash Loungani* profiles Berkeley’s *Gabriel Zucman*, a strong advocate for
higher taxes on the most affluent, for *People in Economics [ https://www.imf.org/en/Publications/fandd/issues/2024/09/people-in-economics-scourge-of-the-rich-loungani?utm_medium=email&utm_source=govdelivery ]*.
And for *Currency Notes [ https://www.imf.org/en/Publications/fandd/issues/2024/09/currency-notes-a-golden-history-r-bala?utm_medium=email&utm_source=govdelivery ]*, *Analisa R. Bala* tells how Kazakhstan’s new 5,000 tenge banknote draws inspiration from the ancient Saka culture.
And finally, turning to books, *Chris Wellisz* reviews *Peter S. Goodman*’s “Into the Maelstrom: How the World Ran Out of Everything [ https://www.imf.org/en/Publications/fandd/issues/2024/09/book-review-into-the-maelstrom-wellisz?utm_medium=email&utm_source=govdelivery ]”.
*Krishna Srinivasan* looks at “Breaking the Mold: India’s Untraveled Path to Prosperity [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Book-Review-Competing-for-the-Future-Krishna-Srinivasan?utm_medium=email&utm_source=govdelivery ]” by *Raghuram G. Rajan* and *Rohit Lamba*.
*Tamim Bayoumi* reviews “Floating Exchange Rates at Fifty [ https://www.imf.org/en/Publications/fandd/issues/2024/09/Book-Review-Currencies-Considered-Tamim-Bayoumi?utm_medium=email&utm_source=govdelivery ]” by *Douglas A. Irwin* and *Maurice Obstfeld*, eds.
We’d love to hear your thoughts and suggestions. Feel free to contact us.
Nick circle BW
*Nicholas Owen*
Managing Editor | F&D Magazine