Nobel Laureate Edmund Phelps argues that the high level of innovation in the West was not a result of scientific discoveries plus entrepreneurship. Rather, modern values--particularly the individualism and self-expression prevailing among the people--fueled the dynamism needed for widespread innovation.

• Cover
• Title Page
• Copyright
• Dedication
• Contents
• Preface
• Introduction: A Theory of Innovation, Flourishing, and Growth/ Edmund Phelps
• Overview of the Chapters/ Raicho Bojilov, Gylfi Zoega, and Hian Teck Hoon
• I. ESTIMATING INNOVATION—ACROSS TIME AND ACROSS NATIONS
  • 1. Innovation: The Source of Rapid Growth/ Raicho Bojilov
  • 2. Sources of Indigenous Innovation and Channels of Its Transmission across Countries/ Raicho Bojilov
  • 3. Indigenous Innovation during the IT Revolution: We Never Had It So Good?/ Raicho Bojilov
• II. THE ROOTS AND BENEFITS OF INNOVATION
  • 4. A Case Study of Iceland’s Successful Innovators/ Gylfi Zoega
  • 5. The Force of Values/ Gylfi Zoega
  • 6. Individual Values, Entrepreneurship, and Innovation/ Raicho Bojilov
  • 7. Innovation, Job Satisfaction, and Performance in Western European Countries/ Gylfi Zoega
• III. TWO APPLICATIONS OF ROBOTS
  • 8. Growth Effects of Additive and Multiplicative Robots alongside Conventional Machines/ Hian Teck Hoon
  • 9. Wage Effects of Additive and Multiplicative Robots alongside Factory Buildings and Physical Structures/ Hian Teck Hoon
  • 10. Additive Robots, Relative Prices, and Indigenous Innovation/ Hian Teck Hoon
• Epilogue/ Edmund Phelps
• Notes
• Acknowledgments
• Index