The Dynamism of Nations: Toward a Theory of Indigenous Innovation
Summary. Phelps argues that standard economic models fail to explain modern economies because they ignore indigenous innovation—genuinely new ideas driven by human creativity, not just technological parameter shifts. Western nations have lost dynamism because corporatist values, regulation, and social protection have replaced the modern values of individualism and visionary thinking that historically fueled mass innovation and prosperity. Restoring economic vitality requires cultural change, not just policy reform.
Cite this article
Phelps, E. S.. (2018). The Dynamism of Nations: Toward a Theory of Indigenous Innovation. Journal of applied corporate finance. https://doi.org/10.1111/jacf.12306
Phelps, Edmund S.. “The Dynamism of Nations: Toward a Theory of Indigenous Innovation.” Journal of applied corporate finance, 2018. https://doi.org/10.1111/jacf.12306.
Phelps, Edmund S.. 2018. “The Dynamism of Nations: Toward a Theory of Indigenous Innovation.” Journal of applied corporate finance. https://doi.org/10.1111/jacf.12306.
@article{phelps-2018-dynamism-nations-toward-theory-indigenous,
title = {The Dynamism of Nations: Toward a Theory of Indigenous Innovation},
author = {Edmund S. Phelps},
journal = {Journal of applied corporate finance},
year = {2018},
doi = {10.1111/jacf.12306},
url = {https://doi.org/10.1111/jacf.12306}
}
TY - JOUR TI - The Dynamism of Nations: Toward a Theory of Indigenous Innovation AU - Edmund S. Phelps JO - Journal of applied corporate finance PY - 2018 DO - 10.1111/jacf.12306 UR - https://doi.org/10.1111/jacf.12306 ER -
Details
- DOI
- 10.1111/jacf.12306
- Countries
- United Kingdom
- Regions
- Europe
- Categories
- innovation-theory, policy
- Added
- 2026-04-28