In a new series of video interviews, Nobel Laureate Edmund Phelps tells Inc. editor-in-chief Eric Schurenberg that "flourishing" is about finding work that is rewarding, finding satisfaction in solving problems, getting excited about new challenges, and voyaging into the unknown.

Mass flourishing, Phelps says in the INNOVATION segment, "starts with the right attitudes, the right beliefs," or modern values. To embrace these modern values, we had to learn to acknowledge creativity, think independently, accept uncertainty, and follow entrepreneurial pursuits. These values, combined with enlightenment ideas, scientific inquiry, and better institutions helped give rise to America's pioneering spirit.

In the CULTURE segment, expresses concern about today's young people who are more focused on corporate careers and material rewards than previous generations were. Combined with rent-seeking, Phelps worries that this new materialism is an indication that "innovation is bound to suffer."

I have yet to read Phelps' book, Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change, but it sounds like a Public Choice exploration of Tyler Cowen's Great Stagnation thesis. I look forward to digging in.

Aside: Economist Tyler Cowen curated a fairly comprehensive collection of material on Phelps when the Nobel was awarded.