Tensions and Demands in Society, Economic Justice and Progressivism, and Yet Another Way Forward

8 Pages Posted: 17 Jun 2022

See all articles by Edmund S. Phelps

Edmund S. Phelps

Center on Capitalism and Society, Columbia University

Date Written: June 17, 2022

Abstract

This paper, adapted from a presentation at the Center on Capitalism and Society in November 2021, is in three parts. The first notes the demands being made by various groups of actors in the economy. The second, recalling the principles of Frank Ramsey on the optimum national saving and John Rawls on optimum wage distribution in a neoclassical economy, ponders how far society will want to go beyond these beginnings. The third brings in my thesis on what is, for most people, the huge importance of work—particularly work’s role in the good life—and on the role of capitalism in enriching work and enabling grassroots innovation.

Keywords: Dynamism, Economic Development, Innovation, Technological Change, and Growth, Economic Development: Income Distribution, Innovation, Research and Development, Innovation and Invention: Processes and Incentives, Economic Growth and Aggregate Productivity, Employment, Unemployment, Wages

JEL Classification: O00,O15,O30,O31,O40,E24

Suggested Citation

Phelps, Edmund S., Tensions and Demands in Society, Economic Justice and Progressivism, and Yet Another Way Forward (June 17, 2022). Capitalism & Society, Volume 16, Issue 1 (2022), Available at SSRN: https://ssrn.com/abstract=4138761

Edmund S. Phelps (Contact Author)

Center on Capitalism and Society, Columbia University ( email )

420 W. 118th Street
New York, NY 10027
United States
212-854-2060 (Phone)
212-854-8059 (Fax)

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
67
Abstract Views
199
rank
452,736
PlumX Metrics