HONG KONG – Asia Times today released a White Paper on “Economic Dynamism and the Global Economy” (Chinese) by Edmund Phelps, winner of the 2006 Nobel Prize in Economics. One of the world’s most distinguished economists, Phelps is a professor at Columbia University and director of the university’s Center for Capitalism and Society.

A preeminent theorist of productivity and growth, Prof. Phelps received the China Friendship Award from Premier Li Keqiang in 2014, recognizing outstanding contributions to China’s economic and social development. His 2013 book Mass Flourishing was a bestseller in Chinese translation.

Asia Times is a Hong Kong-based pan-Asian news platform covering Asian and global news in English, Chinese and other languages. Uwe Parpart, Asia Times’ Publisher and Editor, commented, “We are proud to publish this important contribution to the global discussion about reviving growth and productivity by a great economist.”

Asia Times Business Editor David P. Goldman will interview Prof. Phelps on a video link from the Asia Times website at 10 pm Hong Kong time (9 am US Eastern time). Sign up here.

Periods of great economic dynamism occur, Phelps argues when people from every walk of life embrace innovation and contribute to changes in technology and economic life. What he calls “mass flourishing” draws on the energies and aspirations of the whole of society. In today’s world, economic dynamism has become a global phenomenon.

In his White Paper for Asia Times, Phelps writes:

“The more economies rely on innovation, the greater the interdependence of the countries that participate in the world economy. We can measure the impact of innovation on the output of goods and services. But innovation in a society also fulfills the aspirations of the people that comprise the world economy for discovery, purpose, adventure, and satisfaction beyond their function as consumers.

“Tensions and policy disagreements between the United States and China have increased considerably during the past several years, and they are likely to persist for some time. This White Paper does not propose to discuss all, or even most, of the issues outstanding between the world’s two largest economies. It will focus, rather, on one decisive issue that bears on these tensions, namely innovation and its expression in economic development. 

“Standard Western economic theory does not provide an adequate framework for evaluating China’s problems or the interaction of China with the rest of the world. Part of the source of misunderstanding between the United States and China stems from deficiencies in economic theory. A better theory – a theory of economic dynamism – can contribute to improved policy deliberation on US-Chinese economic relations.”

The White Paper is available in English and Chinese language versions on Asia Times’ website.

For more information contact:

David P. Goldman, Business Editor (david.goldman@asiatimes.com)

Download White Paper: English or Chinese