Creativity is an essential component of a healthy economy, and Western nations are doing a terrible job of fostering intellectual creativity. Writers, artists, and thinkers are underpaid, as developed economies have given priority to a corporate model of shareholders and profits rather than innovation. Over at the New York Review of Books, Edmund S. Phelps explains that jumpstarting the stagnant economies of the West must include the artistic class:
Widespread flourishing in a nation requires an economy energized by its own homegrown innovation from the grassroots on up. For such innovation a nation must possess the dynamism to imagine and create the new—economic freedoms are not sufficient. And dynamism needs to be nourished with strong human values.