Edmund Phelps is among the most important economists of his generation. He developed a new understanding of unemployment and inflation and went on to rethink the roots of innovation. His work represents a lifelong project to put "people as we know them" into economic theory.
In this book, Phelps tells the story of his role in reshaping economic theory, offering a powerful personal account of a creative and rewarding career. My Journeys in Economic Theory charts two major phases of Phelps's work, illuminating the breadth of his contributions to the field. First, introducing the expectations of wage setters and cofounding the "equilibrium" rate of unemployment, he built the microeconomic foundations for the employment theory pioneered by Keynes and Hicks. More recently, he conceived a theory of "mass flourishing" superseding Schumpeter and Solow's conception of the process of innovating-a theory in which individuals' creativity and society's dynamism fuel grassroots innovation and generate job satisfaction in the process.
Phelps recounts his vivid experiences in the world of economics-fierce arguments, competition and collaboration, and the good fortune of time spent among some great figures-as well as his relationships with luminaries such as John Rawls, Thomas Nagel, Paul Samuelson, and Paul Volcker. At its core, this book shares the joy of intellectual achievement: the excitement of coming up with a new idea that radically departs from prevailing views and the satisfaction of exercising one's own ingenuity instead of applying or developing others' models. Telling the story of a life packed with intellectual adventure, My Journeys in Economic Theory provides a profound vision of a dynamic, modern economy that offers lives rich with creativity and meaning.
Industry Reviews
A Best Book in Economics for 2023. -- Martin Wolf * Financial Times *
Elegant. * Wall Street Journal *
Edmund Phelps is a renaissance intellectual among economists. He's been producing ideas that are new, good, and fundamental for sixty years. His has been a remarkable life, and this extraordinary volume tells its story. -- Lawrence H. Summers, former U.S. secretary of the treasury
Phelps is a crown jewel of the economics profession. A scholar of striking originality, he also possesses the persistence and eloquence to get his unorthodox ideas across. This memoir shows vividly how he manages to do that. -- Eric Maskin, winner of the Nobel Memorial Prize in Economic Sciences
Phelps has written a typically lucid intellectual biography of his often solitary and always courageous voyage through economics as a fiercely independent and creative theorist who has profoundly influenced modern economics. The book provides nuance and background for his many contributions and is a valuable history of modern economic thought by a scholar who shaped it. -- James Heckman, winner of the Nobel Memorial Prize in Economic Sciences
Nobel laureate Edmund Phelps has written a delightful, and often exhilarating, story of intellectual discovery and creativity. This travelogue in economic theory draws the reader into the great economic debates of the last half century. Phelps exposes the brilliance and fallibility of great economists while forcefully driving home the essential and personal nature of human accomplishment. -- Philip K. Howard, author of The Death of Common Sense: How Law Is Suffocating America
This gem of a book is the moving and candid memoir by one of the deepest and widest-ranging economists of our time. It is also unusual in laying bare the fits and starts that are an inevitable part of the creative process. -- Partha Dasgupta, author of Time and the Generations: Population Ethics for a Diminishing Planet
In Edmund Phelps's latest journey, he discovers a revolutionary theory of the good life: Beyond providing leisure and material comforts, a modern economy engages participants in adventure and self-discovery. These profound ideas mesh with his own story, told here beautifully and honestly. -- Richard Robb, author of Willful: How We Choose What We Do
In this engaging memoir, Phelps takes us on a journey from a childhood and lifelong fascination with creativity to a Nobel Prize and beyond, explaining the why of dynamism, the what of innovation, and the how of rewarding work. A must-read for any lover of economic ideas. -- Glenn Hubbard, author of The Wall and the Bridge: Fear and Opportunity in Disruption's Wake
Phelps has always been one of the most brilliant and most deep-thinking of the economists who came of age in the 1960s. This memoir impresses the reader with how deeply and broadly he has been thinking throughout his career. My Journeys in Economic Theory will repair the ignorance of the underappreciated depth of Phelps's contributions. -- J. Bradford DeLong, author of Slouching Towards Utopia: An Economic History of the Twentieth Century
This is a compelling and timely argument. That Ned Phelps is still making it forcefully...is reason enough to recommend the book. -- Michael Liss * 3 Quarks Daily *
This is a book that merits perseverance and hard work. -- Paschal Donohoe * Irish Times *
I am definitely more wiser on economic theories and more inspired after reading about the life of Edmund Phelps. * Conscientious Reflections *
Will intrigue anyone with an interest in the interdisciplinary nature of social science. -- Tej Parikh * Financial Times *
Enchanting...he is thinking new things and also important and uplifting things. -- Martin Wolf * Financial Times *
As we look ahead to a century dominated by artificial intelligence and the challenges of automation, the questions that Phelps is studying-about how to provide meaningful work so that society can flourish-continue to be of vital importance. * Amherst Magazine *
I would recommend Phelps's book to anyone who is interested in the evolution of economic theories....students of philosophy, political sciences or history may also find benefit and pleasure in reading the book. * Central Banking *
A great read. * The Hub *
A recollection of candour, cause, and consequence. * Blogternator *
