My Journeys in Economic Theory
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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 âpeople as we know themâ 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 Phelpsâs work, illuminating the breadth of his contributions to the field. First, introducing the expectations of wage setters and cofounding the âequilibriumâ rate of unemployment, he built the microeconomic foundations for the employment theory pioneered by Keynes and Hicks. More recently, he conceived a theory of âmass flourishingâ superseding Schumpeter and Solowâs conception of the process of innovatingâa theory in which individualsâ creativity and societyâs dynamism fuel grassroots innovation and generate job satisfaction in the process.
Phelps recounts his vivid experiences in the world of economicsâfierce arguments, competition and collaboration, and the good fortune of time spent among some great figuresâas 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 oneâs own ingenuity instead of applying or developing othersâ 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.
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 Phelpsâs work, illuminating the breadth of his contributions to the field. First, introducing the expectations of wage setters and cofounding the âequilibriumâ rate of unemployment, he built the microeconomic foundations for the employment theory pioneered by Keynes and Hicks. More recently, he conceived a theory of âmass flourishingâ superseding Schumpeter and Solowâs conception of the process of innovatingâa theory in which individualsâ creativity and societyâs dynamism fuel grassroots innovation and generate job satisfaction in the process.
Phelps recounts his vivid experiences in the world of economicsâfierce arguments, competition and collaboration, and the good fortune of time spent among some great figuresâas 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 oneâs own ingenuity instead of applying or developing othersâ 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.
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Edmund Phelps, the sole winner of the Nobel Memorial Prize in Economic Sciences in 2006, is the McVickar Professor Emeritus of Political Economy at Columbia University, where he was also the founding director of the Center on Capitalism and Society.
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