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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 “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.

Author: Phelps Edmund
Publisher: COLUMBIA UNIVERSITY PRESS
Pages: 248
ISBN: 9780231207300
Cover: Hardback
Edition Number: 1
Release Year: 2023

Preface
Introduction: Formative Years
1. Starting My Career: Golden Rule of Saving and Public Debt
2. A New Direction: Uncertainty and Expectations
3. Unemployment, Work’s Rewards, and Job Discrimination
4. Altruism and Rawlsian Justice
5. Supply-Siders, New “Classicals,” and an un-Keynesian Slump
6. A Revolutionary Decade
7. A Festschrift, a Nobel, and a New Horizon
8. The Great Wave of Indigenous Innovation, Meaningful Work, and the Good Life
Epilogue
Acknowledgments
Notes
Index

Edmund Phelps won the 2006 Nobel Prize for Economics for deepening our understanding of the relationship between the short-run and long-run effects of economic policy. He is Director of the Center on Capitalism and Society at Columbia University and author of many books, including Inflation Policy and Unemployment Theory, Structural Slumps, and Mass Flourishing.

Raicho Bojilov is Assistant Professor in the Faculty of Economics and Business at Pontificia Universidad Católica de Chile.

Hian Teck Hoon is Professor of Economics and Associate Dean of Faculty Matters and Research at Singapore Management University.

Gylfi Zoega is Professor of Economics at the University of Iceland and Birkbeck, University of London, and a member of the Monetary Policy Committee of the Central Bank of Iceland.

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