My Journeys in Economic Theory

Edmund Phelps, a prominent economist, has significantly contributed to economic theory by rethinking unemployment and inflation, and innovating the roots of innovation. His book, "My Journeys in Economic Theory," chronicles his career, highlighting his contributions to employment theory and his theory of "mass flourishing." It shares the joy of intellectual achievement and offers a profound vision of a dynamic, modern economy.

Format: Hardback
Length: 248 pages
Publication date: 16 May 2023
Publisher: Columbia University Press

Edmund Phelps, a prominent economist of his generation, has made significant contributions to economic theory. He has developed a fresh perspective on unemployment and inflation, leading to a reevaluation of the origins of innovation. His lifelong endeavor is to incorporate the essence of "people as we know them" into economic principles.

In his book, Phelps recounts his journey in reshaping economic theory, providing a captivating personal account of a fulfilling career. My Journeys in Economic Theory spans two significant phases of Phelps's work, showcasing the breadth of his contributions to the field.

Firstly, he introduced the concept of wage setters' expectations and co-founded the "equilibrium" rate of unemployment, laying the microeconomic foundations for the employment theory pioneered by Keynes and Hicks. Subsequently, he proposed a novel theory of "mass flourishing," which surpasses Schumpeter and Solow's understanding of the innovation process. This theory emphasizes individuals' creativity and societal dynamism as drivers of grassroots innovation, leading to job satisfaction.

Phelps vividly recounts his experiences in the world of economics, including intense arguments, competition, and collaboration. He also shares his relationships with renowned figures such as John Rawls, Thomas Nagel, Paul Samuelson, and Paul Volcker. Throughout the book, Phelps expresses his joy of intellectual achievement, the exhilaration of developing a groundbreaking idea that departs from prevailing views, and the fulfillment of exercising one's ingenuity rather than relying on others' models.

At its core, My Journeys in Economic Theory offers a profound vision of a dynamic and modern economy that fosters lives rich in creativity and meaning. It sheds light on the interplay between individuals, society, and economic forces, providing insights into the mechanisms that drive innovation and prosperity. This book serves as a testament to Edmund Phelps's enduring legacy and his profound impact on economic theory.

Dimension: 216 x 140 (mm)
ISBN-13: 9780231207300