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.
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My Journeys In Economic Theory is a very interesting book that is short but packed with information. It offers a very concise view into an illustrious career that offered paradigm shifting observations on every area it dealt on. I feel that someone who has a working knowledge on economy will be benefitted hugely by reading this book. For me, who is just a layman as far as economic theories are concerned, it was a bit tough even though rewarding book. I had to refer many other sources to make many points palatable for me and still I will accept that I haven't comprehended it fully. But I am definitely more wiser on economic theories and more inspired after reading about the life of Edmund Phelps.