My Journeys in Economic Theory

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 <i>The Death of Common Sense: How Law Is Suffocating America</i> 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 <i>Time and the Generations: Population Ethics for a Diminishing Planet</i> 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 <i>Willful: How We Choose What We Do</i> 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 <i>The Wall and the Bridge: Fear and Opportunity in Disruption’s Wake</i> 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 <i>Slouching Towards Utopia: An Economic History of the Twentieth Century</i> 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 *