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Here are the product details for "My Journeys in Economic Theory" by Edmund Phelps:
- Publisher: Penguin
- Language: English
- Hardcover: 248 pages
- ISBN-10: 0231213522
- ISBN-13: 978-0231213523
- Item Weight: 380 grams
- Dimensions: 14 x 2.8 x 21.6 cm
**About the Book:**
"My Journeys in Economic Theory" is a memoir by renowned economist Edmund Phelps. He is known for his significant contributions to economic theory, particularly in the areas of unemployment, inflation, and innovation.
In this book, Phelps offers a personal account of his career and his role in reshaping economic theory. He discusses two major phases of his work:
1. **Microeconomic Foundations:** Phelps discusses how he introduced the expectations of wage setters and co-founded the "equilibrium" rate of unemployment. His work in this area laid the groundwork for the employment theory pioneered by economists like John Maynard Keynes and John Hicks.
2. **Theory of Mass Flourishing:** Phelps presents his more recent work on the theory of "mass flourishing," which goes beyond the conventional understanding of innovation. He explores how individual creativity and societal dynamism drive grassroots innovation and job satisfaction.
Throughout the book, Phelps reflects on his experiences in the field of economics, including his interactions with prominent figures in the discipline, such as John Rawls, Thomas Nagel, Paul Samuelson, and Paul Volcker. He shares the excitement of intellectual discovery and the satisfaction of developing new ideas that challenge prevailing views.
"My Journeys in Economic Theory" offers a deep insight into the life of an economist and the dynamic world of economic theory. It provides a vision of a modern economy where creativity and ingenuity play a central role in shaping meaningful lives.
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