Book Review: The Flourishing Society by Arora
1 December 2023
My Journeys in Economic Theory Edmund Phelps Columbia University Press New York, NY, 2023, 248 pp., $27.95 Among the early graduate school memories of many macroeconomists are the “golden rule” of saving, the micro-foundations of wage and employment theory, and structural theories of unemployment. Edmund Phelps, the economist at the center of these fundamental insights and many others and the recipient of the 2006 Nobel Prize in economics, has written a new book that, as its captivating title suggests, describes his intellectual journeys from his earliest theories over six decades ago to his most recent ideas, how he came up with them, the people he met along the way, and the ideas they shared. He tells of his inspiration from the great minds he encountered, including many giants of modern economics, and from art, opera, and literature.