A Review of Edmund Phelps, My Journeys in Economic Theory New York: Columbia University Press, 2023

Abstract

This review argues that Edmund Phelps in fact undertook one journey, which led him to the theme of “flourishing,” meaning that workers derive satisfaction from their job. He sees flourishing people rather than scientists and entrepreneurs as the ultimate source of innovation and hence economic growth, a topic that has occupied his mind from the beginning of his brilliant career. The book makes for fascinating reading—and in passing traces the new Macroeconomics pioneered by its author.

KEYWORDS:

• Microeconomic foundations of macroeconomics
• persistence of unemployment and inflation
• island parable
• flourishing
• innovation

JEL CLASSIFICATIONS:

• A13
• B22
• D21
• D63
• D82
• E24
• E63
• I30
• J28
• J64
• O11
• O12
• O31
• O41
• Y3

Disclosure statement

No potential conflict of interest was reported by the author(s).