"This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis....

A crucial issue in the era of globalisation and internationalization, is whether the relationship between investment and finance is beneficial to growth and development. Received wisdom is that Research and Development is essential not only for maintaining productivity, but also for competing in...

Certain long swings in activity may involve one or more non-monetary mechanisms not yet studied. Unlike the fundamentally classical quot;realquot; theory of the business cycle refined in this decade, the emerging line of quot;realquot; models called structuralist, such as the model here, hinges...

This paper, adapted from a presentation at the Center on Capitalism and Society in November 2021, is in three parts. The first notes the demands being made by various groups of actors in the economy. The second, recalling the principles of Frank Ramsey on the optimum national saving and John...

In Eastern Europe privatization is now a mass phenomenon. The authors propose a model of it by means of an illustration from the example of Poland, which envisages the free provision of shares in formerly public undertakings to employees and consumers, and the provision of corporate finance from...

Macroeconomics would not be what it is today without Edmund Phelps. This book assembles the field's leading figures to highlight the continuing influence of his ideas from the past four decades. Addressing the most important current debates in macroeconomic theory, it focuses on the rates at...

Frontmatter -- Contents -- Preface 2007 -- Preface -- Prologue -- The Problem -- 1 • Why Work? -- 2 • America's Second-Class Workers -- 3 • The Decline of Labor -- 4 • The Damage to Others -- The Causes -- 5 • Is It Culture? -- 6 • Economic Sources -- 7 • The Role of the Welfare...