Nobel Laureate Edmund Phelps Delivers Lecture on Economic Theory

Renowned economist and Nobel laureate Edmund Phelps, Ph.D., captivated a packed audience on Thursday, April 4, 2024, in Bethany Hall, delivering a lecture based on his book, My Journeys in Economic Theory, a personal account of his career and contributions into understanding unemployment, inflation and innovation.

Interim President Katia Passerini introduced Phelps to kick off the event, sharing an overview of Phelps’ background and highlighting the passion evident in Phelps’ work, both past and present.

"Throughout the book, Phelps' passion for economics shines through, inviting readers to join him on a journey of intellectual discovery and inquiry. My Journeys in Economic Theory is a must read for anyone interested in economics, innovation […] and for any scholar who wants to understand how you contribute to knowledge," Interim President Passerini shared.

Phelps delved into his personal journey into economic theory, a path that ultimately culminated in his receiving the Nobel Prize in 2006, for his analysis of intertemporal trade-offs in macroeconomic policy. Published in May 2023, My Journeys in Economic Theory offers a collection of personal anecdotes and reflections, shedding light on the individuals he has encountered and the ideas that have shaped his intellectual journey.

Throughout the discussion, Phelps underscored the significance of work in shaping an individual's morale and sense of worth, emphasizing the roles of creativity and inspiration in this context. "It would be gratifying if some of my readers were to take inspiration in my story," said Phelps.

In the book, Phelps concludes with the sentiment, "I hope to go on observing the world and finding things to say about new developments as long as I can." This aspiration resonated throughout the morning’s talk, examining Phelps’ his groundbreaking knowledge and expertise that remains relevant today.

Categories: Business, Education