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Volume Chapters


“The Role of Innovation and the Digital Economy: New Opportunities and Challenges for Chinese, US and European Economic Policy” in China and the West, eds. Jan Svejnar and Justin Yifu Lin (Northampton, MA: Edward Elgar, 2021):120-124; previously Working Paper 108, Center on Capitalism and Society, Columbia University, April 2018.

Solving the Problem in Italy and Much of Western Europe,” in Yearning for Inclusive Growth and Development, Good Jobs and Sustainability, ed. Luigi Paganetto (London: Springer, October 2019):1-5 .

Opportunity to Be Innovation Leader,” in The Sleeping Giant Awakes: Global Views on China’s Transformation after Four Decades of Reform and Opening-Up (bilingual edition), ed. by China Watch, China Daily (Guangzhou: Guangdong People’s Publishing House, 2019): 126 -135.

 Desirable Directions of Structural Transformation,” in The Oxford Handbook of Structural Transformation, ed. Célestin Monga and Justin Yifu Lin (Oxford: Oxford University Press, April 2019): 684- 691.

Deleterious Effects of Sustained Deficit Spending,” Chap. 9 in Toward a Just Society: Joseph Stiglitz and Twenty-first Century Economics, ed. Martin Guzman (New York: Columbia University Press, 2018):196 -200.

Behind the Rise and Decline of Grassroots Dynamism,” Chap. 2 in Management and Economic Policy for Development, ed.  Grzegorz W. Kolodko (New York: Nova Science Publishers, 2014).


Which Way Forward for Macroeconomics and Policy Analysis?,” with Roman Frydman, in Rethinking Expectations, eds. Frydman and Phelps (Princeton, NJ: Princeton University Press, 2013): 1-46.

Indeterminacies in Wage and Asset Price Expectations,” in Rethinking Expectations, eds. Frydman and Phelps (Princeton, NJ: Princeton University Press, 2013): 277-300.


Refounding Capitalism,” Chap. 18 in The Oxford Handbook of Capitalism, ed. Dennis C. Mueller (New York: Oxford University Press, 2012).


Introduction: Gauging and Explaining Economic Performance in Continental Europe,” with H.-W. Sinn., in Perspectives on the Performance of the Continental Economies, eds. Phelps and Sinn. (Cambridge, MA: MIT Press, 2011):1-26.

“Development with Justice,” in Tracking Globalization: Debates on Development, Freedom and Justice, ed. J.S. Sodhi (New Delhi: Penguin Books, 2011): 74- 87.

“Economic Culture and Economic Performance: What Light is Shed on the Continent’s Problem,” in Perspectives on the Performance of the Continental Economies, eds. Phelps and Sinn. (Cambridge, MA: MIT Press, 2011): 447-482. {previous working paper}


“Three Short Papers: PastPresentFuture,” in The Future of Money, ed. Oliver Chittenden (New York: Random House, 2010): 319-326.


Entrepreneurship, Culture and Openness,” with Gylfi Zoega, in Entrepreneurship and Openness: Theory and Evidence, eds. David B. Audretsch, Robert E. Litan, Robert Strom. (Northampton, MA: Edward Elgar Pub., Inc., 2009): 101 – 130.

 “Toward a Model of Innovation and Performance Along the Lines of Knight, Keynes, Hayek, and M. Polanyí,” in  Entrepreneurship, Growth, and Public Policy, eds. Zoltan J. Acs, David B. Audretsch, Robert Strom (Cambridge, UK: Cambridge University  Press, 2009): 35- 70.


“Interest Rate Setting in the Presence of Investment Prospects and Knightian Uncertainty,” in Macroeconomics in the Small and the Large: Essays on Microfoundations, Macroeconomic Applications and Economic History in Honor of Axel Leijonhuvud, ed. Roger E.A. Farmer (Cheltenham, UK: Edward Elgar Pub., December, 2008): 44-73.

“Foreword” in Financial Darwinism, Leo Tilman (New York: Wiley, December 2008): ix -xiv.


Foreword,” in Rebuilding War-Torn States, Graciana del Castillo (Oxford: Oxford University Press, October 2008): vii-x.

"The Good Life and the Good Economy: The Humanist Perspective of Aristotle, the Pragmatists and the Vitalists, and the Economic Justice of John Rawls," in Arguments for a Better World: Essays in Honor of A. Sen, eds. K. Basu and R. Kanbur (Oxford: Oxford University Press, 2008): 35-49.

Corporatism and Keynes: His Philosophy of Growth,” in Revisiting Keynes: Economic Possibilities for our Grandchildren, eds. L. Pecchi and G. Piga (Cambridge, MA: MIT Press, 2008): 95-104; in Keynes’s General Theory After Seventy Years, R.W. Diamand, R.A. Mundell, and A. Vercelli, eds. (London: Palgrave Macmillan: 2010): 91-100.

“How Should Economists Model the Future?” in Finance and Sustainable Development: Opposition or Partnership?,eds. Jean-Michel Lasry, Damien Fessler, and Pierre-André Chiappori (Paris: Economica, 2008): 14-20.

“The Bad Side Effects of Forcing Good Behavior,” in Creative Capitalism: A Conversation with Bill Gates, Warren Buffett and other Economic Leaders, ed. M. Kinsley (New York: Simon & Shuster, 2008).



“Foreword” in Imperfect Knowledge Economics: Exchange Rates and Risk, Roman Frydman and Michael D. Goldberg (Princeton: Princeton University Press, August 2007): xiii-xxii.

“The Economic Performance of Nations: Prosperity Depends on Dynamism, Dynamism on Institutions,” in Entrepreneurship, Innovation, and the Growth Mechanism of Free Enterprise Economies, eds. Eytan Sheshinski, et al. (Princeton, NJ: Princeton University Press, 2007): 342-356.


“The Continent’s High Unemployment: Possible Institutional Causes and Some Evidence,” in Structural Unemployment in Western Europe: Reasons and Remedies, ed. Martin Werding (Cambridge, MA.: MIT Press, 2006): 53-74.

 “Prospective Shifts, Speculative Swings: “Macro” for the Twenty-First Century in the Tradition Championed by Paul Samuelson,” Chap. 4 in Samuelson Economics and the Twenty-First Century, ed. Michael Szenberg, et al. (Oxford: Oxford University Press, 2006).


“Entrepreneurship and Innovation in Capitalist Systems,” in Understanding Entrepreneurship (Kauffman Foundation: Kansas City, 2005): 26-30.

 “Economic Prosperity and the Dynamism of Economic Institutions,” The Economic Prospects of Singapore, eds. W.T.H. Koh and R. Mariano (Singapore: Addison-Wesley, 2005): 299-333.

Some notes on monetary policy and unemployment,” in Monetary Policy and Unemployment, ed. Willi Semmler (London: Routledge, 2005): 16-19.

China’s Growth Mechanism and Some Overlooked Impacts on the Rest of the World,” in Aspekte der Internazionalen Oekonomie: Festshcrift fuer Juergen Schroeder, eds. Makram El-Shagi and Gerhard Ruebel (Wiesbaden, Deutscher: Universitaet Verlag, 2005): 85-93.

The Structuralist Perspective on Real Exchange Rate, Share Price Level and Employment Path: What Room is Left for Money?,” with Hian Teck Hoon and Gylfi Zoega in Monetary Policy and Unemployment, ed. Willi Semmler (London: Routledge, 2005): 107-132.


“What Structuralism Is—and What Errors and Omissions it Avoids in Supply-Side and RBC Models,” in Macroeconomic Theory and Economic Policy: Essays in honour of Jean-Paul Fitoussi, ed. K. Velupillai, (London: Routledge, 2004): 145-162.


Low Wage Employment Subsidies in a Labor-Turnover Model of the ‘Natural Rate’,” with Hian Teck Hoon, in Designing Inclusion: Tools to Raise Low-end Pay and Employment in Private Enterprise, ed. Edmund Phelps (Cambridge: Cambridge University Press, 2003):16-43.

“Introduction,” in Designing Inclusion: Tools to Raise Low-end Pay and Employment in Private Enterprise, ed. Phelps (Cambridge: Cambridge University Press, 2003): 1- 15.


“Reflections on Parts I,II, III and IV,” in Knowledge, Information and Expectations: In Honor of Edmund Phelps, eds. Philippe Aghion, Roman Frydman, Joseph Stiglitz and Michael Woodford (Princeton: Princeton University Press, 2003): 271-281; 550-563.       


Asset Prices, the Real Exchange Rate and Unemployment in a Small Open Economy: A Medium-Run Structuralist Perspective,” with Hian Teck Hoon and Elise Brezis, in The Open Economy Macromodel: Past, Present and Future, eds. Arie Arnon and Warren Young (New York: Springer, 2002): 275-288.


“Balanced-Budget Restraint in Taxing Income from Wealth in the Ramsey Model” in Inequality and Tax Policy (Washington D.C.: American Enterprise Institute Press, 2001): 166- 186.


"The Empirical Importance of Private Ownership for Economic Growth," with Darius Palia, in Finance, Research, Education and Growth, L. Paganetto and E. Phelps, eds. (London: Macmillan, 2000).


“Moral Hazard and Independent Income in a Modern Intertemporal-Equilibrium Model of Involuntary Unemployment and Mandatory Retirement,” in Markets, Information and Uncertainty: Essays in Economic Theory in Honor of Kenneth J. Arrow, ed. G. Chichilnisky, ed. (Cambridge: Cambridge University Press, 1998):  143-163.


“Wage Subsidy Programs: Alternative Designs,” in Solutions to Unemployment,  eds. Guillermo de la Deheza and Dennis H. Snower  (Cambridge: Cambridge University Press for CEPR, 1996).


The Origins and Further Development of the Natural Rate of Unemployment,” in The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis, ed. Rod Cross (Cambridge: Cambridge University Press, 1995): 15- 31.

A Life in Economics,” in The Makers of Modern Economics, ed. A. Heertje (Aldershot, UK: Edward Elgar Pub., 1995): 90-113.


“Agenda for Economic Justice to the Working Poor,” in Aspects of the Distribution of Wealth and Income, ed. D. Papadimitri (London: Macmillan, 1994).


The Impact of Fiscal and Productivity Shocks on the Natural Rate of Unemployment in a Two-Country World,” with Hian Teck Hoon, in Open-Economy Macroeconomics, eds. Helmut Frisch and Andreas Woergoetter (London: Macmillan for the International Economics Assn., 1993).

Pro-Keynesian and Counter-Keynesian Implications of the ‘Structuralist’ Theory of Unemployment and Interest under the Classic Two-Sector View of Capital and Production,” in Taxation in the United States and Europe, ed. Anthonie Knoester  (London: Macmillan, 1993): 66-97.


“Sub-normal Unemployment in Socialist Economies,” in Exchange Rate Policies of Less Developed Market and Socialist Economies, ed. Emil Maria Claassen (San Francisco, CA: International Center for Economic Growth, 1992).

Fiscal Stimulus and Employment at Home and Abroad in a Real Two-Country Customer-Market Model,” in Global Disequilibrium in the World Economy, eds. Mario Baldassarri, John McCallum, and Robert Mundell (London: Palgrave Macmillan, 1992): 157-181.

“Expectations in Macroeconomic Theory and the Rational Expectations Debate,” in Macroeconomics: A Survey of Research Strategies, eds. A. Vercelli and N. Dimitri (New York: Oxford University University Press, 1992): 129- 138. 


“Testing ‘Keynesian’ Unemployment Theory against ‘Structuralist’ Theory: Global Evidence from the Past Two Decades,” in Issues in Contemporary Economics: Proceedings of the 9th World Congress of the International Economic Assn. 2: Macroeconomics and Econometrics, ed. Marc Nerlove (New York: New York University Press, 1991): 21-41.

1992 Europe as a Unified Customer Market,” Chap. 3 in European Economic Integration, eds. Gerald R. Faulhaber and Gualtiero Tamburini (Dordrecht: Kluwer Academic Publishers, 1991): 39-48.

Precommitment to Rules in Monetary Policy,” in Monetary Policy on the Fed’s 75th Anniversary,  ed. M.T.  Belongia (Dordrecht: Springer: October 1991):159-178.

A Working Model of Slump and Recovery from Disturbances to Capital-goods Demand in a Closed Non-monetary Economy,” in Nicholas Kaldor and Mainstream Economics, eds. Edward J. Nell and Willi Semmler (London: Macmillan, 1991): 360-378. (Also International Monetary Fund Research Department Working Paper 88/92, August 23, 1988.)

“The Effectiveness of Macropolicies in a Small Open-Economy Dynamic Aggregative Model,” in Money, Macroeconomics, and Economic Policy: Essays in Honor of James Tobin, eds. Wm. C. Brainard, W. D. Nordhaus, and H. W. Watts (Cambridge, MA: MIT Press, 1991): 125- 147.


“New Channels in the Transmission of Foreign Shocks,” Chap. 14 in Debt, Stabilization and Development: Essays in Memory of Carlos Diaz-Alejandro, eds. Guillermo Calvo, Ronald Findlay, Pentti Kouri, and Jorge Braga de Macedo (Oxford: Blackwell, 1989).

“Discussion: Victor Grilli’s Seignorage in Europe,” in A European Central Bank? Proceedings of the 1988 IMPG/CEPR Conference, eds. M.de Cecco and A. Giovannini  (Cambridge: Cambridge University Press, 1989).


Optimum Fiscal Policy When Monetary Policy is Bound by a Rule,” with K. Velupillai, in The Economics of Public Debt: Proceedings of a Conference held by the International Economic Assn. at Stanford, California, eds. K.J. Arrow and M.J. Boskin (London: Palgrave Macmillan, 1988):126-130.


Equilibrium An Expectational Concept;” “Phillips Curves;” “The Golden Rule;” “Distributive Justice,” in The New Palgrave: A Dictionary of Economics, eds. J. Eatwell, M. Milgate, and P Newman (London: Macmillan, 1987).


“Appraising the American Fiscal Stance,” in Private Saving and Public Debt, eds. M.J. Boskin, J.S. Flemming and S. Gorini (Oxford: Blackwell, 1987).


“The Trouble with Rational Expectations and the Problem of Inflation Stabilization,” with Phillip Cagan in Individual Forecasting and Aggregate Outcomes:’ Rational Expectations’ Examined, eds. Roman Frydman and Edmund Phelps (Cambridge: Cambridge University Press, 1984): 31-46.



“Implicit Contracts and the Social Contract: Toward a Welfare Economics without Costless Mobility” Inflation, Debt and Indexation, eds. R. Dornbusch and M.E. Simonson (Cambridge, MA: MIT Press, 1983): 46-53.


“A Model of Non-Walrasian General Equilibrium,” with Guillermo A. Calvo, in Macroeconomics, Prices and Quantities: Essays in Memory of Arthur M. Okun, ed. James Tobin, ed. (Washington, D.C.: Brookings Institution, 1983): 135-149. (Presented at the Columbia-Yale-Brookings Conference in Memory of Arthur M. Okun, September 1981.)



Introduction: Taxation, Redistribution and Growth,” in Studies in Macroeconomic Theory Vol. 2: Redistribution and Growth, Edmund Phelps (New York: Academic Press, 1980): 1-15.


Introduction: Developments in Non-Walrasian Theory,” in Studies in Macroeconomic Theory Vol. 1: Employment and Inflation, Edmund Phelps (New York: Academic Press, 1979): 1- 19.

“Obstacles to Curtailing Inflation,” in Essays in Post-Keynesian Inflation, eds. J.H. Gapinski and C.E. Rockwood (Cambridge, MA: Ballinger Pub. Co., 1979): 179- 193.


Recent Development in Welfare Economics: Justice et Équité,” in Frontiers of Quantitative Economics IIIB; Papers Invited for Presentation at the Econometric Society Third World Congress, Toronto,1975, ed. M.D. Intrillagator (Amsterdam: North-Holland Publishing Co., 1977): 703-730. Repr. in Studies in Macroeconomic Theory Vol. 2: Redistribution and Growth, Edmund Phelps (New York: Academic Press, 1980): 331-358.


Linear ‘Maximin’ Taxation of Wage and Property Income on a “Maximin’ Growth Path,” in Economic Progress, Private Values and Public Policy: Essays in Honor of William Fellner, eds. B.A. Balassa and R.R. Nelson, eds.(Amsterdam: North-Holland, 1976). Repr. in Studies in Macroeconomic Theory Vol. 2: Redistribution and Growth, Edmund Phelps (New York: Academic Press, 1980): 285- 300.


Social Policy and Uncertain Careers: Beyond Rawls’s Paradigm Case,” in  Public and Urban Economics: Essays in Honor of William Vickrey, ed. R.E. Grieson (Boston: Lexington Books, 1976):159- 178. Repr. in Studies in Macroeconomic Theory Vol. 1: Employment and Inflation,  Edmund Phelps (New York: Academic Press, 1979): 399- 418.  


The Indeterminacy of Game-Equilibrium Growth in the Absence of an Ethic,” in Altruism, Morality and Economic Theory, ed. Edmund Phelps (New York: Basic Books for Russell Sage Foundation, 1975): 87-106. Repr. in Studies in Macroeconomic Theory Vol. 2: Redistribution and Growth, Edmund Phelps (New York: Academic Press, 1980): 217-236.


Stopover Monetarism: Supply and Demand Factors in the 1972-74 Inflation,” in The Phenomenon of Worldwide Inflation, eds. Arthur Laffer and D. Meiselman (Washington, D.C.: American Enterprise Institute, 1974): 183- 200. Repr. in The Japan - U.S. Assembly: Proceedings of a Conference on Japan - U.S. Economic Policy (Washington, D.C.: American Enterprise Institute, 1975): 51-68; Studies in Macroeconomic Theory Vol. 1: Employment and Inflation,  Edmund Phelps (New York: Academic Press, 1979): 279-296.  



“Unreasonable Price Stability: The Pyrrhic Victory over Inflation,” in The Battle Against Unemployment, edA.M. Okun (New York:W.W. Norton, 2nd ed., 1972).

“Some Macroeconomics of Population Leveling,” in Economic Aspects of Population Change, eds. Elliot R. Morss and Ritchie H. Reed (Washington: Government Printing Office, 1972).


“Inflation Expectations and Economic Theory,” in Inflation and the Canadian Experience, eds. N. Swan and D. Wilton (Kingston, Ontario: Industrial Relation Centre, Queen’s University, 1971): 31-47. Rev. “The ‘Natural Rate’ Controversy and Economic Theory,” in Studies in Macroeconomic Theory Vol. 1: Employment and Inflation, Edmund Phelps (New York: Academic Press, 1979): 97-108.


Optimal Price Policy under Atomistic Competition,” with S. G. Winter Jr. in Microeconomic Foundations of Employment and Inflation Theory, Edmund Phelps, et al. (New York: W.W. Norton, 1970): 309- 333.


"Tangible Investment as an Instrument of Growth,The Goal of Economic Growth, 2nd ed., ed. Edmund Phelps (New York: W.W. Norton, 1969): 94 -105. Rev. “Fiscal Neutralism and Activism toward Economic Growth” in Studies in Macroeconomic Theory Vol. 2: Redistribution and Growth, Edmund Phelps (New York: Academic Press, 1980): 185-200.