Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval [9780063162464]

Overview

“A vivid portrait of an exceptional woman and a lively history of the economic and financial crises that helped make the treasury secretary and former Fed chair who she is today.” —Sylvia Nasar, #1 New York Times bestselling author of A Beautiful Mind

“Captivating. . . . Part biography, part history of ideas, the book provides a fascinating window into the ways thinking on economic policy has evolved in the last 25 years. . . . A must-read for anyone seeking to understand the current economic challenges we face.” —Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance

An engrossing and deeply human chronicle of the past fifty years of American economic and social upheaval, viewed through the consequential life of the most powerful woman in American economic history, Janet Yellen, and her unconventional partnership in marriage and work with Nobel Laureate George Akerlof.

At the dawn of the 21st century, many of America’s leaders believed that free trade, modern finance, technology, and wise government policy had paved the way for a new era of prosperity. Then came a cascade of disasters—a bursting tech bubble, domestic terror attacks, a housing market implosion, a financial system crisis, a deadly global pandemic. These events led to serial recessions, deepened America’s political fractures and widened the divide between those best off and everyone else.

Award-winning economics writer Jon Hilsenrath examines what happened, viewing events through the experiences of two historic figures: Janet Yellen was Treasury Secretary, Federal Reserve Chairwoman and Chair of the White House Council of Economic Advisers. Her husband, George Akerlof, was an imaginative Nobel prize–winning economist.

Long before the upheaval of the past two decades, Akerlof warned of flaws in modern economic thinking; then Yellen had to fix the economy on the fly as it cracked.

In telling their story, Hilsenrath explores long-running intellectual battles over the fragile balance between unruly democratic government and unpredictable markets. He introduces readers to the cast of modern intellectuals and policy makers who deciphered, shaped, and steered these systems through prosperity, chaos, and reformation. And he explains what went wrong, why, and what might happen next.

What emerges is an absorbing examination of how humans think and behave, and how those actions shape markets, inform economic policy, and could determine the future of a now-deeply divided nation.

Hilsenrath reminds us that economics is neither science nor ideology, as some once wished or promised.

Economics is an endeavor.

Most good love stories are, too.

• The Most Powerful Woman in Economic History: Follow Janet Yellen’s remarkable journey from her childhood in Brooklyn to becoming the only person to serve as Treasury Secretary, Federal Reserve Chair, and Chair of the White House Council of Economic Advisers.
• A Power Couple in Economics: Explore the extraordinary marriage and intellectual partnership between Yellen, the pragmatic policymaker, and her husband, Nobel Prize-winning economist George Akerlof, the imaginative theorist who challenged the foundations of modern economics.
• Inside the Fed and Treasury: Gain a front-row seat to the high-stakes decisions made behind closed doors during fifty years of financial turmoil, from the tech bubble burst and the 2008 meltdown to the global pandemic.
• The Evolution of Economic Thought: Understand the intellectual battles that shaped our world—from Keynesian ideas to the rise of the Chicago school and the dawn of behavioral economics—through the eyes of the people who were in the room.