"This book is nothing less than a complete reformulation of macroeconomic theory, presenting an alternative to both the new neoclassical and the mainstream Keynesian paradigms." - Pentti Kouri
"Stuctural Slumps is likely to shake the establishment ... An ambitious explanation of long-term joblessness." - Peter Passell, New York Times.
"Professional economists ... will regard [this] as one of the most important books of this decade ... Few economists write as lucidly as Mr. Phelps." - Economist.