neoclassical economics, but he also wrote with skepticism regarding Keynesian resurgence: What theory can we use to get us out of the impending slump quickly and reliably? To use the 'new classical' theory of fluctuations begun at Chicago in the 1970s – the theory in which the "risk management" models are embedded – is unthinkable, since it is precisely the theory falsified by the asset price collapse. The thoughts of some have turned to John Maynard Keynes. His insights into uncertainty and speculation were deep. Yet his employment theory was problematic and the 'Keynesian' policy solutions are questionable at best....At the end of his life Keynes wrote of 'modernist stuff, gone wrong and turned sour and silly'. He told his friend Friedrich Hayek he intended to re-examine his theory in his next book. He would have moved on. The admiration we all have for Keynes's fabulous contributions should not sway us from moving on. Since around 2006, his main research focus has been innovation and economic growth as fueled by the creativity of ordinary people within a nation. His book Mass Flourishing (2013) remarks that cavemen had the ability to imagine new things and the zeal to create them, but a culture liberating and inspiring dynamism is necessary to ignite what Lincoln called a “passion for the new.” These theses on the central role of values for indigenous innovation and the good life are tested in the book Dynamism, coauthored with Raicho Bojilov, Hian Teck Hoon and Gylfi Zoega, which was published by Harvard University Press in 2020. Phelps severely criticizes the economic policy of U.S. president Donald Trump. It feels "like economic policy at a time of fascism [...]. The leader controls the economy and tells the companies how things are going to be done." In June 2020, he and other Nobel laureates in Economics, as well as architects, chefs and leaders of international organizations, signed the International Appeal of 7 June 2020 in favor of the purple economy (“Towards a cultural renaissance of the economy”), published in Corriere della Sera, El País and Le Monde. Personal life In 1974 Phelps married Viviana Montdor. Publications have noted that despite his many accomplishments, Phelps does not own a car. Honors and awards In 1981 Phelps was elected to become a member of the National Academy of Science in the USA. In 2006, he was awarded the Sveriges Riksbank Prize in