China's trade surplus with the U.S. is now more than a quarter of the U.S. trade deficit and, with China growing faster than the U.S., raises questions about its future course. Some media commentators term the chronic trade surplus mercantilist but offer no persuasive motive for it. Academics...

"In this engaging and fascinating memoir, Ned Phelps not only recounts the endeavors of how he reshaped the field, it details the relationships he formed with influential economists like Paul Samuelson, with philosophers like John Rawls, and eminent artistic figures of the 20th centuries....