Empathy Economics: Janet Yellen’s Remarkable Rise to Power and Her Drive to Forge Prosperity for All

Journalist Ullmann (Stockman) delivers a comprehensive biography of Janet Yellen, the first person to have achieved the “trifecta” of economic policymaking, serving as chair of the Federal Reserve, chair of the Council of Economic Advisors, and Secretary of the Treasury. Spotlighting Yellen’s empathy, an emotion often absent from the arcane world of economic policy, Ullmann notes that she has endeavored to prioritize the economic concerns of Main Street over Wall Street by focusing on achieving full employment—even if it risks inflation. Yellen has also spoken up on behalf of the nearly one-third of Americans with criminal records, highlighting how a “strong job market” can help them find employment and build careers. The biographical details, including Yellen’s affluent childhood as the daughter of a Brooklyn physician, her introduction to economics as a freshman at Brown University’s Pembroke College, and her marriage to Nobel Prize winner George Akerlof, portray a woman who has rarely, if ever, made a misstep, personally or professionally. At times, Ullmann’s portrait would benefit from a more critical eye, but he has amassed a wealth of details and lucidly explains complex economic theories and policies. This is an enlightening study of a trailblazing yet “unassuming” public figure. (Sept.)