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Empathy Economics: Janet Yellen’s Remarkable Rise to Power and Her Drive to Spread Prosperity to All
Named one of Investopedia's 7 Best Economics Books of 2022
The trailblazing story of Janet Yellen, the Ruth Bader Ginsburg of economics, and her lifelong advocacy for an economics of empathy that delivers the fruits of a prosperous society to people at the bottom half of the economic ladder.
When President Biden announced Janet Yellen as his choice for secretary of the treasury, it was the peak moment of a remarkable life. Not only the first woman in the more than two-century history of the office, Yellen is the first person to hold all three top economic policy jobs in the United chair of both the Federal Reserve and the President’s Council of Economic Advisors as well as treasury secretary.
Through Owen Ullmann’s intimate portrait, we glean two remarkable aspects of Yellen’s approach to first, her commitment to putting those on the bottom half of the economic ladder at the center of economic policy, and employing forward-looking ideas to use the power of government to create a more prosperous, productive life for everyone. And second, her ability to maintain humanity in a Washington policy world where fierce political combat casts others as either friend or enemy, never more so than in our current age of polarization.
As Ullmann takes us through Yellen’s life and work, we clearly see her brilliance and meticulous preparation. What stands out, though, is Yellen as an icon of progress—the “Ruth Bader Ginsburg of economics”—a superb-yet-different kind of player in a cold, male-dominated profession that all too often devises policies to benefit the already well-to-do. With humility and compassion as her trademarks, we see the influence of Yellen’s father, a physician whose pay-what-you-can philosophy meant never turning anyone away. That compassion, rooted in her family life in Brooklyn, now extends across our entire country.
The trailblazing story of Janet Yellen, the Ruth Bader Ginsburg of economics, and her lifelong advocacy for an economics of empathy that delivers the fruits of a prosperous society to people at the bottom half of the economic ladder.
When President Biden announced Janet Yellen as his choice for secretary of the treasury, it was the peak moment of a remarkable life. Not only the first woman in the more than two-century history of the office, Yellen is the first person to hold all three top economic policy jobs in the United chair of both the Federal Reserve and the President’s Council of Economic Advisors as well as treasury secretary.
Through Owen Ullmann’s intimate portrait, we glean two remarkable aspects of Yellen’s approach to first, her commitment to putting those on the bottom half of the economic ladder at the center of economic policy, and employing forward-looking ideas to use the power of government to create a more prosperous, productive life for everyone. And second, her ability to maintain humanity in a Washington policy world where fierce political combat casts others as either friend or enemy, never more so than in our current age of polarization.
As Ullmann takes us through Yellen’s life and work, we clearly see her brilliance and meticulous preparation. What stands out, though, is Yellen as an icon of progress—the “Ruth Bader Ginsburg of economics”—a superb-yet-different kind of player in a cold, male-dominated profession that all too often devises policies to benefit the already well-to-do. With humility and compassion as her trademarks, we see the influence of Yellen’s father, a physician whose pay-what-you-can philosophy meant never turning anyone away. That compassion, rooted in her family life in Brooklyn, now extends across our entire country.
480 pages, Hardcover
Published September 27, 2022
29 people are currently reading
1818 people want to read
About the author
Owen Ullmann
3 books6 followersOwen Ullmann’s five-decade career in journalism began as reporter for The Elizabeth N.J. Daily Journal and more recently held senior management and editorial positions at USA Today. Prior to USA Today he spent six years at Business Week magazine, where he managed the Washington Bureau as senior news editor. From 1983 to 1993, he worked in the Washington Bureau of Knight-Ridder Newspapers, covering economics, the White House and the State Department. He won two awards from the White House Correspondents’ Association for his coverage of the Reagan Presidency. Owen worked for the Associated Press from 1973 to 1983, as automotive writer in Detroit, and later as labor writer and chief economics correspondent in Washington. He currently serves as executive editor and Washington columnist for The International Economy, a quarterly written for central bankers, finance ministers, financiers, and academics. He previously wrote a critically acclaimed biography of David Stockman, President Ronald Reagan’s brilliant and brash budget director.
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Displaying 1 - 27 of 27 reviews
October 1, 2022
It is pure irony that a woman who navigated a post modern era in economics has had such a romantic biography written about her.
Enough said. I experienced what writing and reading in the 59s must have been, which I tolerated, plugging on, waiting for a counterpoint to all the goodness and light of the subject’s ineffable character.
I doubt none of it. But will journey on to find shreds of insight into her well-apportioned mind. Luckily, she’s written much herself.
Her biographatist is out pitching and catching a softballs to himself.
Enough said. I experienced what writing and reading in the 59s must have been, which I tolerated, plugging on, waiting for a counterpoint to all the goodness and light of the subject’s ineffable character.
I doubt none of it. But will journey on to find shreds of insight into her well-apportioned mind. Luckily, she’s written much herself.
Her biographatist is out pitching and catching a softballs to himself.
February 28, 2023
Incredibly long, anecdotal biography that inches through Janet Yellen's life via quotes from friends, family, and colleagues.
August 13, 2023
Current US Treasury Secretary Janet Yellen is the first female to hold the post that Alexander Hamilton first held over two centuries ago. She is also the first person to serve as Treasury Secretary, head of the Federal Reserve, and chief of the President’s Council of Economic Advisors. In short, she has had a career that anyone of any gender identity would be proud of. Her work has been critical to American economic prosperity since the 1990s, and she is known to value her impact on “Main Street” as much as “Wall Street.” In this book, Owen Ullmann shares a bit of her magic so that future generations can benefit from her habits.
Yellen’s main secret to success lies in meticulous preparation for every significant assignment – a trait garnered from her driven mother. Multiply that over several decades of working with top people, and expertise and wisdom accumulate. Further, she has always been motivated by her work’s impact on “average Americans,” not just the elite – hence the adage of “empathy economics.” Ullmann attributes this to Yellen watching her physician-father help financially needy patients in her youth.
Yellen has faced some adversity. She was initially denied tenure as an economist. She had to break glass ceilings to become, many times, the first female in a given role. Still, she rarely viewed herself as a first of anything, preferring the self-image of a hard-working, careful macroeconomist. She had to edge past gender roles to work with hard-driving male co-workers, including many who were not as liberal as her. Despite political differences, she won the appreciation of Wall Street and even of some in Republican roles. Who wouldn’t want to learn from her magic?
As a drawback, this book tends a bit towards hagiography rather than balanced critique. Although I’m more sympathetic towards Yellen’s liberal perspectives, Ullmann does not give much weight to conservative objectors to her policies, unfortunately. This is likely due to the author’s proximity towards present-day events. Though understandable, this shortcoming limits this book’s reach, unfortunately.
For those of a left-leaning persuasion, it does hit target audiences of career-driven women, economists, and those interested in a fairer yet prosperous marketplace, work-life balance, social justice, American politics, or current affairs. Thus, many types of readers are addressed. Of course, this book is timely as Yellen still serves as Treasury Secretary. I doubt that decades ago, she would have forecast such great success for herself, especially after setbacks in her early career. Nonetheless, she can serve as a helpful and successful north star to future generations.
Yellen’s main secret to success lies in meticulous preparation for every significant assignment – a trait garnered from her driven mother. Multiply that over several decades of working with top people, and expertise and wisdom accumulate. Further, she has always been motivated by her work’s impact on “average Americans,” not just the elite – hence the adage of “empathy economics.” Ullmann attributes this to Yellen watching her physician-father help financially needy patients in her youth.
Yellen has faced some adversity. She was initially denied tenure as an economist. She had to break glass ceilings to become, many times, the first female in a given role. Still, she rarely viewed herself as a first of anything, preferring the self-image of a hard-working, careful macroeconomist. She had to edge past gender roles to work with hard-driving male co-workers, including many who were not as liberal as her. Despite political differences, she won the appreciation of Wall Street and even of some in Republican roles. Who wouldn’t want to learn from her magic?
As a drawback, this book tends a bit towards hagiography rather than balanced critique. Although I’m more sympathetic towards Yellen’s liberal perspectives, Ullmann does not give much weight to conservative objectors to her policies, unfortunately. This is likely due to the author’s proximity towards present-day events. Though understandable, this shortcoming limits this book’s reach, unfortunately.
For those of a left-leaning persuasion, it does hit target audiences of career-driven women, economists, and those interested in a fairer yet prosperous marketplace, work-life balance, social justice, American politics, or current affairs. Thus, many types of readers are addressed. Of course, this book is timely as Yellen still serves as Treasury Secretary. I doubt that decades ago, she would have forecast such great success for herself, especially after setbacks in her early career. Nonetheless, she can serve as a helpful and successful north star to future generations.
December 4, 2022
By reading the first chapter, the way that the write wrote makes me feel like she is a superwoman who will save Americans. But will she, or is she? I’d to read a biography which presents a more “real” person, not a god.
May 2, 2023
I enjoyed reading this biography of Janet Yellen. As some reviewers have noted, the book comes off as "friendly" to its subject, but at least with respect to her personality and management style, I suppose that's because people do actually like working with Yellen. I imagine that her inclusive management approach was a breath of fresh air in many organizations. Maybe there are people who harbor criticisms but wouldn't share them? It's certainly possible. In writing a biography of someone who's not only alive but also still in the midst of an important phase of her career, the author isn't in position to analyze the totality of her accomplishments, but that doesn't mean there's not an interesting "work-in-progress" story to be told.
The text is well-written and although I worked in the banking industry for many years and therefore have some familiarity with the technical subject matter, I think the average reader would be able to follow the concepts as presented.
Another reviewer commented that the book was too long, and I had to laugh at that because my first reaction when picking the book up at the library was that the font was very large - as if the publisher had said that a book about economics must be thick. Bigger letters, more pages, or we won't be taken seriously!!
Two small things that I came across while reading . . . first, in chapter eight on page 226, there's a reference to bank "capital" requirements that I suspect should read "reserve" requirements. Also, in chapter nine on page 253, I couldn't follow the timing of conversations between Senator Merkley and Denis McDonough. If Merkley called him from Oregon while attending a rodeo, how could he run into him later in the day in DC?
The text is well-written and although I worked in the banking industry for many years and therefore have some familiarity with the technical subject matter, I think the average reader would be able to follow the concepts as presented.
Another reviewer commented that the book was too long, and I had to laugh at that because my first reaction when picking the book up at the library was that the font was very large - as if the publisher had said that a book about economics must be thick. Bigger letters, more pages, or we won't be taken seriously!!
Two small things that I came across while reading . . . first, in chapter eight on page 226, there's a reference to bank "capital" requirements that I suspect should read "reserve" requirements. Also, in chapter nine on page 253, I couldn't follow the timing of conversations between Senator Merkley and Denis McDonough. If Merkley called him from Oregon while attending a rodeo, how could he run into him later in the day in DC?
May 25, 2022
An objective look about Janet Yellen, that covers her life from her childhood to becoming Secretary of Treasury for the United States. Just Wow. The book talks to many of her collogues from many aspects of her life and from both parties and they all seem to love her and admire what she does. After reading the book, I found a very caring individual who is realistic and say it like it is without being confrontational. It seems she is able to assimilate a lot of information and then is able to inform us in a way that we can understand and she relate to everyone she meets with respect and dignity. I wish I knew her and I'm glad someone wrote a book that will let the rest of us know her too.
I like the little snippets about her personal life too and what she likes to do when she has spare time, like cook gourmet meals and that she has a very supportive family and friends who are always behind her. This is just a lovely book.
Something else that I have learned from this book is why our economy works so well and it is due to many people behind the scene like Janet Yellen who come up with solutions and come to agreement with many institutions and fellow economist to adjust and change what is happening so that our economy will continue to be strong.
I want to thank PublicAffairs and NetGalley for an advance copy of this amazing book about an amazing women
I like the little snippets about her personal life too and what she likes to do when she has spare time, like cook gourmet meals and that she has a very supportive family and friends who are always behind her. This is just a lovely book.
Something else that I have learned from this book is why our economy works so well and it is due to many people behind the scene like Janet Yellen who come up with solutions and come to agreement with many institutions and fellow economist to adjust and change what is happening so that our economy will continue to be strong.
I want to thank PublicAffairs and NetGalley for an advance copy of this amazing book about an amazing women
October 8, 2022
It has been a long time since I read a proper biography and usually they were of people who had already passed but this one is an authorized biography that includes interviews with friends, students, colleagues, as well as family and Janet Yellen, herself. This book starts with her growing up in Brooklyn and goes through her life and career until 2020. As you might be able to guess from the title, Empathy Economics, the book focuses mainly on her career and achievements while using her personal life to explain more about her decision to go into economics and how it helps her think about her views on economics.
Yellen has spent that last 5 decades thinking about how economics can help the common man and make the average American's life better. She started her career teaching new economists and business students about macro economics in a manner that they can understand. Then she worked for the Fed, the Council of Economic Advisors, the San Francisco Fed, and now the Treasury Department. She is the epitomy of succeeding by working hard. Yellen spent her career being the best she could be and has been acknowledged for it.
This biography is very comprehensive and the quotes from friends and family enrich it so much more. I highly recommend this for those who are fans as well as any woman as an example of what we can be.
Yellen has spent that last 5 decades thinking about how economics can help the common man and make the average American's life better. She started her career teaching new economists and business students about macro economics in a manner that they can understand. Then she worked for the Fed, the Council of Economic Advisors, the San Francisco Fed, and now the Treasury Department. She is the epitomy of succeeding by working hard. Yellen spent her career being the best she could be and has been acknowledged for it.
This biography is very comprehensive and the quotes from friends and family enrich it so much more. I highly recommend this for those who are fans as well as any woman as an example of what we can be.
September 10, 2022
I loved this book. I think it is an honest appraisal of Janet Yellen’s career, with Owen Ullman discussing Yellen’s successes and the times she was less than successful. I also liked the discussions about Yellen’s personal life, including her family and her early years. The discussions about economics were crystal-clear and in plain language. There was no getting bogged down in economic jargon. Although the book is thorough, it never gets hung up in unnecessary minutiae. Part of the strength of the book was that Ullman was able to interview Yellen and members of her family. It gave great texture to the story. I was very sad when I finished the book because for several hours I got to know Yellen and then suddenly I had to say good-bye. Thank you to Netgalley and PublicAffairs for the advance reader copy.
July 10, 2023
I picked the book because I was most interested in the "Empathy" aspect, which gets overlooked by many economists. Yellen does indeed have an empathetic streak, which can be traced to her father, a family doctor back in the day when physicians made house calls and often treated people for little or no money. She came by her empathy honestly; it's not an act, and I salute her for trying to focus attention on people with little or no money. Imho we need more empathy as economic inequality grows ever more lopsided.
As for the book, it's an exhaustive, largely positive account of her life and her career. Ullmann is a longtime journalist with a knack for explaining complicated issues clearly. But most of the book can be skimmed unless you want to know pretty much anything and everything about Ms. Yellen.
As for the book, it's an exhaustive, largely positive account of her life and her career. Ullmann is a longtime journalist with a knack for explaining complicated issues clearly. But most of the book can be skimmed unless you want to know pretty much anything and everything about Ms. Yellen.
November 26, 2023
3.5 stars
I like reading about Economics and I like trying to understand the economy. It makes sense when I read it, but I don't understand it well enough that I can explain it to anyone.
This is a good economics book. I took notes, and learned things I hadn't learned before. It's ok as a biography. The author relies a lot on quotes from people around Janet Yellen of what they think of her and what happened around her. I think this is kind of a strange way to write a biography. Also, economists do not speak in a very interesting or entertaining way. This quote is considered an excellent joke by economists:
"In the run-up to Halloween, we have had a witch's brew of news", Yellen dead-panned as everyone cracked up. Conditions in financial and credit markets have taken a ghastly turn for the worse."
They're smart, but not very funny.
I like reading about Economics and I like trying to understand the economy. It makes sense when I read it, but I don't understand it well enough that I can explain it to anyone.
This is a good economics book. I took notes, and learned things I hadn't learned before. It's ok as a biography. The author relies a lot on quotes from people around Janet Yellen of what they think of her and what happened around her. I think this is kind of a strange way to write a biography. Also, economists do not speak in a very interesting or entertaining way. This quote is considered an excellent joke by economists:
"In the run-up to Halloween, we have had a witch's brew of news", Yellen dead-panned as everyone cracked up. Conditions in financial and credit markets have taken a ghastly turn for the worse."
They're smart, but not very funny.
April 23, 2023
Perhaps because I majored in economics at UC Berkeley (Laura Tyson taught one of my classes) and still follow macroeconomic issues, I thoroughly enjoyed this book. Some of the issues discussed might not be as well appreciated if you’ve never studied macroeconomics.
The author paints a picture of Yellen that makes me wish more people in government service were like her. The idea of empathy economics deserves to be discussed broadly.
The author spends the most time on the positives and accomplishments in Yellin’s life, and he has a lot to cover. Yet he glosses over most negatives, and that made me a bit suspicious about what’s missing from the story. Still, I feel he tried to be thorough by interviewing political opponents of hers.
The author paints a picture of Yellen that makes me wish more people in government service were like her. The idea of empathy economics deserves to be discussed broadly.
The author spends the most time on the positives and accomplishments in Yellin’s life, and he has a lot to cover. Yet he glosses over most negatives, and that made me a bit suspicious about what’s missing from the story. Still, I feel he tried to be thorough by interviewing political opponents of hers.
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September 1, 2022Owen Ullmann MA’73
Author
From the author:
The trailblazing story of Janet Yellen, the Ruth Bader Ginsburg of economics, and her lifelong advocacy for an economics of empathy that delivers the fruits of a prosperous society to people at the bottom half of the economic ladder. Her economic accomplishments are unparalleled in American history. She is the first woman to head the Federal Reserve, the first woman to become Treasury Secretary and the first person of either gender to hold the top three government jobs in economics: Fed chair, Treasury secretary and chair of the White House Counsel of Economic Advisers.
Author
From the author:
The trailblazing story of Janet Yellen, the Ruth Bader Ginsburg of economics, and her lifelong advocacy for an economics of empathy that delivers the fruits of a prosperous society to people at the bottom half of the economic ladder. Her economic accomplishments are unparalleled in American history. She is the first woman to head the Federal Reserve, the first woman to become Treasury Secretary and the first person of either gender to hold the top three government jobs in economics: Fed chair, Treasury secretary and chair of the White House Counsel of Economic Advisers.
February 24, 2023
Did I understand every word of this biography? No, a lot of economics are above my comfort level, but it was still incredibly fascinating to learn, not just about Janet Yellen, but to get a greater insight into the economic events that happened largely during my lifetime and that I only had limited understanding of at the time. Yellen's approach to economics is very in line with how I feel we as a nation need to evolve in order to truly prosper as a nation. Very well written and while I didn't understand all of the finest details, it was explained well enough that I understood the most broad portions. I look forward to following Yellen through her career as Treasury Secretary.
November 21, 2023
Lost a lot of respect for her after reading this.
She does seem very likable personally and her most important contribution to the Fed was cracking down on leaks and unscheduled, privileged communication.
However, she was always the DEI candidate pushing political agendas and avoided making the difficult decisions. Emotion over logic/data despite scouring the numbers was her mantra as she strayed away from official mandates to incorporate her own personal agenda. Summers comment is on point that we are very lucky that we didn't have a financial crisis under her watch.
Author also has a very limited understanding of economics and central banking more generally.
She does seem very likable personally and her most important contribution to the Fed was cracking down on leaks and unscheduled, privileged communication.
However, she was always the DEI candidate pushing political agendas and avoided making the difficult decisions. Emotion over logic/data despite scouring the numbers was her mantra as she strayed away from official mandates to incorporate her own personal agenda. Summers comment is on point that we are very lucky that we didn't have a financial crisis under her watch.
Author also has a very limited understanding of economics and central banking more generally.
April 18, 2023
I have been impressed by Janet Yellen, both at the Fed and at Treasury, and was motivated to read this bio after hearing the author interviewed on a podcast. He spoke of Yellen's upbringing as the daughter of a neighborhood doctor, who saw patients in the basement of their family house, and how watching his interactions and compassion with them inspired Yellen's concern for all people. This bio, in comparison, was dull - even though fact-laden. It read like a Wiki entry at times. sigh.
November 13, 2023
Reading this book as a young woman has been very inspiring. Stories about female leaders are scarce, the one from Yellen is extraordinary in many ways! She has an extremely positive personality and a tremendous expertise. Additionally, I learned a lot about economics. As someone that hasn't had a lot of knowledge in economics this book has been motivating to get some further information on different topics.
August 17, 2022
All throughout reading and listening to this book I didn't searched an image of her and now seeing the cover she isn't the woman I imagined to be which is not necessarily bad its just good to finally put a face to such an amazing woman. She broke a lot of glass ceiling and I hope a lot of young girls aspired to be just like her or go beyond than her.
July 18, 2024
This is the last genre I would have picked but it was the choice of a book group I attend. I loved it! I learned so much about the economy and the Federal Reserve. My one criticism is there are too many names mentioned that bring little to the overall book - college friends, university professors, etc. Highly recommend.
December 1, 2022
I so admire Janet Yellen after reading Ullmann's book, perfectly titled too.
I found it a hard non-fiction to read but the content itself of Janet Yellen is so desirable as she is an unglamorized heroine who is a great leader and innovative master of the treasury. Thanks.
I found it a hard non-fiction to read but the content itself of Janet Yellen is so desirable as she is an unglamorized heroine who is a great leader and innovative master of the treasury. Thanks.
June 1, 2023
This is a sympathetic overview of Yellen's life from start to present, with a good number of quotes from Yellen herself. I liked it for the overview but don't think that I understand how her individual actions impacted America any better than before I listened to it.
January 2, 2024
A great read, Ullmann is a wonderful writer who kept my interest throughout the book. One of his best skills is explaining macro economic theories in very plain lay language, making it easy to understand Janet Yellen's many contributions.
June 15, 2025
How do you write the biography for someone that is immensely competent at doing a boring, but important, job? Hard to make it compelling, but the author gave it a good shot. It definitely leaves you with the feeling that Janet Yellen is a person you’d like to know.
February 28, 2023
Greatly enjoyed learning about the life of this trail blazing woman.
March 30, 2023
Good history & insight into 2023 / Biden business models.
June 19, 2023
A very heavy but good book. Details historical events and achievements in a very lucid manner.
June 23, 2023
Interesting to learn about Janet’s economic journey and how she implements her views as a powerful economist in the United States. At the end of the day though, it’s not a page turner.
dnf
July 1, 2025DNF 50%, really enjoyed reading about her early life but got a little too into monetary policy, not surprising but too dry for me
Displaying 1 - 27 of 27 reviews