And here is an example of one of her analyses: "The move from a structuralist account in which capital is understood to structure social relations in relatively homologous ways to a view of hegemony in which power relations are subject to repetition, convergence and rearticulation brought the question of temporality into the thinking of structure, and marked a shift from the form of Althusserian theory that takes structural totalities as theoretical objects ..." Well, you get the idea.

The structuralist perspective on macroeconomic behavior led to the concept that came to be called the “natural” rate of unemployment, borrowing from the notion, which arose in Europe during the interwar years, of a “natural” interest rate.

The basic idea of the structuralist approach is that while market forces are always fluctuating, the unemployment rate actually has a homing tendency.

With no more evidence than that, a structuralist model would predict an inflation rate that is already elevated and rising – and the inflation rate is not running high, even though the US Federal Reserve has flooded the economy with liquidity.

The bulk of Phelps’s current work consists of a new reworking of structuralist theory, in an effort to show how changes in interest rates and asset prices affect the equilibrium unemployment rate over the medium term.

It was an enlightened vision, underpinned by strong moral beliefs, but it was also a structuralist vision – what Abba Eban, Israel’s foreign minister in the 1970s, termed a Benelux for the region.

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