What are we to make today of this famous woman who, beginning almost a century ago, has fascinated generations with her wit, flair, talent, and near genius for self-destruction? For some, what registers most strongly is her central role in the legend of the Algonquin Round Table, with its campiness of wisecracks, quips, and put-downs—a part of her life she would come to repudiate. For others, it’s the descent into alcoholism, and the sad final years holed up in Manhattan’s Volney Hotel. Pick your myth.

As for her writing, it has evoked ridiculous exaggeration from her votaries, both her contemporaries and her biographers. Vincent Sheean: “Among contemporary artists, I would put her next to Hemingway and Bill Faulkner. She wasn’t Shakespeare, but what she was, was true.” John Keats in his biography of her, You Might as Well Live (1970): “She wrote poetry that was at least as good as the best of Millay and Housman. She wrote some stories that are easily as good as some of O’Hara and Hemingway.” This is praise that manages to be inflated and qualified at the same time.

And here is Regina Barreca, a professor of English literature and feminist theory at the University of Connecticut, in her introduction to the Penguin edition of the Complete Stories: “If Parker’s work can be dismissed as narrow and easy, then so can the work of Austen, Eliot, and Woolf.” Well, no. Exaggerated claims don’t strengthen the case for Parker’s literary accomplishments. As is inevitably the case with criticism grounded in agenda, they diminish it. But this doesn’t mean that her work is without value or interest.

Certainly she struck a chord with the public: from the start, her voice spoke to a wide range of readers. Her generally sardonic, often angry, occasionally brutal view of men and women—of love and marriage, of cauterized despair—triggered recognition and perhaps even strengthened resolve. She told the truth as she perceived it, while using her wit and humor to hold at arm’s length the feelings that her personal experiences had unleashed in her. An uncanny modern descendant is Nora Ephron in her novel Heartburn, which reimagines her ugly and painful breakup with Carl Bernstein as a barbed comedy.

In 1915, Parker, aged twenty-two, went to work at Vogue (for ten dollars a week), writing captions, proofreading, fact-checking, etc., and after a while moved over to the very young Vanity Fair; her first poem to be published had recently appeared there. She happily functioned as a kind of scribe-of-all-work until three years later she was chosen to replace the departing P.G. Wodehouse as the magazine’s drama critic. She was not only the youngest by far of New York’s theater critics, she was the only female one.

It was…