Edmund Phelps
| Edmund Phelps | |
|---|---|
Phelps, in 2008
|
|
| Born |
July 26, 1933 Evanston, Illinois, U.S. |
| Nationality | United States |
| Institution |
Columbia University 1971– University of Pennsylvania |
| Field | Macroeconomics |
| Alma mater |
Yale University Amherst College |
| Doctoral advisor |
William Fellner James Tobin |
| Doctoral students |
David Colander |
| Influences |
Paul Samuelson Thomas Schelling Henry Wallich John Rawls |
| Influenced |
Roman Frydman Mordecai Kurz Gylfi Zoega Hian Teck Hoon |
| Contributions | Micro-foundations of macroeconomics Effects of wage and price expectations Natural rate of unemployment Golden Rule savings rate |
| Awards |
Nobel Memorial Prize in Economic Sciences (2006) Chevalier de la Legion d'Honneur (2008) Pico della Mirandola Prize (2008) Global Economy Prize (2008) Friendship Award (China) (2014) |
| Information at IDEAS / RePEc | |
Edmund Strother Phelps, Jr. (born July 26, 1933) is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences. Early in his career, he became known for his research at Yale's Cowles Foundation in the first half of the 1960s on the sources of economic growth. His demonstration of the golden rule savings rate, a concept first devised by John von Neumann and Maurice Allais, started a wave of research on how much a nation should spend on present consumption rather than save and invest for future generations. His most seminal work inserted a microfoundation, one featuring imperfect information, incomplete knowledge and expectations about wages and prices, to support a macroeconomic theory of employment determination and price-wage dynamics. That led to his development of the natural rate of unemployment: its existence and the mechanism governing its size.
Phelps has been McVickar Professor of Political Economy at Columbia University since 1982. He is also the director of Columbia's Center on Capitalism and Society.
Phelps was born in Evanston, Illinois, and he moved with his family to Hastings-on-Hudson, New York when he was six, where he spent his school years. In 1951, he went to Amherst College for his undergraduate education. At his father's advice, Phelps enrolled in his first economics course in his second year at Amherst. Economist James Nelson gave the course, which was based on the famous textbook Economics by Paul Samuelson. Phelps was strongly impressed with the possibility of applying formal analysis to one of his old interests: business. He quickly became aware of an important unsolved problem with the existing theory and the existing gap between microeconomics and macroeconomics.
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