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Edmund Phelps

1933 -

Edmund Phelps, born 1933, American economist

Edmund S. Phelps, born 1933, is an American economist, and recipient of the 2006 Economics Sciences Nobel Prize.

  • Nationality
  • American

  • Subject
  • Economics

  • Fields
  • Macroeconomics

  • Distinctions
  • Nobel Memorial Prize in Economic Sciences, 2006.

    Global Economy Prize, 2008

  • Posts
  • McVickar Professor of Political Economy, Columbia University, since 1982.

    Director of Columbia's Center on Capitalism and Society.

  • Publications
  • The Golden Rule of Capital Accumulation, 1961, paper in the American Economic Review

    Golden Rules of Economic Growth: Studies of Efficient and Optimal Investment, 1966.

    Microeconomic Foundations of Employment and Inflation Theory, 1970.

    Inflation Policy and Unemployment Theory, 1972.

    Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined., 1983, co-authored with Roman Frydman et al.

    Seven Schools of Macroeconomic Thought, 1990.

    Structural Slumps: The Modern Equilibrium Theory of Employment, Interest and Assets, 1994.

    Rewarding Work: How to Restore Participation and Self-Support to Free Enterprise, 1997.

  • Theories
  • Golden Rule Savings Rate

    Microfoundations of macroeconomics

    Price-wage dynamics

    Natural rate of unemployment

Edmund Phelps
Edmund Phelps, Nobel Prize winning economist

With his work on macroeconomic theory, including price-wage dynamics, and the Golden Rule savings rate, Phelps has been a major influence on post-Keynesian political economic policy.

The Golden Rule savings rate is a re-examination of the von Neumann/Allais work, and extends it into means of determining the ideal investment/savings ratio for inter-generational growth. It attempts to arrive at a calculation of the savings propensity (a Keynes term) where the per-capita consumption rate is at the maximum possible constant value. This is a fundamental value for sustainable economy planning.

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