Edmund S. Phelps, born 1933, is an American economist, and recipient of the 2006 Economics Sciences Nobel Prize.
Nobel Memorial Prize in Economic Sciences, 2006.
Global Economy Prize, 2008
McVickar Professor of Political Economy, Columbia University, since 1982.
Director of Columbia's Center on Capitalism and Society.
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.
Golden Rule Savings Rate
Microfoundations of macroeconomics
Natural rate of unemployment
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.
(Biographies of famous scientists no. 39)
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1873 - 1916
Karl Schwarzschild was a German astronomer and physicist, and a pioneer of the field of astrophysics. He solved Einstein's field equations while serving as an artillery office on the Eastern Front, during World War One.
Mathematics knows no races or geographic boundaries; for mathematics, the cultural world is one world.
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