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Edmund S. Phelps

AKA Edmund Strother Phelps

Born: 26-Jul-1933
Birthplace: Evanston, IL

Gender: Male
Race or Ethnicity: White
Occupation: Economist

Nationality: United States
Executive summary: Golden Rules of Economic Growth

Edmund S. Phelps took a college course in economics at the insistence of his father, and found the class intriguing enough to make economics his life's work. He has written extensively on the theory of employment determination and price-wage dynamics, analyzing how these factors are affected by expectations-based microeconomics. One often-cited implication drawn from Phelps' research is that the relationship between unemployment rates and inflation rates is not as straightforward as had previously been believed. In bestowing the 2006 Nobel Prize in Economics to Phelps, the citation stated that his work had "deepened our understanding of the relation between short-run and long-run effects of economic policy".

    University: BA Economics, Amherst College (1955)
    University: PhD Economics, Yale University (1959)
    Teacher: Economics, Yale University (1960-66)
    Teacher: Economics, Massachusetts Institute of Technology (1962-63)
    Professor: Economics, University of Pennsylvania (1966-71)
    Professor: Economics, Columbia University (1971-82)
    Professor: Economics, New York University (1978-79)
    Professor: Political Economics, Columbia University (1982-)

    Guggenheim Fellowship 1950
    Nobel Prize for Economics 2006
    American Academy of Arts and Sciences
    American Economic Association
    Econometric Society
    National Academy of Sciences
    New York Academy of Sciences
    RAND Corporation Economist (1959-60)

Official Website:

Author of books:
The Goal of Economic Growth: Sources, Costs, Benefits. (1962)
Private Wants and Public Needs: Issues Surrounding the Size and Scope of Government Expenditure (1965)
Fiscal Neutrality Toward Economic Growth; Analysis of a Taxation Principle (1965)
Problems of the Modern Economy (1966)
Golden Rules of Economic Growth: Studies of Efficient and Optimal Investment (1966)
Microeconomic Foundations of Employment and Inflation Theory (1970)
Economic Justice (1973)
Altruism, Morality, and Economic Theory (1975)
Studies in Macroeconomic Theory (1980)
Individual Expectations and Aggregate Outcomes: An Introduction to the Problem (1983, with Roman Frydman)
Political Economy: An Introductory Text (1985)
Economic Equilibrium and Other Economic Concepts (1986)
The Effectiveness of Macropolicies in Small Open-Economy Dynamic Aggregative Models (1986)
Individual Forecasting and Aggregate Outcomes (1986, with Roman Frydman)
Recent Studies of Speculative Markets in the Controversy over Rational Expectations (1987)
Recent Developments in Macroeconomics (1991)
International Economic Interdependence, Patterns of Trade Balances and Economic Policy Coordination (1992, with Mario Baldassarri and Luigi Pagnetto)
Needed Mechanisms of Corporate Governance and Finance in Eastern Europe (1993)
World Saving, Prosperity, and Growth (1993, with Mario Baldassarri and Luigi Pagnetto)
Privatization Processes in Eastern Europe: Theoretical Foundations and Empirical Results (1993, with Mario Baldassarri and Luigi Pagnetto)
Structural Slumps: The Modern Equilibrium Theory of Unemployment, Interest, and Assets (1994)
International Differences in Growth Rates (1994, with Mario Baldassarri and Luigi Pagnetto)
Equity, Efficiency, and Growth: The Future of the Welfare State (1996, with Mario Baldassarri and Luigi Pagnetto)
The 1990s Slump: Causes and Cures (1996, with Mario Baldassarri and Luigi Pagnetto)
Rewarding Work: How to Restore Participation and Self-Support to Free Enterprise (1997)
Institutions and Economic Organization in the Advanced Economies (1998, with Mario Baldassarri and Luigi Pagnetto)
Demographics and Unemployment (2001, with Tryggvi Thor Herbertsson and Gylfi Zoega)
Enterprise and Inclusion in Italy (2002)
Finance, Research, Education and Growth (2003, with Luigi Pagnetto)
Designing Social Inclusion:Tools to Raise Low-End Pay and Employment in Private Enterprise (2003)

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