Edmund S. Phelps

By:   Date: 3 December 2009

About The Author

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Edmund S. Phelps, a celebrated economist and 2006 Nobel Prize winner in Economics for his contributions in analyzing inter-temporal tradeoffs in macroeconomic policy. People will remember Phelps for his notable work in the late ’60s on expectations-based microeconomics.

Personal, career and Academic profiles

Edmund S. Phelps, was born on July 26, 1933 in Evanston, IL, USA. Edmund S. Phelps passed his school days in Hastings-on-Hudson, New York.

In 1951, he took admission in Amherst College as an undergraduate student and from the second year at Amherst College, Phelps registered his name for a course in economics. During this time, Phelps was influenced by the possibility of applying formal analysis to business and started thinking about the unsolved theory on micro and macro economics.

In 1955, Edmund S. Phelps completed his B.A. from Amherst College and shifted to Yale University for graduation. In the Yale University, he got the chance to interact with Nobel laureates like James Tobin and Thomas Schelling and was also charmed by William Fellner and Henry Wallich.

In 1959, Phelps was awarded PhD from Yale University for his study, which established that demand shocks have the higher influence than cost shocks on the correlation between changes in prices and output. After achieving PhD, Phelps dedicatedly involved in working as an economist for the RAND Corporation but again returned to academic world to be more focused on research work.

In 1960, Phelps joined at the Cowles Foundation for doing some research work specifically on neo-classical growth theory. In 1961, one of his famous paper was published. The paper was based on the golden rule of savings rate.

In 1966, Phelps joined the University of Pennsylvania as a professor of economics and in 1968, his paper on "Money-Wage Dynamics and Labor Market Equilibrium" was published.

During 1969-70, Phelps spent at the Center for Advanced Study in Behavioral Science at Stanford University. There he got the chance to interact with renowned Nobel laureates like Amartya Sen and Kenneth Arrow. During the period, Phelps engaged himself in research related works. 
In 1972, Phelps published seminal research paper on statistical discrimination.

In 1982, Phelps joined as the McVickar Professor of Political Economy at Columbia.

In 1985, the book, Political Economy, was published.

Honors and award

Edmund S. Phelps was awarded Nobel Prize for Economics on 9 October 2006.

Theory propounded

Phelps was awarded 2006 Nobel Prize in economics for his thesis, which "intensified our understanding of the relation between short-run and long-run effects of economic policy."

One of Phelps's famous works-”micro-macro” model clarify about unemployment problems.

Major works and publication of Edmund S. Phelps

Some of the major works of Edmund S. Phelps are as follows:

  • 1955-57: "A Test for the Presence of Cost Inflation in the United States
  • 1961: "The Golden Rule of Accumulation: A fable for growthmen", AER
  • 1962: "The New View of Investment: A Neoclassical analysis", QJE
  • 1962: "The Accumulation of Risky Capital: A Sequential Utility Analysis", Econometrica
  • 1963: "Substitution, Fixed Proportions, Growth and Distribution",IER
  • 1965: Fiscal Neutrality Toward Economic Growth
  • 1965: "Second Essay on the Golden Rule of Accumulation", AER
  • 1965: "Anticipated Inflation and Economic Welfare", JPE
  • 1966: Golden Rules of Economic Growth
  • 1966(with R.R. Nelson): "Investment in Humans, Technological Diffusion, and Economic Growth", AER
  • 1971:"Money, Public Debt, Inflation and Real Interest", with E. Burmeister, JMCB.
  • 1972: Inflation Policy and Unemployment Theory: The cost-benefit approach to monetary planning
  • 1973:"Taxation of Wage Income for Economic Justice", QJE
  • 1974: Fiscal Neutrality Toward Economic Growth
  • 1975: "The Indeterminacy of Game-Equilibrium Growth in the Absence of an Ethic,"
  • 1976:"Linear 'Maximin' Taxation of Wage and Property Income on a "Maximin' Growth Path",
  • 1977: "Recent Development in Welfare Economics: Justice et Equite,"
  • 1978:"Commodity-Supply Shock and Full-Employment Monetary Policy", JMCB
  • 1979: "Disinflation without Recession: Adaptive guideposts and monetary policy", WWA.
  • 1982: "Cracks on the Demand Side: A Year of Crisis in Theoretical Macroeconomics", AER
  • 1989: “New Channels in the Transmission of Foreign Shocks," 1989
  • 1992(with H.T. Hoon): "Macroeconomic Shocks in a Dynamized Model of the Natural Rate of Unemployment," AER
  • 1993: "Pro-Keynesian and Counter-Keynesian Implications of the 'Structuralist' Theory of Unemployment and Interest under the Classic Two-Sector View of Capital and Production"

Books by Edmund S. Phelps

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