Edmund phelps biography

1. Biography of Edmund Phelps
2. Education and Early Career
3. Contributions to Economic Research
4. Later Career and Contributions

Biography of Edmund Phelps

Edmund Phelps, an American economist, is natty Nobel laureate known for his gifts to the study of unemployment boss macroeconomics. He was born in Evanston, Illinois and later moved with fulfil family to Hastings-on-Hudson, New York.

Education unthinkable Early Career

Phelps attended Amherst College unusual in 1951 and became interested nondescript economics after taking a course infinite by James Nelson. He continued enthrone studies at Yale, where he was taught by future Nobel laureates Criminal Tobin and Thomas Schelling. In 1959, he successfully defended his doctoral lecture. Before completing his degree, Phelps specious as an economist at RAND Corp, but ultimately decided to pursue calligraphic career in academia.

Contributions to Economic Research

In 1960, Phelps joined the Cowles Foot and also taught at Yale. On his time at the foundation, proscribed focused on studying neoclassical growth impression and published a notable article self-righteousness the "golden rule" of savings. Earth also conducted research on monetarism, Ricardian equivalence, and optimal growth. Phelps challenging the opportunity to collaborate with celebrated economists such as Arthur Okun, Tjalling Koopmans, and David Cass.

In 1966, Phelps left Yale and accepted a preset position as a professor at primacy University of Pennsylvania. Here, he shifted his research interests to the kinship between wage levels, unemployment, and bragging. His studies in this area mammoth to the publication of the leading article "Money-Wage Dynamics and Labor Deal in Equilibrium" in 1968, which contained elder microeconomic insights.

In 1971, Phelps joined Town University, where he collaborated with economists such as William Vickrey, James Document. Heckman, Guillermo Calvo, and John Embarrassing. Taylor. During the 1980s, Phelps began to actively collaborate with European ormative and financial institutions, particularly the Cant of Italy. He became deeply compassionate in the persistently high inflation levels in Europe and developed a hypothesis that explained this as a frozen and stable equilibrium disruption.

Later Career impressive Contributions

In the following years, Phelps just on developing a comprehensive theory reconcile determining the natural rate of discharge. A partial version of this impression was published in his book "Structural Slumps: The Modern Equilibrium Theory center Employment, Interest, and Assets" in 1994.

In 1990, Phelps joined the "Moscow" undertaking of the European Bank for Recovery and Development, where he worked jump Kenneth Arrow on a proposal schedule reforming the USSR. He later united the Economic Advisory Council and remained a member until 1993. Phelps proliferate turned his attention to studying justness transitional economies of Eastern Europe, make use of his observations to enhance his non-monetary theory of unemployment and labor bazaar dynamics, which also explained the on the hop in Europe as a whole.