Edmund Phelps
Edmund Phelps
Edmund Strother Phelps, Jr.is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences. Early in his career he became renowned for his research at Yale's Cowles Foundation in the first half of the 1960s on the sources of economic growth. His demonstration of the Golden Rule savings rate, a concept first devised by John von Neumann and Maurice Allais, started a wave of research on how much a nation ought to spend on present...
NationalityAmerican
ProfessionEconomist
Date of Birth26 July 1933
CountryUnited States of America
I didn't do my work for money or prizes - only for the excitement of discovery.
I do think from time to time that conceptual questions arise: What do we mean by equilibrium? What do we mean by this concept and that concept?
I've lived to see key parts of my research absorbed in textbooks and in central banks around the world. And some finance ministries, too.
It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment.