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Edmund S. Phelps (born July 26, 1933 in Evanston, Illinois) is a renowned American economist recognized for his work on economic growth at Yale’s Cowles Foundation in the 1960s. He is best known for introducing in the late ’60s an expectations-based microeconomics into the theory of employment determination and price-wage dynamics. His most seminal work is probably his rudimentary theory of a natural rate of unemployment – its existence, how its size is determined and how market forces may drive unemployment from it.
Phelps received his B.A. at Amherst College in 1955 and his Ph.D. at Yale University in 1959. He started his academic career at Yale, then moved to University of Pennsylvania and eventually to Columbia University where he is now McVickar Professor of Political Economy .
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1933 births | Living people | American economists | Members and associates of the US National Academy of Sciences
"Edmund Phelps"