Edmund Phelps

Was Edmund Strother Phelps ( born July 26, 1933, Evanston, Illinois) is an American economist at Columbia University, " for his analysis of intertemporal trade-offs in macroeconomic policy" of the Nobel Prize in Economics in 2006 awarded. From the Grande École Sciences Po Paris him an honorary doctorate was awarded.

1961 Phelps pointed out that not production per capita, but per capita consumption must be maximized. This is the case if all wages are consumed and all interest income will be saved, as Phelps showed. An optimal savings rate is thus reached when the interest rate of an economy 's growth rate is. This realization has gone down in growth theory as golden rule of accumulation. It is criticized on the Golden Rule, that they, unlike the Ramsey rule of Frank Plumpton Ramsey does not account for time preferences.

Publications

  • Golden Rules of Economic Growth, 1966.
  • Models of Technical Progress and the Golden Rule of Research, Review of Economic Studies, 1966.
  • Money - Wage Dynamics and Labor Market Equilibrium, Journal of Political Economy, 1968.
  • Inflation Policy and Unemployment Theory. The Cost - Benefit Approach to Monetary Planning. W. W. Norton & Company, New York, 1972.
Evanston (Illinois) Golden Rule savings rate Ramsey problem Taylor rule John B. Taylor Integrated Authority File
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