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Edmund Phelps and Modern Macroeconomics

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  • Robert Dimand

Abstract

Edmund Phelps, winner of the 2006 Nobel Prize in Economics, has been a central figure in the development of macroeconomics since his 1961 article 'The Golden Rule of Accumulation' on optimal economic growth. His 1967-68 critique of the stability of the Phillips curve trade-off, together with Friedman (1968), led to the expectations-augmented Phillips curve and the natural rate hypothesis. His work on the choice-theoretic microeconomic foundations of wage, price, and employment dynamics under imperfect information, changed how economists do macroeconomics. Phelps subsequently developed natural rate models in a non-monetary, structuralist direction distinct from Friedman's monetarism and from New Classical economics, analyzing the natural rate of unemployment as a function of the real structure of the economy: real sectoral demands, factor supplies, technology, taxes, subsidies, tariffs, and real interest and exchange rates.

Suggested Citation

  • Robert Dimand, 2008. "Edmund Phelps and Modern Macroeconomics," Review of Political Economy, Taylor & Francis Journals, vol. 20(1), pages 23-39.
    • Handle: RePEc:taf:revpoe:v:20:y:2008:i:1:p:23-39
    DOI: 10.1080/09538250701661798
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    References listed on IDEAS

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    1. Layard, Richard & Nickell, Stephen & Jackman, Richard, 2005. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780199279173.
    2. Phelps, Edmund S., 1980. "Studies in Macroeconomic Theory," Elsevier Monographs, Elsevier, edition 1, number 9780125540025 edited by Shell, Karl.
    3. Edmund Phelps & Jean-Paul Fitoussi, 1988. "The slump in Europe : reconstructing open economy theory," SciencePo Working papers Main hal-03393283, HAL.
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    Cited by:

    1. Pies, Ingo, 2011. "Theoretische Grundlagen demokratischer Wirtschafts- und Gesellschaftspolitik: Der Beitrag von Edmund Phelps," Discussion Papers 2011-10, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    2. Janina Godłów-Legiędź, 2008. "Strukturalistyczna teoria zatrudniania Edmunda Phelpsa," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 9, pages 1-18.

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