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Edmund Phelps and Modern Macroeconomics

Listed author(s):
  • Robert Dimand

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.

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Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

Volume (Year): 20 (2008)
Issue (Month): 1 ()
Pages: 23-39

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Handle: RePEc:taf:revpoe:v:20:y:2008:i:1:p:23-39
DOI: 10.1080/09538250701661798
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