Edmund Phelps: Inflation and Unemployment
Information for the Public, The Prize in Economic Sciences 2006. Full employment, stable prices and rapid growth are central goals of economic policy. But policy always faces difficult goal conflicts. How should inflation and unemployment be balanced against each other? What tradeoff should be made between the consumption of current and future generations? Edmund S. Phelps has advanced our understanding of both of these tradeoffs. He has emphasized that not only the issue of savings and capital formation but also the balance between inflation and unemployment are fundamentally issues about the distribution of welfare over time. PhelpsÃÂÃÂ¢ÃÂÃÂÃÂÃÂs analyses have had a profound impact on economic theory as well as on macroeconomic policy.
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