Edmund S. Phelps

DEFINITION of 'Edmund S. Phelps'

An American professor of political economy at Columbia University. Born in 1933 in Evanston, Ill., Phelps has a Ph.D. from Yale and won the 2006 Nobel Memorial Prize in Economics for his research on intertemporal trade-offs in macroeconomic policy and the link between employment, wage setting and inflation. Before accepting a tenured position at Columbia, he taught at Yale and the University of Pennsylvania.

BREAKING DOWN 'Edmund S. Phelps'

Phelps' macroeconomic research focuses on unemployment and inclusion, economic growth, business swings and economic dynamism. One of Phelps major contributions to economics was the insight he provided on the interaction between inflation and unemployment. In particular, Phelps described how current inflation is reliant on expectations about future inflation as well as unemployment.

RELATED TERMS
  1. Simon Kuznets

    A Russian-American economist and statistician who won the 1971 ...
  2. Thomas C. Schelling

    An American economist who won the 2005 Nobel Memorial Prize in ...
  3. James Tobin

    An American economist who won the Nobel Memorial Prize in Economics ...
  4. Ronald H. Coase

    A British economist who won the 1991 Nobel Memorial Prize in ...
  5. Jeffrey Sachs

    An American economist who is director of the Earth Institute. ...
  6. Nobel Memorial Prize In Economic ...

    A prestigious award acknowledging outstanding contributions to ...
Related Articles
  1. Investing

    How to Effectively Monitor Your Stock Holdings

    Investors should concentrate on the business, not the stock price.
  2. Mutual Funds & ETFs

    4 Billionaires Who Graduated From Yale (MT, BX)

    Learn about four of Yale University's many billionaire alums: Wilbur Ross Jr., Stephen A. Schwarzman, James Chanos and Charles B. Johnson.
  3. Economics

    Macroeconomics

    Macroeconomics studies the performance of an economy as a whole. While microeconomics focuses on the decisions, spending and performance of individuals or single businesses, macroeconomics focuses ...
  4. Economics

    Macroeconomics

    Find out everything you need to know about macroeconomics.
  5. Economics

    Examining The Phillips Curve

    This model depicts an inverse relationship between unemployment and wage inflation, but is it accurate?
  6. Professionals

    Get An Academic Finance Career

    Working nine months a year and earning a six-digit salary might seem like the high life, but these jobs are not easy to come by.
  7. Economics

    Macroeconomics: Introduction and History

    By Stephen Simpson In general, economics is the study of how agents (people, firms, nations) use scarce resources to satisfy unlimited wants. Macroeconomics is the branch of economics that concerns ...
  8. Economics

    Macroeconomics: Unemployment

    By Stephen Simpson Labor is a driving force in every economy – wages paid for labor fuel consumer spending, and the output of labor is essential for companies. Likewise, unemployed workers ...
  9. Economics

    Macroeconomics: Conclusion

    By Stephen Simpson Given the enormous scale of government budgets and the impact of economic policy on consumers and businesses, macroeconomics clearly concerns itself with significant issues. ...
  10. Investing Basics

    Want A Career In Asset Management? Read This First

    When it comes to landing that job at an asset manager, not all degrees are created equally. Here's a look at the best schools for the job.
RELATED FAQS
  1. What are the three major economic components necessary for stagflation to occur?

    Dig deeper into the three components of stagflation -- inflation, unemployment and declining output -- as understood by economic ... Read Answer >>
  2. What happens when inflation and unemployment are positively correlated?

    Learn about the historic relationship between inflation and unemployment and the implications that occur when they are positively ... Read Answer >>
  3. How do I differentiate between micro and macro economics?

    Differentiating between microeconomics and macroeconomics is primarily concerned with the difference of the scales of the ... Read Answer >>
  4. What is the difference between macroeconomics and finance?

    Dive into the world of economics by learning the key differences between macroeconomics and finance. These ideas help investors ... Read Answer >>
  5. How can inflation be good for the economy?

    Find out why some economists and public policy makers believe that inflation is a good, or even necessary, phenomenon to ... Read Answer >>
  6. Do rising unemployment rates tend to increase or decrease investor sentiment and ...

    Discover whether rising unemployment rates tend to increase or decrease consumer confidence and investor sentiment. Unemployment ... Read Answer >>
Hot Definitions
  1. Reverse Mortgage

    A type of mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage ...
  2. Labor Market

    The labor market refers to the supply and demand for labor, in which employees provide the supply and employers the demand. ...
  3. Demand Curve

    The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity ...
  4. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  5. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
  6. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
Trading Center