Edmund S. Phelps

AAA

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.

INVESTOPEDIA EXPLAINS '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. Elinor Ostrom

    A political scientist who won the Nobel Memorial Prize in Economic ...
  2. Unemployment

    Unemployment occurs when a person who is actively searching for ...
  3. Economist

    An expert who studies the relationship between a society's resources ...
  4. Economics

    A social science that studies how individuals, governments, firms ...
  5. Inflation

    The rate at which the general level of prices for goods and services ...
  6. Macroeconomics

    The field of economics that studies the behavior of the aggregate ...
Related Articles
  1. The Misery Index: Measuring Your Misfortune
    Fundamental Analysis

    The Misery Index: Measuring Your Misfortune

  2. What You Should Know About Inflation
    Economics

    What You Should Know About Inflation

  3. Explaining The World Through Macroeconomic ...
    Options & Futures

    Explaining The World Through Macroeconomic ...

  4. How Unemployment Affects You (Even If ...
    Retirement

    How Unemployment Affects You (Even If ...

comments powered by Disqus
Hot Definitions
  1. Ghosting

    An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. ...
  2. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  3. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  4. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  5. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  6. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
Trading Center