Edmund Phelps

Edmund Strother "Ned" Phelps, Jr. (born July 26, 1933 in Evanston, Illinois) is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences. He is renowned for his work on economic growth at Yale's Cowles Foundation in the 1960s, in particular the idea of the Golden Rule savings rate, which deals with how much should be spent today versus how much should be saved for future generations. His most seminal work is probably the introduction of expectations-based microfoundations into the theory of employment determination and price-wage dynamics, leading to his theory of the natural rate of unemployment – its existence, how its size is determined and how market forces may drive unemployment from it. Phelps has been the McVickar Professor of Political Economy at Columbia University since 1982. He is also the director of Columbia's Center on Capitalism and Society. He was awarded the Nobel in an announcement made on 9 October 2006. He received the award on... full article at wikipedia