Edmund Phelps (1June 26, 933-), an American economist, is currently a professor of political economy at Columbia University. Through research, he proved how low inflation rate leads people to expect low inflation rate in the future.
Professor Edmund Phelps's research direction focuses on various fields of macroeconomics, and he is regarded as the founder of modern macroeconomics and one of the most important figures influencing the economic process. His most important contribution lies in the theory of economic growth. He pointed out that inflation is not only related to the unemployment rate, but also to the expectations of enterprises and employees on prices, and introduced microeconomic analysis based on rational expectations into employment decision theory and wage-price dynamic equilibrium, and put forward the golden rule savings rate; Economic growth. Goldene Regel der Akkumulation), etc.
In 2006, Edmund Phelps won the Nobel Prize in Economics for his "research achievements in the field of intertemporal macroeconomic decision-making".
According to the Royal Swedish Academy of Science, Phelps' research "deepens the relationship between the short-term and long-term effects of our economic policies". He made people more aware that full employment, stable prices and rapid growth are all important goals of any economic theory and policy. He emphasized that, fundamentally speaking, with the passage of time, the balance between savings and capital formation, inflation and unemployment is related to welfare distribution. Phelps's analysis has a far-reaching impact on economic theory and macroeconomic policies. "
[Editor] Life
1955 graduated from Amherst college, USA with a bachelor of arts;
1959 graduated from Yale university with a doctorate.
He has taught at Yale University and the University of Pennsylvania, and is currently a professor of political economy at Columbia University.
Attachment: Nobel Prize in Economics
In memory of alfred nobel's Swedish Bank Economics Prize, it is usually called the Nobel Prize in Economics, also known as the Swedish Bank Economics Prize. This award does not belong to one of the five award fields mentioned in Nobel's will, but was added by Swedish Bank in 1968 to commemorate Nobel. The selection criteria are the same as other awards. The winners were selected by the Royal Swedish Academy of Science, and the first prize was awarded at 1969 (the 300th anniversary celebration of the bank), which was won by Norwegian Frish and Dutchman Ding Bergen.
prize winner
[edit] 1969
Reasons for winners of the year
1969 ragnar Friche (Norway)
Jane Dingbergen (Netherlands) They developed a dynamic model to analyze the economic process. The former is the founder of econometrics, and the latter is the father of econometric model builders.
1970 — 1979
Reasons for winners of the year
1970 paul samuelson (USA) He developed mathematics and dynamic economic theory, and raised economic science to a new level. His research covers all fields of economics.
197 1 simon Kuznets (Ukrainian, later American) has made great contributions to studying the relationship between population development trend and population structure on economic growth and income distribution.
1972 John Hicks (English)
Kenneth Joseph Arrow (USA) They studied the theory of economic equilibrium and welfare deeply.
1973 (Huaxi Leontiev Soviet Union) developed the input-output method, which has been applied in many important economic problems.
1974 Friedrich von Hayek
Karl Gunnar Myrdal (Sweden) They deeply studied monetary theory and economic fluctuation, and deeply analyzed the interdependence of economic, social and institutional phenomena.
1975 Leonid kantorovich (Su)
Garin Kupmans (USA) The former founded the world-famous linear programming point at 1939, while the latter successfully applied mathematical statistics to econometrics. They contributed to the theory of optimal allocation of resources.
1976 milton friedman founded the monetarism theory and put forward the hypothesis of permanent income.
1977 (Gotthard Bertil Ohlin, Sweden)
James edward meade (UK) has made pioneering research on international trade theory and international capital flow.
1978 Herbert a Simon (USA) studied the decision-making procedure in economic organizations. This basic theory about decision-making procedure is recognized as an original idea about the actual decision-making of companies and enterprises.
From 65438 to 0979, william arthur lewis (British-American) made great achievements in development economics, and put forward dual economic model and price comparison model of import and export exchange.
Theodore schultz (USA) has made pioneering research on economic development, and made in-depth research on the problems that developing countries should pay special attention to in economic development.
1980 — 1989
Reasons for winners of the year
1980 Lawrence R. Klein of the United States established a mathematical model of the economic system based on economic theory and empirical estimation based on actual data in the real economy.
198 1 James Tobin (USA) elaborated and developed a series of Keynesian theories and macro models of fiscal and monetary policies, and made important contributions to financial market analysis and related expenditure decisions, employment, products and prices.
From 65438 to 0982, george stigler (USA) made great creative contributions to the industrial structure, the role of the market and the role and influence of public economic laws and regulations.
1983 gerard debreu (USA) summarized Pareto optimality theory and established the existence theorem of social equilibrium of commodity economy.
Richard john stone (UK), the father of national economic statistics from 65438 to 0984, made a fundamental contribution to the development of national accounts system and greatly improved the foundation of economic empirical analysis.
1985, Franco Modigliani (Italian) was the first to put forward the life cycle hypothesis of savings, which was widely used in the study of household and enterprise savings.
1986 James McGill Buchanan (USA) combines the analysis of political decision-making with economic theory, which expands economic analysis and applies it to the choice of social, political, laws and regulations.
1987 robert solow (USA) made a contribution to the growth theory, and proposed that long-term economic growth mainly depends on technological progress, rather than the input of capital and labor.
1988 Maurice Alaez (France) made a pioneering contribution to the market theory and the effective utilization of resources, and systematically expounded the general equilibrium theory again.
1989 trygve haavelmo (Norway) established the basic guiding principles of modern econometrics.
1990 — 1999
Reasons for winners of the year
1990 Merton Miller (USA)
Harry Marcovitz (USA)
William sharpe (USA) They have done pioneering work in financial economics.
Ronald coase (UK) revealed and expounded the importance of transaction costs and property rights in the structure and function of economic system in 199 1.
1992 gary becker (USA) extended the theory of microeconomics to the analysis of human behavior, including non-market economic behavior.
1993 Douglas north (USA)
Robert fogel (USA) established the "institutional change theory" including property right theory, state theory and ideology theory, which reinterpreted the past economic development process with new economic history theory and mathematical tools.
John Forbes Nash (USA)
John Halsani (United States)
Reinhard Zelten (Germany), three mathematicians, made pioneering contributions to the equilibrium analysis theory of non-cooperative games and had a great influence on game theory and economics.
From 65438 to 0995, Robert Lucas Jr. (Jr.) (USA) advocated and developed the applied theory of rational expectation and macroeconomic research, which deepened people's understanding of economic policy and put forward a unique view of economic cycle theory.
1996 James Mirrlees (UK)
William Vickrey (USA) has made great contributions to the theoretical field of information economics, especially to the economic incentive theory under asymmetric information, while the latter has made great contributions to information economics, incentive theory and game theory.
1997 Robert Merton (USA)
Myron Scholes (USA) further weakened the assumption on which the Black-Scholes formula depended, and extended it in many aspects. The latter gives the famous Black-Scholes option pricing formula, which becomes the thinking method of financial institutions involving new financial products.
1998 Amartya Sen (India) has made contributions to several major issues in welfare economics, including the theory of social choice, the definition of welfare and poverty standards, and the study of scarcity.
1999 Robert Mendel (Canada) won this honor for his analysis of monetary and fiscal policies under different exchange rate systems and the most suitable currency circulation areas.
2000-2006
Reasons for winners of the year
2000 James heckman (USA)
Daniel McFadden (USA) in the field of microeconomics, they have developed theories and methods widely used for empirical analysis of individual and family behaviors.
200 1 akerlof (USA)
Spencer (USA)
Stie Glise (USA) laid the foundation of the general theory of asymmetric information market, and their theory was quickly applied. From the traditional agricultural market to the modern financial market, their contributions come from the core of modern information economics.
In 2002, Daniel Kahneman of the United States combined psychoanalysis with economic research, which laid the foundation for opening up a new field of economic research.
Vernon Smith initiated a series of experimental methods, and set the standard for reliable economic research through laboratory experiments.
Clive granger (UK) 2003
Robert Engel (USA) used two new methods to analyze economic time series, namely "changing with time" and "* * * the same trend", which brought great influence to economic research and economic development.
2004 Finn Kidland (Norway)
The "Time Consistency Problem" of Edward Prescott's Macroeconomic Policy and the Influencing Factors of Economic Cycle
Thomas Crombie Schelling (USA) in 2005
Robert john aumann (Israel) promoted the understanding of conflict and cooperation through game theory analysis.
In 2006, Edmund Phelps (USA) made research achievements in the field of intertemporal macroeconomic decision-making.