Abstract
Edmund Phelps is a Nobel Prize winner in economics who has contributed to our understanding of the supply side of the macroeconomy. He showed that there is no stable trade-off between inflation and unemployment. He derived the socially optimal level of saving and the socially optimal level of research into new technologies and showed how technological progress depended on the size of the population and its level of education. In recent years, Phelps has developed models of the equilibrium unemployment rate, what he calls structural unemployment, that can explain the long swings of unemployment as well as differences across countries.
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Zoega, G. (2018). Phelps, Edmund (Born 1933). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2035
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2035
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