Edmund Phelps Quotes

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The stampede toward rational expectations — widely thought to be a revolution, though it was only a generalization of the neoclassical idea of equilibrium—derailed the expectations-driven model building that had just left the station. In the end, this way of modeling has not illuminated how the world economy works.

Edmund Phelps

Edmund Phelps

Edmund Phelps

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Born: July 26, 1933 (age 91)

Bio: Edmund Strother Phelps, Jr. is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences.

Known for:

Seven schools of macroeconomic thought (1990)
Inflation Policy and Unemployment Theory (1972)

Edmund Phelps on Wikipedia

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