Edmund Phelps
  • 2006 Nobel Prize in Economics


American economist, a well-known representative of the theory of employment and growth. He is currently a professor of political economy at Columbia University. In 2006, Edmund Phelps was awarded the Nobel Prize in economics for his achievements in the field of macroeconomic intertemporal decision-making and trade-offs.

Education and Work Experience

1955-1959, Ph.D in Economics, Yale University
1960-1966, Assistant Professor, Associate Professor of Economics, Yale University
1966-1971, Professor of Economics, University of Pennsylvania
1971-Present, Professor of Economics, McVickar Professor of Political Economy, Columbia University
2010-2018, Founding Dean, New Huadu Business School
2001-Present, Director, Center on Capitalism and Society, Columbia University

Honors and Awards

1981, Member of the United States National Academy of Sciences
2000, Fellow of American Academy of Arts and Sciences
2006, Nobel Prize in Economics
2008, Premio Pico della Mirandola
2014, Government of China Friendship Award

Major Academic Achievements

Professor Edmund Phelps's research 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 development of economics. His most important contribution is the theory of economic growth. He points out that inflation is related not only to unemployment, but also to expectations of prices of businesses and wages of employees. The microeconomic analysis based on expectations is introduced into the theory of employment determination and wage-price dynamics, and the golden rule of capital accumulation for economic growth is put forward. He has developed in recent years a theory of grassroots innovation leading to mass flourishing.