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Edmund S. Phelps

McVickar Professor of Political Economy
School: 
School of the Arts
Department: 
Economics Department
Office: 
International Affairs Building, Suite 1126
Email: 
esp2@columbia.edu
Phone: 
212-854-3680
Appointments
  • Director, Center on Capitalism and Society
Biography

Edmund Phelps, born in 1933 in Evanston, spent his childhood in Chicago and, from age six, grew up in Hastings-on-Hudson. He earned his B.A. from Amherst in 1955 and his Ph.D. from Yale in 1959. He is the winner of the 2006 Nobel Prize in Economics and the Director of the Center on Capitalism and Society at Columbia University. He was appointed Dean of New Huadu Business School at Minjiang University in Fuzhou in 2010.

Phelps’s work can be seen as a program to put “people as we know them” back into economic models – accounting for the incompleteness of their information, more recently their imperfect understanding, and studying the effects of their expectations on the market. He applies this perspective in studying unemployment and inclusion, economic growth, business swings and what he calls dynamism.

Phelps was elected a member of the National Academy of Sciences in 1982 and a Distinguished Fellow of the American Economic Association in 2000. A festschrift conference was held in his honor in 2001. In 2012, Professor Phelps was elected an Honorary Patron of the University Philosophical Society of Trinity College and was awarded the Mendeleev Medal for Achievement in the Sciences and the President’s Medal of the National University of Ireland, Galway. In 2011, Professor Phelps was named a Full Foreign Member of the Russian Academy of Sciences and received the Louise Blouin Creative Leadership Award.  In 2008, he was named Chevalier de la Légion d’Honneur and awarded the Premio Pico della Mirandola for humanism and the Kiel Global Economy Prize. The same year the University of Buenos Aires Law School established the Catedra Phelps and the Phelps Medal for Innovation. In addition, he holds honorary doctorates/professorships from the Université libre de Bruxelles (2010), Tsinghua University (2007), the University of Buenos Aires (2007), l’Institut d’Etudes Politiques de Paris (2006), l’Université de Paris-Dauphine (2004), Universidade Nova de Lisboa (2003), the University of Mannheim (2001), the University of Rome ‘Tor Vergata’ (2001), and his alma mater Amherst College (1985), among others.

Research & Other Works
Report
Economic Culture and Economic Performance: What Light Is Shed on the Continent's Problem?
Report
The Economic Prosperity of Nations: Prosperity Depends on Dynamism, Dynamism on Institutions
Report
A Dynamic Theory of China-U.S. Trade: Making Sense of the Imbalances
Report
Toward a Model of Innovation and Performance Along the Lines of Knight, Keynes, Hayek and M. Polanyí
Report
Corporatism and Keynes: His Views on Growth
Report
Capitalism and Keynes: From the Treatise on Probability to The General Theory
Report
Dynamism and Inclusion: What? Why? How?
Report
Three Forewards
Report
Comments on Reforming the Financial Sector
Report
Innovation and Morality in Economics
Report
Seeds of Recovery After The Financial Crisis
Report
The Challenge of Innovation in Turbulent Times: A Report Submitted to the Global Agenda Council
Report
Dynamism and Economic Performance: A Preliminary Report
Report
The Slump, the Recovery, And the 'New Normal' (Trilogy on the analytics of the crisis and the ensuing slump)
Report
Macroeconomic Effects of Over-investment in Housing in an Aggregative Model of Economic Activity (a trilogy on the analytics of the crisis and the ensuing slump)
Report
Climate Change, the Knowledge Problem and the Good Life
Report
The Entrepreneurial Economy I: Contracting under Knightian Uncertainty
Report
Innovation and Employment
Report
A North African Quartet
Report
An Excess of State Borrowing and Bank Lending: A Symptom of Present-day Corporatist Economies
Report
Effects of Technological Improvement in the ICT-Producing Sector on Business Activity
Report
Contracting for Innovation under Ambiguity
Report
Entrepreneurship, Ambiguity, and the Shape of Innovation Contracts
Report
Job Satisfaction: The Effects of Two Economic Cultures
Report
Job Satisfaction: The Effect of Capitalist and Corporatist Institutions
Report
Career Choice and Economic Innovation: A Comparison Between China, Germany and the USA
Report
What Ails Greece? The Two Perspectives in Macroeconomics
Report
Deleterious Effects of Sustained Deficit Spending
Report
Europe’s Losses of Innovation: The Individual as well as Societal Harms
Report
Dangers in a Repeat of Historic Corporatism
Report
This Thing Called the American Dream
Report
Income tax cuts without spending cuts: Hazards to efficiency, equity, employment and growth
Report
Tax cuts, employment and asset prices: A real intertemporal model
Report
A structuralist model of the small open economy in the short, medium and long run
Report
Low-Wage Employment Subsidies in a Labor Turnover Model of the 'Natural Rate'
Report
Effects of technological improvement in the ICT-producing sector on business activity
Report
Future fiscal and budgetary shocks
 
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