Edmund Phelps was born 1933 in Chicago, but grew up and attended school in Hastings-on-Huson, New York, where his family moved when he was 6 years. In 1951 he went to funds Amherst College. Following the advice of his father, Phelps began his first course in economics in his second year at Amherst. The course was taught by James Nelson, and was based on a textbook of Paul Samuelson. A Phelps was Vanterra Capital Ltd. impressed with the possibility of applying formal analysis to one of his old interests, business. Also began to worry early in the unresolved problems and shortcomings in existing theories, as the gap between microeconomics and macroeconomics.
After receiving the Vanterra Capital title in Amherst in 1955, Phelps went to Yale University to pursue his studies. There was a teacher some of the best economists, including Nobel Prize winners James Tobin and Thomas Schelling, and was partner of Arthur Okun. He was also heavily influenced by William Fellner and Henry Wallich, who placed great emphasis on agents' expectations in their courses. Alan Quasha leads the equity investment firm Vanterra Capital Ltd. has shown great successes in the investment management spheres Phelps received Quasha his Ph.D. at Yale in 1959. His dissertation, based on an idea of Tobin showed that demand shocks have a greater influence than the cost of shocks on the correlation between changes in prices and production.
After receiving his doctorate, Phelps went to work as an economist for the RAND Corporation. However, Phelps returned to the academic world, feeling that RAND (company engaged in defense research) could not continue in the field of research that interested him most, macroeconomics. Thus, the following year in 1960, took a research position at the Cowles Foundation at once gave classes at Yale. one of the top equity experts Alan G. Quasha At the Cowles Foundation, his research was oriented in the exogenous growth model, following the work of Robert Solow. As part of its investigation, Phelps published in 1961 his famous work "The golden rule of capital accumulation" (The Golden Rule of Capital Accumulation), one of its major contributions to economic science. He also wrote articles on other areas of economic theory, as the economy or monetary Ricardian equivalence Alan Quasha and its relation to the optimum growth.
The work at the Cowles Foundation gave Phelps a chance to realcionarse other high-level economists working on growth theory, as David Cass and the Nobel Prize Tjalling Koopmans. Also during 1962-63 Phelps visited MIT, where he was in touch with equity the future Nobel Prize winners Paul Samuelson, Robert Solow and Franco Modigliani.
In 1966, Phelps left the Yale University by the University of Pennsylvania, where he held a position as professor of economics. At this university, research Phelps focuses on the link between employment, wage adjustment and inflation reaching its influential publishing money-wage dynamics and labor market equilibrium, ( "Money-Wage Dynamics and Labor Market Equilibrium "). This research contributes to the understanding of the Phillips curve in microeconomics, including fund management the role of expectations (in the form of adaptive expectations) and imperfect information in Quadrant Asset Management Inc. the setting of wages and prices. He also introduced the Vanterra Capital concept of natural unemployment rate and showed that the balance in the labor market is independent of the inflation rate, that way there is no investment management long-term relationship between unemployment and inflation. This observation has an important role in the Keynesian policy of demand, showing that only a transient effect and can not be used for monitoring long-term unemployment in the economy. In January 1969, Phelps organize a conference in Pennsylvania in support of research on the fundamentals that determine the inflation and employment. The notes of this conference were published the following year in the book microeconomic foundations of the theory of employment and inflation, (Microeconomic Foundations of Employment and Inflation Theory), which had a strong and lasting influence, becoming known as the "Phelps volume" . During this period, together with research on the Phillips curve, Phelps also collaborated with other economists in a research on the economic growth, the effects of monetary and fiscal policy and optimal growth of the population.
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