Edmund Strother Phelps (born July 26, 1933) is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences. (wikipedia)
It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment.
In the 1960s, and stretching back to the 1930s, it was felt by many economists that easy money is a reliable way to increase employment.
I've lived to see key parts of my research absorbed in textbooks and in central banks around the world. And some finance ministries, too.
I don't think the economy telegraphs very clearly where it's going.
I do think from time to time that conceptual questions arise: What do we mean by equilibrium? What do we mean by this concept and that concept?
I didn't do my work for money or prizes - only for the excitement of discovery.
For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory.
Expertise and judgment in the art of lending for novel ventures must be reacquired.
Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply.
Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories.
