Edmund S Phelps's Books

Knowledge, Information, and Expectations in Modern Macroeconomics

In Honor of Edmund S. Phelps

By: Philippe Aghion

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Knowledge, Information, and Expectations in Modern Macroeconomics

In Honor of Edmund S. Phelps

By: Philippe Aghion

Assembling some of the leading figures in the field of macroeconomics, this text highlights the continuing influence of the ideas of Edmund Phelps since the early 1960s. The contributions address many of the most important current areas of macroeconomic research in 2003.

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Page Count

596

Publisher

Princeton University Press

Published Date

ISBN 10

0691094853

ISBN 13

9780691094854

Seven Schools of Macroeconomic Thought

By: Edmund S. Phelps

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Seven Schools of Macroeconomic Thought

By: Edmund S. Phelps

This book offers an excellent survey of various macroeconomic topics which feature prominently in the research agenda and have inspired both theoretical and policy debate. The book presents an authoritative and comprehensive summary and original critique of modern macroeconomic approaches by a scholar whose own contribution to the field is considerable. In each of his seven chapters, the author reviews one school of economic thought. These are: the Keynesian school of macroeconomics; the monetarist school; the New Classical school; the New-Keynesian school; supply side macroeconomics, and `non-monetary' models of macroeconomics - the real business cycle theory and the `structuralist school' which views changes in unemployment as the outcome of shifts in the structural characteristics of the economy. The book is the text of the first series of Ryde Lectures, established by Lund University in Sweden.

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124

Publisher

Clarendon Press

Published Date

ISBN 10

0191521280

ISBN 13

9780191521287

Mass Flourishing

How Grassroots Innovation Created Jobs, Challenge, and Change

By: Edmund S. Phelps

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Mass Flourishing

How Grassroots Innovation Created Jobs, Challenge, and Change

By: Edmund S. Phelps

In this book, Nobel Prize-winning economist Edmund Phelps draws on a lifetime of thinking to make a sweeping new argument about what makes nations prosper--and why the sources of that prosperity are under threat today. Why did prosperity explode in some nations between the 1820s and 1960s, creating not just unprecedented material wealth but "flourishing"--meaningful work, self-expression, and personal growth for more people than ever before? Phelps makes the case that the wellspring of this flourishing was modern values such as the desire to create, explore, and meet challenges. These values fueled the grassroots dynamism that was necessary for widespread, indigenous innovation. Most innovation wasn't driven by a few isolated visionaries like Henry Ford and Steve Jobs; rather, it was driven by millions of people empowered to think of, develop, and market innumerable new products and processes, and improvements to existing ones. Mass flourishing--a combination of material well-being and the "good life" in a broader sense--was created by this mass innovation. Yet indigenous innovation and flourishing weakened decades ago. In America, evidence indicates that innovation and job satisfaction have decreased since the late 1960s, while postwar Europe has never recaptured its former dynamism. The reason, Phelps argues, is that the modern values underlying the modern economy are under threat by a resurgence of traditional, corporatist values that put the community and state over the individual. The ultimate fate of modern values is now the most pressing question for the West: will Western nations recommit themselves to modernity, grassroots dynamism, indigenous innovation, and widespread personal fulfillment, or will we go on with a narrowed innovation that limits flourishing to a few? A book of immense practical and intellectual importance, Mass Flourishing is essential reading for anyone who cares about the sources of prosperity and the future of the West.

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392

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Princeton University Press

Published Date

ISBN 10

0691165793

ISBN 13

9780691165790

Seven Schools of Macroeconomic Thought

The Arne Ryde Memorial Lectures

By: Edmund S. Phelps

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Seven Schools of Macroeconomic Thought

The Arne Ryde Memorial Lectures

By: Edmund S. Phelps

Seven Schools of Macroeconomic Thought offers an excellent survey of various macroeconomic topics that feature prominently in the research agenda and have inspired both theoretical and policy debate. The book presents an authoritative and comprehensive summary and original critique of macroeconomic approaches by a scholar whose own contribution to the field is considerable. In each of his seven chapters, the author reviews one school of economic thought. These are: the Keynesian school of macroeconomics; the monetarist school; the New Classical school; the New-Keynesian school; supply side macroeconomics, and `non-monetary' models of macroeconomics - the real business cycle theory and the 'structuralist school' which views changes in unemployment as the outcome of shifts in the structural characteristics of the economy.

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125

Publisher

Oxford University Press

Published Date

ISBN 10

0198283334

ISBN 13

9780198283331

Structural Slumps

The Modern Equilibrium Theory of Unemployment, Interest, and Assets

By: Edmund S. Phelps

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Structural Slumps

The Modern Equilibrium Theory of Unemployment, Interest, and Assets

By: Edmund S. Phelps

Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands-some modern and some classical--a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and Western Europe since the early 1970s. Phelps sees secular shifts and long swings of the unemployment rate as structural in nature. That is, they are typically the result of movements in the natural rate of unemployment (to which the equilibrium path is always tending) rather than of long-persisting deviations around a natural rate itself impervious to changing structure. What has been lacking is a "structuralist" theory of how the natural rate is disturbed by real demand and supply shocks, foreign and domestic, and the adjustments they set in motion. To study the determination of the natural rate path, Phelps constructs three stylized general equilibrium models, each one built around a distinct kind of asset in which firms invest and which is important for the hiring decision. An element of these models is the modern economics of the labor market whereby firms, in seeking to dampen their employees' propensities to quit and shirk, drive wages above market-clearing levels-the phenomenon of the "incentive wage"--and so generate involuntary unemployment in labor-market equilibrium. Another element is the capital market, where interest rates are disturbed by demand and supply shocks such as shifts in profitability, thrift, productivity, and the rate of technical progress and population increase. A general-equilibrium analysis shows how various real shocks, operating through interest rates upon the demand for employees and through the propensity to quit and shirk upon the incentive wage, act upon the natural rate (and thus equilibrium path). In an econometric and historical section, the new theory of economic activity is submitted to certain empirical tests against global postwar data. In the final section the author draws from the theory some suggestions for government policy measures that would best serve to combat structural slumps.

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444

Publisher

Harvard University Press

Published Date

ISBN 10

0674843738

ISBN 13

9780674843738

Rewarding work

how to restore participation and self-support to free enterprise

By: Edmund S Phelps

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Rewarding work

how to restore participation and self-support to free enterprise

By: Edmund S Phelps

Since the 1970s a gulf has opened between the pay of low-paid workers and the pay of the middle class. No longer able to earn a decent wage in respectable work, many have left the labor force, and the job attachment of those remaining has weakened. For Edmund Phelps, this is a failure of political economy whose widespread effects are undermining the free-enterprise system. His solution is a graduated schedule of tax subsidies to enterprises for every low-wage worker they employ. As firms hire more of these workers, the labor market would tighten, driving up their pay levels as well as their employment.

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230

Publisher

Harvard University Press

Published Date

ISBN 10

0674042115

ISBN 13

9780674042117

Political Economy

An Introductory Text

By: Edmund S. Phelps

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Political Economy

An Introductory Text

By: Edmund S. Phelps

The focus, in common with other such texts, is on political economy. Economics arose in response to questions of political interest about national economy; and though economics has since found other applications as well, its vitality and development continue to stem from this central concern. The causes and effects of the way society organizes and regulates its economy-and the resulting debates over instability, inequality, joblessness, inflation, organizational incentives, and the rest-are main stuff of economics from here to China.

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Page Count

618

Publisher

W. W. Norton

Published Date

ISBN 10

0393953122

ISBN 13

9780393953121

Studies in Macroeconomic Theory

Redistribution and Growth

By: Edmund S. Phelps

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Studies in Macroeconomic Theory

Redistribution and Growth

By: Edmund S. Phelps

Studies in Macroeconomic Theory, Volume 2: Redistribution and Growth is a compendium of scholarly papers on the behavior and public control of distribution and growth in the market economy. The papers in this volume focus on the subject of public finance under the broad theory of economic policy. The papers are grouped into five groups or sections. Part I covers the steady-state choices. The second part takes up the efficient use of a given volume of saving in the choice among national investments. Part III explores the alternative approaches to optimal national saving. Part IV discusses the maximin-optimal graduated taxation of wage income. The final section expounds on Rawls's vision of the just economy. Economists will find the text invaluable and insightful.

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373

Publisher

Academic Press

Published Date

ISBN 10

148327103X

ISBN 13

9781483271033

Structural Slumps

The Modern Equilibrium Theory of Unemployment, Interest, and Assets

By: Edmund S. Phelps

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Structural Slumps

The Modern Equilibrium Theory of Unemployment, Interest, and Assets

By: Edmund S. Phelps

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444

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Harvard University Press

Published Date

ISBN 10

0674843738

ISBN 13

9780674843738

Seven Schools of Macroeconomic Thought

The Arne Ryde Memorial Lectures

By: Edmund S. Phelps

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Seven Schools of Macroeconomic Thought

The Arne Ryde Memorial Lectures

By: Edmund S. Phelps

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125

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Oxford University Press

Published Date

ISBN 10

0198283334

ISBN 13

9780198283331

Enterprise and Inclusion in Italy

By: Edmund S. Phelps

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Enterprise and Inclusion in Italy

By: Edmund S. Phelps

In Enterprise and Inclusion in Italy, Edmund Phelps weaves together and applies to Italy his two principal interests of the past decade -the imperative of restoring initiative, enterprise and dynamism in a great many industrialized economies, most acutely needed in the eastern European economies amid the wreckage of their experiments with market socialism and communism, and the imperative of extending self-support and involvement in the business sector to the large number of marginalized workers, where his focus was on the high rates of dependency, idleness and crime among less educated in the United States.

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Page Count

194

Publisher

Springer Science & Business Media

Published Date

ISBN 10

1461509017

ISBN 13

9781461509011

Rewarding work

how to restore participation and self-support to free enterprise

By: Edmund S Phelps

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Rewarding work

how to restore participation and self-support to free enterprise

By: Edmund S Phelps

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230

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Harvard University Press

Published Date

ISBN 10

0674042115

ISBN 13

9780674042117

Mass Flourishing

How Grassroots Innovation Created Jobs, Challenge, and Change

By: Edmund S. Phelps

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Mass Flourishing

How Grassroots Innovation Created Jobs, Challenge, and Change

By: Edmund S. Phelps

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392

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Princeton University Press

Published Date

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0691165793

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9780691165790

Book's by Edmund S Phelps

Knowledge, Information, and Expectations in Modern Macroeconomics

Knowledge, Information, and Expectations in Modern Macroeconomics

Seven Schools of Macroeconomic Thought

Seven Schools of Macroeconomic Thought

Mass Flourishing

Mass Flourishing

Seven Schools of Macroeconomic Thought

Seven Schools of Macroeconomic Thought

Structural Slumps

Structural Slumps

Rewarding work

Rewarding work

Political Economy

Political Economy

Studies in Macroeconomic Theory

Studies in Macroeconomic Theory

Structural Slumps

Structural Slumps

Seven Schools of Macroeconomic Thought

Seven Schools of Macroeconomic Thought

Enterprise and Inclusion in Italy

Enterprise and Inclusion in Italy

Rewarding work

Rewarding work

Mass Flourishing

Mass Flourishing

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