Edmund Phelps is the winner of the 2006 Nobel Prize in Economics 
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Edmund Phelps, the winner of the 2006 Nobel Prize in Economics, is Director of the Center on Capitalism and Society at Columbia University. Born in 1933, he spent his childhood in Chicago and, from age six, grew up in Hastings-on Hudson, N.Y. He attended public schools, earned his B.A. from Amherst (1955) and got his Ph.D. at Yale (1959). After a stint at RAND, he held positions at Yale and its Cowles Foundation (1960 - 1966), a professorship at Penn and finally at Columbia in 1971. He has written books on growth, unemployment theory, recessions, stagnation, inclusion, rewarding work, dynamism, indigenous innovation and the good economy. 

His work can be seen as a lifelong project to put “people as we know them” into economic theory. In the mid-‘60s to the early ‘80s, beginning with the “Phelps volume,” Microeconomic Foundations of Employment and Inflation Theory (1970), he pointed out that workers, customers and companies must make many decisions without full or current information; and they improvise by forming expectations to fill in for the missing information. In that framework, he studied wage-setting, mark-up rules, slow recoveries and over-shooting. This served to underpin Keynesian tenet that say a cut in the money supply will not merely cause prices and wages to drop with no prolonged effect on employment.

From the mid-‘80s to the late ‘90s, he put aside the short-termism and monetarism of MIT and Chicago to develop a “structuralist” macroeconomics. Contrary to what Keynesian extremists see as unending and unexplained deficiency of “demand,” he sees employment heading to its “natural” level and seeks to explain the effects of structural forces on it. His book Structural Slumps (1994) and later papers with Hian Teck Hoon and Gylfi Zoega find an economy’s natural employment level is contracted by increases in household wealth, in overseas interest rates and by currency weakness. Thus, the big job losses in the US, UK and France result from the pile-up of wealth and puny investment, both stemming from the slowdown of productivity growth. 

Now he has worked to put economics on a new foundation. Powerful innovation over more than a century alters the nature of the advanced economies: Having higher income or wealth matters less. As his book Rewarding Work (1997) be
gins to argue, what matters more are non-material rewards of work: being engaged in projects, the delight of succeeding at something and the experience of flourishing on an unfolding voyage. His book Mass Flourishing (2013) remarks that cavemen had the ability to imagine new things and the zeal to create them. But a culture liberating and inspiring the dynamism is necessary to ignite a “passion for the new.” [Read More]  

December 14, 2018

Edmund Phelps attends the inauguration ceremony of the Institute of New Structural Economics (INSE) at Peking University, Beijing.
Phelps accepted Justin Yifu Lin's invitation to become a member INSE's academic advisory council.

December 13, 2018
INET-INSE Joint Conference on New Structural Economics at Peking University, Beijing. Speakers and Panelists included: Justin Yifu Lin, Adair Turner, Edmund Phelps, Celestin Monga, Jack Gao, Julian Gewirtz, Ashwini Deshpande, Finn Tarp, Francis Lui, Yuan Yang, Yong Wang, Robert Johnson, Xiaodong Zhu, Roger Myuerson, Arkebe Oqubay Metiku, Folashade Soule-Kohndou, John Powell, Andrew Sheng, Weisen Li.

December 11, 2018
Edmund Phelps delivered the lecture "Yes to Nourishing Dynamism, No to Stimulating Demand" at Tsinghua University in Beijing and signed copies of the second Chinese edition of Mass Flourishing (CITIC Press).

December 9, 2018
Edmund Phelps speaks at "The International Symposium on the Economic Lessons Learned from China's 40 Years of Reform and Opening Up" held at Tsinghua University. Other speakers included (in order of appearance) : Chen Xu, David Daokui Li, Edward C. Prescott, Eric Maskin, Thomas J. Sargent, Barry J. Eichengreen, Dani Rodrik, Erik Berglöf, Yann Algan, MA Jiantang, Xu Chenggang,

November 25, 2018
"Capitalism - What Comes Next?" Vikas Shah Mbe interviews Edmund Phelps, Lawrence Summers and Sir Paul Collier for Thought Economics.

November 16, 2018
"The Case for Wage Subsidies," an article in the National Review on Oren Cass's new book The Once and Future Worker, references Phelps's 1997 book Rewarding Work.

November 14, 2018
Sebastian Galiani lists Phelps's textbook Political Economy has fundamental  to deepening knowledge in economics.
El Cronista

November 2018,
Paper "Values, institutions and the rise of Eastern Europewith Gylfi Zoega published in Economics of Transition.

November 5, 2018
English Translation (Created with Google Translate)
Edmund Phelps interviewed by Julian Heißler

November 4, 2018
Phelps appears in 2nd episode of TV documentary "How is America Ticking" with Sandra Navidi: watch here in German. (13:00)

October 31, 2018
Footage from "The Economic Consequences of Mr. Trump: Jobs, Wages, Trade, Growth, Health, and Satisfaction" is now available on the Center on Capitalism and Society's youtube channel

October 30, 2018
Op-ed, Edmund Phelps
Wall Street Journal

October 24, 2018
Project Syndicate, in collaboration with the Center, published "The Economic Consequences of Mr. Trump," interviews with five leading economists about the US economy during Trump's presidency. The piece was filmed on the occasion of the Center's 16th annual conference on Trump this September 17th at Columbia University. Watch Edmund Phelps, Barry Eichengreen, Glenn Hubbard, Rana Foroohar and Angus Deaton. Watch here.

October 22, 2018
Edmund Phelps delivers a speech on values and economic dynamism at the New York Summit organized by the Inspiring Committed Leaders Foundation :

October 4, 2018Edmund Phelps appeared on the panel “Politics, Policy, and Risk,” at the Santa Fe Institute's conference Risk : Retrospective Lessons & Prospective Strategies which was held at Morgan Stanley in New York.

September 27, 2018
"Nobel Prize in Economics Phelps predicts recession in the US within a year"
Interview with Die Presse, also in Gestion and 20 Minutes.
Link (German)
Link (Spanish)
Link (French)

September 17, 2018
Photos from the Center on Capitalism and Society's 16th Annual Conference: The Economic Consequences of Mr. Trump: Job, Wages, Trade, Growth, Health and Satisfaction held at Columbia University.  Speakers include Robert Aliber, Edmond Alphandéry, Charles Calomiris, Sir Angus Deaton, Barry Eichengreen, Rana Foroohar, Roman Frydman, Jason Furman, David Goldman, Geoff Heal, Philip K. Howard, Glenn Hubbard, Laurence Kotlikoff, Edward Luce, Sandra Navidi, Edmund Phelps, Richard Robb, Jeffrey Sachs, Richard Sennett, Joseph Stiglitz and Nicholas Wapshott. 



September 13, 2018
Edmund Phelps delivers the paper, "Two Kinds of Robots in Growth Models: An Introduction" at the NBER Conference Economics of Artificial Intelligence in Toronto.
Watch his presentation here.

August 30-31, 2018
Edmund Phelps delivers a keynote speech titled "Trying to Improve a Future that is Seriously Unknown" at The 2008 Global Financial Crisis in Retrospect Conference held at the University of Iceland, Reykjavik.

August 6, 2018
Edmund Phelps and Eskil Ullberg suggest that "More than ever, the world needs a new framework of trade rules to facilitate the exchange of human ideas across borders" in a new op-ed: 
The Need for a Global Patent Market published by Project Syndicate. 

July 31, 2018
Reference to Phelps in French news:
"L’ignorance économique des Français plombe la croissance"
Damien Theillier

July 11, 2018
"Three Speeches on Europe: Berlin, Barcelona, Rome" by Edmund Phelps is available to read on the Center on Capitalism and Society website.

June 28, 2018
Phelps discusses UBI:
"Minimum income: for Di Maio priority, for Nobel Phelps 'a very bad idea'" (In Italian)
Mariangela Tessa
Wall Street Italia

June 26, 2018
 Alberto Petrucci, Edmund Phelps, Francesco Nucci and Ernesto Felli at Tor Vergata University, Rome. 

Edmund Phelps is presented with a Distinguished Professor award from University Tor Vergata, Rome for his high merits in the field of economics.

Edmund Phelps delivered a lecture on the subject of Innovation and China at Tor Vergata University in Rome in celebration of the 30th anniversary of the Faculty of Economics. Rector Giuseppe Novelli opened the event with greetings and Prof. Giovanni Tria , former dean of the Faculty of Economics and recently appointed Minister of Economy and Finance, introduced Edmund Phelps. Video of the event can be viewed here. (Edmund Phelps beginning at 32:30.)

June 25, 2018
Edmund Phelps receiving Tor Vergata Medal at the 30th Villa Mondragone International Economic Seminar in Rome.

 Edmund Phelps spoke on economic growth in Italy and Western Europe at the 30th Villa Mondragone International Economic Seminar
  in Rome.

June 5, 2018
Edmund Phelps served as a juror for the Rey Jaime I Prize in Economics 2018
, Palau de la Generalitat, Valencia.

June 4, 2018

Edmund Phelps delivers a lecture on grassroots innovation to the students of EDEM Business School in Valencia.

Edmund Phelps with Javier Quesada, President of the Rey Jaime I Awards Foundation at EDEM Business School in Valencia.
Right:Edmund Phelps signs a copy of his book Mass Flourishing (Princeton, 2013) to Javier Quesada, President of the Rey Jaime I Awards Foundation.

June 1, 2018
Center on Capitalism and Society foreign member Juan Vincente Sola and Edmund Phelps before Sola's induction into the Royal European Academy of Doctors in Barcelona.

Edmund Phelps with Dr. José Ramón Calvo of the Royal European Academy of Doctors in Barcelona.

May 29, 2018
Edmund Phelps delivers keynote speech during the session called "Turning Around the Downward Spiral of Economic, Social and Political Cohesion" at the Global Solutions Summit 2018 in Berlin. See more photos on twitter.

April 26, 2018
Edmund Phelps participated in the World Economic Forum meeting of the Digital Economics Group co-hosted by MIT's Initiative on the Digital Economy and Columbia University's SIPA. The meeting was held at the WEF offices in New York.

April 23, 2018
"How Milton Friedman and Edmund Phelps changed macroeconomics"
Vivek Dehejia

April 22, 2018
Edmund Phelps delivers keynote speech at the NYU Skirball Center to close the conference "China's Transformation: A Decade of Innovation" which was co-hosted by Global China Connection and NYU.
Read about the event (in Chinese) here.

April 14, 2018
 Edmund Phelps was named as one of China's 40 most influential foreign experts by China's State Administration of Foreign Experts Affairs (SAFEA) on the 40th anniversary of China's period of "reform and opening up." The list was presented by Lu Ming of the Ministry of Science and Technology in Shenzhen during the Global Intelligence Forum. Click here to read more (in Chinese)

April 9, 2018
"China should turn to 'good economy'"
Interview with Wu Si
China Policy Review
Link [Chinese]
Link [Google Translation, English]

March 24, 2018
Edmund Phelps, Nouriel Roubini, and Martin Wolf at the China Development Forum in Beijing. This sessions was called "How Far Are We From the Next Financial Crisis?"

March 23, 2018
Edmund Phelps's latest op-ed on growth and innovation in China published in ChinaDailyUSA: Innovation in the times of quality growth

March 23, 2018

China and the West: the Role of the State in Economic Growth Conference co-sponsored by Columbia University SIPA, Peking University, and Tsinghua University, Beijing. The picture above is from Session III: The Role of Innovation and the Digital Economy: New Opportunities and Challenges for Governance.Some notable participants include: Larry Summers, Merit Janow, and Edmund Phelps.

China and the West: the Role of the State in Economic Growth Conference co-sponsored by Columbia University SIPA, Peking University, and Tsinghua University, Beijing.The above photo is from Open Session: The Future of Global Economic Relations: Lessons from China, the EU, the US and Beyond. Participants included: Lan Yang, Merit E. Janow, Justin Yifu Lin, Edmund Phelps, Yan Mei, Jeffrey Sachs, Pun Hoi Yu, Jun Zhang, Jan Svejnar, Haizhou Huang.

March, 22, 2018
China and the West: the Role of the State in Economic Growth Conference co-sponsored by Columbia University SIPA, Peking University, and Tsinghua University, Beijing. The above photo is from Session I: Changes in Chinese, US and European Economic Policy chaired by Jan Svejnar. Participants in the session included: Jacob J. Lew, Justin Yifu Lin, Pun Hoi Yu, Jacob Frenkel, Edmund Phelps, Min Zhu, Feng Lu,  David Daokui Li, Ping Chen, Rakesh Mohan, Yifei Li, Yong Liu, and Stephen Green.

March 5, 2018
In an op-ed piece published today by Project Syndicate, Edmund Phelps points out that China, two years ago, adopted a policy to refrain from protecting incumbent enterprises from the entry of new firms with better ideas, and it has been rewarded with the revival of productivity growth. In contrast, the West has made it a policy to protect incumbent firms from competition by newcomers, and it has suffered from decades of slow productivity growth: "Will China Out-Innovate the West?"

March 2, 2018
Edmund Phelps discusses Mass Flourishing with David Blair of China Daily, Europe: "Finding opportunities to flourish"

February 7, 2018
Premier Li Keqiang remarks on the importance of Phelps's "Mass Flourishing" in China's new era of innovation: click here.

February 5, 2018
Edmund Phelps speaks at meeting of Foreign Experts with Premier Li Keqiang in Beijing: watch here


January 26, 2018
Edmund Phelps publishes op-ed "Economic Policymaking in the Age of Trump" in Project Syndicate.

January 25, 2018
Edmund Phelps participates in the video conference call Ensuring A Dynamic, Innovative, and Flourishing Economy: Policy Thinking in the Age of Trump and delivers an edited version of his speech "A Vital People: A Necessity for a Good Economy." The call was hosted by DisruptDC.

January 18, 2018
Edmund Phelps receives Honoris Causa from Libera Università Internazionale degli Studi Sociali Guido Carli (LUISS) in Rome, Italy. 
Read the Italian translation of Edmund Phelps's acceptance speech in the Italian newspaper Il Sole 24 Ore here.
The English version can be found on the Center of Capitalism and Society's website: click here.
To read a post-ceremony interview between journalist Nicola Lillo and Edmund Phelps in the Italian newspaper La Stampa click here.
 Video of the ceremony can be viewed here.

Photo descriptions (left to right): Edmund Phelps with Honoris Causa medal; Edmund Phelps delivering acceptance speech "A Vital People: A Necessity for a Good Economy"; Edmund Phelps with Jean-Paul Fittoussi and Lucio Scandizzo; Edmund Phelps with Franceso Nucci and Giovanni Tria; Edmund Phelps with Giorgio di Giorgio and Anton Muscatelli. 

January 18, 2018
Trump 'Seriously Stumbled' on Tax Law, Nobel Winner Phelps Says on Bloomberg: watch here.

January 5, 2018
Edmund Phelps speaks on the panel TrumpEconomics: A First Year Evaluation with Olivier Blanchard, Joseph Stiglitz, and Lawrence Summers, moderated by Dominick Salvatore at the ASSA Annual Meeting of the American Economic Association. Watch a recording of the session here (Phelps beginning at 33:33).
To read the text versions of all the presentations in this session click here.
Read James Pethokoukis's review of Edmund Phelps's paper on the American Enterprise Institute's website here.

December 20, 2017
Roman Frydman and Edmund Phelps publish op-ed in MarketWatch"Why it’s impossible to predict the effect of the tax bill on investment and growth"

December 11, 2017
David Steele-Figueredo in the Huffington Post on the Center on Capitalism and Society's 15th annual conference, "The Age of the Individual": 

November 28, 2017
Edmund Phelps speaks on the importance of modern values and restoring America's economic dynamism at the Museum of American Finance.

November 28, 2017
Edmund Phelps signing copies of Mass Flourishing at the Museum of American Finance's conference "Restoring American Economic Dynamism."

November 27, 2017
Edmund Phelps on Bloomberg Markets discussing the Federal Reserve Chairman Nominee Jerome Powell, "Will Jay Powell Tip Hand at Confirmation Hearing?"

November 21, 2017
Edmund Phelps discusses innovation on France Culture radio: "L’esprit innovant d’Edmund Phelps "

November 21, 2017
Edmund Phelps delivers speech, "France: Becoming an 'Innovation Nation' Again" at the Ministry of Economy and Finance in Paris.

November 9, 2017
Listen to Edmund Phelps on Bloomberg Surveillance: "Edmund Phelps Says It’d Be Good to Try Higher Interest Rates."
Edmund Phelps on Bloomberg Markets this morning: "Nobel Laureate Phelps on Inflation and Fed Policy"

November 3, 2017
James Mackintosh covers the Center on Capitalism and Society's 15th Annual Conference in the Wall Street Journal: "What 500 Years of Protestantism Teaches Us About Capitalism’s Future."

November 2, 2017
A new op-ed by Edmund Phelps in Project Syndicate"Nothing Natural About the Natural Rate of Unemployment."

October 31, 2017
A selection of photos from the Center on Capitalism and Society's 15th Annual Conference: The Age of the Individual 500 Years Ago Today. The conference was held at Columbia's Low Memorial Library. From more information and for video footage from the conference click here
From left to right, top to bottom: Roman Frydman and Michael Woodford; Richard Robb, David Sidorsky, George Rupp, Richard Sennett; Peter Jungen and Edmund Phelps; Richard Sennett and Saskia Sassen;Robert Shiller; Edmund Phelps; Jean-Paul Fitoussi and Edmund Phelps.

October 6, 2017
President Barack Obama with Edmund Phelps at the Second Green Economy Summit in Córdoba, Argentina.

October 20, 2017
Tsinghua University School of Economics Dean Qian Yingyi names Mass Flourishing as recommended reading alongside 9 other books, read the full list here: Link

October 10, 2017
Edmund Phelps with Katherine Venice of Ethical Capitalism and John Kay at the UN Headquarters in New York. Phelps delivered a speech on innovation followed by discussion and Q & A with John Kay.

October 10, 2017
"Premio Nobel de economía asegura que 'el cambio climático se ha vuelto muy costoso'"

October 5, 2017
In Córdoba, Argentina, Edmund Phelps gave the keynote address "Saving the Environment" at the Advanced Leadership Foundation's Second Green Economy Summit. Other speakers included President Barack Obama, and Nobel Laureate Eric Maskin. Read an interview between Gabriela Origlia and Sofía Diamante from La Nacion and Edmund Phelps about the event here: link. An additional interview with  Martni Dinatale and Juan Parilla of Infobae can be read here: link .

Edmund Phelps signs copies of Una Prosperidad Inaudita (RBA, 2017), the Spanish translation of Mass Flourishing at the Second Green Economy Summit.

September 23, 2017
"La prosperidad, según E. S. Phelps"
José M Domínguez Martínez 
September 13, 2017
"La réussite, le vrai moteur du « rêve américain »
[French translation of "This Thing Called the American Dream," originally published in Project Syndicate]
Le Monde

September 1, 2017
"La croissance"
Review of the French edition of Mass Flourishing (La Prospérité de masse)
Alternatives économiques

August 30, 2017
"Tres Premios Nobel Disertarán En Córdoba"
Mariano Javier Pepa
Córdoba Times

August 28, 2017
"This Thing Called the American Dream"
Edmund Phelps
Project Syndicate

August 24, 2017
"The natural rate of unemployment"
The Economist

August 20, 2017
"Bloc-notes : Quelle croissance pour la Tunisie?"
Farhat Othman

August 1, 2017
Edmund Phelps's advice to young economists: Link


To contact for potential events: Edmund Phelps: esp2@columbia.edu


                 Photo of New York Credit Marcus Koppen: www.marcuskoppen.com