Edmund Phelps and the search for a ‘new economy’
The Nobel Prize winner is concerned something is deeply wrong with how policy-makers think about the economy
Central Banking’s interview with Edmund Phelps quickly runs into trouble. After several questions on expectations and the Phillips curve – the subject, after all, for which Phelps won the Nobel Prize in 2006 – it becomes clear this is a topic that holds less interest for the 89-year-old these days. As he points out: “When I got the Nobel Prize, I had just begun work on what seems to me to be my most important work: innovation.”
Phelps has rewritten the rules of macroeconomics on a grand scale
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