New Release Books by Edmund S Phelps

Edmund S Phelps is the author of Seven Schools of Macroeconomic Thought (2015), Rewarding work (2009), Structural Slumps (1994), Studies in Macroeconomic Theory: Employment and inflation (1979) and other 114 books.

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Seven Schools of Macroeconomic Thought

Seven Schools of Macroeconomic Thought
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.

Rewarding work

release date: Jul 01, 2009
Rewarding work
Edmund Phelps underscores the importance of earning a respectable wage to foster self-worth and responsibility. He shows that earning such a wage has been increasingly hard for those at the low end of the wage distribution as productivity has come to rely more on knowledge and skills and less on brawn and hard work. A crucial task for our economic and political system, Phelps asserts, is to devise methods to help less productive workers draw a reasonable wage, thereby reintegrating them into the economic mainstream. Phelp's solution is a graduated schedule of tax subsidies to enterprises for every low-wage worker they employ. As firms hired more of these workers, the labor market would tighten and pay levels would rise. Ultimately the program would be largely self-financing, because its cost would be offset by reductions in the cost of welfare, crime, and medical care - as well as by taxes paid by formerly unemployed workers.

Structural Slumps

Structural Slumps
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.

Studies in Macroeconomic Theory: Employment and inflation

Studies in Macroeconomic Theory: Employment and inflation
V. 1. Employment and inflation. v. 2. Redistribution and growth.

Studies in Macroeconomic Theory: Redistribution and growth

Studies in Macroeconomic Theory: Redistribution and growth
Desequilibrium models of employment; Macroequilibrium employment; Welfare analysis of anticipated inflation: liquidity and saving; Inflation planning; Identifying disturbances or the price level; Stabilization Theory; Toward just critasia in Stabilization policy.

The New System of Innovation Founded by the Haier Group and the Theory of Grassroots Innovation in Mass Flourishing

release date: Jan 01, 2021
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