by On VoxEU, Peter Howitt describes Ned Phelps’ lasting influence on modern macroeconomics. Much of modern macroeconomics was shaped by Edmund S. Phelps, who died this May. Ned’s pioneering efforts in developing a formal theory of the coordination mechanisms governing economic interactions led the way to a new kind of macroeconomics, one that was based on the interplay between the actions and expectations of individual actors, instead of being based on postulated relationships between macro aggregates.
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Dirk Niepelt considers the following as important: Macroeconomics, Microfoundation, Ned Phelps, Notes
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On VoxEU, Peter Howitt describes Ned Phelps’ lasting influence on modern macroeconomics.
Much of modern macroeconomics was shaped by Edmund S. Phelps, who died this May. Ned’s pioneering efforts in developing a formal theory of the coordination mechanisms governing economic interactions led the way to a new kind of macroeconomics, one that was based on the interplay between the actions and expectations of individual actors, instead of being based on postulated relationships between macro aggregates.