What is Edmund Phelps known for?
I am primarily known for my work on the natural rate of unemployment and the microfoundations of macroeconomics. My early research sought to understand why unemployment can persist even in markets that appear to be clearing. I focused on the role of information imperfections and expectations in wage setting and price setting, which led to theories about how unemployment is not necessarily a sign of market failure but rather a feature of how economies function and adjust.
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