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The Golden Rule was, according to Allais, [8] first stated by Jacques Desrousseaux in 1959 in an unpublished paper, see also Desrousseaux. [9] The rule was also independently discovered by Edmund Phelps, [10] Carl-Christian von Weizsäcker, [11] and Trevor Swan [12] in the neoclassical setting.
Edmund Strother Phelps (born July 26, 1933) is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences. Early in his career, he became known for his research at Yale 's Cowles Foundation in the first half of the 1960s on the sources of economic growth.
Edmund S. Phelps (b. 1933) United States "for his analysis of intertemporal tradeoffs in macroeconomic policy" [44] Yale University: Columbia University: Golden Rule savings rate, Natural rate of unemployment, Statistical discrimination: 2007 Leonid Hurwicz (1917–2008) Poland United States "for having laid the foundations of mechanism design ...
A golden rule is nothing more than a guiding principle that, if followed, can hopefully lead you to success. When it comes to financial matters, you can find many golden rules online for everything...
Economist Edmund Phelps 1955, seminal work, natural rate of unemployment, Golden Rule savings rate; Political Scientist Alan Schechter 1957; Scientist David Suzuki 1958, internationally honoured Canadian environmental scientist and activist; Historian John W. Dower 1959, scholar of modern Japanese history, Bancroft Prize
This is the Solow–Swan model's version of the golden rule saving rate. Since α < 1 {\displaystyle {\alpha }<1} , at any time t {\displaystyle t} the marginal product of capital K ( t ) {\displaystyle K(t)} in the Solow–Swan model is inversely related to the capital/labor ratio.
A collection of eight signed paintings of Michael Phelps, the Olympian with the most medals of all time, is being offered for sale ahead of the 2024 Olympic Games. The "Golden Eight" collection of ...
The New Keynesian economists Stanley Fischer (1977) and Edmund Phelps and John B. Taylor (1977) assumed that workers sign nominal wage contracts that last for more than one period, making wages "sticky". With this assumption the model shows government policy is fully effective since, although workers rationally expect the outcome of a change in ...