This paper examines the consequences of capital and labour subsidies for employment, capital formation and other macroeconomic variables within an OLG small open economy model of wealth accumulation. Two cases, the neoclassical-equilibrium one and the modern-equilibrium one, have been analysed....

For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory. Then, around 1990, my research turned to the study of economic systems and my development as an economist took on added dimensions. This biography will start with my student...

Interview with the 2006 Laureate in Economics, Edmund S. Phelps, 6 December 2006. The interviewer is Rupini Bergstrom, freelance journalist.

Nobel Prize Lecture, December 8, 2006