Journal Article Models of Technical Progress and the Golden Rule of Research Get access E. S. Phelps E. S. Phelps Yale University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 33, Issue 2, April 1966, Pages 133–145, https://doi.org/10.2307/2974437 Published: 01 April 1966

Though not conceived as a constant, the natural unemployment rate was taken to be invariant to supply shocks until the late seventies and to real demand shocks until now. The largely micro-theoretic model here is one in a series deriving the natural rate path from general equilibrium. In this model the labor market exhibits generalized real-wage rigidity, resulting from the use of "incentive wages" to combat shirking, and the asset backing shares is the firms' customers, arising from customer-market friction. One finding is that increased consumer demand drives up the natural rate by driving real interest rates up.

E. S. Phelps, R. A. Pollak; On Second-Best National Saving and Game-Equilibrium Growth1, The Review of Economic Studies, Volume 35, Issue 2, 1 April 1968,

Journal Article “The New View of Investment”: Reply Get access E. S. Phelps, E. S. Phelps Yale University Search for other works by this author on: Oxford Academic Google Scholar M. E. Yaari M. E. Yaari Yale University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 78, Issue 1, February 1964, Pages 172–176, https://doi.org/10.2307/1880553 Published: 01 February 1964

E. S. Phelps, J. G. Riley; Rawlsian Growth: Dynamic Programming of Capital and Wealth for Intergeneration “Maximin” Justice, The Review of Economic Studies