NUI Galway’s Law Society, in conjunction with its Literary and Debating Society, will host a public address by world renowned economist Professor Edmund Phelps on Monday, 15 October. In 2006 Professor Phelps was granted the Nobel Prize for Economic Sciences for his analysis of intertemporal trade-offs in macroeconomic policy. During the address the Law Society and the Literary and Debating Society will present its prestigious President’s Medal to Professor Phelps.
Professor Phelps’ work has had a profound impact on economic research as well as policy. Born in Evanston, Illinois, he went to Amherst College for his undergraduate education in 1951, where in his second year he quickly became aware of an important unsolved problem with the existing theory, and the existing gap between microeconomics and macroeconomics. In 1959 he received his PhD from Yale where he studied under future Nobel Prize winners James Tobin and Thomas Schelling.
In 1961 Professor Phelps published a famous paperon the Golden Rule savings rate, one of his major contributions to economic science, which started a wave of research on how much a nation ought to spend on present consumption rather than save and invest for future generations. From the 1980’s he increased his collaborations with European universities and in 1990 took part in a mission where he designed a proposal for the reform of the USSR.
Cathal O'hÁodhagáin, Auditor of NUI Galway’s Law Society, said: “It is an honour and a privilege for our society to host such a brilliant mind as Professor Phelps. His economical works has rightly led to him being honoured with a Nobel Prize and it is apt that the 2012 Noble Prize winner for Economic Science will be announced this Monday, the same day as his address in NUI Galway. We look forward to welcoming him as our honoured guest.”
Professor Phelps holds many honorary doctorates and professorships. He is a Fellow of the National Academy of Science and a Distinguished Fellow of the American Economic Association, and in 2001 a Festschrift Conference was held in his honour. In 2008 he was named Chevalier de la Légion d’Honneur and awarded the Premio Pico della Mirandola and the Kiel Global Economy Prize. The same year UBA Law School established the Catedra Phelps and the Phelps Medal for Innovation. In 2010 he was appointed Dean of New Huadu Business School at Minjiang University in Fuzhou and awarded an honorary doctorate degree by the Université libre de Bruxelles. In 2011, Professor Phelps received the Louise Blouin Creative Leadership Award and was named a Full Foreign Member of the Russian Academy of Sciences.
Maria Keenan, Auditor of the Literary and Debating Society at NUI Galway, said: “During the event Professor Phelps will be presented with President's Medal. We pride ourselves on awarding these medals to those we view as having put the power of such platforms to their optimum use within the wider spheres of society, understanding that discourse is the only real means by which resolution can be found. To this end, the society's highest accolade, the President's Medal, is awarded to those the society views as having particularly excelled in their chosen fields. Previous recipients of the award include Archbishop Desmond Tutu, Brian Friel and Bob Dylan.”
The address will take place at 2pm, in the Siobhan McKenna Theatre, NUI Galway.