Phelps was also 10 to 20 years ahead of the profession when he developed the theories of wage efficiency and inflation targeting, which are now considered to be the state of the art concerning the labour market and monetary management.
菲尔普斯在发展工资效力和通货膨胀指标的理论也比他的同行超前了10到20年时间，这些理论现在被认为是有关劳动力市场和货币管理方面最先进的理论。