Comments on economics, mystery fiction, drama, and art.

Monday, October 09, 2006

Edmund Phelps is a Winner

Edmund Phelps has won the Nobel Memorial Prize in Economics. The New York Times story covers his career nicely. Here's the formal announcement. The Bank of Sweden's summary of his career is here. He's currently at Columbis University, and here's the description of his work on their website. I first encountered Phelps's work while in graduate school, especially his development of the expectations-augmented Phillips' Curve and of the "natural rate" of unemployment. Some of the comments on his work (from economists somewhat younger than I) note that his work had little influence on them, because it was so thoroughly incorporated into the mainstream by the time they entered graduate school. For those of us in graduate school in the early 1970s, however, it was a blast.


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