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Tuesday, October 10, 2006

Nobel Prize in Economics II

The Nobel Prize has been announced. It goes to the US macroeconomist Edmund Phelps. It was only in 2004 that the prize went to two other macroeconomists: Kydland and Prescott.

It is also seven years since the Prize went to a single person (1999 to Mundell).

Phelps is famous for his work on the inflation-unemployment trade-off, that is the extension of the Phillips curve. Actually every first year economics student knows about Phelps' work without knowing his name.

I presume the prize is well earned since Phelps is a genius macroeconmist. I remember reading his book Structural Slumps: The Modern Equilibrium Theory of Unemployment, Interest, and Assets during my studies, I was amazed by the depth and completeness of his approach.

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