Edmund S. Phelps Wins Nobel in Economics


Edmund S. Phelps, get your passport out of the drawer:

The 73-year-old Columbia University professor showed how low inflation today leads to expectations of low inflation in the future, thereby influencing decision-making policy by corporate and government leaders.

Phelps also pioneered the analysis of the importance of human capital, or workers themselves, for the diffusion of new technology and growth in the business and corporate world, the academy said in its citation.

More here.

Reason interviews with Nobel-winning economists include:

Vernon Smith, Milton Friedman, F.A. Hayek, and Ronald Coase.

And here's some work we published by a couple of Nobelists: James Heckman, Gary Becker, and James Buchanan.