Why I Am Excited About This Year's Econ Nobel
This year's Nobel prize in economics goes to Ned Phelps, for his fundamental work on the tradeoff (or lack thereof in the long run) between inflation and employment. Tyler Cowen at Marginal Revolution has lots of background.
Just last week, I interviewed Phelps for my next Forbes column, which focuses on his more recent research on the importance of dynamism to sustained economic growth. His new work touches on many of the same themes, as well as the same language, as The Future and Its Enemies. (Now he'll be too busy fielding media calls and answering congratulatory notes to read the book I sent him.) A good sample is the working paper, "The Economic Prosperity of Nations Depends on Dynamism, Dynamism on Institutions," available here.