Columbia's Phelps gets Nobel economics prize

Edmund S. Phelps, a professor at Columbia University in New York, won the Nobel Prize in economic sciences on Monday 9 October.

The award recognised his work on theories on the interplay between inflation expectations and unemployment.

Phelps, 73, will receive $1.37 million, the Royal Swedish Academy of Sciences, which selects the winners, said in Stockholm Monday. Phelps is the first solo winner of the economics prize since 1999.

Phelps's work in the 1960s showed that there is a "natural" rat

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