Nobel Prize in Econ

As you can see by the Colbert Nobel Prize Excel photo from below an American was awarded the Nobel Prize in Economics this week. Colombia University professor, Edmund S. Phelps won for his theories on the relationship between inflation and unemployment.

The 73-year-old Columbia University professor challenged prevailing views in the 1960s by developing a new economic model that has helped corporate and government leaders balance inflation and unemployment in decision-making.

He is the sixth US citizen to win a Nobel Prize this year, meaning every prize save for the literature and peace prizes, which have not yet been announced, have gone to Americans.

Phelps said in New York that he learned of the prize in a telephone call from Sweden shortly after 6 am.

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The Royal Swedish Academy of Sciences said Phelps' work, done in the late 1960s, had "deepened our understanding of the relation between short-run and long-run effects of economic policy."