Columbia's Phelps gets Nobel economics prize
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" rate
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