Phelps v. the Phillips curve

My daughter tracked down the great Milton Friedman to explain the significance of the research that won Columbia’s Edmund Phelps the Nobel Prize for Economics yesterday: “Columbia Professor Phelps wins Nobel Prize in economics.” In the paper’s editorial, Professor Phelps is feted:

It’s hard to think of a more delightful and satisfying piece of news than word that the Nobel prize in economics has gone to Columbia University’s Edmund “Ned” Phelps. He and his wife Viviana are not only wonderful individuals, as we learned on several occasions in the past few years, but in a career spanning more than four decades, there are few economic puzzles to which Mr. Phelps has not turned his intellect. He earned the prize for his work on the particular problems lying at the intersection of monetary policy, inflation control, and employment, but for the past few years he has been speaking regularly about the importance of that quality, which almost defines the city where he and Viviana have made their home

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