Nobel Economics: Americans overcome hattrick!

The 2006 Nobel has just added an American scientist: Edmund S. Phelps. Edmund S. Phelps is the 6th American scientist to win the Nobel this year after three nobel: Medicine, Chemistry and Physics.

The economic Nobel prize for the 73-year-old Professor of the University of Colombia with an extensive analysis of the interplay between price, unemployment and inflation, thereby enabling macroeconomic policy determination.

Professor Edmund S. Phelps (Photo: TTO)

Professor Phelps's research helps a deeper understanding of the correlation between short and long-term effects of economic policy. His analysis allows to reconcile the sometimes contradictory urgent requirements, such as the demand for inflation and unemployment, to determine a macroeconomic policy. Specifically, he proved why and how the future policy of macroeconomic stability depends on today's decisions.

He also warned that not only saving and raising capital, but the balance between inflation and unemployment is also the foundation for redistributing wealth. Professor Edmund S. Phelps affirmed that forecasts of inflation could be ingrained in the economy, leading to deflation despite high unemployment. This also means that if the forecasts are controlled, the economy can operate with lower unemployment.

The Swedish Royal Academy of Sciences said Professor Phelps' study of economic theory, developed in the late 1960s, helped economists understand why prices and unemployment rates were According to experts, this year's Nobel Prize in economics marks a return to a more traditional economic approach, because last year's Nobel Prize in Economics belonged to two experts on game theory.

The sixth American Professor Edmund S. Phelps won the Nobel Prize this year. Like other American scientists who won the Nobel Prize in Chemistry, Physics and Medicine this year, Professor Phelps will receive an award worth nearly $ 1.4 million in the official award ceremony held at Stockhom capital (Sweden) next December.

Professor Phelps said he received news reports by phone at 6 am. He also said that he had waited a long time but did not dare to think that this year will have this honor.

Last week, Nobel Medicine was awarded to two scientists Andrew Z. Fire and Craig C. Mello, the 2006 Nobel Prize for Physics was also awarded to two American scientists: John C. Mather and George F. Smoot and their owners. The Nobel Prize for Chemistry is Roger D. Kornberg. The Nobel Prize for Literature will be announced in Stockholm on September 12, while the Nobel Peace Prize will be announced the following day in Oslo (Norway).

T.LÊ