Bellerbys Economics - Mr Stephenson

Tuesday, October 10, 2006

Nobel Prize - Edmund Phelps

This year's Nobel prize for Economics has gone to Edmund Phelps, one of the most distinguished and approachable economists of the modern era. Edmund works out of Columbia University in the USA.

Much of his early work was centred around the natural rate of unemployment - what caused it and how it could be shifted.

His later work looks more at the social inefficiencies created by too much inequality - in particular the problems of the very lowest paid and how they may be forced out of work by a minimum wage that is simply too low. You can read more about this in his most recent papers to be found here:

They are perfect for A-level economics - in particular, module 5

His most recent book, "Rewarding Work" is also very readable. If you would like to look at this, please talk to Pat, the librarian.

The complete list of Nobel prizewinners for Economics can be found here:


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