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American Wins 2006 Nobel Prize for Economics

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American Wins 2006 Nobel Prize for Economics

Economy

American Wins 2006 Nobel Prize for Economics

American Wins 2006 Nobel Prize for Economics

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Edmund Phelps, a professor at Columbia University, has won the 2006 Nobel Memorial Prize in economics. He was awarded the prize for work he did in the 1960s on the tradeoffs between economic objectives such as controling inflation and unemployment. He challenged conventional wisdom that over the long term, governments can control the unemployment rate, for example, by accepting a higher inflation rate.