2006 Nobel Memorial Prize in Economic Sciences

The 2006 Nobel Memorial Prize in Economic Sciences was awarded to Edmund Phelps for his work on understanding how economies grow and the roles of technological progress and worker skills. He developed theories explaining how inflation and unemployment can be related over time, and how policies can influence the economy’s long-term health and stability. His research helped policymakers better grasp the trade-offs and dynamics involved in managing economic growth, employment, and inflation, providing valuable insights into macroeconomic behavior and guiding more informed economic decision-making.