Yesterday, Ned Phelps of Columbia won the Nobel Prize in economics for his critique of the Philips Curve, one of the worst (and still persisting) ideas in the sad history of 20th centrury macroeconomics. Read Phelps’s terrific celebration of dynamic capitalism — and powerful critique of European style corporatism — in today’s Wall Street Journal.
-Bret Swanson
Yesterday, Ned Phelps of Columbia won the Nobel Prize in economics for his critique of the Philips Curve, one of the worst (and still persisting) ideas in the sad history of 20th centrury macroeconomics. Read Phelps’s terrific celebration of dynamic capitalism — and powerful critique of European style corporatism — in today’s Wall Street Journal.