The Royal Swedish Academy of Sciences said the Columbia University professor won for challenging the assumption that cutting interest rates or taxes would give only a short-term boost to employment and create higher inflation down the road.
Deepening the Nobel jury says our understanding of the relation between short-run and long-run effects of economic policy a decisive impact on economic research
Phelps, called the "economist's economist" by his colleagues was Born on July 26, 1933, in Illinois. Phelps has worked as a professor of economics at Columbia University in New York since 1982.Since 2001, he has also been the director of the Center on Capitalism and Society at Columbia's Earth Institute.
Owning neither a house nor a car, the laureate suggested to reporters that his own lifestyle doesn't quite fit economic theory. But he said he realised quite quickly on Monday morning what the call was about.
"Well, once my wife woke me up and said that I had an international call and I looked at the clock and I saw it was a few minutes after six ... so ... and I knew it was Monday ... so those were all clues that maybe it was Stockholm calling."
The award comes at a time in Sweden as in other industrialised countries Phelps' work is at the centre of a vast debate on structural reforms as industrialized countries attempt to restructure their economies to bring down unemployment and control inflation, while also containing deficits and debt, all amid a need to fund future pension and health-care systems.Listen to the report:
North Korea's nuclear ambitions are clear but how is the international community responding? Japan took action while the United Nations weighed sanctions against North Korea and the US, Britain and France sought a resolution under Chapter VII (7) of the U.N. Charter to make sanctions mandatory. And without sanctions? Experts fear a slippery slope. Joining me on Network Europe now is Shannon Kile from SIPRI the Stockholm International Peace Research Institute.
We're going to take you to the hot spot. Sweden, along with Switzerland has had a presence in the demilitarized zone separating the north and south since 1953. On Wednesday, Radio Sweden's Dave Russell asked Commander Mats Fågelmark to describe the current situation on the ground -- he's the Deputy Head of the Swedish Delegation of the Neutral Nations Supervising Commission in Pamenyan, Korea.
he was a Russian investigative journalist but Anna Politkovskaja, was mourned internationally. Her colleagues say her murder was retaliation for her reports on Chechnya and indeed her legacy will forever be linked to the fight for press freedom. Radio Netherlands opened their vault to take us back to an interview they recorded in 1995 after the journalist fell seriously ill with symptoms of food poisoning after covering the Beslan hostage tragedy. She alleged that the Russian government poisoned her in an attempt to silence her reports on the war in Chechnya
Anna Politkovskaja was mourned internationally, and indeed her funeral was attended by the head of the European Commission's delegation to Moscow along with representatives from the EU's current Finnish presidency and ensuing German presidency. And on Tuesday outside the Russian embassy in Stockholm, Swedish journalists demonstrated and lit candles in Politkovskaja's memory. The 48-year-old was one of Russian President Vladimir Putin's most vocal critics. But in his first public comments on the shooting, Putin vowed to hunt down the perpetrators and said he believed the killers wanted to stir up anti-Russian feeling. And without a doubt, the murder cast a shadow over Putin's two-day visit to Dresden, Germany. The annual bilateral deliberations are aimed at fostering Russian-German ties. Talks between German chancellor Angela Merkel and Putin were, this time, also dominated by energy security and of course North Korea's nuclear crisis.
People will certainly be shouting "skål" as they wine and dine in royal company during the Nobel ceremony in December in Stockholm but in the Czech Republic doctors are sounding the alarm. Women there are raising their glasses with a "Na zdravi!" far too often. In fact, in 2005, the number of women who entered Czech clinics with an alcohol abuse problem was twice as high one decade earlier. Radio Prague's Daniela Lazarova reports.
French custom authorities have crushed and burnt nine tons of counterfeit cigarettes. They were part of 37 tons of cigarettes which were seized in April 2005 in the northern port of Le Havre: that's one point eight million packs, worth more than nine million euro. It was the biggest seizure of counterfeit tobacco in France.
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