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Edmund Phelps: economics' renormalization group

In 2006, the medicine Nobel prize went to the U.S. The 2006 physics Nobel prize stayed in the United States. The 2006 chemistry Nobel prize was grabbed by an American. In order to increase the diversity of the countries of the winners, the

goes to a citizen of the United States of America.

Edmund Phelps of Columbia University was awarded for his analysis of the relationships between the effects of macroeconomical policies at the short time scale and the long time scale which I call the economics' renormalization group although I know nothing at the technical level about what he actually wrote. Some economists argue that his most famous work was, however, about the optimal rate of unmployment and its dynamical dependence on market forces (book).

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