Economics Nobel Prize

October 10, 2006 (The Star)
U.S. economist wins Nobel for work on inflation, jobs
By Amanda Cooper NEW YORK (Reuters) - American Edmund Phelps took the 2006 economics Nobel on Monday for work in the 1960s on the link between unemployment and inflation...

Phelps, 73, who owns neither a house nor a car, ...

The 10 million Swedish crowns ($1.37 million) prize, known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, ...

"It may amuse you to know that my wife and I don't have a lot of hard assets." he said. "We don't own a house and we don't own a car. We have a few clothes here and there. But don't misunderstand me. We don't live a very austere life."
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His works in the late 1960s revoked the so-called trade-off between inflation and unemployment, commonly referred to as the Phillips curve, pre-1960s.
What is significant to my point of view, is the fact that the world in general took more than 40 years to acknowledge his contribution. He must be very young then (compared to me now) when he came across that significant findings through empirical works.
I’m sure the 10million krone does help easing the pain of not being able to own a house or even a car before. Hm... I wonder whether he is hard core socialist? Welfare economics advocates?

Now, who said that being an economist wouldn’t let you become a millionaire?

When are we gonna have a Nobel price winner from Malaysia?
The competition is so stiff even among the Western countries (mostly from US Ivy leagues like Chicago, Harvard and MIT). I wonder whether we, from developing countries, stood a chance at all. Should I aspire to be nominated at least? Nah, it’s too embarrassing…nothing to show so far!