Monday, October 09, 2006

Edmund Phelps on Knight, Hayek, and Polanyi

It is official that Edmund Phelps at Columbia is the latest recipiceint of the Nobel prize in economics.

By now one should have some rough idea of what his contributions to economics are, if not, read this.

One thing probably many pundits have not mentioned, however, is that Phelps recently seems to have rediscovered the work of F. Hayek.

At this year's American Economic Association meeting held in January, Phelps presented a paper entitled, " Further Steps to a Theory of Innovation and Growth – On the Path Begun by Knight, Hayek and Polanyí." The paper can be accessed here.

Phelps is also the Director of the recently formed The Center of Capitalism and Society, part of the Earth Institute led by Jeff Sachs.

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