The envelope, please

This year's Nobel prize in economics goes to Edmund Phelps "for his analysis of intertemporal tradeoffs in macroeconomic policy."

A wonderful choice. To learn more, you can read the committee's summary of Ned's contributions.

Addendum: In the Nobel pool here in Cambridge, there were 209 entries. The favorites were Bengt Holmstrom (11.5%), No Correct Guess (10%), Robert Barro (10%), Oliver Hart (9%), Eugene Fama (7%), and Oliver Wlliamson (6%).

Update: I am told that one person out of 209 entries bet on Phelps.