No Nobel for Fama . . . Yet

Edmund S. Phelps, an economist I have never heard of, won the prize. I'm sure he's deserving, but I wish it had been Fama...

UPDATE: Phelps modeled the relationship between unemployment and inflation, and while I am far from qualified to address the novelty or quality of his work, there is no doubt that it is important. Maybe next year for Fama.