American wins 2006 Nobel for economics (AP)

STOCKHOLM, Sweden - American Edmund S. Phelps won the 2006 Nobel Memorial Prize in Economic Sciences on Monday for furthering the understanding of the trade-offs between inflation and its effects on unemployment. The 73-year-old Columbia University professor's work showed how low inflation today leads to expectations of low inflation in the future, thereby influencing future policy decision making by corporate and government leaders. Phelps is the sixth American to win a Nobel this year, meaning ...