Quote of the day
Only this incident inseparable every custom must have, viz., that it be consonant to reason; for how long soever it hath continued, if it be against reason, it is of no force in law.
Edmund Phelps
Born: July 26, 1933 (age 91)
Bio: Edmund Strother Phelps, Jr. is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences.
Known for:
- Seven schools of macroeconomic thought (1990)
- Inflation Policy and Unemployment Theory (1972)