“Well into the 20th century, scholars viewed economic advances as resulting from commercial innovations enabled by the discoveries of scientists - discoveries that come from outside the economy and out of the blue.”

American economist

Edmund Strother Phelps is an American economist and Nobel laureate. He received the 2006 Nobel Memorial Prize in Economic Sciences. Phelps is best known for his work in economics, especially the research that led to his Nobel recognition. His writing and public remarks often reflect economic theory and the forces that shape markets, inflation, and employment.