I tried really hard to ignore this, but I do have the business section of the Washington Post sitting on my dining room table staring at me. And it says, "You Might Have to Thank Him for Your Job." Yes, that is the headline of the Washington Post's article on Edmund Phelps winning the Nobel Prize.
Let's see, as I recall Edmund Phelps said that we have to keep the unemployment rate at or above the "natural rate" in order to keep inflation from accelerating. This would seem to imply throwing people out of work, as in the Fed raises interest rates, thereby slowing the economy and job creation and raising the unemployment rate. This is pretty much what happened in both 1989-90 and 1994-95. This view could perhaps justify a headline like "You Might Have to Thank Him for Losing Your Job," but it is hard to see how you get from Phelps theory to the Washington Post headline.
The best is yet to come for those real masochists among BTP readers -- last chance to get away and not have your day ruined. Okay, you have been warned. The subhead is "Professor Who Solved Stagflation Wins Nobel."
Excuse me while I go put my head in the oven.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved