In a world where econobloggers are mistaken for tortoises if they only post once an hour, David Warsh's weekly newsletter, Economic Principals, might be mistaken for an especially tardy glacier. The rest of the blogosphere had chewed up and spat out the Nobel prize for economics given to Edmund Phelps last week and moved on to other things before Warsh got around to the news this weekend.
But there's also something to be said for taking your time. Warsh's account of Phelps' career and the significance of his work is the most thoughtful I've seen so far. It's the work of an economic historian, rather than a quick-and-dirty instant analysis specialist. Warsh excels in putting the work of economists into context, and this is no exception, even if it is last week's news.
(And for those who are looking for a more critical take on Phelps' famous theory of the "natural rate of unemployment," Dean Baker's quick-and-dirty instant analysis last week still holds up.)