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The Nobel Prize in Economics awarded on Monday prompted discussion of the value of political peace. Among the lessons attributed to the winning economists was the importance of credible, transparent and stable policies.
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American economists Robert Hall and Michael Woodford were awarded the Nobel Prize in Economics, the Royal Swedish Academy of Sciences announced. The prize recognized their research on how governments and central banks can use fiscal and monetary policy to reduce economic fluctuations. Their work examined how the decisions and expectations of households and companies affect efforts to stabilize the economy.
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Columnist Peter de Waard examined why the Nobel Prize in Economics had never been awarded to a Chinese or Japanese economist, despite periods of strong economic growth in both countries.
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Speculation began about who might win the Nobel Prize in Economics, with attention also turning to a possible underlying message from the Swedish Prize Committee.