Americans win Nobel economics prize

The three researchers laid the foundations of mechanism design theory.

    Hurwicz, economics professor and joint winner of
    2007 Nobel Prize in Economics [AP]

    Their theory lets economists, governments and businesses "distinguish situations in which markets work well from those in which they do not".

     

    The economics award is not one of the original Nobel Prizes. It was created in 1968 by the Swedish central bank in Nobel's memory.

     

    Last year American Edmund Phelps won the prize for explaining the relationship between inflation and unemployment, work that has had a profound impact on macroeconomic policy.

     

    SOURCE: Agencies


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