This just in:
STOCKHOLM—The Nobel Foundation, under pressure to cut costs following sluggish returns on capital in recent years, is slashing the value of its prestigious prizes for the first time in 63 years while also looking to trim in other areas, such as expenses related to its annual banquet.
Winners of the 2012 Nobel [...]
In case you were wondering what the Nobel Prize for economics this year was all about, you can be assured that your initial instincts about it are correct. As Bob Murphy puts it:
This year’s Nobel Memorial Prize in Economics goes to Peter Diamond, Dale Mortensen, and Christopher Pissarides, for their work on “search theory,” especially [...]