On October 12, 2026, the Royal Swedish Academy of Sciences awarded the Nobel Memorial Prize in Economic Sciences to Robert E. Hall of Stanford University and Michael Woodford of Columbia University "for microeconomic foundations of macroeconomic stabilisation." The committee went further, declaring that their work had "generated a paradigm shift in stabilisation policy" and had made major crises far easier to manage, including the pandemic and the energy shocks of recent years.
The prize is deserved. The claim deserves an audit.
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