The Media Market

Finally... finally Thomas Schelling ("The Strategy of Conflict", "Choice and Consequence" and "Micromotives - Macrobehavior") gets the Nobel Prize in Economics! He is a great example of an economist with the capacity to explain everyday economic circumstances to people outside of the field. His apt economic theories have helped explain anything from traffic congestions to price correlations on open markets and general collective action problems. Aumann (Agreeing to Disagree, in Annals of Statistics 1976) is a another great laureate, perhaps with the lack of Schellings pedagogical skills, but nonetheless a very worthy recipient.

Tyler Cowen (who else?) has one great post on Aumann and his Neo-Walrasian cooperation theory, as well as another great post on Schelling (who was Cowen's mentor while at Harvard). (From Marginalrevolution.com).