Paul Krugman won the 2008 Economics Nobel prize for his work on trade theory.
This was a surprising result for me, as he is still relatively young and I expected Sargent to win. However, he is a deserving winner – congratulations are in order.
Anti-Dismal goes into more detail, and links to a number of economics blog reactions on the prize, enjoy.
BTW, No Right Turn is correct that it is not really a strict Nobel prize – but I don’t think that fundamentally knocks down its importance. After all behind the Nobel peach prize I was say the “not-Noble” economics prize comes second in terms of international awareness.