I fear this may have oversimplified, but hopefully catches some of the core ideas in the Nobels' work.

Why You Should Care About the 2007 Economic Nobel | The American Prospect

Why You Should Care About the 2007 Economic Nobel Who are those guys? What exactly is "mechanism design theory" and what does it mean? TAP gets an economist to explain it all. John S. Irons | October 16, 2007 | web only

"Is there something interesting to say about this year's Nobel Prize winners?" challenged my colleague next door. Could I explain what Leonid Hurwicz, Eric S. Maskin, and Roger B. Myerson did that was so great?

Posted today at American Prospect. | Posted October 16, 2007 04:55 PM by John Irons