A past Nobel Prize for economics winner on his honor

The Royal Swedish Academy of Sciences announced that American economists Thomas J. Sargent and Christopher A. Sims will be awarded this year’s Nobel Prize in economics this morning. University of Chicago professor Roger Myerson won the prize in 2007 for his contribution to the mechanism design theory, which allows economists to identify efficient trading mechanisms, regulation schemes, and voting procedures to keep markets vibrant. Myerson discusses what the honor means both personally, and to the field of economics. The issue of how awards for contributions which have timeless value relates to current events is discussed.