Nobel Economics Prize 2026: How can Hall and Woodford’s ideas help tackle today’s economic challenges?
In Focus by The Hindu

Nobel Economics Prize 2026: How can Hall and Woodford’s ideas help tackle today’s economic challenges?

B2Upper-intermediateOctober 21, 202648 min
  • Business & money

This year’s Nobel Prize in Economics was awarded to an American duo – Prof Robert Hall of Stanford University and Prof Michael Woodford of Columbia University – "for microeconomic foundations of macroeconomic stabilisation”. Both Prof Hall and Prof Woodford were part of a new crop of economists who studied the economy not as a monolith, but also as a collection of many of microeconomic decisions. Simply put, their work helped change how economists understand the economy: not just through a broad set of indicators such as inflation, output and consumption, but by examining how businesses and consumers make decisions, and how thes...

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sense. Simply put, their work helped change how economists understand the economy, not

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how businesses and consumers make decisions and how these decisions affect the economy

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This is In Focus, the Hindu's current affairs podcast. of them, Professor Hall and Professor Woodford, are part of a new crop of economics, who study the economy not just as a huge monolith, but a collection of many decisions in the microeconomic sense. Simply put, their work helped change how economists understand the economy, not

0:47

just a set of broad indicators like inflation, of output, of consumption, but they examined how businesses and consumers make decisions and how these decisions affect the economy years ago. Their study helps us understand how the future can play a part in today's economy.

1:06

To help understand what they studied and how these principles are applied today, I have with me Dr. Paata Chatterjee, Dean of Academics and Professor of Economics at the Sripnadar University. Professor, thank you so much for joining us today.

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