Commentary: What the 2026 Nobel Economists Can Teach Beijing
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The Royal Swedish Academy of Sciences announces on Oct. 12, 2026, that the Nobel Prize in Economics has been awarded to Robert E. Hall of Stanford University and Michael Woodford of Columbia University for “establishing microfoundations for macroeconomic stabilization policy.” Photo: IC photo
On Oct. 12, the Royal Swedish Academy of Sciences awarded the 2026 Nobel Prize in economics to Robert E. Hall and Michael Woodford. The recognition of their work on the microeconomic foundations of macroeconomic policy was long overdue.
For Chinese policymakers grappling with sluggish growth, the prize offers a timely, urgent lesson: traditional stimulus has run its course, and it is time to start managing expectations.
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