Oh...it's Obama

...who won the Nobel Peace prize! The Nobel Committee made the decision because Obama is making huge efforts in strengthening international diplomacy and cooperation between peoples? What if his efforts couldn't pay off? It seems to me that the Obama Effects hasn't competely faded away, at least on the other side of the Atlantic.

Here is another way of looking at this: Since Obama can win the peace prize, so can a first year econ graduate student win the prize in economics! The following is from two Gregs, Katz and Mankiw (HT to Mankiw):

Obama's Nobel Peace Prize triumph hailed by many
By GREGORY KATZ (AP)

LONDON — The surprise choice of President Barack Obama for the Nobel Peace Prize drew praise from much of the world Friday even as many pointed out the youthful leader has not yet accomplished much on the world stage.

The new president was hailed for his willingness to reach out to the Islamic world, his commitment to curtailing the spread of nuclear weapons and his goal of bringing the Israelis and Palestinians into serious, fruitful negotiations.

Archbishop Desmond Tutu of South Africa, who won the prize 1984, said Obama's award shows great things are expected from him in the coming years.

"In a way, it's an award coming near the beginning of the first term of office of a relatively young president that anticipates an even greater contribution towards making our world a safer place for all," he said. "It is an award that speaks to the promise of President Obama's message of hope."

He said the prize is a "wonderful recognition of Obama's effort to reach out to the Arab world after years of hostility.

Pfuffnick's Nobel Economics Prize Triumph Hailed by Many

By GREGORY MANKIW

CAMBRIDGE — The surprise choice of first-year grad student Quintus Pfuffnick for the Nobel Prize in Economics drew praise from much of the world Friday even as many pointed out the youthful economist has not yet published anything in scholarly journals.

The new PhD candidate was hailed for his willingness to tackle difficult problems, his commitment to improving the economic system, and his goal of bringing efficiency and equality into harmony.

Professor Paul Krugman of Princeton, who won the prize in 2008, said Pfuffnick's award shows great things are expected from him in the coming years.

"In a way, it's an award coming near the beginning of the first year in grad school of a relatively young economist that anticipates an even greater contribution towards making our economy a better place for all," he said. "It is an award that speaks to the promise of Mr Pfuffnick's message of hope."

He said the prize is a "wonderful recognition of Pfuffnick's essay in his grad school application."