Edmund Phelps:

This week Edmund Phelps was awarded the Nobel Prize in Economics "for his analysis of intertemporal tradeoffs in macroeconomic policy." Tyler Cowen comments here. Not coincidentally, Phelps had an article in yesterday's Wall Street Journal on entrepreneurship in the U.S. and Europe, available here.

UPDATE: Virginia Postrel explains why she's excited about Phelps' Nobel here.