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University of Minnesota Professor Wins Noble Prize

Leonid Hurwicz, 90, an emeritus professor of economics at the University of Minnesota will be sharing the honor of winning the Nobel Memorial Prize in Economic Sciences which he won on Monday October 15. He will be sharing the prize with Eric S. Maskin and Roger B. Myerson for developing a theory on why markets are not always the model of perfection once taught in Economics 101 according to the Star Tribune.
Hurwicz was born in Moscow and is the oldest Nobel Prize winner ever according to the Royal Swedish academy of Sciences. The academy says the three researches, “"laid the foundations of mechanism design theory." (Pioneer Press).
Hurwicz thought at first the call telling him he had won was a joke saying, “The first thing I thought was that it was a joke, considering that it was 6 in the morning, not a very good joke." (Star Tribune).
University of Minnesota president is very proud of his faculty member saying, “"Professor Hurwicz has been one of the most outstanding economists in the entire world." (The Minnesota Daily)