India, Oct. 13 -- This year's Nobel Prize in Economics has been awarded to Robert E Hall and Michael Woodford, economists at Stanford and Columbia University. A far as Economics Nobels go, this year's prize marks a recognition of the discipline's technocratic achievements which build complex theoretical models to explain the real world. The broad ideological orientation of this year's awardees is what is called the New Keynesian tradition which sought to improve the subject's understanding about macroeconomic stability after the 1970s raised questions on the traditional Keynesian wisdom of managing cyclical fluctuations by raising or reducing government spending. A detailed explanation of the significance of this year's awardees work foll...