Oliver E. Williamson is the 2009 co-recipient (with Elinor Ostrom) of the Nobel Memorial Prize in Economics, awarded ‘for his analysis of economic governance, especially the boundaries of the firm’.

Thomas J. Sargent is the 2011 recipient of the Nobel Prize in Economic Sciences (along with Christopher Sims). Sargent has been instrumental in the development of rational expectations economics. The central idea behind this approach is that individuals should not make systematic mistakes. Yet...