One thing is clear: The ability to generate a large body of work on matters whose importance are shrouded in mystery is a key attribute of all world-class economists, and Ostrom and Williamson are clearly in the vanguard here.

... "I don't know why I didn't win," said Max Farbush, who lives near Stanford and often visists the neighborhood around Wharton for its cheese steaks. "I'm as incomprehensible as they are." When pressed, Mr. Farbush revealed that his work centers on the relationship of markets to their produce. "There's no rational reason that eggplants should cost as much as they do," he stated. "It's clear that subjective perceptual issues enter into such transactions."

Speculation has already begun as to the 2010 winner, and a short list is now making the e-mail rounds. It's too early to pick a favorite, of course. But while professionals like Mr. Farbush are clearly being considered, the smart money remains on game changers who are right now shaping the world recovery, which places one name at the top of any prospective list. When called to respond to their rumors, the White House declined to offer a comment.

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Heather Horn