Nobel prize for economics (and politics)

Surprising but (I think) nice news that Barack Obama has won the Nobel Peace Prize. I thought it was a joke when I first saw it, but on balance it is a good decision. Obama's inspiring message, philosophy and personal example are worth remembering, especially when obscured by fights over healthcare and climate change policy.

It's a somewhat risky prize - presuming a successful presidency before it's a quarter (and probably not even an eighth) finished. But the Peace Prize committee is a strange beast - always keen to be topical, even more than is the Economics committee.

Talking of which, Greg Mankiw has a sneak preview of the winner of that prize.

Update: Michael Tomasky's well-judged take on how Obama should respond and the political consequences.