The 2016 Nobel Prize in Economics has been awarded to Harvard University’s Oliver Hart and Bengt Holmström of the Massachusetts Institute of Technology.

As Bloomberg reports, the two men have been recognized for “laying the groundwork for contract theory and its role in shaping everything from executive pay to privatizations,” and they will share the 8 million-krona ($1.2 million) prize. Read more about their work.

A word on the economy and election

Harvard economist Oliver Hart sized up the state of the U.S. economy when talking to reporters about his Nobel Prize win, reports The Associated Press. “It’s doing well,” Hart said. “Not as well as we’d like, but it seems to be moving in right direction.”

U.S. employers added 156,000 jobs in September, according to the government’s latest figures. And, although that’s well below last year’s average monthly gain of 230,000, the report paints a picture of a resilient economy that continues to steadily produce new jobs.

When Hart was asked whether Republican Donald Trump or Democrat Hillary Clinton would be best qualified to management the economy, he said: “One is sane and one is insane. I hope the sane one wins.”


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