23 Hrs
Source:
عكاظ
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People Behind the Numbers
Ali Mohammed Al-Hazmi’s article explains that the 2026 Nobel Prize in Economic Sciences was awarded to Americans Robert Hall and Michael Woodford in recognition of their contributions to understanding the economy through the decisions of households and firms, rather than through aggregate indicators alone. Households’ decisions about spending and saving are influenced by their expectations of future income, while firms take expected demand and competition into account when setting prices and output. These choices interact to shape inflation, growth, and consumption. In this way, headline economic figures reveal what happened, while studying behavior and expectations helps explain why it happened and how it might change.
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