Per my predictions a few days ago: not obscure, not political, and search.
Congratulations to Peter Diamond, Dale Mortensen and Chris Pissarides!
Some additional bits:
The official Nobel announcement is here, and the page also includes a short video of Prof. Per Krussell explaining the winners' contributions.
Tyler and Alex at marginal revolution have a set of very fine posts about the winners that I will not try and duplicate. You can find posts on Diamond, Mortensen, and Pissarides as well as a general post or two.
On the personal side, I've met Mortensen a couple of times - once in graduate school at a joint Chicago / Northwestern conference for graduate students and once at a conference in Montreal for macro / labor types. He is a great economist and a happy, genial fellow - the sort of guy you can imagine talking to for hours over a beer (or two or three). Pissarides and I co-taught the IZA European Summer School in Labor Economics (ESSLE) a few years ago. He gave some very clear lectures on the basics of search theory drawn from his book. I've never met Diamond.
Who was my favorite student this term?
6 months ago