The 2007 prize goes to [Hurwicz, Maskin and Myerson](http://nobelprize.org/nobel_prizes/economics/laureates/2007/press.html) for their work on mechanism design theory.
While the work (which I’m not familiar with, so I’m just working from the press release) looks very useful and interesting, this continues a trend of the Nobel Prize that’s a bit worrying: they tend to focus on pretty technical economics work, and ignore a lot of the more practical and policy relevant work that’s out there.