In an amazing development I learned about at Greg Mankiw's blog, a first year graduate student in Economics has won the Nobel Prize! In Economics!

LONDON -- The surprise choice of first-year graduate student Quintus Pfuffnick for the Nobel Prize in Economics drew praise from much of the world Friday even as many pointed out the youthful economist has not yet published anything in scholarly journals.

The new PhD candidate was hailed for his willingness to tackle difficult problems, his commitment to improving the economic system, and his goal of bringing efficiency and equality into harmony.

As economics professor Paul Krugman notes, it was just such an essay that led to Pfuffnick winning the prize:

Professor Paul Krugman of Princeton, who won the prize in 2008, said Pfuffnick's award shows great things are expected from him in the coming years.

"In a way, it's an award coming near the beginning of the first year in grad school of a relatively young economist that anticipates an even greater contribution towards making our economy a better place for all," he said. "It is an award that speaks to the promise of Mr Pfuffnick's message of hope."

He said the prize is a "wonderful recognition of Pfuffnick's essay in his grad school application."

Hey maybe the International Gay and Lesbian Human Rights Commission should give its annual award to President Barack Obama for the great promise he displayed by signaling an intention to end "Don't Ask, Don't Tell."

MORE: In other anticipatory news, President Obama seems to be signaling an intent to stand by the embattled Kevin Jennings, head of the Education Department's Office of Safe and Drug Free Schools (whose inadequate version of "Don't Ask Don't Tell" with a 15 year old student has hardly endeared him to conservatives.)