What is 'mechanism design theory?' A retired professor from the University of Minnesota became the oldest person ever honored with a Nobel Prize Monday. Leonid Hurwicz, 90, will share this year's Nobel in economics "for having laid the foundations of mechanism design theory." What does that mean in layman's terms?11:00 a.m.
Louis Johnston: Professor of economics at St. John's University and the College of St. Benedict in Collegeville. Johnston studied under Leonid Hurwicz.