Photo: Jim Watson/AFP via Getty Images

Joe Biden's campaign released on Tuesday a letter signed by 13 winners of the Nobel Prize in economics who say that while their views are different, they all think his policies "will result in economic growth that is faster, more robust, and more equitable."

Our thought bubble, via Axios Hans Nichols: These economist letters are often little more than veiled job applications from academics hoping for a Fed or White House position. But given that these laureates are éminence grises of American economics, they probably just want to be on the record supporting Biden.

Read the letter.

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Felix Salmon, author of Capital
Oct 15, 2020 - Economy & Business

The importance of the auctions invented by the winners of the Nobel Prize in economics

Illustration: Sarah Grillo/Axios

Economics is disparaged as "the dismal science" for good reason. And governments are rarely upheld as paragons of efficiency. But Paul Milgrom and Robert Wilson, the winners of this year's Nobel Prize in economics, have helped governments around the world create hundreds of billions of dollars of value with an astonishing level of sophistication and efficiency.

Why it matters: The auctions designed by the winners of this year's prize were initially used to allocate electromagnetic spectrum for cellphone communication. Since then, they've been used to price everything from airport landing slots to carbon-emission credits, in a manner that is fair, efficient, and effective.

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Volunteer fighters in Stepanakert, the capital of Nagorno-Karabakh. Photo: Aris Messinis/AFP via Getty Images

A U.S.-brokered ceasefire between Armenia and Azerbaijan in the disputed territory of Nagorno-Karabakh crumbled within hours on Monday, leaving the month-old war rumbling on.

Why it matters: Nearly 5,000 people have been killed, according to Vladimir Putin’s rough estimate, including more than 100 civilians. Between 70,000 and 100,000 more are believed to have fled the fighting.

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