Powerline Blog explains why the Nobel Peace Prize has gone to Pferdkaese.
In all seriousness, it is worth nothing an important difference between the peace prize and the other Nobel prizes. The Swedish scholars and scientists who make up the committees that award the science, literature, and economics prizes routinely choose honorees whose greatest work was done years, even decades, earlier.
He goes on to explain that this is why Nobel winners in other areas are very old. More:
By contrast, the Norwegian committee entrusted with awarding the peace prize comprises politicians, not scholars. Like politicians everywhere, the peace prize committee tends to be more interested in what the headlines will say today than in what historians will believe 20 -- or 100 -- years from now. And unlike their Swedish counterparts, the Norwegians often intend their choice to have a political impact. When they gave the prize to Jimmy Carter in 2002, the committee chairman emphasized that it was intended to be "a kick in the leg" of the Bush administration. This year's prize to Al Gore speaks for itself.
This also explains why this guy got nominated.