Edward Lazear, an economist at Stanford University, will be the new head of President Bush's Council of Economic Advisors.
The part of Lazear's work that I am most familiar with is his research on labor markets. One of his particularly interesting insights is an explanation for why companies are willing to pay ridiculous salaries to their CEOs and pay a lot less (in relative terms) to other VPs and executives that are probably just as important to the company's success. Lazear argues that the million-dollar salaries are not based on the productivity of the CEO, but rather serve as an incentive for all of the executives below the CEO to work harder to try and become the CEO one day. As Lazear himself explains: "The CEO gets to enjoy the money, but it's making everybody else work harder."
This article gives a good summary of his argument about CEO salaries, and Tyler Cowen gives a great overview of Lazear's research with this Marginal Revolution post.