Economic Nobel for search-friction in the labor market

Today in Stockholm announced that the current Nobel Prize in Economics received the Massachusetts Institute of Technology professor Peter Diamond, a professor at Northwestern University in Illinois Dale Mortensan and professor at the London School of Economics Christopher Pisarydes.

The award was established by the Bank of Sweden in 1969 — it is traditionally equated to other awards, established by the inventor of dynamite Alfred Nobel at the end of XIX century.

Diamond, Mortensan Pisarydes and will share the one million euro for labor market research.

— In the labor market some firms is not easy to find workers to job vacancies, and some have long-term unemployed to search related posts. Peter Diamond, Dale and Christopher Mortensan Pisarydes developed a theory to explain the behavior of the markets in which it is the search-friction (search friction), — told reporters today in Stockholm Bertyl Golmlyund, Chairman of the Nobel Prize in Economics. — But their theory goes, and the scope of labor markets. It was used in the study of issues related to the theory of money, economics, public management, finance, housing, and family finances.

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