Monday, October 11, 2010

3 economists bagged 2010 nobel

in 2009, the prize for economic sciences was awarded to two american economists: Professor Elinor Ostrom (Indiana University), the first woman to receive the prize; and Oliver Williamson, (retired professor from the University of California). this year, three economists will share the 2010 Nobel Prize for their work on how government policy affects unemployment

the nobel goes to Peter Diamond of the Massachusetts Institute of Technology in Cambridge; Dale Mortensen of Northwestern University in Evanston.; and Christopher Pissarides of the London School of Economics and Political Sciences. this is for their research on how economic policy affects the job market. their theories offered help in understanding the ways in which unemployment, job vacancies, and wages are affected by regulation and economic policy as the research focused on so-called "frictions," or impediments to trade, such as misinformation, cost of transportation or the disparity between companies' and employees' needs.

see full story here

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