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Tuesday, October 12, 2010

Nobel Prize Winners in Economics Named


“Peter A. Diamond, a nominee for a Federal Reserve Board position, and two other economists were awarded the 2010 Nobel Memorial Prize in Economic Science on Monday for their work on markets where buyers and sellers have difficulty finding each other. The work of the winners, Professor Diamond of the Massachusetts Institute of Technology, Dale T. Mortensen of Northwestern University and Christopher A. Pissarides of the London School of Economics, is best known for its applications to the job market.” (New York Times)

Labor markets, being populated with human beings, are complex institutions.

FEE Timely Classic
“The Natural Rate of Unemployment” by Hans F. Sennholz