BREAKING NEWS

2 Americans, 1 British-Cypriot win Nobel economics prize

By ASSOCIATED PRESS

OCTOBER 11, 2010 14:18

STOCKHOLM — Two Americans and a British-Cypriot economist won the 2010 Nobel economics prize Monday for developing a theory that helps explain why many people can remain unemployed despite a large number of job vacancies.

Peter Diamond, Dale Mortensen and Christopher Pissarides were honored with the 10 million Swedish kronor ($1.5 million) prize for their analysis of the the obstacles that prevent buyers and sellers from efficiently pairing up in markets.

Diamond analyzed the foundations of so-called search markets, while Mortensen and Pissarides expanded the theory and applied it to the labor market.

Since searching for jobs takes time and resources, it creates frictions in the job market, helping explain why there are both job vacancies and unemployment simultaneously, the academy said.

Germany arrests EU parliamentarian staff on suspicion of China espionage

By REUTERS

04/23/2024 10:10 AM

Red Alert in Sderot: Four rockets intercepted, no injuries or damage

By JERUSALEM POST STAFF

04/23/2024 10:07 AM

IDF attacks Hezbollah targets, sirens sound in Metula

By JERUSALEM POST STAFF

04/23/2024 08:59 AM

Russia says it has a response ready if West seizes its assets - RIA

By REUTERS

04/23/2024 08:46 AM