Three scholars share the Nobel Prize in Economics

Washington (reporter Shen) yesterday evening, the 2010 Nobel Prize in Economics was finally released.　　American economist Peter Diamond, Dale Mottensen, and Anglo-Cypriot economist Christopher Pisaritis three academics will share bonuses of 10 million Swedish krona (about 10 million yuan). At a time when the global financial crisis has not yet fully subsided, the contributions of microeconomic theories, such as employment and market allocation, have been favored by the Royal Swedish Academy of Sciences. "Why are there many vacancies at the same time as unemployment is high?" Why does economic policy affect employment? This year's Nobel laureate has been given to those who can answer these questions.　　"The Swedish Academy of Sciences issued an award announcement in the news, said. Researchers such as diamond have found that in many markets sellers and buyers do not always get in touch immediately, as the process of mutual search takes time and resources, creating a market paradox: vacancies and unemployed people always exist at the same time. The "Search theory" developed by Peter Diamond and other scholars has made a reasonable explanation for the existence of such contradictory conflicts in the market.　　The three academics also concluded that the looser the unemployment insurance benefits in a country, the higher the unemployment rate and the longer the job search cycle. Born in 1940, Peter Diamond graduated from Yale University in 1960 with a Ph. D. degree in economics from MIT at the age of 23. Diamond has been teaching at MIT since 1966. Among the three winners this year, Mr Diamond's contribution was to analyze the fundamentals of the "Search market", while Dell and Christopher extended the theory to apply not only to the labour market. For example, in the real estate market, search theory is also applicable, the relationship between the sale of vacant housing and the right buyer is just like the "search" between employees and employers.