Peter Diamond joins Dale Mortensen and Christopher Pissarides as the 2010 Nobel Prize Winners for Economics

By on Oct 12, 2010 in Headlines, United States, World Comments

Peter Diamond joins Dale Mortensen and Christopher Pissarides as the 2010 Nobel Prize winners for Economics, as announced the Nobel Committee on Monday.

As posted on the Nobel Prize website, the three economists were awarded ‘for their analysis of markets with search frictions’.

According to the The Royal Swedish Academy of Sciences, the economists’ research on how economic policy affects unemployment ‘helps us understand the ways in which unemployment, job vacancies, and wages are affected by regulation and economic policy’.

Dale Mortensen is an American professor in Economics at the Northwestern University in Evanston, Illinois, while Christopher Pissarides, a British-Cypriot citizen, is teaching at the London School of Economics and Political Sciences, the news revealed.

Meanwhile, Peter Diamond is an economist at the Massachusetts Institute of Technology, and an influence on social security, pensions and taxation, reports say.

Diamond was also said to have earned his PhD at the Massachusetts Institute of Technology in 1963, and spent more than 4 decades in that institute as a professor.

While the three winners will share the 10 million Swedish kronor ($1.5 million) prize for their works back in the 70’s and 80s, there seems to have a controversy especially about Peter Diamond’s winning.

Diamond, now 70, was said to have been nominated by US President Barack Obama to become a board member of the Federal Reserve, but Senator Richard Shelby, a Republican from Alabama, reportedly blocked his nomination last August.

“I do not believe he’s ready to be a member of the Federal Reserve Board,” Mr. Shelby said earlier.

“I do not believe that the current environment of uncertainty would benefit from monetary policy decisions made by board members who are learning on the job.” The senator added.

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