NU Prof Shares Nobel Prize In Economics
STOCKHOLM (AP/WBBM) - Northwestern University economics professor Dale Mortenson wakes up Monday as a winner of the Nobel Prize in economics.
Mortenson, 71, shares the 2010 honor with fellow American Diamond and Christopher Pissarides, a British and Cypriot citizen, for developing theories that help explain how economic policies can affect unemployment.
Mortensen pioneered the theory of job search and search unemployment and extended it to study labor turnover, research and development, personal relationships, and labor reallocation, according to his NU biography.
He has been a member of the NU faculty since 1965.
The Royal Swedish Academy of Sciences says they won the prestigious award "for their analysis of markets with search frictions."
"The laureates' models help us understand the ways in which unemployment, job vacancies and wages are affected by regulation and economic policy," the citation said.
Diamond, 70, is an economist at the Massachusetts Institute of Technology, and an authority on Social Security, pensions and taxation.
President Barack Obama has nominated Diamond to become a member of the Federal Reserve. However, the Senate failed to approve his nomination before lawmakers left to campaign for the midterm congressional elections.
Pissarides, 62, is a professor at the London School of Economics.
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