Unknown things about the 2010 Nobel Prize in Economics

The more attractive unemployment benefits offered by the Government, the higher the unemployment rate will be and the longer the job search time will be.

The International Nobel Prize is published annually in October, starting in 1901, for researchers to achieve achievements in the fields of Physics, Chemistry, Literature, Medicine and Chemistry. Particularly, the Nobel Prize in economics until 1968 celebrated the 300th anniversary of the Swedish Central Bank, newly established.

From left: Dale T. Mortensen, Peter A. Diamond and Christopher A. Pissarides, three winners of the 2010 Nobel Prize in Economics.

This award is not re-awarded by Nobel to give annually, deducted from the interest left by his property. It was awarded in 1969, extracted from the Swedish Central Bank (Sveriges Riksbank) interest, also to commemorate Alfred Nobel. And the award of the Nobel Prize in economics took place at the same Nobel Prize ceremony on December 10 (Nobel's death day) every year in Stockholm, Sweden.

So far, the Nobel Prize in Economics has been awarded 42 times, to 67 economists; of which 47 Americans.

Of these, 22 economic prizes were awarded to only 1 person, 15 prizes to 2 people, 5 prizes to 3 people (and 3 to the maximum for all Nobel prizes in other sectors).

The youngest person to be honored with the Nobel Prize in Economics is Kenneth J. Arrow, 51 years old in 1972. The oldest one is Leonid Hurwicz, awarded in 2007 when he was 90. He is also the oldest. awarded the Nobel Prize in general (in all areas).

Women with the Nobel Prize in Economics are rare. So far, only one female representative, Elinor Ostrom, has been awarded in 2009.

Like the Nobel Prize in the fields of Literature, Medicine and Peace, no one has been awarded the Economic Prize twice. But as a couple or two brothers who have won a Nobel Prize, one with economics and one with other branches, there are. Gundra Myrdal (Nobel Prize in Economics in 1974) and his wife Ava Myrdal (Nobel Peace Prize 1982), Jan Tinbergen (Nobel Prize in Economics in 1969) and brother Nicholaas Tinbergen (Nobel Prize in Medicine 1973).

At 18:00 on October 11, 2010, (Vietnam time), the Royal Swedish Academy of Sciences announced the Nobel Prize in Economics, for three researchers with achievements: ' Give a new formula for interaction in the market, between goods, services, jobs . with searchers '.

Two American economists, Peter A. Diamond, born in 1940, currently working at the Massachusetts Institute of Technology and Dale T. Mortensen, born in 1939, working at Northwestern University, Illinois, USA. The third economist is Christopher A. Pissarides, born in 1948, in Nicosia, Cyprys, currently working at the London School of Economics and Political Science, UK.

Pissarids, 62, began studying problems in the 1970s when the unemployment rate of European countries increased rapidly. " Think about unemployment, when he loses his job as a result of changes in the economic environment, " he said. Pissarides wants to look at the factors that help unemployed people lose time to find a job.

For example, can individuals, looking for a certain job take a process? He and the prize winner also discovered that the most important factors in the fight against unemployment are that unemployed people get back to work as quickly as possible and that this is not a costly vocational training.

Diamond, 70, specializes in effective research, finding that even very small search costs can have a big impact on supply and demand are met.

Dale T. Mortensen, 71, is known for his focus on research in labor economics, macroeconomics and economic theory. In the labor market, he focused on revenue and reallocation, research and development and personal relationships.

To sum up, the achievements of the three main researchers are in the following aspects: How regulations and economic policies affect unemployment, vacant employment and wages. These economic policies and regulations may include unemployment benefits, employment regulations and dismissal. One conclusion is that the more attractive unemployment benefits offered by the Government, the higher the unemployment rate will be and the longer the job search time will be.

In addition to the labor market, the theory of three scientists can also be applied to many other areas, especially the housing market. The number of houses sold varies from time to time. Sellers looking for buyers and two parties to negotiate prices may also take more or less time. Search theory is used to solve the above relationship as well as to answer other questions about money, public economy, financial economy, regional economy and family economy.

Although the Nobel Prize for economics has just been awarded for more than forty years, it seems to be suitable for the era and also the martial arts ground of scientific researchers.