By Reuters
A U.S. labor economist awarded the Nobel Prize in economics on Monday said a “dysfunctional” lending environment has made it hard for small service businesses — the source of most jobs — to finance hiring.
Northwestern University professor Dale Mortensen, whose work focused on labor market inefficiencies that make it difficult for workers to match up to job openings, said employers have fewer jobs to offer and government can do only so much about it.
“To bring unemployment down we need to create service jobs,” Mortensen said, speaking to reporters from Aarhus University in Denmark, where he is a visiting faculty member. Get the full story »
Oct. 11, 2010 at 2:43 p.m.
Filed under:
Investing
By Julie Johnsson
Northwestern professor Dale Mortensen, center, is welcomed to a press conference at the University of Aarhus, in Aarhus, Denmark, Monday Oct. 11, 2010. (Polfoto/Andreas Szlavik)
Northwestern University professor Dale Mortensen won the Nobel Prize for economics, Monday, for demonstrating the job market is far more complicated, and irrational, than economists had believed.
Federal Reserve board nominee Peter Diamond was also honored along with Christopher Pissarides with the 10 million Swedish kronor ($1.5 million) prize for their analysis of the obstacles that prevent buyers and sellers from efficiently pairing up in labor, housing and other markets. Get the full story »
Oct. 8, 2010 at 2:11 p.m.
Filed under:
Banking,
Economy,
Litigation
Bloomberg News | The author of “The Black Swan” is urging investors who lost money in the global financial crisis to sue the Swedish Central Bank for awarding the Nobel to economists whose theories, he says, brought down the economy.
