I thought these Nobel prizes were only given out to leftists. Seems they went Repub on this one. STOCKHOLM â Two Americans and a British-Cypriot economist won the 2010 Nobel economics prize Monday for developing a theory that helps explain why many people can remain unemployed despite a large number of job vacancies. "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. Their work resulted in the so-called Diamond-Mortensen-Pissarides model, a frequently used tool to estimate how unemployment benefits, interest rates, the efficiency of employment agencies and other factors can affect the labor market. "One conclusion is that more generous unemployment benefits give rise to higher unemployment and longer search times," the academy said. Diamond, 70, is an economist at the Massachusetts Institute of Technology, and an authority on Social Security, pensions and taxation The Captain has another theory. Corporate America farms out most all the jobs, keeps a few slaves on to do the work of 3 people while cutting wages and benefits. Then create unrealistic job descriptions which nobody can fill, and then claim you can't find qualified people for the vacant positions you really don't want to fill to begin with. Where's my f'n Nobel?
I thought this is how capitalism is supposed to work? Don't corporations exist for the benefit of shareholders? I think this has already been well covered (Adam Smith, Karl Marx, etc), so I wouldn't hold your breath waiting for SEK 10mln to arrive in the post.
.......developing a theory that helps explain why many people can remain unemployed despite a large number of job vacancies. ---------------------- My theory: We wouldn't want to damage a persons self esteem with an undignified job. Although this theory may conflict with the alternate theory of how not to damage a persons self esteem by giving them free money aka Unemployment. The third theory obviously is to combine the prior two theories and allow people to collect unemployment and work under the table for cash at an undiginified job. The is known as prevailing wage theory.
The current form of Capitalism will end up eating itself. Without some sense of obligation to give back to those that helped build the company, those jobs are simply not sustainable over the long haul. Inovation kills jobs in the long run and an unwillingness to carry some dead weight will eventually destroy an economy. Technology that out paces the workforces ability to retrain is a deal killer. Corporations unwilling to retrain workers at it's own expense are corporations which will eventually die. The alternative, which is what's being implemented, is to find cheap labor in another country. This is what we're seeing and spinning it any other way is pure bullshit. It is what it is.
After gore, obama and krugman got theirs the nobel prize is a pock mark on a career. The prize is a total joke.
Another example why this is a fraudulent field; giving the award to common sense. Kevin Hassett should've won with this whopper of the year: Right Wing Economist predicts LHC spells Earth's Destruction Livecam of Earth's destruction Really, the field has never produced anything of any real value.
The next nobel will be titled "The socionomic benefits of Quantitative Easing for liberal politics- if first you don't succeed, try try again"
""One of the key things we found is that it is important to make sure that people do not stay unemployed too long so they don't lose their feel for the labor force," Pissarides told reporters in London. "The ways of dealing with this need not be expensive training -- it could be as simple as providing work experience."" http://finance.yahoo.com/news/3-win-economics-Nobel-for-job-apf-3963362564.html?x=0 Amazing! Simply amazing. Nobel prizes for common sense. Way to go...