HR Dimensions of 2010 Nobel

prize in Economics

Mohammed Fazal
Anchu S Raj
Tesna Thomas
Deepthi Venugopal
10/30/2014

MIT professor Peter Diamond, Dale Mortensen of

Northwestern University and Professor Christopher
Pissarides of the London School of Economics ( Nobel
Prize 2010- Economics)

10/30/2014

 Peter Diamond has analyzed the foundations

of search markets.
Dale Mortensen and Christopher Pissarides
have expanded the theory and have applied it
to the labour market.
The laureates' models help us understand the
ways in which unemployment, job vacancies,
and wages are affected by regulation and
economic policy.
10/30/2014

US Economy-2010
The US Economy faced deep recession in two
crucial markets : housing and labour

markets.
Out of 10 Americans,8 were unemployed.
The housing market remains deep in the
doldrums in several parts of the US after 2008
crisis.

10/30/2014

Causes for labour market rigidities

Job- seekers look for the best work at the
highest pay.
External Influences
- Government unemployment insurances
- Changes in government retirement policy
Mismatch of skills and job openings.

10/30/2014

Conclusion
Promotion of government initiatives for
unemployed people should be reduced.
Organization should find out different methods
and techniques to effectively fill job vacancies.

10/30/2014

Sources
http://www.nobelprize.org/nobel_priz
es/economic-sciences/laureates/2010/
http://www.nytimes.com/2010/10/12/
business/economy/12nobel.html?_r=0
http://www.theguardian.com
http://www.wnyc.org/story/103801-w
hat-happened-2010-jobs-and-economy
/
10/30/2014

10/30/2014