Nobel Prize To Be Shared By Three For Study On Jobs

Three economists will share the Nobel prize for their study on how government's policies affect unemployment, according to an announcement made by the Royal Swedish Academy of Sciences.

The 2010 Nobel prize went to Dale Mortensen from Northwestern University in Evanston, Ill; Christopher Pissarides from the London School of Economics and Political Sciences; and Peter Diamond from the Massachusetts Institute of Technology in Cambridge, Mass.

Their findings can "help us understand the ways in which unemployment, job vacancies, and wages are affected by regulation and economic policy", said a statement from the academy.

Earlier this year, President Obama had nominated Mr. Diamond, a specialist at social security and tax policy, to become a member of the US Federal Reserve Board. However, Senator Richard Shelby didn't approve the nomination, arguing that Mr. Diamond didn't have sufficient experience.
 
"I do not believe he's ready to be a member of the Federal Reserve Board", said the senator in August. "I do not believe that the current environment of uncertainty would benefit from monetary policy decisions made by board members who are learning on the job”.

Pissarides, a UK-Cypriot national, said that he experienced a "mixture of surprise and happiness" upon being awarded the Nobel Prize.

The three recipients will divide the prize money of Swedish kronor (SEK) 10 million, which equals to around 1.5 million dollars,

The Nobel Prize in economics is awarded every year, since it was created by the central bank of Sweden, Sveriges Riksban, in 1969.