Search and employ

Economics Nobel Prize winners are Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, due to their significant contributions to 'search economics' - concerning the various factors involved when workers search for jobs and employers look out for new workers.

Their works focus on the job search processes and matching mechanism of the labour market. Their researches have shown us the many underlying factors that influence structural and frictional employments, the possibility of various natural rate of unemployment, and the prospect of higher structural unemployment resulted from extended cyclical unemployment.

With the timely award, Diamond is called out for applying his insights resulted from his researches into the real world today. He was nominated by President Obama as a board member for the Fed. The nomination is rejected at first by the Congress who questioned his competency. But note that the rejection is made before the announcement of the Nobel Prize.