Nobel Prize for Economics
Nobel Prize for Economics
Awarded to Dr. Christopher A. Pissarides
Friday, May 6th, 2011
Dr. Christopher A. Pissarides, will be honored by the Chamber on Friday, May 6th with the “Cyprus-U.S. Chamber of Commerce Distinguished Merit Award at the New York Hilton. Dr. Christopher A. Pissarides, LSE Professor has been awarded the 2010 Nobel Prize in Economic Sciences (together with Peter Diamond of MIT and Dale Mortensen of Northwestern). The Prize was awarded “for the analysis of markets with search frictions”, a way of thinking about markets that recognizes that they often do not work as smoothly as economists’ model of perfect competition would suggest.
This approach has been most commonly applied to the labour market where it has improved the understanding of unemployment of both academics and policy-makers. This is always an important topic but, with many countries now in the deepest recession for a generation, it is particularly relevant now.
Professor Pissarides is professor of economics at LSE and holder of the Norman Sosnow Chair in Economics. He is also a fellow of the Centre for Economic Performance at LSE and of the Centre for Economic Policy Research. He was awarded his PhD at LSE in 1973 and has been on the faculty since – for 38 years. Dr. Pissarides was born in, Nicosia, Cyprus.
He said: ‘Our research looks at what happens to someone who loses his or her job because of changes in economic environment. We have created a model which allows us to analyse the processes and decisions,such as policy, which affect how long it is before someone finds productive employment again. Until we began the work there was no way of thinking about these issues.
‘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 labour force. The ways of dealing with this need not be expensive training – it could be as simple as providing work experience.’
The Awards Dinner will be held on Friday, May 6, 2011 at the Hilton New York, 1335 Avenue of the Americas, New York. Cocktails 6:30 PM Dinner 7:30 PM
For further information on this event and sponsorship opportunities, please contact the chamber at: cyprususchamber@aol.com or 201-444-5609
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