MIT Prof. Shares Nobel in Economics

Economist Peter Diamond of MIT is one of three co-recipients of this year’s Nobel Prize for Economics. Read the news account here. (Hey, if these guys are so smart, why can’t they get people to work within a system that is stable and productive and avoids boom-and-bust cycles, a system that ensures that everyone shares fairly in the prosperity? Is that too much to ask?) Here’s what they won the prize for:

Diamond, fellow American Dale Mortensen and Christopher Pissarides, a British and Cypriot citizen, were named the winners Monday for developing theories that help explain how economic policies affect unemployment.