Congratulations to Prof. Peter Diamond who has shared the Nobel Prize for Economic Sciences. It is well deserved!
More details can be found at the following MIT link, which contains a press release posted this morning:
I do not know much about his work beyond that it involves "search friction." This is the main area that the Nobel Committee cited.
The general area of search and friction as related to the efficiency of markets is extremely interesting and useful in practice. There is a consensus that markets are the best way to allocate resources and any effort to improve the effeciency of markets is a very good thing.
The MIT Economics Department has had many faculty and former Alumni who have won the Nobel Prize. This is a great credit to a well run department. Several years ago, MIT had an event that featured three living Nobel Prize winners, Professors Paul A. Samuelson (1970), Franco Modigliani (1985), and Robert M. Solow (1987) giving a joint lecture. The video is at the following link:
This is much useful knowledge and insight from these lectures!
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