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Three Laureates Explained Why Unemployment Is Inevitable

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Science  15 Oct 2010:
Vol. 330, Issue 6002, pp. 303
DOI: 10.1126/science.330.6002.303

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Summary

High unemployment is now plaguing many nations' economies, but even in the best of times, about one out of every 25 workers will be out of a job. This year's winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel laid out the theory that explains why full employment is impossible. Peter Diamond, 70, of the Massachusetts Institute of Technology; Dale Mortensen, 71, of Northwestern University; and Christopher Pissarides, 62, of the London School of Economics will split the $1.5 million prize.