Economics Nobel Prize winner addresses Melbourne conference

Nobel Prize winner for economics, Professor Dale Mortensen addressed the 2012 Econometric Society Australasian Meeting in Melbourne today, July 4, which is being hosted by Deakin University.

Professor Mortensen with Peter Diamond, Massachusetts Institute of Technology, and Christopher Pissarides, London School of Economics and Political Science won the Nobel Prize in 2010 for his ground breaking work explaining why the labour market is 'sticky'.

Professor Mortensen contributed to a framework that seeks to explain why there are so many people unemployed at the same time as there are a large number of job openings.

Their model helps explain the ways in which unemployment, job vacancies and wages are affected by regulation and economic policy.

Listen to Professor Mortensen's explain his model to the meeting.