Dale T. Mortensen Quotes: Dale T. Mortensen, born on February 2, 1939, in Enterprise, Oregon, was an American economist renowned for his pioneering work in the field of labor economics. Mortensen’s research focused on analyzing the dynamics of labor markets, particularly the processes of job search, matching, and unemployment. Alongside his collaborators, he developed groundbreaking theoretical models that revolutionized the understanding of labor market phenomena and significantly impacted economic policymaking.
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Dale T. Mortensen Info
| Attribute | Details |
|---|---|
| Full Name | Dale Thomas Mortensen |
| Date of Birth | February 2, 1939 |
| Place of Birth | Enterprise, Oregon, USA |
| Date of Death | January 9, 2014 |
| Nationality | American |
| Occupation | Economist |
| Education | Mortensen earned his Bachelor’s degree from Willamette University and his Ph.D. from Carnegie Mellon University |
| Academic Career | Held faculty positions at several prestigious universities, including Northwestern University, Carnegie Mellon University, and the University of Chicago |
| Nobel Prize | Awarded the Nobel Prize in Economic Sciences in 2010, along with Peter A. Diamond and Christopher A. Pissarides, for their analysis of markets with search frictions |
| Research Contributions | Known for his work on Search theory and Matching theory, Mortensen’s research provided insights into the functioning of labor markets and the determinants of unemployment |
| Mortensen-Pissarides Model | Developed the Mortensen-Pissarides model, a seminal framework that describes the matching process between workers and firms in frictional labor markets |
| Policy Implications | Mortensen’s research findings have had significant implications for labor market policies, unemployment insurance, and job search strategies |
| Legacy | Revered as one of the most influential economists of his time, Mortensen’s contributions continue to shape the field of labor economics and inspire future generations of scholars |
Dale T. Mortensen Quotes (EARN MORE)
Unemployment is ‘involuntary’ when the price is above its market clearing level. Workers are unemployed because jobs are not available at the prevailing wages, period. The only recourse is to either expand the number of jobs or somehow lower the wage. – Dale T. Mortensen
My co-winners, Peter Diamond and Christopher Pissarides, and I wish to thank the Royal Swedish Academy of Sciences and the Nobel Foundation for this very great honor. We each feel privileged and humbled to be named the winners of the 2010 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. – Dale T. Mortensen
As the future is never known with certainty, the evaluation of the prospective benefits requires the formation of expectations. An acceptable house, partner or job, then, is one that offers an expected stream of future benefit that has a value in excess of the option to continue to search for an even better alternative. – Dale T. Mortensen
Over the years, the technology of trade has changed in response to advances in the ability to communicate. From its origins on the streets of Chicago, the Board of Trade moved to a building housing ‘trading pits’ for the open-outcry exchange by brokers representing buyers and sellers. – Dale T. Mortensen
In response to the drop in wealth suffered as a consequence of the 2008 financial crisis, homeowners and firms did attempt to increase savings in financial assets by reducing expenditure on durables. – Dale T. Mortensen
Although labor income is by far the largest component of gross national product, a job is not just a commodity. For many, work is an important reason for living. Even for those who are less fortunate in their allocation of work, being unemployed is a miserable state. – Dale T. Mortensen
I grew up listening to my father argue politics into the night and taking trips every Saturday to the Hood River library where my mother maintained her interest in reading and encouraged the same from her sons. – Dale T. Mortensen
I was a good student with mathematical ability and interests. As such, I took the usual college preparatory program in high school for one looking to become an engineer: all the available courses in mathematics and science. – Dale T. Mortensen
Motivational Quotes by Dale T. Mortensen (LIFE)
I became a member of the faculty at Northwestern University in 1965 but did not complete my thesis until two years later at a graduate ceremony at which Carnegie Institute of Technology became Carnegie-Mellon University. At Northwestern, I was mentored by the ‘three Bobs:’ Robert Eisner, Robert Strotz and Robert Clower. – Dale T. Mortensen
The 1970s was the decade of developments in the new area of information economics. Search theory, which emphasized the need to gather information, was joined by models that featured asymmetric information, the case in which information differed across individual agents. – Dale T. Mortensen
Dale T. Mortensen
Dale T. Mortensen was a distinguished American economist whose groundbreaking work revolutionized the field of labor economics. His pioneering research, particularly in the area of search theory and the analysis of labor markets, earned him international acclaim and recognition, including the Nobel Prize in Economic Sciences in 2010.
Mortensen’s most influential contribution was the development of the search and matching theory, which provided a framework for understanding the dynamics of unemployment and job vacancies in labor markets. His research shed light on the role of frictions, such as information asymmetry and geographic mobility constraints, in shaping the behavior of employers and job seekers.
Through his innovative models and empirical studies, Mortensen transformed our understanding of how labor markets function and how policy interventions can affect employment outcomes. His work has had a profound impact on labor market policy, informing discussions on issues such as unemployment insurance, minimum wage laws, and job training programs.
In addition to his scholarly achievements, Dale T. Mortensen was admired for his mentorship and dedication to teaching. He inspired countless students and colleagues with his passion for economics and his commitment to rigorous analysis and empirical research.
Although Mortensen’s passing in 2014 marked a loss to the economics profession, his intellectual legacy continues to inspire new generations of economists and policymakers. His contributions to labor economics have left an enduring mark, shaping both academic research and public policy in profound ways. Dale T. Mortensen’s work remains a testament to the power of economic inquiry to improve our understanding of the world and address pressing social challenges.
Conclusion
Dale T. Mortensen, born on February 2, 1939, in Enterprise, Oregon, was an esteemed American economist known for his groundbreaking work in labor economics. He was awarded the Nobel Prize in Economic Sciences in 2010, along with Peter Diamond and Christopher Pissarides, for his contributions to the analysis of markets with search frictions.
Mortensen’s research focused on understanding the dynamics of job markets, unemployment, and labor market institutions. His insights revolutionized the field of economics, providing valuable frameworks for understanding labor market phenomena and informing policy decisions. Dale T. Mortensen’s intellectual legacy continues to influence economists and policymakers worldwide, shaping our understanding of labor markets and their role in economic development.
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