it would to peter diamond and dale mortensen as well as british cyprian christopher pissarides. they help to explain how job unemployment is affected by economic policy. it considers the people looking for work in job centers like this remain unemployed despite numerous job openings. their work has impacted public policy around the world already. >> what is the affect on the unemployed? in particular, on the unemployment rate? raising the benefits. we have to understand how the unemployed search for jobs and how they are influenced by getting paid better while they are unemployed. >> one of the three christopher pissarides,, says no one should give too long without work. that leads to resignation and people lose the motivation to return to the labour market. >> there should be support for the unemployed. you don't want a society of a small percentage of workers that suffer. there should be support, but at the same time, that should port should be -- that support should be targeted on the condition of looking for a job and being prepared to take a job. >> the three economists wil

it would to peter diamond and dale mortensen as well as british cyprian christopher pissarides. they help to explain how job unemployment is affected by economic policy. it considers the people looking for work in job centers like this remain unemployed despite numerous job openings. their work has impacted public policy around the world already. >> what is the affect on the unemployed? in particular, on the unemployment rate? raising the benefits. we have to understand how the unemployed search for jobs and how they are influenced by getting paid better while they are unemployed. >> one of the three christopher pissarides,, says no one should give too long without work. that leads to resignation and people lose the motivation to return to the labour market. >> there should be support for the unemployed. you don't want a society of a small percentage of workers that suffer. there should be support, but at the same time, that should port should be -- that support should be targeted on the condition of looking for a job and being prepared to take a job. >> the three economists wil

. >> peter diamond, dale mortensen and christopher pissarides were given the nobel prize for their theory on unemployment that explained how optic -- market obstacles keep people jobless even while there are plenty of job vacancies. they receive a 1 $25 million prize for their work. -- a $1.5 million prize for their work. a perfect end to the holiday weekend. how long will this warm weather last? >> speaking of which, it was a beautiful day at the stadium this survey. i will give you the very latest from redskins park today. and i will hand out the game balls. -n( music playing ) the game - we know technology can make you more connected. but now it can make you more connected to your doctor through e-mail. test results from home. check records. change appointments. now doctors, nurses, techs, pharmacists are all digitally connected to each other. and ultimately connected to you. at kaiser permanente, we believe that if knowledge is power, shared knowledge is even more powerful. kaiser permanente. thrive. >> tonight, the republican candidate for new york governor is clarifying some comment

their names are peter diamond, dale mortensen and christopher siserades. they won theward by developing theorys that help explain how economic policies can affect unemployment. among other things, their research shows why a lot of peop remain unemployed even at times when there are large numbers of job openings. >>> well, the dow sits above 11,000 for the first time since may. let's check in with cnbc'sry thompson, joining us live with more on that and the rest of the business headlines. good morning. >> good morning, barbara. we are seeing modest gains on wall street on thi columbus day. keep in mind, the bond market has slowed but the stock market is open for trading, right now the dow holding above at 11,000 level. the blue chip index extendi ini gains from friday. stocks getting a lift from investors' expectationshat the federal reserve will buy large amounts of u. treasuries to provide a short-term boost to the u.s. economy. among the stocks in the news toy, gymboree is up over 20%. theetailer children's clothing accepting a takeover bid from a privat

dale mortensen of northwestern university in evanston, illinois, and christopher pissarides of the london school of economics. their research shows why many people remain unemployed at times, despite large numbers of job openings. it also explains that jobless rates do not necessarily decline based on economic policy and regulation. the three economists claim that improving public services can actually raise jobless rates. the royal swedish academy of sciences says their theories are applicable to monetary policies and public economics. >> it's an important full message from sweden, so to took me as surprise. i thought i was hallucinating for the moment. >> professor mortensen was giving a lecture in denmark, where his father was born, when he heard the news. >> at the moment very overwhelming and i imagine it will get worse before it gets better, but happy, too. >>> a u.s. biotechnology firm says it has started the world's first test using embryonic stem cells on a human patient. geron corporation said on monday it's treating a patient with spinal paralysis. researchers are enjecting emb

professor peter diamond of the massachusetts institute of technology, dale mortensen of northwestern university in evanston, illinois and christopherissarides of the london school of economics. their research shows why many people remain unemployed at times despite large numbers of job openings. it also explains the jobless rates do not necessarily decline based on economic policy and regulation. the three economists claim that improving public services can actually raise jobless rates. the royal swedish academy of sciences says their theories are applicable to monetary policies and public economics. >> an important phone message from sweden. to my surprise. i thought i was hallucinating for a moment. >> professor mortensen was giving a lecture in denmark where his father was born when he heard the news. >> well, at the moment, very overwhelming. i imagine it will get worse before it gets better. but happy, too. >>> in northern chile, trapped miners are finally likely to be lifted out. they have been in a shelter about 700 meters underground for more than two months. >> the minister spoke to reporters on monday, saying rescuers fin

and dale mortensen of northwestern university, and to christopher pissarides, a british-cypriot economist diamond got the news as he returned home to the boston area from an overseas trip. >> fortunately i was sitting down i wasn't behind the steering wheel. it kind of takes your breath away. it's just... you suddenly realize not only is it the moment but also there are all sorts of changes in your life, opportunities opening up, all sorts of things that are going to be different. >> brown: diamond and his colleagues were recognized for research into why markets often don't work as expected, particularly the job market. joining us to explain is catherine rampell of the "new york times." catherine, the economist won for work in so-called search theory. can you give us the lehman's definition of that. >> right. basically that refers to research about markets where buyers and sellers don't automatically find each other. that really refers to almost all markets except for things like commodities. so in the job market that means why does it take so long for people who are unemployed to find jo

peter diamond and dale mortensen won the award for their research on unemployment and the economy. british citizen christopherlso took home the award. their research explains things such as why people are still unemployed even when there are a large number of job openings. >>> well, some unemployed americans are finding they don't have the skills to get jobs in their old professions. during the recession employers became productive by doing more with fewer workers. people took on new duties. now people applying for those jobs need to meet new requirements. some employers are even having trouble finding workers who have all the required skills. >>> also, kids dropping out of college after one year is costing taxpayers billions of dollars. that's according to a new report from 2003 to 2008, states spent more than $6 billion to help pay for the education of students who did not return. in addition, the federal government and the state spent about $1.5 billion each on grants for students. the information was gathered by the american institutes for research. >>> okay. too much tv could be bad for your child's ment