IN CONTEXT
Decision making
George Stigler (1911–91)
1944 British politician William Beveridge argues that if the unemployment rate is high, the number of job vacancies is low.
1971 US economist Peter Diamond shows that costly search frictions prevent the law of “one wage” from working in practice.
1971 US economist Dale Mortensen looks at how unemployment can rise among skilled workers, even when there are jobs available.
1994 British economist Christopher Pissarides provides empirical data and models for search and matching theory.
It is usually easy to decide where to buy bread or soap. There are many supermarkets, and they ...
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