Dale T. Mortensen 101: Explore the Revolutionary Economist
Dale T. Mortensen was an American economist who made pioneering contributions in the field of economics. Born on February 2, 1939, Mortensen is best known for his research on labour economics, job markets, and unemployment. He served as a professor of economics at several universities and inspired many of his students.
Mortensen’s work on the inconsistencies observed in job markets and fluctuations in unemployment rates created a great stir in the economic world. He won the 2010 Nobel Prize in Economics for his contributions. For more information on Dale T. Mortensen, you can refer to the subheadings in this Zatrun.com article.
Who is Dale T. Mortensen?
Dale T. Mortensen is an American economist who, for his work on “analysis of markets with search frictions,” shared the 2010 Nobel Prize in Economics with Peter A. Diamond and Christopher A. Pissarides. The theoretical framework developed by the three men describes the search activities of the unemployed, hiring and wage-setting methods of businesses, and the effects of economic policies and regulations. The theory is now widely used in job market analysis.
Mortensen earned his undergraduate degree in economics from Willamette University in 1961. He then continued his education at Carnegie-Mellon University, completing his PhD in economics in 1967. Prior to leaving Carnegie-Mellon, Mortensen began teaching economics at Northwestern University.
He became a professor of managerial economics and decision sciences at the Kellogg School of Management at Northwestern University in 1980. He also served as the director of mathematical models in the university’s social sciences program.
His Academic Achievements
Dale T. Mortensen shared the Nobel Prize for his contributions to the “theory of markets with search costs” with Pissarides. This theory applied to job markets the idea that supply and demand can exist without aiding each other, just as in the housing market. Mortensen determined that rigidities in the labour market, such as the length of time spent by the searcher seeking the best job with the highest pay, can cause unemployment.
In his book “Wage Dispersion: Why Are Similar Workers Paid Differently,” Mortensen investigated the reasons for pay differentials and argued that they are largely the result of job search friction and cross-firm differences in wage policy. Mortensen passed away on January 9, 2014, at the age of 74, at his home in Wilmette due to stage 4 lung cancer.
