Xu Bin: Nobel Laureate theory of practical reference to China.

<P> </ P> <P align=center> </ P> <P align=center> Xu Bin </ P> <P> Beijing on October 11 evening news announced this week the Royal Swedish Academy of Sciences, in 2010 .American economist awarded the Nobel Prize in Economics PeterDiamond, DaleT.Mortensen and was born in Cyprus, three of the British economist ChristopherPissarides in recognition of their economic policies in explaining aspects of how it affects the contribution rate of unemployment. .</ P> <P> Royal Swedish Academy of Sciences said: "The winners are the model help us understand the regulatory and economic policies of the Government in what way affect the rate of unemployment, job vacancies and wage movements." </ P> <P> .China Europe International Business School this Economics and Professor of Finance, Economics and Decision Sciences Department, said Xu Bin, Tencent Finance, the award-winning scholars, not the three economic circles beyond expectations. .PeterDiamond macroeconomics main contribution made by research on the labor market, his main point is: the labor market is not a frictionless market, each between employers and career there is a cost to find each other, and their research .- job search cost model that will improve the market even if there is unemployment. .DaleT.Mortensen and ChristopherPissarides two had co-written article, with the former theory, the main results in the labor market, employers and workers of the friction. .</ P> <P> Professor Xu Bin opinion, the three winners is not accidental, in theory, they have their own outstanding contributions to the research achievements of their fully qualified. .And why this year's award, which he considers the current global economic conditions, high unemployment, the recovery in the large background. .The public wants to know how economists think unemployment. .If during this period will be prizes awarded to scholars who study and perfect the market theory is obviously out of date. .</ P> <P> He also believes that the three winners for the contribution of economic theory should have an accurate understanding of the results of their theory does not explain the current unemployment rate of up to 10% in Europe and America can be said to explain just .3% of them because of unemployment caused by asymmetric information. .</ P> <P> another sense it is revealed with the system in the frictional unemployment: the labor market is improving, and this arrangement with the relationship between labor market institutions. .Which developing countries like China also has practical reference: Chinese labor mobility, the concept can be applied, if China can standardize intermediary labor force, they can reduce the cost of the labor market, reduce frictional unemployment. .</ P> <P> introduced, according to Xu Bin, PeterDiamond in the last century there were 80 papers related to this come out (after two classic articles come out in 1994, but it is also important to study stage 80), in .At that time, he was an independent study on the labor market will find the microeconomic foundation of macroeconomics, at the time he found that some workers are in a sunset industry, the replacement work, and employers can not seamlessly, but rather .search costs. .80 years, the development of information economics is an important process, in this background, the theoretical maturity. .But Xubin Jiang stressed, for its results, should be accurate understanding, can not say the first, after all, these results reveal only frictional unemployment. .</ P>.