Work is the refuge of people who have nothing better to do. : Oscar Wilde

Monday, October 11, 2010

"Three win economics Nobel for job market analysis"

It is perfectly obvious to anyone working as an employment advisor that there are large inefficiencies of various kinds in systems for assigning people to jobs. For instance, many jobs are advertised on big job banks but the job titles are not standardised making them more difficult to identify, and anyway many job seekers have only poorly developed Internet skills; and many jobs are unadvertised ('hidden') obliging people to network for them. However, I had no idea that there are academics studying these issues.

I've just read an announcement that this year's Nobel Prize for Economics is to go to three economists. The announcement says: "Since searching for jobs takes time and resources, it creates frictions in the job market, helping explain why there are both job vacancies and unemployment simultaneously, the academy said."

I hope what they've done can be put to practical use—and quickly.