Peter Diamond, Dale Mortensen and Christopher Pissarides shared the 2010 Nobel Prize in Economic Sciences for their work on the efficiency of recruitment and wage formation as well as labor-market regulation.
Diamond, 70 -- an economics professor at the Massachusetts Institute of Technology -- has researched a wide range of subjects. His earliest work, published in the 1960s, focused on the long-term impact of the growing national debt on the economy.
In a paper written in 2005 with Peter Orszag, who stepped down as President Barack Obama’s budget director in July, Diamond argued that Social Security’s long-term financial health could be restored through modest cuts in benefits and tax increases.
President Barack Obama chose Diamond for a post on the Federal Reserve Board in April, subject to confirmation by the Senate. The nomination was later returned to the White House because of objections from at least one unidentified senator. Obama resubmitted Diamond’s name on Sept. 13.