Quotes by Dale T. Mortensen - Page 1

Every great achievement is but a small peak in the mountain range of contributions.
Dale T. Mortensen /
Great
Achievement
Great Achievement
Mountain
Range
Every
Contributions
Small
Peak
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Economics is a strange science. Our subject deals with some of the most important as well as mundane issues that impinge on the human condition.
Dale T. Mortensen /
Science
Deals
Economics
Human Condition
Issues
Mundane
Strange
Condition
Impinge
Subject
The Most Important
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In response to the drop in wealth suffered as a consequence of the 2008 financial crisis, homeowners and firms did attempt to increase savings in financial assets by reducing expenditure on durables.
Dale T. Mortensen /
Assets
Consequence
Crisis
Financial Crisis
Reducing
Response
Wealth
Attempt
Crisis Financial Financial Crisis
Suffered
Drop
Expenditure
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I grew up listening to my father argue politics into the night and taking trips every Saturday to the Hood River library where my mother maintained her interest in reading and encouraged the same from her sons.
Dale T. Mortensen /
Hood
Reading
Saturday
Argue
Encouraged
Maintained
River
Sons
Trips
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I was a good student with mathematical ability and interests. As such, I took the usual college preparatory program in high school for one looking to become an engineer: all the available courses in mathematics and science.
Dale T. Mortensen /
Available
Courses
Mathematical
Program
Usual
Student
Good Student
Preparatory
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Unemployment is 'involuntary' when the price is above its market clearing level. Workers are unemployed because jobs are not available at the prevailing wages, period. The only recourse is to either expand the number of jobs or somehow lower the wage.
Dale T. Mortensen /
Jobs
Available
Clearing
Involuntary
Prevailing
Recourse
Unemployed
Workers
Above
Period
Either
Expand
Number
Lower
Market
Wage
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Although labor income is by far the largest component of gross national product, a job is not just a commodity. For many, work is an important reason for living. Even for those who are less fortunate in their allocation of work, being unemployed is a miserable state.
Dale T. Mortensen /
Allocation
Commodity
Fortunate
Gross
Income
Labor
Miserable
Unemployed
Component
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The 1970s was the decade of developments in the new area of information economics. Search theory, which emphasized the need to gather information, was joined by models that featured asymmetric information, the case in which information differed across individual agents.
Dale T. Mortensen /
Agents
Models
Theory
Decade
Developments
Emphasized
Featured
Gather
Joined
Search
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Over the years, the technology of trade has changed in response to advances in the ability to communicate. From its origins on the streets of Chicago, the Board of Trade moved to a building housing 'trading pits' for the open-outcry exchange by brokers representing buyers and sellers.
Dale T. Mortensen /
Buyers
Chicago
Communicate
Housing
Pits
Representing
Response
Sellers
Streets
Trade
Advances
Board
Broker
Exchange
Origins
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My co-winners, Peter Diamond and Christopher Pissarides, and I wish to thank the Royal Swedish Academy of Sciences and the Nobel Foundation for this very great honor. We each feel privileged and humbled to be named the winners of the 2010 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
Dale T. Mortensen /
Diamond
Honor
Nobel
Peter
Privileged
Royal
Swedish
Named
Christopher
Humbled
Sciences
Thank
Winners
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I became a member of the faculty at Northwestern University in 1965 but did not complete my thesis until two years later at a graduate ceremony at which Carnegie Institute of Technology became Carnegie-Mellon University. At Northwestern, I was mentored by the 'three Bobs:' Robert Eisner, Robert Strotz and Robert Clower.
Dale T. Mortensen /
Carnegie
Ceremony
Faculty
Institute
Northwestern
Thesis
Graduate
Member
Robert
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As the future is never known with certainty, the evaluation of the prospective benefits requires the formation of expectations. An acceptable house, partner or job, then, is one that offers an expected stream of future benefit that has a value in excess of the option to continue to search for an even better alternative.
Dale T. Mortensen /
Acceptable
Certainty
Evaluation
Excess
Formation
Offers
Alternative
Benefit
Option
Partner
Prospective
Requires
Search
Stream
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