Cypriot Economics Nobel Prize laureate, Christopher Pissarides, gave a lecture Thursday evening at the University of Cyprus in Nicosia in the presence of President of the Republic of Cyprus Demetris Christofias.
Pissarides, who was awarded by the Royal Swedish Academy of Sciences with the 2010 Economics Nobel for work focusing on the problems of unemployment, holds since January 2011 the Marfin Laiki Chair at the University of Cyprus.
During the lecture, the Nobel Prize laureate explained the theory he developed with US professors Peter Diamond and Dale Mortensen, who share the 2010 Nobel Prize for Economics, on the practical side as to how a correct policy could minimize the consequences of unemployment both as regards the workers' difficulties and as well as the economy as a whole.
The lecture was attended among others by former President of Cyprus George Vassiliou, Minister of Finance Charilaos Stavrakis, leaders and representatives of political parties, MPs, academics and students.
The relation between job vacancies and unemployment, developed in the framework of the laureates’ theory can show whether the economy is flexible enough to combine the two (vacancies and unemployment) or not. In the event that the economy is not flexible enough, the Professors propose a series of policies to improve the situation.
Pissarides presented the proposals of his theory which aims at implementing active employment policies, including the close monitoring of unemployed by their national employment services, parallel to the generous unemployment benefits, the enforcement of the mobility of employees or unemployed persons, the maintenance of low taxation for low income earners and the maintenance of low contribution to the social insurance funds by employers who need unskilled personnel, as well as the limitation of legislations on the protection of employment.
In his welcome address, Rector of the University of Cyprus Constantinos Christofides recalled that Professor Pissarides is since May 2010 member of the academic staff of the University of Cyprus, giving lectures for the postgraduate programme of the Department of Economics of the Faculty of Economics and Management.
“We feel very privileged that he has accepted this post”, the Rector said, adding that Professor Pissarides is an inspiration to all, academics and students.
Christopher A. Pissarides, born 1948 in Nicosia, he received his Ph.D in 1973. When he received his Nobel Prize he was Professor of Economics and Norman Sosnow Chair in Economics, all at London School of Economics and Political Science, UK.
The Economy Nobel Prize for 2010 was awarded jointly to Professors Peter Diamond, Dale Mortensen and Christopher Pissarides for work focusing on problems like unemployment.
