Monthly Archives: October 2010

For the past several years I have been interacting with people who are looking for jobs on a daily basis. I have also been working with recruiters, who find people jobs. After many years of working with various people, it often occurs to me that those who get the best jobs do their job search in an unconventional way: The best thing is to avoid doing what everyone else is doing when it comes to looking for a job. By far, the most effective strategy for getting a job is to look where other people are simply not looking.

A focus of the Nobel Prize in Economic Sciences, 2010, winning paper is on unemployment, quite expectedly. The Nobel laureates, whose groundbreaking study Markets with Search Costs, won the prize developed and applied their theory to examine the labor market and identify the elusive factors determining unemployment. The model, now accepted in the world of economics as the DMP (Diamond-Mortensen-Pissarides) model goes deep into search behavior of unemployed and jobless vis-a-vis the recruiting behavior of companies and wage formation in the market. One of the most remarkable findings of the study was the nature of the relationship between UI benefits and unemployment.