This year's Nobel prize of economics was awarded yesterday to a trio of economists who have contributed to research in labor market frictions. Given the persistently high unemployment in the US, now at 9.6% and expected to go higher, the prize seemed to have a good timing.  But despite their contributions, policy makers today still could not solve the problem.  So is it just a mockery?

WSJ today has a good story (also good timing), on why there are so many unfilled job openings despite the high unemployment rate:

Among the explanations for the stubbornly high U.S. unemployment rate, factors such as housing troubles and extended unemployment benefits have played a leading role. Increasingly, though, economists and job seekers are identifying another problem: Employers are being pickier, or not trying as hard as they usually do to fill the openings they have.