Nobel Prize in Economic Sciences was awarded jointly to Peter A. Diamond, Dale T. Mortensen and Christopher A. Pissarides "for their analysis of markets with search frictions."
"Frictions" sounds as if we're in the realm of physics. But in an economic context, "frictions" refer to the inefficiencies that slow down a process (think finding a job or a buyer for your house). Read more about the Laureates' work here. (The Popular Information links on the NobelPrize.org site offer very clear and well-written explanations of all the Laureates' research.)
As I've mentioned, all the Laureates we've heard about this week are global heroes. Use their stories and their work to connect students globally across the curriculum. NobelPrize.org offers ideas for teaching here.
If you've got your own lesson plan or a strategy for using the Nobel Prize and the Laureates' work in your classroom, let me know. Email me at higginsteachingatgmaildotcom, and I'll feature your idea in a future post.