Interview with Christopher PissaridesNobel laureate: «The big problem in labour markets is inequality»
The British labour economist argues for sharing the cost when combating inflation and asks workers to compromise for wage rises that are lower than inflation. Researchers and policymakers should focus on inequality.
Cypriot-born Christopher Pissarides is one of Europe’s leading economists. Pissarides, a professor of economics at the London School of Economics, has spearheaded work on the study of labour markets during the 1970ies and 80ies. He was awarded the 2010 Nobel Memorial Prize in economics in recognition of his work on frictions, small market imperfections that ultimately lead to higher than expected levels of unemployment. «Finanz und Wirtschaft» talked to him about the characteristics of the labour market during a high inflation environment.