Evanston, Ill. • Nobel laureate and longtime Northwestern University economics professor Dale Mortensen has died.
Mortensen shared the Nobel economics prize with two other Americans in 2010 for their work explaining how unemployment can remain high despite a large number of job openings.
Mortensen died Thursday at his home in Wilmette, Ill., said his personal assistant and close family friend, Sue Triforo. He was 74.
Northwestern President Morton Schapiro paid tribute to Mortensen, saying "his groundbreaking work is especially relevant to policymakers attempting to address unemployment today."
Besides his pioneering approaches to investigating the labor market, Mortensen had a way of breaking down complex economic ideas into terms anyone could relate to.