Cypriot Pissarides Picks up Nobel Prize for Economics the Vagelos
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O C V ΓΡΑΦΕΙ ΤΗΝ ΙΣΤΟΡΙΑ Bringing the news ΤΟΥ ΕΛΛΗΝΙΣΜΟΥ to generations of ΑΠΟ ΤΟ 1915 The National Herald Greek Americans c v A wEEKly GREEK AmERICAN PUBlICATION www.thenationalherald.com VOL. 14, ISSUE 679 October 16-22 , 2010 $1.50 Cypriot Pissarides The Vagelos Gift of Giving Gifts To Others Picks Up Nobel Prize They Gave Away Millions Using for Economics Lessons Learned Perhaps just in time to help new homes even though there Greece get out of its fiscal dol - are a number of unsold proper - By Constantine S. Sirigos drums – and he’s already offering ties available. Another is the la - TNH Staff Writer advice – Prof. Christopher Pis - bor market. Because searching sarides, a British-Cypriot has, for jobs takes time and resources, NEW YORK – Dr. P. Roy Vage - along with two Americans, Peter it creates friction in the job mar - los and his wife Diana are Diamond, Dale Mortensen ket, helping explain why there wealthy enough to be among shared in the 2010 Nobel Prize are both job vacancies and un - the biggest philanthropists in for Economics, for developing a employment simultaneously, the the Greek American community, theory that helps explain why academy said. This search but said they learned who many people remain unem - process meant there would in - would get their generosity by ployed despite a large number evitably be job vacancies and un - the largesse they gave to each of job vacancies. They were hon - employment. “The laureates’ other, and knowing the causes ored for their analysis of the fric - models help us understand the they would support. “One rule tion involved when buyers and ways in which unemployment, we hold true to is we are chari - sellers are paired up in markets. job vacancies and wages are af - table to those we are engaged Diamond, a former mentor to fected by regulation and eco - with. We are very familiar with current Federal Reserve chair - nomic policy,” the citation said. their mission and interests and man Ben Bernanke, analyzed the Their work resulted in the so- their governance. Unless we are foundations of so-called search called Diamond-Mortensen-Pis - very involved and know exactly markets, while Mortensen and sarides model, a frequently used what the needs are we are not Pissarides expanded the theory tool to estimate how unemploy - inclined to become donors. So and applied it to the labor mar - ment benefits, interest rates, the far we’ve been pretty accurate,’ ket. They won $1.5 million along efficiency of employment agen - she said. When they give, they with the prize. cies and other factors can affect often give big, the latest being Pissarides, a 62-year-old pro - the labor market. “One conclu - a $50 million gift they recently fessor at the London School of sion is that more generous un - made to the Columbia Univer - Economics, told The Associated employment benefits give rise to TNH/COSTAS BEJ sity Medical Center (CUMC) will Press that the win was “a com - higher unemployment and Greek “Heroes” Exhibit Dazzles, Inspires, Provokes in N.Y. Opening help it to continue to produce plete surprise.” Speaking from longer search times,” the acad - many of America’s top physi - his London home, he said: “The emy said. “According to a classi - Anthony Papadimitriou, (R) President of the Onassis Foundation USA, admiring one of the works cians and researchers far into happiness is even more when it cal view of the market, buyers of art at the Heroes: Mortals and Myths in Ancient Greek exhibit, with Greek Minster of Culture the future. comes as a surprise.” Diamond, and sellers find one another im - Pavlos Geroulanos. See related story on page 3. Vagelos, former Chairman 70, is an economist at the Mass - mediately, without cost, and and CEO of pharmaceutical gi - achusetts Institute of Technology, have perfect information about ant Merck & Co. Inc. Was grad - and an authority on Social Se - the prices of all goods and ser - uated from Columbia’s College curity, pensions and taxation. vices ... But this is not what hap - of Physicians and Surgeons in Mortensen, 71, is an economics pens in the men’s work on search ADL Award to Andreas For Her Father 1954 and his wife is a graduate professor at Northwestern Uni - markets, which helped explain of Barnard College, invited The versity in Evanston, Illinois. He how it was possible so many peo - National Herald to speak with is now a visiting professor at the ple could be unemployed at a By Theodore Kalmoukos lished in 1913 and has offices wife of the prominent Greek- them about their philanthropic University of Aarhus in Denmark time when a large number of TNH Staff Writer in 29 states in the United States American businessman and activities and other concerns. and was told he had won the jobs were on offer. “Search the - as well as in Jerusalem, Rome artist George Andreas. She said Their Manhattan apartment, prize before a lecture, university ory has emerged as the predom - BOSTON- Ursula E. Andreas of and Moscow. The group’s an - in her speech that, “My family with its spectacular views of spokesman Anders Correll said. inant model for considering the Virginia has been honored by nual budget is $60 million. ADL lived in Chemnitz, Germany, Central Park and the art they “He was very, very happy but effects of economic-policy mea - the prominent Jewish Anti- Director Abraham Foxman said which had a very diversified have collected – mainly selected composed at the same time,” sures on the labor market,” the Defamation League (ADL) with “The ADL posthumously hon - population, who loved the arts, by her – was filled with the Correll said. committee said in a statement. the Courage to Care Award for ored Horst Lantzesch for his the opera and the theater. The warmth generated by the well- Their work sheds light on These measures include the size her late father’s Horst B. courage and bravery in defying fashion market was also very matched couple. why the classical view of mar - of unemployment benefits and Lantzsch bravery in saving the the Nazis to save his Jewish upscale. My father grew up with Their home is in New Jersey, kets, in which prices are set so rules on hiring and firing. life of his Jewish friend Freddi friend from a concentration a very special friend Freddie As - but when they have work or so - that buyers and sellers always “Clearly the theory does not Ascher from the Nazis in Ger - camp during the Holocaust.” cher, who happened to be Jew - cializing to do in New York, they find each other and all resources offer very simple prescriptions many. The event took place on Andreas, in an emotional speech ish. They became very close and stay at their apartment. Mrs. are fully utilized, doesn’t always for how to return to full employ - October 7 at the Sheraton Hotel told the story of her father’s my dad, my mother, Freddie, Vagelos said they both love New apply to the real world. One ex - ment,” Tore Ellingsen, a member in Boston during the official lun - courage as she lived it during and his wife Edith saw each York, and they “love to come in ample is the housing market, cheon of the annual ADL Con - her teenage years and as her where buyers can struggle to find Continued on page 9 ference, a group that was estab - parents had told her. She is the Continued on page 4 Continued on page 5 Plytas & Nathanail: Hellenic-American Chamber Honors Zoullas Greece’s Teen Water Ski By Dimitris Tsakas TNH Staff Writer Champions Rule The Water NEW YORK - On October 15th the Hellenic-American Chamber of Commerce awarded the title By Sylvia Klimaki stead, they traveled two hours, Personality of the Year 2010 to TNH Staff Writer all the way from the southern Sophocles N. Zoullas, President suburbs of Athens to Aliartos, and CEO of Eagle Bulk Shipping, ATHENS- On a gloomy Friday 100 kilometers away, for train - the first time in many years that morning recently, 15-year-old ing. They would spend the whole the event was not held in the European water skiing champi - weekend there, living by them - great hall of the Metropolitan ons John Nathanail and Nikolas selves in a hotel nearby, with Club in Manhattan. The Execu - Plytas did not go to school. In - George Hatzis, their coach and tive Director of the Hellenic- guardian. During the weekend American chamber, Stamatis they would compete at the 3rd Gikas, told The National Herald Greek Masters tournament at that due to unprecedented in - Hatzis Water Ski Paradise camp, terest, the event was moved to Wall Street ending a very successful season. the noted Hotel Pierre, which is Hatzis’ camp is the only water a considerably larger venue. ski school in Greece where ath - “‘The interest for both the event Wilson vs letes can practice in fresh water and the album is great and we and enjoy top-level conditions. expect more than 550 people,”‘ Hatzis’ brother’s -both former Gikas said, before it was held, NY DiNapoli champions and still active mem - expressing his admiration for the bers of the Greek national team, impressive progress of Zoullas, now focus more on training the who comes from a family tradi - ALBANY, N.Y. – If he could help next generations of world-class tionally involved into shipping turn around General Motors, skiers. Plytas and Nathanail have and, as he proudly says, he is Greek American financier Harry been traveling around the world the fifth generation.