Gist: Three economists were awarded the Nobel Prize in Economics for helping to explain why big, complex markets like for houses or jobs don't always do a good job of matching buyers and sellers. These Nobel winners have described in complicated equations is the "friction" that gets between actual buyers and sellers. It's all the added costs and complications of searching. People will wait for the best offer they may be able to get. The same situation in job market, all those unemployed workers are waiting for the best offer. If the unemployment benefits that are higher than the low-wage jobs that are available, people would rather stay in the position where they originally stay.
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