Past Nobel Prize winner Paul Krugman on Monday praised the recipients of this year's award for economics, saying it was "richly deserved" in a blog posting entitled "Yay Peter!"
Their work was "very important stuff" the 2008 winner and Princeton University economist wrote on his blog at The New York Times website, DPA reported.
Peter Diamond, along with Dale Mortenson and Chris Pissarides won the 2010 Nobel Prize for Economics "for their analysis of markets with search frictions," particularly in relation to the labour market and economic policy.