(This Week In Business) - This past week, a diamond was sparkling at MIT. Professor Peter Diamond won the Nobel Prize. Professor Peter Diamond won the Nobel Prize in economics.
He was one of 3 people honored for explaining why the jobless rate can be high, even when there are lots of job openings.
Diamond has also been nominated to the Federal Reserve, but some U.S. Senate Republicans are blocking his appointment.
Still, it was a huge honor for him this week.