Peter Diamond Biography: Wife, Age, Children, Height, Net Worth, Parents, Nobel Prize

Peter Arthur Diamond, famously known as Peter Diamond, is a distinguished American economist renowned for his pioneering work on markets with search frictions, earning him the 2010 Nobel Memorial Prize in Economic Sciences alongside Dale T. Mortensen and Christopher A. Pissarides.

As an Institute Professor Emeritus at the Massachusetts Institute of Technology (MIT), Diamond has made significant contributions to social insurance, optimal taxation, and pension reform, notably through his advisory roles on U.S. Social Security policy and his influential book Saving Social Security: A Balanced Approach with Peter Orszag.

Profile

• Full Name: Peter Arthur Diamond
• Stage Name: Peter Diamond
• Born: 29, April 1940
• Age: 85 years old
• Birthplace: New York City, New York, U.S.
• Nationality: American
• Occupation: Economist, and Professor
• Height: Unknown
• Parents: Mr. Diamond and Mrs. Diamond
• Siblings: Unknown
• Spouse: Priscilla Myrick (m. 1966)
• Children: Matt Diamond, and Andy Diamond
• Relationship: Married
• Net Worth: $5 million

Early Life and Education

Peter Arthur Diamond was born on April 29, 1940, in New York City to Jewish immigrant parents, referred to as Mr. and Mrs. Diamond in the absence of publicly disclosed names. His mother’s family immigrated from Poland, and his father’s parents came from Russia and Romania. No information is available about his siblings.

Raised in New York, Diamond excelled academically, earning a bachelor’s degree in mathematics summa cum laude from Yale University in 1960. Initially accepted into MIT’s mathematics graduate program, he switched to economics, completing his Ph.D. in economics at MIT in 1963 under the guidance of Robert Solow. His ethnicity is Jewish-American, and his religious beliefs are not publicly disclosed.

Career

Peter Diamond began his career as a research assistant for Tjalling Koopmans at the Cowles Foundation in 1960, co-authoring his first publication in 1964. After earning his Ph.D., he served as an assistant professor at the University of California, Berkeley, from 1963 to 1965 and as an acting associate professor before joining MIT as an associate professor in 1966.

His early work focused on national debt and capital accumulation, but his 1971 paper on search theory in retail markets introduced the “Diamond paradox,” challenging classical market assumptions by showing that search costs lead to monopoly pricing. This laid the foundation for his later Nobel-winning research.

Diamond’s analysis of markets with search frictions, developed with Mortensen and Pissarides, revolutionized labor market theory by explaining why high unemployment can coexist with job vacancies. His models, applied to labor markets and later the broader economy, have informed economic policy on wages, unemployment, and regulation.

He joined the National Bureau of Economic Research in 1991 and received the Erwin Plein Nemmers Prize in 1994 for opening new fields of economic analysis. His leadership roles include serving as president of the American Economic Association (2003), the Econometric Society (1991), and the National Academy of Social Insurance (1994–1997).

Since the 1970s, Diamond has been a leading voice in social insurance, advising Congress on Social Security reform and co-authoring Saving Social Security: A Balanced Approach (2004) with Peter Orszag. His nomination to the Federal Reserve Board by President Obama in 2010 was blocked by Senate Republicans, leading to his withdrawal in 2011 after citing partisan opposition.

Diamond’s influence endures through his mentorship of economists like Andrei Shleifer and Emmanuel Saez, both John Bates Clark Medal winners, and his extensive publications, including Pension Reform: A Short Guide with Nicholas Barr. His work continues to shape policy and academic discourse on equitable economic systems.

Social Media

Peter Diamond is not on social media.

Personal Life

Peter Diamond married Priscilla Myrick, who is affectionately known as Kate, in the year 1966, marking the beginning of a lifelong partnership filled with shared experiences and mutual support. Together, they have raised two sons, Matt and Andy, nurturing a close-knit family environment.

The family has made their home in the charming city of Lexington, Massachusetts, where they enjoy the vibrant community and the rich cultural and educational opportunities the area offers.

Net Worth

Peter Arthur Diamond has an estimated net worth of $5 million, primarily earned through his distinguished academic career at MIT, where he served as an Institute Professor until his retirement in 2011. His income includes royalties from books like Saving Social Security and Pension Reform, as well as speaking engagements as a keynote speaker through bureaus like the London Speaker Bureau.