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Paul Krugman wins Nobel

Paul Krugman wins Nobel Prizewww.EmploymentCrossing.com

Paul Krugman, a professor at Princeton University and an Op-Ed columnist for The New York Times, was awarded the Nobel Memorial Prize in Economic Sciences on Monday.

Its been an extremely weird day, but weird in a positive way, Mr. Krugman said in an interview on hisway to a Washington meeting, according to the New York Times. He said he was mostly preoccupied with the hassles of trying to make all his scheduled meetings today and answering a constantly-ringing cell phone.
Mr. Krugman was awarded for his work on international trade and economic geography. The prize committee lauded his work for having shown the effects of economies of scale on trade patterns and on the location of economic activity. Traditional trade theory assumes that countries are different and will exchange different types of goods with each other; Mr. Krugmans theories have explained why worldwide trade is dominated by a few countries that are similar to each other, and why some countries might import the same kinds of goods that it exports.
Mr. Krugman wrote his dissertation, however, on international finance, and credits his late MIT professor Rudiger Dornbusch for pushinghim to study international trade.
To be absolutely, totally honest I thought this day might come someday, but I was absolutely convinced it wasnt going to be this day, Mr. Krugman said. I know people who live their lives waiting for this call, and its not good for the soul. So I put it out of my mind and stopped thinking about it.
Mr. Krugman continues to teach at Princeton. Mondays award is the last of the six prizes and is not one of the original Nobels, but was created in 1968 by the Swedish central bank in Alfred Nobels memory. Mr. Krugman was the only was the only winner of the award, which includes a prize of about $1.4 million.







Channel: News
Uploaded: October 13, 2008 at 8:41 pm
Author: writingcrossing

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Tags: trade Princeton Prize exports Memorial Nobel Economic Sciences Columnist theory New Times activity York imports Krugman Paul Op-Ed

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