Post by graybeard on Oct 13, 2008 5:58:15 GMT -6
Princeton's Paul Krugman Wins Nobel Economics Prize (Update2)
By Benedikt Kammel
Oct. 13 (Bloomberg) -- Princeton University professor and New York Times columnist Paul Krugman won the Nobel Prize in economics for his work on trade theory.
Krugman, 55, received the prize ``for his analysis of trade patterns and location of economic activity,'' said the Royal Swedish Academy of Sciences, which selects the winners. His work explained how economies of scale influence trade and urbanization.
``It's a total surprise,'' Krugman said in a telephone interview.
Krugman gained his reputation in economics by contributing to strategic trade theory, contending that countries could steal a march on other nations by subsidizing strategic industries. He has found broader fame with his newspaper columns that regularly criticize President George W. Bush's policies.
In an interview with Bloomberg Television on Oct. 10, Krugman said the current financial turmoil had similarities with the Great Depression. ``The parallels are stronger than I thought they would be,'' he said. ``We developed a financial system that is out of control. The only things people want to buy are T-bills and water.'' ( He actually said, "bottled water," fwiw.)
The Nobel laureate said today he saw little danger of a move toward protectionism in the U.S., no matter which party wins in next month's elections.
Protectionism
``There may be a standstill, or slowdown at least, on new trade agreements, but I find reversal on trade agreements implausible,'' he said in remarks via telephone to a group of reporters in Stockholm. ``Full-scale protectionism I don't see.''
Continues at: www.Bloomberg. com
By Benedikt Kammel
Oct. 13 (Bloomberg) -- Princeton University professor and New York Times columnist Paul Krugman won the Nobel Prize in economics for his work on trade theory.
Krugman, 55, received the prize ``for his analysis of trade patterns and location of economic activity,'' said the Royal Swedish Academy of Sciences, which selects the winners. His work explained how economies of scale influence trade and urbanization.
``It's a total surprise,'' Krugman said in a telephone interview.
Krugman gained his reputation in economics by contributing to strategic trade theory, contending that countries could steal a march on other nations by subsidizing strategic industries. He has found broader fame with his newspaper columns that regularly criticize President George W. Bush's policies.
In an interview with Bloomberg Television on Oct. 10, Krugman said the current financial turmoil had similarities with the Great Depression. ``The parallels are stronger than I thought they would be,'' he said. ``We developed a financial system that is out of control. The only things people want to buy are T-bills and water.'' ( He actually said, "bottled water," fwiw.)
The Nobel laureate said today he saw little danger of a move toward protectionism in the U.S., no matter which party wins in next month's elections.
Protectionism
``There may be a standstill, or slowdown at least, on new trade agreements, but I find reversal on trade agreements implausible,'' he said in remarks via telephone to a group of reporters in Stockholm. ``Full-scale protectionism I don't see.''
Continues at: www.Bloomberg. com