Paul Krugman, Nobel Prize Winner
From today’s Washington Post:
Paul Krugman, a Princeton economics professor and New York Times op-ed columnist, won the Nobel Prize in economics today for his theory on how economics of scale shape international trade.
…
In its announcement, the Royal Swedish Academy of Sciences said, “Traditional trade theory assumes that countries are different and explains why some countries export agricultural products whereas others export industrial goods.”
But Krugman, 55, has shown “why worldwide trade is in fact dominated by countries which not only have similar conditions, but also trade in similar products — for instance, a country such as Sweden that both exports and imports cars. This kind of trade enables specialization and large-scale production, which result in lower prices and a greater diversity of commodities.”
Paul Krugman is a favorite of the contributing editors of harikari. Not so much for why he won the Nobel Prize for economics today, but because he’s so damn smart and writes so well. I just searched “Krugman” on this blog and found that since we started this thing in May 2005, we’ve quoted him 117 times.
Read his column and his blog today.
Krugman is a man that even I can respect. I, Gorby, who detest knee-jerk liberals and whiny socialists can repect Krugman.