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| Fifth Column |
| Paul Krugman Wins Economics Nobel |
| 2008-10-13 |
| How did this happen? 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 Science on Monday. "It's been an extremely weird day, but weird in a positive way," Mr. Krugman said in an interview on his way to a meeting for the Group of Thirty, an international body from the public and private sectors that discusses international economics. Mr. Krugman received the award for his work on international trade and economic geography. In particular, 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." He has developed models that explain observed patterns of trade between countries, as well as what goods are produced where and why. Traditional trade theory assumes that countries are different and will exchange different kinds of goods with each other; Mr. Krugman's 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. In 1991 Mr. Krugman received the John Bates Clark medal, a prize given every two years to "that economist under forty who is adjudged to have made a significant contribution to economic knowledge." Mr. Krugman continues to teach at Princeton. This semester Mr. Krugman is teaching a graduate-level course on international monetary policy and theory, covering such timely subjects as international liquidity crises. According to Princeton's Web site, four students are currently enrolled in the class. In recent years he has also taught courses on the welfare state and international trade. Monday's 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 Nobel's memory. Mr. Krugman was the only winner of the award, which includes a prize of about $1.4 million. I wonder if he'll pay taxes based on Bush's rates which he views as unfair or will pay a higher level. |
| Posted by:Beavis |
| #13 Come to think of it, what better time to give Krugman a Nobel prize than now, and what better field than economics. A perfect storm of irony! It's kind of like handing out a lifetime award for being a good Nazi in the Spring of '45. |
| Posted by: Iblis 2008-10-13 16:55 |
| #12 The point is, did Krugman win for his economics work, or for his lunatic rants at the NYT? Because the Nobel Committee so often rewards liberal doomsaying, one suspects the latter. |
| Posted by: Iblis 2008-10-13 16:53 |
| #11 Good show, Paul old boy! Perhaps come out to the Hamptons this weekend and we'll celebrate with fine cigars and crack whores? |
| Posted by: Pinchy 2008-10-13 15:40 |
| #10 Krugman is basically a schizophrenic. So does anyone know if he got the prize for his insightful work as a protectionist or his more insightful work as free trader? |
| Posted by: tipper 2008-10-13 15:38 |
| #9 Um, folks, the man is indeed a brilliant economist. He's a hack writer and doesn't understand politics very well, but when it comes to international trade, there isn't anyone better than Krugman. |
| Posted by: Steve White 2008-10-13 11:39 |
| #8 Giving the Nobel Prize in Economics this year is like giving the Nobel Peace Prize during WW2. |
| Posted by: Alaska Paul 2008-10-13 11:22 |
| #7 Rigopauly Krugchu... |
| Posted by: M. Murcek 2008-10-13 10:50 |
| #6 I wonder if he'll pay taxes based on Bush's rates which he views as unfair or will pay a higher level. He is welcome to leave a tip. |
| Posted by: Grenter, Protector of the Geats 2008-10-13 10:38 |
| #5 the economics committee has, in the past 5 years, given the prize to economic conservatives so unless its a new bunch, this isn't based on politics |
| Posted by: mhw 2008-10-13 10:38 |
| #4 I'm not sure anyone should get the prize for Economics this year. I don't remember anyone screaming to the rafters about subprimate mortages. Yeah McCain and Bush said something but fear of Democrats calling them racist tamed them from really shouting loud enough to be heard. I could be wrong but I don't recall any economists saying much. |
| Posted by: rjschwarz 2008-10-13 10:32 |
| #3 From all accounts, Krugman did solid work in his particular sub-fields in economics before burning out and turning to partisan politics. I haven't heard anything about Krugman's life-work which parallels the scathing disgust in which, say, Noam Chomsky's linguistic work is held by vocal minorities of *that* field. It seems Krugman produced actual, useful economic thinking once upon a time. Anyways, it seems like a less-political year for the Nobels, what with an actual Scandinavian diplomat getting the peace prize instead of some repulsive corrupt toad, like Arafat. |
| Posted by: Mitch H. 2008-10-13 09:56 |
| #2 Living proof that you need only parrot the liberal line without regard to facts, rational thought, etc... |
| Posted by: Uncle Phester 2008-10-13 09:33 |
| #1 We held the line long enough to win in Iraq and save the U.S. military in the process. We better be able to console ourselves with that because an awful lot of other things are going to go south before we see them turn our way again. This award to a lib bonehead is just one more example. This whole election campaign makes me think me a hell of a lot about what Churchill and the Conservatives must have felt like in May 1945. |
| Posted by: Jolutch Mussolini7800 2008-10-13 09:32 |