Congratulations Paul Krugman!

An excellent and worthy winner of the Nobel for Economics.

Yes, I know, I like to snarl at his political views but that\’s something very different from his economic work on trade and globalisation. Work which shows why both are such good things to do of course.

"What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanization? Paul Krugman has formulated a new theory to answer these questions," the academy said in its citation. "He has thereby integrated the previously disparate research fields of international trade and economic geography," it said.

Hurrah!

Try his non academic writing on British food and Ricardo and comparative advantage.

 

 

7 thoughts on “Congratulations Paul Krugman!”

  1. My guess: Krugman got his economics prize the same way Jimmy Carter got his peace prize: savaging George Bush.

  2. I don’t quibble with the professional evaluation, but I find it very dismaying that someone of PK’s intellectual distinction can have written such truly appalling, rabble-rousing, hate-mongering drivel as I have read in his NYT column.

  3. It is an enduring mystery how people can exhibit intelligence in one field and idiocy in another. (Linus Pauling comes to mind as well.) But the Nobel, while probably deserved based on work done decades ago, has been precisely timed just prior to the US election to boost the Republican-bashing Krugman and cement the view that the crash (and Paulson’s reaction to it) are due to Republican incompetence etc whereas the clearest evidence of any wrong-doing seems to fall into the Obama camp, biggest recipient of Fannie and Freddie donations etc.

  4. Krugman has also been praising Brown lately, although supporting Brown may not have been the intention of the Nobel committee. Still, for a person who made his name on free trade it’s a bit ironic for PK to praise a hasty nationalisation that I feel we will come to regret in the fullness of time. All we were really facing was a liquidity crisis. Now we have nationalised banks that have already been committed to lending on non-commercial lines. That’s what got us into this mess in the first place!

    So the Govt fucks up the housing market, this dangerously destabilises the banking system, so the Govt steps in and takes over the banking system. And PK cheers? For this he got a Nobel?

  5. “that have already been committed to lending on non-commercial lines”

    no they haven’t – read the actual details, not just the Daily Mail headlines.

  6. Treasury statement on financial support to the banking industry – highlights:

    “maintaining, over the next three years, the availability and active marketing of competitively-priced lending to homeowners and to small businesses at 2007 levels.”

    That sound like something a commercial lender would do?

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