Nobel prize Economy for American Paul Krugman

by SOLARLIFE | October 13, 2008 at 07:13 am | 49 views | add comment | 0 recommendations

Paul Krugman

The American Paul Krugman received the Economy nobel prize 2008 for his work on commerce and finance.

Francais

Le prix Nobel d'économie a été attribué lundi 13 octobre à l'Américain Paul Krugman, pionnier de la nouvelle théorie du commerce et de la finance internationaux, pour ses travaux sur les échanges commerciaux, a annoncé l'Académie royale suédoise des sciences

AP Associated Press

Krugman has been a harsh critic of the Bush administration and the Republican Party in The New York Times, where he writes a regular column and has a blog called "Conscience of a Liberal."

He has come out forcefully against John McCain during the economic meltdown, saying the Republican candidate is "more frightening now than he was a few weeks ago" and earlier that the GOP has become "the party of stupid

Paul Krugman wins Nobel economics prize

and praises Gordon Brown
Paul Krugman, an American professor, has been awarded the Nobel prize for economics - hours after writing that Gordon Brown might have saved the world financial system. ???

Krugman, professor at Princeton University
Permanent columnist of the New York Times,

In the NY Times he outlined the economic policies of the Bush administration,and repeatedly attacked bush economy. At the beginning of the eighties, he advised U.S. President Ronald Reagan, ten years later he belonged to the team of the then presidential candidate Bill Clinton.

Mr Krugman, who teaches at Princeton University, was given the accolade for his work on trade patterns and the geography of economic activity.

Announcing the $1.4 million (£816,231) prize, the Royal Swedish Academy of Sciences said : "What are the effects of free trade and globalisation? What are the driving forces behind worldwide urbanisation? Paul Krugman has formulated a new theory to answer these questions."

"He has thereby integrated the previously disparate research fields of international trade and economic geography."

Mr Krugman, 55, is also a columnist for the New York Times. In his Monday column , he endorsed Mr Brown's £500 billion bail-out plan for the British banking industry, contrasting it favourably with the American Government's scheme.

Mr Krugman asked: "Has Gordon Brown, the British Prime Minister, saved the world financial system?"

He went on: "Mr Brown and Alistair Darling, the chancellor of the Exchequer ... have defined the character of the worldwide rescue effort, with other wealthy nations playing catch-up."

He praised the British Government for having acted with "stunning speed" to address the financial crisis, again contrasting Mr Brown's efforts with those of Henry Paulson, the US Treasury Secretary.

"This combination of clarity and decisiveness hasn't been matched by any other Western government, least of all our own," he wrote.

US Bush bail-out a failure, direct cash injection UK style is the way

Despite initially basing the US plan on buying up "toxic" mortgage debts, Mr Paulson has since suggested that he may follow Mr Brown in injecting money directly into the banks as fresh capital. Several European leaders are also expected to announce similar plans.

Krugman a longterm critcs of Bush economy

The full title of Mr Krugman's award is the Nobel Memorial Prize in Economic Science. It was not one of the original prizes and has been given out since 1968. It was the last of this year's prizes to be announced.

The Academy explained that while "traditional trade theory assumes that countries are different and explains why some countries export agricultural products whereas others export industrial goods," Mr Krugman has sought to show why "worldwide trade is in fact dominated by countries which not only have similar conditions, but also trade in similar products."