NYT's Krugman Wins Nobel Economic Prize

Globalization expert blames Bush for current crisis
By Kevin Spak,  Newser Staff
Posted Oct 13, 2008 7:26 AM CDT

(Newser) – Paul Krugman was awarded the Nobel Prize for Economics this morning, Reuters reports, in recognition for his work on globalization and free trade. Krugman, a New York Times columnist, Princeton professor, and staunch Bush critic, has long been a favorite for the award, but says it came as a surprise this morning. “I rushed to take a shower … I called my wife and I called my parents. I've not yet managed to get myself a cup of coffee,” he said.

Krugman has blamed Bush policies for the current economic crisis. His Nobel-winning research “integrated the previously disparate fields of international trade and economic geography,” according to the committee. Krugman’s theory is that small-scale production for local markets has been replaced by cheaper large-scale production for global markets, explaining why countries with similar conditions and products dominate world trade. (Read more Nobel Prize in Economics stories.)

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