Paul Krugman wins Nobel Prize for Economics

Hallelujah. There really is a god.

The American economist Paul R. Krugman won the Nobel economics prize on Monday for his analysis of trade patterns and location of economic activity.

Mr. Krugman, 55, a professor at Princeton University in New Jersey and a columnist for The New York Times, formulated a new theory to answer questions about free trade, the Royal Swedish Academy of Sciences said.

“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.

Mr. Krugman was the lone of winner of the 10 million kronor ($1.4 million) award, the latest in a string of American researchers to be honored.

This is long overdue. Krugman called all the shots on the dangers of “free trade,” which was actually unregulated connivery and mayhem. Finally, some good news.

The Democrats about to win in a landslide. Krugman winning the Nobel Prize. Is our faith in humanity actually about to be restored?

The Discussion: 25 Comments

Almost immediately after the ceremony, Paul Krugman gave an interview to FOX. watch here:
Join congratulations!

October 13, 2008 @ 9:24 pm | Comment

If the Democrats do win by landslide, it’s important they do something with it. That means doing what is necessary rather than expedient. E.g. ending the fuel tax holiday as Obama promised he would. It won’t go down well with the voters, but it’s necessary.

As for Congress, will the Democrats there put an end to pork barrel politics or will they redirect funds to their interests? The budget deficit could do with the former, even if the latter makes voters happier.

October 13, 2008 @ 9:28 pm | Comment

Don’t worry about the Democrats, they know what they’re doing. I’m sure within a matter of weeks, if not days, they’ll have balanced the budget, restored stock prices to pre-2000 levels, ended pork and earmarks and dairy subsidies and corruption of all kinds, done away with the death penalty, captured Osama Bin Laden, found a quick and painless exit strategy out of Iraq and given each and every American a pony.

October 13, 2008 @ 9:35 pm | Comment

Richard, is that another way of saying “it’s unreasonable to expect an Obama-led government and a new Democrat-controlled Congress to do what previous administrations and legislative sessions didn’t have the political balls to do”?

October 13, 2008 @ 9:41 pm | Comment

No. It’s my way of saying they’ll be a vast improvement over what came before them. Let them be sworn in first and don’t expect immediate miracles, because Bush is leaving them eyeball-deep in shit that they’ll first have to dig their way out of, a truly herculean task.

October 13, 2008 @ 9:50 pm | Comment

No Richard got it half right – the Dems bless the cotton socks once in full control will be in boondoggle city handing out “rights” to one and all. Such as the right to buy a house even if you can’t afford it. I for one see the right for all Americans to enjoy rampant inflation. But no doubt Krugman will see the good side of that too.

October 13, 2008 @ 9:54 pm | Comment

Whish, we’ll just have to see. I don’t think Obama is nearly as liberal as some of you believe (and I wish he were more so, of course), but let’s give the guy a fair shake.

The fellow in my language class two weeks ago who was in our same class 18 months ago was the big German fellow who wrote hanzi pretty perfectly but who tones were on-existent – do you remember him? A really nice guy.

October 13, 2008 @ 9:59 pm | Comment

Yes I do remember him – how was the course? – is your Chinese moving in the right direction ?

You may be right about Obama but Nancy P et al will take over, I fear that the Blessed O is not strong enough nor his own man.

October 13, 2008 @ 10:10 pm | Comment

I’m satisfied with my Chinese, all things considered. For nearly a year I couldn’t take any classes, I was so busy with the Olympics. I’ve been in classes every day for the past two weeks and will do so for at least another couple of months.

Obama, strong enough or not? Who knows? I do know he was strong enough to keep his cool during an incredibly hostile and nasty campaign, and I do admire him for that. Again, let’s give him a fair shake, and let’s not set him up to fail. That’s my only request. I did the same for GWB, believe it or not.

October 13, 2008 @ 10:17 pm | Comment

There is no Nobel prize in economics, it’s a bastard prize something invented by the Swedish central bank.

October 13, 2008 @ 10:39 pm | Comment

It’s my way of saying they’ll be a vast improvement over what came before them.

At the least I would expect Obama to stick to a common-sense pledge he promised (the petrol tax holiday). If he bottles over that then I’m not sure how he’s going to have the back-bone to make more controversial changes.

As for Congress, given the Democrats have been in control of that for a while they can’t blame the Republicans for things like pork barrel spending – and yes I know Republicans do it too, but that doesn’t mean the Democrats have to respond in kind. Obama may need to challenge his own party over the issue if they refuse to be thrifty.

October 13, 2008 @ 11:02 pm | Comment

I wouldn’t set the new president, whoever he will be, for a fail, but Obama’s “luck” in winning elections may get him into the White House at the worst possible time from his POV.

It is far from hopeless for Obama if he refuses to be bullied or dissuaded by bad polls, but it will be a challenge. The voters will expect a lot from him, even if they should be more realistic – in part that’s down to his main campaign message. In retrospect Clinton may be quite glad that she didn’t win the nomination.

October 13, 2008 @ 11:11 pm | Comment

Man, Raj sure knows how to kill a thread. Have you thought about making your site for liberals only, Richard? Also, isn’t there any news about China nowadays? The China blogs seem dead-boring recently.

October 14, 2008 @ 12:33 am | Comment

Paul Krugman, one of the few public intellectuals out there who has been consistently on target. This is very good news.

Re: Obama, I am with Richard in one regard – the fact that so many people think he’s this wild-eyed liberal socialist pretty funny, in a sad sort of way. He’s center-right – just look at his policy proposals and advisors.

October 14, 2008 @ 1:53 am | Comment

@Dylan – Too right, he’s been lousing up Fool’s Mountain as well. Raj, dude, start your own blog.

October 14, 2008 @ 2:15 am | Comment

Dylan and FOARP

Glad to know that your tactic for dealing with conflicting views is to try to censor them, rather than seek to engage them.

If I wanted a blog, I would have set one up a long time ago.

October 14, 2008 @ 2:22 am | Comment

Raj, please take it easy. Did either commenter say you should be censored? I think setting up your own blog is a splendid idea, by the way….

October 14, 2008 @ 8:35 am | Comment

Raj, if they can’t get rid of you, they’ll have to cover their ears and sing “LA-LA-LA” at the top of their voice, and you wouldn’t want that, would you? You probably should have a blog, but they’re a bit of trouble.

Richard, don’t start throwing flower petals for humanity just yet; they gave the Peace Prize to the Finn who supported the Iraq invasion.

October 14, 2008 @ 2:19 pm | Comment

Sam, I could get rid of Raj at the touch of a key. But I am too benevolent and magnanimous for that – after all, I’m a liberal. This is how memes get started – nobody mentioned censorship except Raj himself, to Dylan and FOARP:

Glad to know that your tactic for dealing with conflicting views is to try to censor them, rather than seek to engage them.

Then you pick up the ball, repeat the “C” word, and voila! We have a meme. Do all Republicans do this? Not that there’s anything wrong with making stuff up – I’m just askin’.

About the Peace Prize – I do not hold people to litmus tests. Many incredibly wonderful people supported the Iraq invasion. I always wanted to see Saddam thrown out and deposed and punished, so even I thought it was justified, at least for a few days. So having supported the Iraq War is not the mark of Cain, it isn’t like being branded. Most liberal bloggers supported it, such as Kevin Drum, Josh Marshall, Mark Kleiman and so many others. Again, no litmus tests. Mother Theresa was anti-women’s reproductive rights, but that shouldn’t disqualify her from getting a peace prize (though I think other reasons should have disqualified her, but that’s a separate conversation). So congratulations to the Finn.

I’d like to take a trip to Shenzhen one weekend over the next four weeks. Will you be around?

October 14, 2008 @ 4:29 pm | Comment

Change “censor them” to “shut them up” and you have the exact problem Raj pointed out: People who are unable to engage with a counter-idea, or actually engage in a discussion, would rather make you just shut up and go away. Raj brings a much-needed note of seriousness to the discussion, so the kindergarteners resent it.

Where did I repeat the C word? Are you beginning to hallucinate?

October 14, 2008 @ 4:40 pm | Comment

PS. I’ll be around, but at the moment I’m chained to the wheel, and it seems to be spinning faster. It might be better later, but you better just check first. It would be great to see you (if it’s possible; you wouldn’t believe how busy my job is.)

October 14, 2008 @ 4:43 pm | Comment

Sam, you’re quite correct, you didn’t use the C word but you said they’ll have to cover their ears and sing “LA-LA-LA” at the top of their voice. Apologies for the inaccuracy. I hope it’s a good wheel you’re chained to and that you’re getting rich from it! We’ll be in touch.

October 14, 2008 @ 4:49 pm | Comment

Did either commenter say you should be censored?

Driving someone away is the same as blocking/censoring someone, it’s just that the people who do it are not necessarily the same. Though Dylan’s comment about making this blog for “liberals only” seemed like an appeal to you to block/censor.

I think setting up your own blog is a splendid idea, by the way…

Yes, and you’ve said that in the past – I recognise your view. My response is always the same – I do not want a blog. If I did I would have set one up some time ago.

October 14, 2008 @ 7:26 pm | Comment

maybe he can help me understand why it makes any economic sense for the navel oranges I buy at the safeway in falls church, virginia to come from south africa.

seems globalization of the economy is heavily dependent on cheap oil for the shipping of goods around the world.

October 14, 2008 @ 11:14 pm | Comment

An economist is just a sociologist who didn’t inhale.

October 15, 2008 @ 4:30 am | Comment

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