Paul Krugman was awarded the Nobel Prize in economics today. The announcement reads simply: “for his analysis of trade patterns and location of economic activity.” The award is very well-deserved and fantastic for our field. My hunch is Paul Romer can’t be far behind.
October 13th, 2008 at 12:48 pm
Yes!!!
October 13th, 2008 at 5:05 pm
I agree that it a good day for economic geography and its close cousin, regional economics, which has been kind of down in the dumps in recent years, despite its clear real world importance. Given that Krugman was beaten to the punch in both trade (by Brander and Spencer and Helpman) and in regional (by Fujita) in applying the Dixit-Stiglitz model, it should be kept in mind that he got it for dealing with both areas and recognizing their deep links, just as did the last recipient of a Nobel for trade, Sweden’s own, Bertil Ohlin in 1977, author of International Trade and Interregional Trade.
October 13th, 2008 at 6:48 pm
For a non-economist who mostly knows Krugman as a liberal columnist in the NY Times, can someone explain in 100 words or less what his Nobel-winning work says?
October 13th, 2008 at 10:48 pm
Michael,
Try this entry from the Marginal Revolution blog:
http://www.marginalrevolution.com/marginalrevolution/2008/10/paul-krugman-wi.html