Showing posts with label Nobel Prize. Show all posts
Showing posts with label Nobel Prize. Show all posts

Sunday, March 22, 2009

The Economy: Nobel Prize Winner

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THE ABSURD TIMES


Paul Krugman

I first saw Paul Krugman on Countdown on MSNBC. Keith Olbermann was about to question him and he looked into the camera lens with a very unusual expression on his face. It was similar to the one above, but a bit more animated, revealing a bit more. Essentially, I gathered that he did not know the interviewer but did consider him a member of the mass media. The look carried with it some apprehension as well as curiosity, as if waiting for the question before deciding whether he was being asked questions by an idiot or not. In later interviews, he was much more relaxed and his sense of humor came across and there was considerable mild laughter on the part of both.

I am reprinting one of his articles that regularly appear in the New York Times because it was released to ZNET and a sketch of him from Wikkepedia. He is what I consider a moderate, but what the right wing Milton Friedman crowd call leftist and Keynesian. His discussions speak for themselves and it is worth a great deal to know about him and hs ideas. I'm presenting them without comment.

I just wanted to take the opportunity to include myself in the category of "Whiner" as described by Phil Graham, John McCain's guru, who also said we were in an intellectual recession, at least that the trouble with the economy was all in our minds.

March 09, 2009

By Paul Krugman
Source: NYT

Paul Krugman's ZSpace Page
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Last month, in his big speech to Congress, President Obama argued for bold steps to fix America's dysfunctional banks. "While the cost of action will be great," he declared, "I can assure you that the cost of inaction will be far greater, for it could result in an economy that sputters along for not months or years, but perhaps a decade."

Many analysts agree. But among people I talk to there's a growing sense of frustration, even panic, over Mr. Obama's failure to match his words with deeds. The reality is that when it comes to dealing with the banks, the Obama administration is dithering. Policy is stuck in a holding pattern.

Here's how the pattern works: first, administration officials, usually speaking off the record, float a plan for rescuing the banks in the press. This trial balloon is quickly shot down by informed commentators.

Then, a few weeks later, the administration floats a new plan. This plan is, however, just a thinly disguised version of the previous plan, a fact quickly realized by all concerned. And the cycle starts again.

Why do officials keep offering plans that nobody else finds credible? Because somehow, top officials in the Obama administration and at the Federal Reserve have convinced themselves that troubled assets, often referred to these days as "toxic waste," are really worth much more than anyone is actually willing to pay for them - and that if these assets were properly priced, all our troubles would go away.

Thus, in a recent interview Tim Geithner, the Treasury secretary, tried to make a distinction between the "basic inherent economic value" of troubled assets and the "artificially depressed value" that those assets command right now. In recent transactions, even AAA- rated mortgage-backed securities have sold for less than 40 cents on the dollar, but Mr. Geithner seems to think they're worth much, much more.

And the government's job, he declared, is to "provide the financing to help get those markets working," pushing the price of toxic waste up to where it ought to be.

What's more, officials seem to believe that getting toxic waste properly priced would cure the ills of all our major financial institutions. Earlier this week, Ben Bernanke, the Federal Reserve chairman, was asked about the problem of "zombies" - financial institutions that are effectively bankrupt but are being kept alive by government aid. "I don't know of any large zombie institutions in the U.S. financial system," he declared, and went on to specifically deny that A.I.G. - A.I.G.! - is a zombie.

This is the same A.I.G. that, unable to honor its promises to pay off other financial institutions when bonds default, has already received $150 billion in aid and just got a commitment for $30 billion more.

The truth is that the Bernanke-Geithner plan - the plan the administration keeps floating, in slightly different versions - isn't going to fly.

Take the plan's latest incarnation: a proposal to make low-interest loans to private investors willing to buy up troubled assets. This would certainly drive up the price of toxic waste because it would offer a heads- you-win, tails-we-lose proposition. As described, the plan would let investors profit if asset prices went up but just walk away if prices fell substantially.

But would it be enough to make the banking system healthy? No.

Think of it this way: by using taxpayer funds to subsidize the prices of toxic waste, the administration would shower benefits on everyone who made the mistake of buying the stuff. Some of those benefits would trickle down to where they're needed, shoring up the balance sheets of key financial institutions. But most of the benefit would go to people who don't need or deserve to be rescued.

And this means that the government would have to lay out trillions of dollars to bring the financial system back to health, which would, in turn, both ensure a fierce public outcry and add to already serious concerns about the deficit. (Yes, even strong advocates of fiscal stimulus like yours truly worry about red ink.) Realistically, it's just not going to happen.

So why has this zombie idea - it keeps being killed, but it keeps coming back - taken such a powerful grip? The answer, I fear, is that officials still aren't willing to face the facts. They don't want to face up to the dire state of major financial institutions because it's very hard to rescue an essentially insolvent bank without, at least temporarily, taking it over. And temporary nationalization is still, apparently, considered unthinkable.

But this refusal to face the facts means, in practice, an absence of action. And I share the president's fears: inaction could result in an economy that sputters along, not for months or years, but for a decade or more.

From: Z Net - The Spirit Of Resistance Lives
URL: http://www.zcommunications.org/znet/viewArticle/20825
******************************

Krugman earned his B.A. in economics from Yale University in 1974 and his Ph.D. from the Massachusetts Institute of Technology (MIT) in 1977. From 1982 to 1983, he spent a year working at the Reagan White House as a staff member of the Council of Economic Advisers. He taught at Yale University, MIT, UC Berkeley, the London School of Economics, and Stanford University before joining the faculty of Princeton University in 2000. He is also currently a centenary professor at the London School of Economics, and a member of the Group of Thirty international economic body as well as the Council on Foreign Relations.

When Bill Clinton came into office in 1993, he considered Krugman for a leading post; Krugman was flown out for a meeting in Arkansas. Krugman's outspokenness was reported to be "the main reason the Clinton administration didn't offer him a job."[8] Krugman says he would not have been interested in such a job; he told Newsweek, "I'm temperamentally unsuited for that kind of role. You have to be very good at people skills, biting your tongue when people say silly things."[8] In his New York Times blog, Krugman repeated that statement, saying that he was "temperamentally unsuited to politics".[9]

[edit] Nobel Prize

Krugman was awarded the Nobel Memorial Prize in Economic Sciences, the sole awardee for 2008. This award, created in 1968 by the Swedish central bank in Alfred Nobel's memory, includes a prize of about $1.4 million and was awarded to Krugman for his work associated with New Trade Theory.[10][11] In the words of the prize committee, "By having integrated economies of scale into explicit general equilibrium models, Paul Krugman has deepened our understanding of the determinants of trade and the location of economic activity."[12]

[edit] Academic contributions

Paul Krugman has done extensive work in international economics, including work on international trade, economic geography, and international finance. According to the Research Papers in Economics project, he is among the 50 most influential economists in the world today.[13] Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld is a standard introductory textbook on international economics. He also writes on economic topics for the general public, sometimes on international economic topics but also on income distribution and public policy.

[edit] International trade theory

As the Nobel Prize Committee explains, Krugman's main contribution is to analyze the impact of economies of scale in international trade. Prior to Krugman's work, trade theory (see David Ricardo and Hecksher-Ohlin model) emphasized trade between countries with very different characteristics, like a poor country exporting agricultural goods to a rich country in exchange for industrial products. However, in the 20th century, an ever larger share of trade occurred between countries with very similar characteristics. For example, the Nobel committee mentions Sweden exporting Volvo cars to Germany while Germany exports BMW cars to Sweden.

Krugman's explanation of trade between similar countries was proposed in a 1979 paper in the Journal of International Economics. He assumes that consumers prefer a diverse choice of brands, and that production favors economies of scale. Consumers' preference for diversity explains the survival of different versions of cars like Volvo and BMW.[14] But because of economies of scale, it is not profitable to spread the production of Volvos all over the world; instead, it is concentrated in a few factories and therefore in a few countries (or maybe just one). This logic explains how each country may specialize in producing a few brands of any given type of product, instead of specializing in different types of products.

Most models of international trade nowadays follow Krugman's lead, incorporating economies of scale in production and a preference for diversity in consumption. This way of modeling trade has come to be called New Trade Theory.

When there are economies of scale in production, it is possible that countries may become 'locked in' to disadvantageous patterns of trade.[15] Nonetheless, trade remains beneficial in general, even between relatively similar countries, because it permits firms to save on costs by producing at a larger, more efficient scale, and because it increases the range of brands available and sharpens the competition between firms.[16] Therefore, Krugman has usually been supportive of free trade and globalization[17], and critical of industrial policy. (He writes on p. xxvi of his book The Great Unraveling that "I still have the angry letter Ralph Nader sent me when I criticized his attacks on globalization.")

On a lighter note, in 1978, Krugman wrote The Theory of Interstellar Trade, a tongue-in-cheek essay on computing interest rates on goods in transit near the speed of light. He says he wrote it to cheer himself up when he was 'an oppressed assistant professor'.[18]

[edit] Economic geography

If trade is largely shaped by economies of scale, as Krugman's trade theory argues, then those economic regions with most production will be more profitable and will therefore attract even more production. That is, Krugman's trade theory implies that instead of spreading out evenly around the world, production will tend to concentrate in a few countries, regions, or cities, which will become densely populated but also have higher levels of income.[19] This forms the basis of Krugman's theory of economic geography, which he began to develop in a 1991 paper in the Journal of Political Economy.[20]

[edit] International finance

Besides his work on international trade, Krugman has also been influential in the field of international finance economics. In 1979 he published a model of currency crises in the Journal of Money, Credit, and Banking showing that fixed exchange rate regimes are unlikely to end smoothly: instead, they end in a sudden speculative attack. Krugman's paper is considered one of the main contributions to the 'first generation' of currency crisis models.[21]

Krugman predicted problems with the fixed exchange rates in East and Southeast Asia, and Thailand's economic policies before the 1997 East Asian financial crisis, and also criticized investors such as Long-Term Capital Management whose profits depended on the maintenance of fixed exchange rates prior to the 1998 Russian financial crisis.[citation needed]Japan's economic depression in the 1990s, arguing that the country was mired in a Keynesian liquidity trap.[22] He also advocated aggressive fiscal policy to counter

[edit] Income distribution

In the 1990s, Krugman increasingly focused on writing books for a general audience on issues he considered important for public policy. In The Age of Diminished Expectations and The Conscience of a Liberal, he especially wrote about the increasing US income inequality in the "New Economy" of the 1990s. He attributes the rise in income inequality partly to changes in technology, but mostly to a change in political atmosphere which has been widely manipulated by Movement Conservatives, as Krugman refers to Neo-Conservative Republicans.

[edit] Other contributions

In the early 1990s, he helped popularize the argument made by Laurence Lau and Alwyn Young, among others, that the growth of economies in East Asia was not the result of new and original economic models, but rather increased capital and labor inputs, which did not result in an increase in total factor productivity. His prediction was that future economic growth in East Asia would slow as it became more difficult to generate economic growth from increasing inputs.[23]

[edit] Author and journalist

Krugman wrote first for Fortune and Slate, later for The Harvard Business Review, Foreign Policy, The Economist, Harper's, and Washington Monthly. Krugman said that to answer what he called Pop Internationalism, "I would have to write essays for non-economists that were clear, effective, and entertaining."[24]

Since January 2000, Krugman has contributed a twice-weekly column to the Op-Ed page of the New York Times, which has made him, in the words of the Washington Monthly, "the most important political columnist in America... he is almost alone in analyzing the most important story in politics in recent years — the seamless melding of corporate, class, and political party interests at which the Bush administration excels."[25] In 2007, he began supplementing his Times column with a blog. In introducing it, he wrote, "Many of the posts will be supplements to my regular columns; I'll be using this space to present the kind of information I can't provide on the printed page – especially charts and tables, which are crucial to the way I think about most of the issues I write about."[26][27]

In September, 2003, Krugman published a collection of his columns under the title, The Great Unraveling. Taken as a whole, it was a scathing attack on the Bush's administration's economic and foreign policies. His main argument was that the large deficits generated by the Bush administration—generated by decreasing taxes, increasing public spending, and fighting a war in Iraq — were in the long run unsustainable, and would eventually generate a major economic crisis. The book was a best-seller.[28][29][30]

In 2007, Krugman published The Conscience of a Liberal. The book is a history of wealth and income gaps in the US in the 20th century. The book documents that the gap between rich and poor declined greatly in mid-century, then widened in the last two decades to levels higher than those in the 1920s. Most economists (including Krugman) have regarded the late-20th century divergence as resulting largely from changes in technology and trade, but Krugman writes that government policies had played a much greater role both in reducing the gap in the 1930s through 1970s and in widening it in the 1980s through the present. He rebuked the Bush administration for policies that currently widen the gap between the rich and poor. Krugman proposed a "new New Deal", which included placing more emphasis on social and medical programs and less on national defense.[31] The book was praised in The New York Review of Books. [32]

[edit] Subprime mortgage crisis

In 2008, amid the subprime mortgage crisis in the US, Krugman predicted that housing prices would drop 25% overall and up to 50% in locations such as Miami or Los Angeles.[33]MSNBC, particularly since the onset of the economic crisis in September 2008. He has repeatedly expressed his view that Alan Greenspan and Phil Gramm are the two people most responsible for causing the crisis.[34] As early as 2005 Krugman was critical of Greenspan's reluctance to regulate the mortgage and related financial markets, and his shifting positions on the impending housing bubble.[35] Krugman has appeared several times as a guest on

[edit] Political views

Krugman is a self-described liberal. His choice of the book title "The Conscience of a Liberal" is a play on Barry Goldwater's "Conscience of a Conservative". Krugman has explained that he views the term "liberal" in the American context to mean "more or less what social democratic means in Europe".[36] He was an ardent critic of the George W. Bush administration and its foreign and domestic policy.

Krugman has sometimes advocated free markets in contexts where the American leftrent control,[37] and that "sweatshops" are an inevitable reality.[17] He has likened the opposition against free trade to the opposition against evolution via natural selection.[38] Unlike many economic pundits, he is regarded as an important scholarly contributor by his peers.[39][40] He has written over 200 scholarly papers and 20 books—both academic and non-academic.[41] condemns them, by writing against

Krugman has written in opposition to increasing farm subsidies,[42] ethanol mandates and subsidies/tax breaks,[43] manned NASA space flights,[44] and has written against some aspects of European labor market regulation.[45][46]

He has, however, declared himself an ardent supporter of the welfare state. His appointment in the Reagan Administration, he has reiterated in an autobiographical essay, was not expected or fitting. "It was, in a way, strange for me to be part of the Reagan Administration. I was then and still am an unabashed defender of the welfare state, which I regard as the most decent social arrangement yet devised." [47]

[edit] Criticism

Throughout his career as a columnist, Krugman has been highly critical of what he regards as dubious economic ideas, such as: strategic trade and its main exponents, Robert Reich, whom he called "offensive" and Lester Thurow whom he called "silly,": protectionism, with attacks on Pat Buchanan on the Right and Ralph Nader on the Left; a return to the gold standard as promoted by editorial writers in the Wall Street Journal; and especially supply-side economics, which he described as economic "snake oil" in Peddling Prosperity. He has frequently been criticized in turn by exponents of these ideas; the journalist James Fallows spoke of his "gratuitous spleen," and Clinton commerce secretary Jeffrey Garten complained that "He behaves like someone with a massive chip on his shoulder."[48]

A November 13, 2003 article in The Economist [49] reads: "A glance through his past columns reveals a growing tendency to attribute all the world's ills to George Bush…Even his economics is sometimes stretched…Overall, the effect is to give lay readers the illusion that Mr Krugman's perfectly respectable personal political beliefs can somehow be derived empirically from economic theory."

Krugman's critics have accused him of employing what they called a "shrill" rhetorical style.[25][50][51]

Economist Daniel B. Klein published during 2008 a paper in Econ Journal Watch (of which he is the chief editor) that reviews and criticizes Krugman's columns for the New York Times. Klein contends that Krugman's "social-democratic impetus sometimes trumps people's interests, notably poor people's interests... Krugman has almost never come out against extant government interventions, even ones that expert economists seem to agree are bad, and especially so for the poor." Klein lists these examples of government interventions that Krugman's columns have opposed: "rent control; US agricultural subsidies; international trade; [...] ethanol mandates and subsidies/tax breaks; NASA manned-space flight; European labor-market restrictions; and the Terry Schiavo case."[52]

Neo-classical economist Robert Barro has criticized Krugman's work frequently and Krugman has referred to him as "boneheaded".[53][54] A blog article by Krugman stating that the argument that temporary protectionism "needs to be taken seriously" due to the 2008-2009 world economic recession drew strong criticism from Barro, who accused Krugman of hypocrisy.[53]

Another frequent critic of Krugman's arguments is Donald Luskin. Krugman has alleged that Luskin has personally stalked him, which Luskin disputes.

[edit] Enron

Krugman was one of many economists to serve as a consultant for an advisory board for Enron; he did this in 1999, being paid $37,500[55] before New York Times rules required him to resign when he accepted an offer to be an op-ed columnist in the fall of 1999. He stated later the consulting was to offer "Enron executives briefings on economic and political issues," and that it had required him to "spend four days in Houston."[55]

When the story of Enron's corporate scandals broke, critics[who?] accused him of having a conflict of interest and the job of having been a bribe to control media coverage, charges he denies forcefully, referring to it as "a game of gotcha" and "tabloid journalism." He states that the payment from Enron did not "cause me to write anything I would not have written otherwise." For one thing, he says, he was not a journalist at the time: "when Enron approached me there was no hint that a Times connection lay in my future. As soon as I shook hands with the Times, I resigned from that board." Further, his "normal fee for a one-hour business speech in Boston or New York was $20,000 - more if the speech involved long-distance travel. The Enron board required that I spend 4 days in Houston"; thus the sum involved was not large, in his view. He says that in columns written before and after the scandal, he disclosed his past Enron relationship when he wrote about the company.[55][56]New York Times on December 10, 2000 called "California Screaming"); Enron was the largest in this market - "I have been criticizing Enron since January 2001, long before everyone else started bashing the company."[57] He was critical of the company: he was one of the first writers to argue that deregulation of the California energy market had led to market-manipulation by energy companies (in a column in the

He writes in The Great Unraveling that:

I was no more perceptive than anyone else; during the bull market years [of the late 1990s] some people did send me letters claiming that major corporations were cooking their books, but - to my great regret - I ignored them. However, when Enron - the most celebrated company of its time, lauded as the very model of a modern business enterprise - blew up, I immediately saw the implications: if such a famous and celebrated company could have been a Ponzi scheme, it was very unlikely that the rest of U.S. business was squeaky clean. In fact, it quickly became clear, the bubble years were both the cause and effect of an epidemic of corporate malfeasance. (p. 26)

[edit] Awards

[edit] Published work

[edit] Academic books (authored or coauthored)

  • The Spatial Economy - Cities, Regions and International Trade (July 1999), with Masahisa Fujita and Anthony Venables. MIT Press, ISBN 0262062046
  • The Self Organizing Economy (February 1996), ISBN 1557866988
  • EMU and the Regions (December 1995), with Guillermo de la Dehesa. ISBN 1567080383
  • Development, Geography, and Economic Theory (Ohlin Lectures) (September 1995), ISBN 0262112035
  • Foreign Direct Investment in the United States (3rd Edition) (February 1995), with Edward M. Graham. ISBN 0881322040
  • World Savings Shortage (September 1994), ISBN 0881321613
  • What Do We Need to Know About the International Monetary System? (Essays in International Finance, No 190 July 1993) ISBN 0881650978
  • Currencies and Crises (June 1992), ISBN 0262111659
  • Geography and Trade (Gaston Eyskens Lecture Series) (August 1991), ISBN 0262111594
  • The Risks Facing the World Economy (July 1991), with Guillermo de la Dehesa and Charles Taylor. ISBN 1567080731
  • Has the Adjustment Process Worked? (Policy Analyses in International Economics, 34)ISBN 0881321168 (June 1991),
  • Rethinking International Trade (April 1990), ISBN 0262111489
  • Trade Policy and Market Structure (March 1989), with Elhanan Helpman. ISBN 0262081822
  • Exchange-Rate Instability (Lionel Robbins Lectures) (November 1988), ISBN 0262111403
  • Adjustment in the World Economy (August 1987) ISBN 1567080235
  • Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition, and the International Economy (May 1985), with Elhanan Helpman. ISBN 0262081504

[edit] Academic books (edited or coedited)

  • Currency Crises (National Bureau of Economic Research Conference Report)ISBN 0226454622 (September 2000),
  • Trade with Japan : Has the Door Opened Wider? (National Bureau of Economic Research Project Report) (March 1995), ISBN 0226454592
  • Empirical Studies of Strategic Trade Policy (National Bureau of Economic Research Project Report) (April, 1994), co-edited with Alasdair Smith. ISBN 0226454606
  • Exchange Rate Targets and Currency Bands (October 1991), co-edited with Marcus Miller. ISBN 0521415330
  • Strategic Trade Policy and the New International Economics (January 1986), ISBN 0262111128

[edit] Economics textbooks

[edit] Books for a general audience

  • The Return of Depression Economics and the Crisis of 2008 (December 2008) ISBN 0393071014
  • The Conscience of a Liberal (October 2007) ISBN 0393060691
  • The Great Unraveling: Losing Our Way in the New Century (September 2003) ISBN 0393058506
    • A book of his New York Times columns, many deal with the economic policies of the Bush administration or the economy in general.
  • Fuzzy Math: The Essential Guide to the Bush Tax Plan (May 4, 2001) ISBN 0393050629
  • The Return of Depression Economics (May 1999) ISBN 039304839X
    • Considers the long economic stagnation of Japan through the 1990s, the Asian financial crisis, and problems in Latin America.
    • The Return of Depression Economics and the Crisis of 2008 (December 2008) ISBN 0393071014
  • The Accidental Theorist and Other Dispatches from the Dismal Science (May 1998) ISBN 0393046389
    • Essay collection, primarily from Krugman's writing for Slate.
  • Pop Internationalism (March 1996) ISBN 0262112108
    • Essay collection, covering largely the same ground as Peddling Prosperity.
  • Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations (April 1995) ISBN 0393312925
    • History of economic thought from the first rumblings of revolt against Keynesian economics to the present, for the layman.
  • The Age of Diminished Expectations: U.S. Economic Policy in the 1990s (1990) ISBN 026211156X
    • A "briefing book" on the major policy issues around the economy.
    • Revised and Updated, January 1994, ISBN 0262610922
    • Third Edition, August 1997, ISBN 0262112248

[edit] Selected academic articles

  • (1996) 'Are currency crises self-fulfilling?' NBER Macroeconomics Annual 11, pp. 345-78.
  • (1991) 'Increasing returns and economic geography'. Journal of Political Economy 99, pp. 483-99.
  • (1991) 'Target zones and exchange rate dynamics'. Quarterly Journal of Economics 106 (3), pp. 669-82.
  • (1991) 'History versus expectations'. Quarterly Journal of Economics 106 (2), pp. 651-67.
  • (1981) 'Intra-industry specialization and the gains from trade'. Journal of Political Economy 89, pp. 959-73.
  • (1980) 'Scale economies, product differentiation, and the pattern of trade'. American Economic Review 70, pp. 950-59.
  • (1979) 'A model of balance-of-payments crises'. Journal of Money, Credit, and Banking 11, pp. 311-25.
  • (1979) 'Increasing returns, monopolistic competition, and international trade'. Journal of International Economics 9, pp. 469-79.

[edit] References

  1. ^ See inogolo:pronunciation of Paul Krugman.
  2. ^ Foreign Policy: Top 100 Public Intellectuals. May 2008. Accessed 10-13-08. Krugman ranks in their top 100 list.
  3. ^ Krugman Wins Nobel for economics, BBC News, 10-13-08, accessed 10-15-08.
  4. ^ Economics 2008, Nobelprize.org, accessed 10-15-08.
  5. ^ Paul Krugman, "Your questions answered", blog, January 10, 2003, retrieved December 19, 2007
  6. ^ Paul Krugman, "About my son", New York Times blog, December 19, 2007
  7. ^ Interview, U.S. Economist Krugman Wins Nobel Prize in Economics "PBS, Jim Lehrer News Hour", October 13, 2008, transcript retrieved October 14, 2008
  8. ^ a b Hirsh, Michael (4 March 1996). "A Nobel-Bound Economist Punctures the C[onventional] W[isdom]--and Not a Few Big-Name Washington Egos". Newsweek.
  9. ^ "2008 January - Paul Krugman - Op-Ed Columnist - New York Times Blog". Krugman.blogs.nytimes.com. http://krugman.blogs.nytimes.com/2008/01/30/. Retrieved on 2008-10-13.
  10. ^ Catherine Rampell (October 13, 2008). "Paul Krugman Wins Economics Nobel - Economix Blog - NYTimes.com". Economix.blogs.nytimes.com. http://economix.blogs.nytimes.com/2008/10/13/paul-krugman-wins-economics-nobel/?em. Retrieved on 2008-10-13.
  11. ^ http://economix.blogs.nytimes.com/2008/10/13/paul-krugman-wins-economics-nobel/?em
  12. ^ "Microsoft Word - sciback_cover_ek_2008_FINAL.doc" (PDF). http://nobelprize.org/nobel_prizes/economics/laureates/2008/ecoadv08.pdf. Retrieved on 2008-10-13.
  13. ^ "Top 5% Authors, as of September 2008". Research Papers in Economics. 2008-09. http://ideas.repec.org/top/top.person.all.html. Retrieved on 2008-10-13.
  14. ^ Note: Krugman modeled a 'preference for diversity' by assuming a CES utility function like that in A. Dixit and J. Stiglitz (1977), 'Monopolistic competition and optimal product diversity', American Economic Review 67.
  15. ^ P. Krugman (1981), 'Trade, accumulation, and uneven development', Journal of Development Economics 8, pp. 149-61.
  16. ^ 'Bold strokes: a strong economic stylist wins the Nobel', The Economist, Oct. 16, 2008.
  17. ^ a b In Praise of Cheap Labor by Paul Krugman, Slate, March 21, 1997
  18. ^ Economics: the final frontier
  19. ^ Nobel Prize Committee 'Information for the Public', page 3.
  20. ^ 'Honoring Paul Krugman' EconomixNew York Times, by Edward Glaeser, Oct. 13, 2008. blog of the
  21. ^ Craig Burnside, Martin Eichenbaum, and Sergio Rebelo (2008), 'Currency crisis models', New Palgrave Dictionary of Economics, 2nd ed.
  22. ^ Paul Krugman's Japan page
  23. ^ Krugman, Paul (December 1994). "The Myth of Asia's Miracle". Foreign Affairs (www.foreignaffairs.org). http://www.foreignaffairs.org/19941101faessay5151/paul-krugman/the-myth-of-asia-s-miracle.html. Retrieved on 2008-12-26.
  24. ^ (Krugman 1996a, Introduction)
  25. ^ a b Confessore, Nicholas (December 2002). "Comparative Advantage". Washington Monthly. http://www.washingtonmonthly.com/features/2001/0212.confessore.html. Retrieved on 2007-02-05.
  26. ^ Krugman, Paul (September 18, 2007). "Introducing This Blog". The New York Times. http://krugman.blogs.nytimes.com/2007/09/18/introducing-this-blog/. Retrieved on 2007-09-19.
  27. ^ Washington Monthly profile from December 2002
  28. ^ ""The Great Unraveling: Losing Our Way in the New Century"". Powell's Books. http://www.powells.com/biblio/61-0393326055-0. Retrieved on 2007-11-22.
  29. ^ a b The Economist - The one-handed economist Paul Krugman and the controversial art of popularising economics, November 13, 2003
  30. ^ Krugman, Paul. "The Great Wealth Transfer." Rolling Stone. November 30, 2006
  31. ^ Oct 17 2007- Krugman On Healthcare, Tax Cuts, Social Security, the Mortgage Crisis and Alan Greenspan, in response to Alan Greenspan's Sept 24 appearance with Naomi Klein on Democracy Now!
  32. ^ November 22, 2007- Tomansky, Michael The Partisan
  33. ^ "How bad is the mortgage crisis going to get?". http://money.cnn.com/2008/03/14/news/economy/krugman_subprime.fortune/?postversion=2008031705. Retrieved on 2008-03-17.
  34. ^ http://www.youtube.com/watch?v=YwqcLbZJ4HA
  35. ^ Krugman, Paul (2005-8-29). "Greenspan and the Bubble". New York Times (New York Times). http://www.nytimes.com/2005/08/29/opinion/29krugman.html. Retrieved on 2008-12-07.
  36. ^ Nobelpristagaren i ekonomi 2008: Paul Krugman, speech by Paul Krugman (accessed December 26, 2008)
  37. ^ Reckonings; A Rent Affair, by Paul Krugman, The New York Times, June 7, 2000
  38. ^ Ricardo's difficult idea
  39. ^ a b Avinash Dixit, The Journal of Economic Perspectives, Vol. 7, No. 2 (Spring, 1993), pp. 173-188, In Honor of Paul Krugman: Winner of the John Bates Clark Medal, Retrieved March 28, 2007.
  40. ^ a b Paul Krugman, 2004. Retrieved March 28, 2007.
  41. ^ The New York Times, "Columnist Biography: Paul Krugman". Retrieved April 15, 2007.
  42. ^ True Blue Americans, by Paul Krugman, The New York Times, May 7, 2002
  43. ^ Driving Under the Influence, by Paul Krugman, The New York Times, June 25, 2000
  44. ^ A Failed Mission, by Paul Krugman, The New York Times, February 4, 2003
  45. ^ Reckonings; Pursuing Happiness, by Paul Krugman, The New York Times, March 29, 2000
  46. ^ Reckonings; Blessed Are the Weak, by Paul Krugman, The New York Times, May 3, 2000
  47. ^ Incidents From My Career, by Paul Krugman, Princeton University Press, Retrieved 10 December 2008
  48. ^ "Newsweek, The Great Debunker: A Nobel-bound Economist Punctures the CW - and Not a Few Big-Name Washington Egos". http://www.j-bradford-delong.net/Economists/paulkrugman.html.
  49. ^ The Economist, Face Value: Paul Krugman, one-handed economist
  50. ^ Peter Ferrara, National Review, The Hysterical Opposition, August 22, 2001. Retrieved March 28, 2007.
  51. ^ Jack Shafer, Slate, Raines-ing in Andrew Sullivan
  52. ^ Daniel B. Klein with Harika Anna Bartlett, "Left Out: A Critique of Paul Krugman Based on a Comprehensive Account of His New York Times Columns, 1997 through 2006", Econ Journal Watch 5:1, 109-133.
  53. ^ a b Dismal science, revisited. By Clive Cook. The Atlantic. Published 10 February 2009.
  54. ^ War and non-remembrance. By Paul Krugman. The New York Times. Published January 22, 2009.
  55. ^ a b c Paul Krugman, "My Connection With Enron, One More Time", Retrieved March 28, 2007.
  56. ^ Paul Krugman, "Me and Enron". Retrieved March 28, 2007.
  57. ^ http://www.pkarchive.org/personal/EnronFAQ.html ref name="EnronFAQ">Paul Krugman, "My Connection With Enron, One More Time", Retrieved October 27, 2008.
  58. ^ Mother Jones: Paul Krugman., August 7, 2005. Retrieved March 28, 2007.
  59. ^ "Nobel Prize in Economics". Swedish Academy. http://nobelprize.org/nobel_prizes/economics/laureates/2008/. Retrieved on 2008-10-13.

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Persondata
NAME Krugman, Paul
ALTERNATIVE NAMES Krugman, Paul Robin
SHORT DESCRIPTION American economist, columnist, author and Nobel Laureate
DATE OF BIRTH February 28, 1953
PLACE OF BIRTH
DATE OF DEATH
PLACE OF DEATH
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