October 14, 2008

Bush Critic Wins Economics Nobel

World in brief

STOCKHOLM Paul Krugman, the Princeton University scholar and New York Times columnist, has won the Nobel Prize in economics for his analysis of how economies of scale can affect trade patterns and the location of economic activity. Mr Krugman has been a harsh critic of the Bush administration and the Republican Party in The New York Times, where he also has a blog called "Conscience of a Liberal". He has blamed the Bush administration's pursuit of deregulation and unencumbered fiscal policies for the financial crisis that has threatened the global economy with recession. Tore Ellingsen, a member of the prize committee, acknowledged that Mr Krugman was an "opinion maker" but said he was honoured on the merits of his economic research alone. The 55-year-old economist was the sole winner of the 10 million kronor (800,000) award. Mr Krugman said of the award: "The prize will enhance visibility but I hope it does not lead me into going to a lot of purely celebratory events, aside from the Nobel presentation itself."

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