Paul Krugman, a Princeton University economics professor who also writes a column for the New York Times, has won the Nobel Prize for economics.
Catherine Rampell of the Times writes, “Mr. Krugman received the award for his work on international trade and economic geography. In particular, the prize committee lauded his work for ‘having shown the effects of economies of scale on trade patterns and on the location of economic activity.’ He has developed models that explain observed patterns of trade between countries, as well as what goods are produced where and why. Traditional trade theory assumes that countries are different and will exchange different kinds of goods with each other; Mr. Krugman’s theories have explained why worldwide trade is dominated by a few countries that are similar to each other, and why some countries might import the same kinds of goods that it exports.
“Mr. Krugman has been an Op-Ed columnist at the New York Times since 1999. A collection of Mr. Krugman’s recent columns can be found here.”
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