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On the other hand
Joined: 19 Apr 2003
Location: I walk along the avenue
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 Posted: Mon Oct 13, 2008 5:16 am Post subject: Paul Krugman wins Nobel Prize |
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http://tinyurl.com/3n76ty
Interesting, because if I understood him correctly, the recent drop in oil prices should not have happened, or at least should not have been as steep as it was. |
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Gatsby
Joined: 09 Feb 2007
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| Posted: Mon Oct 13, 2008 5:42 am Post subject: |
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| Quote: |
October 13, 2008, 7:50 am
Paul Krugman Wins Economics Nobel
By Catherine Rampell
Paul Krugman, a professor at Princeton University and an Op-Ed columnist for The New York Times, was awarded the Nobel Memorial Prize in Economic Sciences on Monday.
�It�s been an extremely weird day, but weird in a positive way,� Mr. Krugman said in an interview on his way to a Washington meeting for the Group of Thirty, an international body from the public and private sectors that discusses international economics. He said he was mostly �preoccupied with the hassles� of trying to make all his scheduled meetings today and answer a constantly-ringing cell phone.
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.
Paul Krugman
�There was something very beautiful about the old existing trade theory, and its ability to capture the world in a surprisingly simple conceptual framework,� Mr. Krugman said. �And then I realized that some of the new insights coming through in industrial organization could be applied to international trade.�... |
http://economix.blogs.nytimes.com/2008/10/13/paul-krugman-wins-economics-nobel/?em
Too bad the brains in Washington didn't listen to his warnings about the economy over the past two or three years. It might have saved the U.S. and Europe several trillion dollars for this bailout.
But they are listening now to people like Krugman, and using some of their ideas. Those ideas may save us yet.
This Nobel prize, combined with other news, is helping to restore my confidence, both in the economy and the human race. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Mon Oct 13, 2008 6:05 am Post subject: |
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| I like Krugman, but I feel like there is some politics in this pick. |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Mon Oct 13, 2008 6:43 am Post subject: |
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| Krugman has been an expected winner of the prize for at least a decade. |
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stacyrb
Joined: 10 Oct 2008
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| Posted: Mon Oct 13, 2008 11:34 am Post subject: |
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And he won the prize for work he did 20 years ago to explain why countries with economies of scale that can produce their own items still buy similar items from other countries.
Basically the reason why americans buy Jag's and BMWs for higher prices instead of just buying a Contour or Caravan. Most people understand this now, but 20 years ago this was ground breaking research... WAY before he became a political pundit.
Stacy |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Wed Oct 15, 2008 7:50 am Post subject: |
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| stacyrb wrote: |
And he won the prize for work he did 20 years ago to explain why countries with economies of scale that can produce their own items still buy similar items from other countries.
Basically the reason why americans buy Jag's and BMWs for higher prices instead of just buying a Contour or Caravan. Most people understand this now, but 20 years ago this was ground breaking research... WAY before he became a political pundit.
Stacy |
Paul, has been on the radar largely due to his politics, and there is nothing wrong with that. He writes for the New York Times. He also worked with the Clinton Administration. He has had brilliant work, so he is qualified for the prize and he's been on the radar, so to speak, partially because of his political exposure, and there is nothing wrong with that, and his views have largely been correct. He was given a prize based on his political views, however. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Wed Oct 15, 2008 9:46 am Post subject: |
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| Adventurer wrote: |
| stacyrb wrote: |
And he won the prize for work he did 20 years ago to explain why countries with economies of scale that can produce their own items still buy similar items from other countries.
Basically the reason why americans buy Jag's and BMWs for higher prices instead of just buying a Contour or Caravan. Most people understand this now, but 20 years ago this was ground breaking research... WAY before he became a political pundit.
Stacy |
Paul, has been on the radar largely due to his politics, and there is nothing wrong with that. He writes for the New York Times. He also worked with the Clinton Administration. He has had brilliant work, so he is qualified for the prize and he's been on the radar, so to speak, partially because of his political exposure, and there is nothing wrong with that, and his views have largely been correct. He was given a prize based on his political views, however. |
I agree. As was Al Gore (Peace Prize, wtf?). |
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