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Krugman Wins Nobel Prize For Economics

By Big Tent Democrat, Section Media
Posted on Mon Oct 13, 2008 at 07:45:39 AM EST
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NYTimes:

The American economist Paul R. Krugman won the Nobel economics prize on Monday for his analysis of trade patterns and location of economic activity. Mr. Krugman, 55, a professor at Princeton University in New Jersey and a columnist for The New York Times, formulated a new theory to answer questions about free trade, the Royal Swedish Academy of Sciences said.

“What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanization? Paul Krugman has formulated a new theory to answer these questions,” the academy said in its citation.

In his spare time, Krugman has become the most important progressive opinion writer in the country. Congratulations to Professor Krugman.

By Big Tent Democrat, speaking for me only

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    Krugman Wins Nobel Prize For Economics | 48 comments (48 topical)
    Pretty cool (5.00 / 1) (#1)
    by dws3665 on Mon Oct 13, 2008 at 07:48:27 AM EST
    Congratulations, Professor Krugman!

    So happy for him. With Gore winning and now (5.00 / 2) (#2)
    by Angel on Mon Oct 13, 2008 at 07:51:19 AM EST
    Krugman, it shows that progressives are being taken seriously, if not by all Americans, then at least by others in the world.  Our ideas aren't the "radical" and "ultra-liberal" variety so many in the mainstream media would have you believe.  

    Can't wait to see the spin (5.00 / 3) (#3)
    by Fabian on Mon Oct 13, 2008 at 08:11:41 AM EST
    on this one.

    I heard it on NPR this morning.  Most Nobel recipients are people I may have heard about in passing, but really have no idea who they are my reaction was "Krugman?  Really?  I KNOW who he is!  GREAT!"  

    With Gore last year forcing right wing pundits to say nice things about him and now Krugman this year forcing people to admit he is a legitimate authority on economics, I can't wait to see who gets tapped next year.  

    Hint:  Whoever is instrumental in leading the way out of this Global Financial Crisis may get the Nobel Peace prize in a few years.  Let the competition begin!

    Parent

    Great. So now will Dkos forgive (5.00 / 2) (#29)
    by hairspray on Mon Oct 13, 2008 at 12:11:00 PM EST
    him for challenging Obama's health care plan?

    Parent
    They have (5.00 / 1) (#33)
    by Cream City on Mon Oct 13, 2008 at 12:24:35 PM EST
    I peeked at the Orange Place, and the hypocrisy is rampant.

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    Yeah. (5.00 / 1) (#42)
    by Fabian on Mon Oct 13, 2008 at 01:08:54 PM EST
    I don't trust them anymore.  Either they have the worst memories in the animal kingdom, or they lie like rugs.  Krugman used to be a traitorous bogey man when he dared to criticize Obama.  Now he's a liberal hero.  You want Change?  They've got it!

    Parent
    Reality has changed (5.00 / 1) (#46)
    by Cassius Chaerea on Mon Oct 13, 2008 at 03:28:56 PM EST
    Kos favors Krugman now. Thus Kos always favored Krugman.

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    This fellow disagrees: (none / 0) (#19)
    by oculus on Mon Oct 13, 2008 at 10:44:59 AM EST
    Stein Toennesson, director of International Peace Research Institute in Oslo, praised the decision to return to a more traditional candidate.

    "It's important to make clear to the world that this prize is a peace prize and not just a prize for doing good," Mr. Toennesson said. "For several years the committee has widened the prize. They have not always provided a good enough justification for doing it, and they've done it too often."

     [Excerpt from NYT, Saturday's paper.]


    Parent
    I'd have to ask Krugman (5.00 / 1) (#21)
    by Fabian on Mon Oct 13, 2008 at 11:40:26 AM EST
    what he thinks would happen if the global banking system collapses.

    Love it or hate it, global financial systems help to create economic stability.  Economic stability is a prerequisite for every other type of stability - social, governmental and so on.  Economic disaster will just be a prelude to even more crises.

    Economics is a derivative of sociology.  It's about more than money.

    Parent

    Of course, Krugman didn't ... (none / 0) (#43)
    by Robot Porter on Mon Oct 13, 2008 at 01:55:32 PM EST
    win the "peace prize," he won a the Nobel Prize in economics.

    So Toennesson's statement has nothing to do with Krugman.

    Parent

    The statement refers to (none / 0) (#47)
    by oculus on Tue Oct 14, 2008 at 12:18:44 AM EST
    this fellow's opinion giving the Peace Prize to Gore and his ilk was too far afield of the purpose of the prize. He like the pick of the former Finnish diplomat.

    Parent
    Exciting (5.00 / 1) (#4)
    by andgarden on Mon Oct 13, 2008 at 08:34:30 AM EST


    Satisfying. (n/t) (none / 0) (#5)
    by Fabian on Mon Oct 13, 2008 at 08:36:11 AM EST


    Parent
    Woo Hoo (5.00 / 1) (#6)
    by WS on Mon Oct 13, 2008 at 08:50:11 AM EST
    Go Krugman!  Right wingers worship economists for some reason, but I respect economics as a social science and Krugman as a great economist and the Nobel people agree!  

    i read that earlier. (5.00 / 1) (#7)
    by cpinva on Mon Oct 13, 2008 at 09:09:07 AM EST
    my initial reaction was "that dr. krugman? hey, i know who he is!"

    i was further intrigued by the basis of the work that garnered the prize, on international trade and economies of scale, but i'm a geek, so such things interest me.

    the best part is, maybe now, when i mention his name in conversation, i'll get more than the usual blank looks! lol

    kudos to dr. krugman!

    That's Nobel Laureate Dr. Paul Krugman! (5.00 / 1) (#8)
    by Fabian on Mon Oct 13, 2008 at 09:25:15 AM EST
    I so wanted Gore to run.  I'd have rubbed that "Nobel Laureate" in big time.  John McCain, Former POW just doesn't have the same cachet.

    Parent
    One wonders if the Nobel committee ... (5.00 / 2) (#9)
    by Robot Porter on Mon Oct 13, 2008 at 09:26:30 AM EST
    had a different economist lined up for this honor, then the financial crisis hit, and then they had to do a fast google search to find an economist who wouldn't embarrass them.

    ;)

    This does put a different spin (5.00 / 2) (#13)
    by sallywally on Mon Oct 13, 2008 at 09:37:14 AM EST
    on economics and let's say, the Milton Friedman folks. Yippee!!!

    Parent
    Does this mean the chicago school of (none / 0) (#30)
    by hairspray on Mon Oct 13, 2008 at 12:14:31 PM EST
    economics and Alan Goolsbee is out and the New York FDR school is back in?

    Parent
    Eat your heart out, Alan Greenspan? :-) (5.00 / 3) (#38)
    by Cream City on Mon Oct 13, 2008 at 12:28:29 PM EST


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    Yeah for our side! (5.00 / 1) (#10)
    by Faust on Mon Oct 13, 2008 at 09:27:54 AM EST


    Dear Barack Obama: (5.00 / 6) (#11)
    by lilburro on Mon Oct 13, 2008 at 09:32:36 AM EST
    You already have one Nobel Prize winner willing to help you on the subject of the environment.  Now you have the opportunity (I am sure he would be willing to aid) of enlisting a second recent Nobel Prize winner to help you govern.  I really hope you will take this opportunity to go progressive on healthcare and social security, helped by the knowledge and new moral heft granted to Paul Krugman.

    We'll talk about my pony later, okay?

    Thanks!

    signed,
    lilburro.

    Allow me to add: Mr. Obama! Stop ignoring the (none / 0) (#48)
    by bridget on Tue Oct 14, 2008 at 12:29:26 AM EST
    most important Nobel Peace Price winner, President Carter, who always looks for peaceful ways to solve international conflicts. Carter's book about Israel and Palestine holds the key to peace in the Middle East and hence the world. Carter has the courage to speak the truth.

    All the wars you are planning and supporting and the international conflicts you are hyping along with the Republicans, Mr. Obama, will only lead to blowing us all up.

    Your goal should be to Get rid of the war mentality which has taken hold of everyone in government and media, yourself included.  

    We want Peace in the world and you should too.  

    Parent

    I am so excited about this! (5.00 / 4) (#12)
    by sallywally on Mon Oct 13, 2008 at 09:35:37 AM EST
    I just adore Krugman.

    As others have said, he may be taken more seriously now by the media in general, and when he is on sabbath gasbag panels with the usual "center" right participants, maybe he'll get a little more time to talk than usual, as he is often spoken over, being a quiet, gentle presence.

    Krugman may also be taken more seriously by the center-left Democratic folks in the political arena - his comments on health care, for instance, and his continuing comments on the financial catastrophe.

    It would be nice if he were able to influence the Obama folks because of this.

    It's fabulous that there are a growing number of progressives and Dems winning the Nobel Prize, starting with Jimmy Carter, Martin Luther King, Jr., Al Gore and now Paul Krugman.

    I sort of wish someday Bill Clinton would get the Peace Prize. And the possibility of Obama if he deals well with the current American crises? Another thing for him to aim for, and he's good at accomplishing his aims.

    CONGRATULATIONS, Professor!! And congratulations, Democrats!

    This cheers me up (5.00 / 2) (#14)
    by eric on Mon Oct 13, 2008 at 09:39:24 AM EST
    and helps me to believe that all is not screwed up in this world.  At least Sweden can get it right.

    He is a liberal not progressive (5.00 / 6) (#15)
    by Stellaaa on Mon Oct 13, 2008 at 09:54:56 AM EST
    he did not re brand himself like the other cowards.   Awesome.  His book  was really great, Conscience of a Liberal.  

    Now I must read it! (5.00 / 1) (#35)
    by hairspray on Mon Oct 13, 2008 at 12:27:11 PM EST


    Parent
    Krugman Deserves the Prize ... (5.00 / 2) (#16)
    by santarita on Mon Oct 13, 2008 at 10:18:12 AM EST
    I hope that Paulson listens to Krugman and others.

    I hope Paulson (5.00 / 2) (#17)
    by sallywally on Mon Oct 13, 2008 at 10:20:18 AM EST
    is run out of town the moment Obama takes office .... if not before!

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    You must have missed Obama (5.00 / 4) (#18)
    by Cream City on Mon Oct 13, 2008 at 10:40:32 AM EST
    saying on CNBC that he would keep Paulson, at least for the transition and perhaps even after that.  It was reported as a "very unusual move."  Ya think?

    Parent
    That's the most depressing thing (5.00 / 1) (#23)
    by oldpro on Mon Oct 13, 2008 at 11:45:36 AM EST
    I've heard all week and I've heard some pretty depressing things these past 7 days.  Just whom is that announcement supposed to reassure?

    Good Gawd.  Paulson.  Gates, yes...but PAULSON?

    Sigh...I hate post-partisan unless it's the Bill Clinton brand.  I do not trust the judgment of the Obama team on any subject I can think of.  Right now, this is the most important subject and Obama punted.

    Terrifying.

    You have to wonder who talked him into that.

    Parent

    He did say that... (none / 0) (#31)
    by BigElephant on Mon Oct 13, 2008 at 12:15:59 PM EST
    But you do realize that he said that nearly 3 weeks ago.  A lot has changed in three weeks.  And he did say that he would be on the transition team only.  Not a cabinet position.  

    BTW, congrats to Krugman!  He deserves it for his great work.  I know I've argued with many here as I believe many take his word for gospel in all areas (even those where he isn't extremely strong), but in his domain, he has few peers in the world.

    Parent

    True, if you want change (5.00 / 2) (#36)
    by Cream City on Mon Oct 13, 2008 at 12:27:21 PM EST
    just compare a pol's quotes over a couple of weeks -- or even a couple of hours.

    Parent
    Thanks for the update, BigE... (none / 0) (#37)
    by oldpro on Mon Oct 13, 2008 at 12:28:21 PM EST
    ...that makes it even worse IMO.  No one should want to keep the guy who came to the congress with the plan he presented 3 weeks ago.  No one.

    Begone, I say.

    As for Krugman...yes, a well-deserved reward, I'd say.  Now let's see if he gets a Pulitzer or an Ernie Pyle award for journalism!

    Yes.  I'm kidding.

    Parent

    Don't get me wrong... (none / 0) (#40)
    by BigElephant on Mon Oct 13, 2008 at 01:01:09 PM EST
    I agree with you.  Paulson would be on his butt if you all elected me to office.  But with that said, there's something to be said for driving toward accountability and transition staffing.

    Paulson is probably the guy who knows where the dead bodies are buried.  Give him the shovel and make him dig (in the plan).  At the same time get your cabinet and appointed staff (which maybe would include Krugman!!) to get a real plan together.  In the business world, that's often the way things are done -- there's too much tribal knowledge, and you don't want to be scrambling because you don't know how something wasa done.

    BUT with that said, I'd hope that they could do all of this during the two month transition before he takes office, rather than after.

    Parent

    Obama once again ... (5.00 / 1) (#32)
    by Robot Porter on Mon Oct 13, 2008 at 12:22:00 PM EST
    revealing the master he serves.

    Hopefully, he can be ridiculed out of such a patently ridiculous idea.

    But the fact that he said it is very telling.

    Parent

    Oh rats, yes, I hear that. (none / 0) (#45)
    by sallywally on Mon Oct 13, 2008 at 02:36:53 PM EST
    Just getting overexcited, I guess....

    Parent
    When I flipped on the local news (5.00 / 1) (#25)
    by nycstray on Mon Oct 13, 2008 at 11:48:45 AM EST
    I caught the tail end of a economy story and they showed a clip of him and referred to him as a Nobel Prize winner. I thought I had been outta touch all this time because I didn't know that lil' tidbit about him, lol!~  

    This is great news. Congrats to him! And here's hoping we see much more of him in the coming days  ;)

    I'm waiting for Donald Luskin to (none / 0) (#20)
    by ThatOneVoter on Mon Oct 13, 2008 at 11:04:18 AM EST
    comment.

    Ah, here is the entirely estimable (5.00 / 2) (#22)
    by ThatOneVoter on Mon Oct 13, 2008 at 11:43:27 AM EST
    Luskin:
    Luskin is poor and stupid? I had no idea of the former!

    KRUGMAN WINS THE NOBEL PRIZE   The Nobel Prize is never posthumous -- it is only awarded to living persons. So some great minds such as John Maynard Keynes and Fischer Black never received the prize in Economics. All that has changed. With today's award to Paul Krugman, the Nobel as gone to an economist who died a decade ago. The person alive to receive the award is merely a public intellectual, a person operating in the same domain as Oprah Winfrey. And even as a public intellectual, the prize is inappropriate, because never before has a scientist operating in the capacity of a public intellectual so abused and debased the science he purports to represent. Krugman's New York Times column drawing on economics is the equivalent of 2006's Nobelists in Physics, astromers Mather and Smoot, doing a column on astrology -- and then, in that column, telling lies about astronomy.

    But what's done is done. The only question now is whether Krugman will pay taxes on the prize at the low rates enabled by the Bush tax cuts he has done so much to discredit, or if he will volunteer to pay taxes at higher rates he considers more fair.



    Parent
    Jeez, that's bitter (none / 0) (#24)
    by andgarden on Mon Oct 13, 2008 at 11:46:51 AM EST


    Parent
    Just a tad . . . . ;) (none / 0) (#26)
    by nycstray on Mon Oct 13, 2008 at 11:51:00 AM EST


    Parent
    Oprah is a public intellectual? (none / 0) (#27)
    by Cream City on Mon Oct 13, 2008 at 11:51:59 AM EST
    That premise destroys the argument.  She hardly is promoted or promotes herself as an intellectual -- she does the "one of the people" shtick.  

    And then, ther is the premise that economics is a science, as even economists debate that.

    Parent

    She reads books ... (5.00 / 1) (#34)
    by Robot Porter on Mon Oct 13, 2008 at 12:25:04 PM EST
    that's enough to a be an intellectual in this day and age.

    ;)

    Parent

    Don't cotton to (5.00 / 1) (#39)
    by TomStewart on Mon Oct 13, 2008 at 12:46:37 PM EST
    no book learnin'.

    Parent
    I think economics has an acorn of (none / 0) (#28)
    by ThatOneVoter on Mon Oct 13, 2008 at 11:53:02 AM EST
    truth, which will one day grow into a great tree of knowledge.

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    Thanks for that! (none / 0) (#41)
    by Fabian on Mon Oct 13, 2008 at 01:03:48 PM EST
    I need to copy that out and file it under "sour grapes" in my dictionary.

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    Gee, Luskin (none / 0) (#44)
    by KeysDan on Mon Oct 13, 2008 at 02:07:44 PM EST
    sees a vigil light, when everyone else sees the Nobel as dynamite. What a guy.

    Parent
    Krugman Wins Nobel Prize For Economics | 48 comments (48 topical)