Paul Krugman, the New York Times Op-Ed columnist, has won the 2008 Nobel Prize for Economics. The Royal Swedish Academy of Sciences cited Krugman today “for his analysis of trade patterns and location of economic activity.”
Non-academics best know him for being a frequent guest on the PBS NewsHour, and both Countdown and The Rachel Maddow Show on MSNBC. His observations on the economy, the financial crisis and Henry Paulson's stop-and-start approach to staving off a collapse of the global financial system appear several times every day at his blog at http://krugman.blogs.nytimes.com/ and he is the author of Conscience of a Liberal.
He was awarded the prize, and its $1.4-million honorarium, for explaining 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.
*When I was young, oh so much younger than today, I believed that the United States would become completely unhinged at some point in my lifetime. This...