Paul Robin Krugman ( /ˈkruːɡmən/;[4] born February 28, 1953) is an American economist, professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times.[5][6] In 2008, Krugman won the Nobel Memorial Prize in Economics for his contributions to New Trade Theory and New Economic Geography. According to the Nobel Prize Committee, the prize was given for Krugman's work explaining the patterns of international trade and the geographic concentration of wealth, by examining the impact of economies of scale and of consumer preferences for diverse goods and services.[7] Krugman is known in academia for his work on international economics (including trade theory, economic geography, and international finance),[8][9] liquidity traps and currency crises. According to the ID! EAS/RePEc rankings, he is the 14th most widely cited economist in the world today.[10] As of 2008[update], Krugman has written 20 books and has published over 200 scholarly articles in professional journals and edited volumes.[11] He has also written more than 750 columns dealing with current economic and political issues for The New York Times . Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld, is a standard college textbook on international economics. He also writes on political and economic topics for the general public, as well as on topics ranging from income distribution to international economics. Krugman considers himself a liberal, calling one of his books and his New York Times blog "The Conscience of a Liberal".[12] He has been described as having made politically convenient arguments that are not based on proper economic reasoning.[13][14][15] Contents 1 Personal life 2 Academic career 2.1 New trade theory 2.2 N! ew economic geography 2.3 International finance 2.4 Macroecono! mics and fiscal policy 2.5 Nobel Memorial Prize 2.6 Awards 3 Author 3.1 Published works 3.1.1 Academic books (authored or coauthored) 3.1.2 Academic books (edited or coedited) 3.1.3 Economics textbooks 3.1.4 Books for a general audience 3.1.5 Selected academic articles 4 Commentator 4.1 East Asian growth 4.2 U.S. economic policies 5 Economic views 5.1 Free trade 6 Political views 6.1 U.S. race relations 6.2 On working in the Reagan Administration 6.3 On Gordon Brown vs David Cameron 7 Controversies 7.1 Partisanship 7.2 Economics and policy recommendations 7.3 Enron 8 References in popular culture 9 See also 10 References 11 External links Personal life Krugman is the son of David and Anita Krugman and the grandson of Jewish immigrants from Brest-Litovsk.[16] He was born in Albany, NY and grew up in Nassau County, New York.[17] He graduated from John F. Kennedy High School in Bellmore.[18] He is married to Robin Wells, his second wife, a yoga instructor and academic economist who has! collaborated on textbooks with Krugman.[19][20][21] Krugman reports that he is a distant relative of conservative journalist David Frum.[22] He has described himself as a "Loner. Ordinarily shy. Shy with individuals."[23] According to Krugman, his interest in economics began with Isaac Asimov's Foundation novels, in which the social scientists of the future use "psychohistory" to attempt to save civilization. Since "psychohistory" in Asimov's sense of the word does not exist, Krugman turned to economics, which he considered the next best thing.[24][25] Academic career Krugman giving a lecture at the German National Library in Frankfurt in 2008. Krugman earned his B.A. in economics from Yale University in 1974 and his PhD from the Massachusetts Institute of Technology (MIT) in 1977. While at MIT he was part of a small group of MIT students sent to work for the Central Bank of Portugal for three months in summer 1976, in the chaotic aftermath of the Carnation Revolution.[26]! From 1982 to 1983, he spent a year working at the Reagan Whit! e House as a staff member of the Council of Economic Advisers. He taught at Yale University, MIT, UC Berkeley, the London School of Economics, and Stanford University before joining Princeton University in 2000 as professor of economics and international affairs. He is also currently a centenary professor at the London School of Economics, and a member of the Group of Thirty international economic body. He has been a research associate at the National Bureau of Economic Research since 1979.[27] Most recently, Dr. Krugman was President of the Eastern Economic Association. Paul Krugman has written extensively on international economics, including international trade, economic geography, and international finance. The Research Papers in Economics project ranked him as the 14th most influential economist in the world as of March 2011 based on his academic contributions.[10] Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld, is a standard college tex! tbook on international economics. Krugman also writes on economic topics for the general public, sometimes on international economic topics but also on income distribution and public policy. The Nobel Prize Committee stated that Krugman's main contribution is his analysis of the impact of economies of scale, combined with the assumption that consumers appreciate diversity, on international trade and on the location of economic activity.[7] The importance of spatial issues in economics has been enhanced by Krugman's ability to popularize this complicated theory with the help of easy-to-read books and state-of-the-art syntheses. "Krugman was beyond doubt the key player in 'placing geographical analysis squarely in the economic mainstream' ... and in conferring it the central role it now assumes."[28] In 1978, Krugman wrote The Theory of Interstellar Trade, a tongue-in-cheek essay on computing interest rates on goods in transit near the speed of light. He says he wrote it to c! heer himself up when he was "an oppressed assistant professor"! .[29] Ne w trade theory Prior to Krugman's work, trade theory (see David Ricardo and Hecksher-Ohlin model) emphasized trade based on the comparative advantage of countries with very different characteristics, such as a country with a high agricultural productivity trading agricultural products for industrial products from a country with a high industrial productivity. However, in the 20th century, an ever larger share of trade occurred between countries with very similar characteristics, which is difficult to explain by comparative advantage. Krugman's explanation of trade between similar countries was proposed in a 1979 paper in the Journal of International Economics, and involves two key assumptions: that consumers prefer a diverse choice of brands, and that production favors economies of scale. Consumers' preference for diversity explains the survival of different versions of cars like Volvo and BMW.[30] But because of economies of scale, it is not profitable to spread the product! ion of Volvos all over the world; instead, it is concentrated in a few factories and therefore in a few countries (or maybe just one). This logic explains how each country may specialize in producing a few brands of any given type of product, instead of specializing in different types of products. Many models of international trade now follow Krugman's lead, incorporating economies of scale in production and a preference for diversity in consumption.[7] This way of modeling trade has come to be called New Trade Theory.[28] Krugman's theory also took into account transportation costs, a key feature in producing the "home market effect", which would later feature in his work on the new economic geography. The home market effect "states that, ceteris paribus, the country with the larger demand for a good shall, at equilibrium, produce a more than proportionate share of that good and be a net exporter of it."[28] The home market effect was an unexpected result, and Krugman init! ially questioned it, but ultimately concluded that the mathema! tics of the model were correct.[28] When there are economies of scale in production, it is possible that countries may become 'locked in' to disadvantageous patterns of trade.[31] Nonetheless, trade remains beneficial in general, even between similar countries, because it permits firms to save on costs by producing at a larger, more efficient scale, and because it increases the range of brands available and sharpens the competition between firms.[32] Krugman has usually been supportive of free trade and globalization.[33][34] He has also been critical of industrial policy, which New Trade Theory suggests might offer nations rent-seeking advantages if "strategic industries" can be identified, saying it's not clear that such identification can be done accurately enough to matter.[35] New economic geography It took an interval of eleven years, but ultimately Krugman's work on New Trade Theory (NTT) converged to what is usually called the "new economic geography" (NEG), which Krugman be! gan to develop in a seminal 1991 paper in the Journal of Political Economy.[36] In Krugman's own words, the passage from NTT to NEG was "obvious in retrospect; but it certainly took me a while to see it. ... The only good news was that nobody else picked up that $100 bill lying on the sidewalk in the interim."[37] This would become Krugman's most-cited academic paper: by early 2009, it had 857 citations, more than double his second-ranked paper.[28] Krugman called the paper "the love of my life in academic work."[38] The "home market effect" that Krugman discovered in NTT also features in NEG, which interprets agglomeration "as the outcome of the interaction of increasing returns, trade costs and factor price differences."[28] If trade is largely shaped by economies of scale, as Krugman's trade theory argues, then those e
paul krugman wikipedia the free encyc! lopedia
Paul Robin Krugman (/ ˈ k r uː ɡ m ən born ! February 28, 1953) is an American economist, professor of Economics and International Affairs at the Woodrow Wilson Read the rest
the years of shame
By PAUL KRUGMAN. Representative Eric Cantor, the House majority leader, wants any aid for Hurricane Irene victims to be offset by cuts in other spending. Read the rest
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Paul Krugman chose to mark the the 10th anniversary! of September 11th with an odd blog post. Read the rest
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You have to admit, the title of his blog is perfect… "The Conscience of a Liberal" Today the New York Times "economist" and far left Keynesian, Paul Krugman Read the rest
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Recent columns and multimedia by Pau! l Krugma n of The New York Times. Read the rest
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The New York Times' Paul Krugman, Nobel Prize winner, blogs about economics and politics. Read the rest
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Recent New York Times Columns. Setting Their Hair on Fire. President Obama, with a significantly bolder and! better plan than expected, tries to get action on unemployment. Read the rest
paul krugman wikinfo
Biography. Krugman was born into a Jewish family, grew up on Long Island in New York, and graduated from John F. Kennedy High School in Bellmore. He is married to Robin Wells Read the rest
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Paul Krugman: Obama Jobs Plan 'Bolder And Better Than Expected' Read the rest
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By PAUL KRUGMAN. Representative Eric Cantor, the House majority leader, wants any aid for Hurricane Irene victims to be offset by cuts in other spending. Read the rest