“for his analysis of trade patterns and location of economic activity”
Tyler Cowen’s summary of Dr. Krugman’s work is, as usual, excellent.
Congratulations, Dr. Krugman. Perhaps, given your work in international trade, international finance, and financial (specifically currency) crises, it’s not surprising that you’d be recognized during one of the largest international financial crises in history… particularly given that you’ve been sounding warning bells since several years ago. It is, I think, a little surprising that your work on currency crises went unmentioned. I will say, however, that I am delighted to see that you’ve been cited for his work in economic geography, a topic that is dear to my heart. I have an enormous amount of respect for your academic work, though at times I think your popular writing hasn’t cleared the same high bar you’ve set elsewhere in your career.
I cannot wait for the ideologues to accuse the Nobel committee of being driven by politics, and for the anti-economic folks to point out that the prize is not technically a Nobel. We might not be able to predict business cycles accurately, but some things we’ve got nailed.