STOCKHOLM, Oct. 13 (Xinhua) -- U.S. economist Paul Krugman Monday won the 2008 Nobel Prize in Economics "for his analysis of trade patterns and location of economic activity." Krugman was born on February 28, 1953, in Long Island, New York state, the United States. He earned a Ph.D. at the Massachusetts Institute of Technology (MIT) in 1997 and has been professor of economics and international affairs at Princeton University since 2000. He has also taught at Yale University, the London School of Economics, Stanford, and MIT. Krugman, 55, is well known in academia for his work in trade theory and his textbook explanations of currency crises and New Trade Theory. In an article published in 1991, he developed the concepts about economic geography into a comprehensive theory of location of labor and firms. "Paul Krugman has formulated a new theory to answer a series of questions, such as what the effects of free trade and globalization are and what the driving forces behind worldwide urbanization are," the Royal Swedish Academy of Sciences said in a statement. Krugman's work has thereby integrated the previously disparate research fields of international trade and economic geography, the statement said. "By having shown the effects of economics of scale on trade patterns and on the location of economic activity, Krugman's theory have given rise to an extensive reorientation of the research on these issues." He is an ardent critic of the administration of U.S. President George W. Bush and its domestic and foreign policies. He has also written 20 books and more than 200 papers in professional journals. Winning the Nobel award won't change his approach to research and writing, Krugman told a news conference in Stockholm by telephone from the United States. "The prize will enhance visibility, but I hope it does not lead me into going to a lot of purely celebration events, aside from the Nobel presentation itself," he said. Besides his work as an economist at Princeton University in New Jersey, Krugman also writes a regular column in The New York Times and has a blog called "Conscience of a Liberal." SOURCE: NEWS SITE |
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