Pumas 4 Palin

Nobel for Krugman

Posted on: October 14, 2008

Repeatedly in  The Conscience of a Liberal   Mr. Krugman suggests that things we take for granted about the United States economy… are not inevitable at all.

Political choices, he argues, not economic laws, have made the United States a nation of the very rich, the very poor and an increasingly fragile middle class…

Peter Beinart, NYT on The Conscience of a Liberal

 

Pumas are heartened to hear of the Princeton Prof,  Paul Krugman receiving the Economics Nobel.

Also known as the Economics Medal of Nobel, the official name of the award is Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Throughout the long season of the Democratic primaries, Hillary and her supporters have quoted and upheld the views and essays of Krugman as some of their own, using the mandarin’s columns as academic buttress to the positions taken by Hillary in debates and speeches.

In several forums including the Taylor Marsh chat boards, Krugman’s name would show up several times a week. Talk Left and Firedoglake also routinely featured reader comments invoking Krugman. Those further left worshipped Krugman.

Admittedly, this award is a recognition of his Economic theories and speculations, not for his views on policy directly or even his essays at NYT. Nonetheless, we PUMAs are delighted that one of our intellectual patron saints is acknowledged. Now for facts:

Krugman’s Work

The Princeton economist’s academic work analyzed how world trade came to be dominated by countries that both import and export similar products — automobiles, for example.

“Prior to Paul, all the models for trade explained why countries that are different trade: You’re a better baker, I’m a better shoemaker,” said Tom Prusa, professor of international economics at Rutgers University in New Brunswick, New Jersey.

“Paul was one of the first to realize that those kinds of models only explained about half of the trade in the world,” Prusa said. “Paul was the first one to explain economically why it made sense that countries that are similar should trade, as opposed to countries that are different.”

Such trade “enables specialization and large-scale production, which result in lower prices and a greater diversity of commodities,” the Royal Academy said in a statement today.

— Bloomberg.com 

 

Krugman was on the ball as far back as 2006, here he was point on about the brewing housing crisis:

 

 Now, the fact that Krugman the unrepentant bleeding heart, after all his blog is named the Conscience of a Liberal, espouses values that align with the policies of the left of center thinking is not to imply that he had an automatic affinity towards just any Dem candidate. He was measured in his reactions, guarded in his support of specific candidacies. Frank and candid when he was confused, as Obama confused all after earning a majority of delegates and ‘shifting to center’. Krugman noticed that too.

PUMAs heart Krugman, cheer Nobel Win!

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