Economic Laureate on Financial Crisis
In the midst of an international financial crisis, the winner of the Nobel Prize in Economics is a New York Times columnist, Paul Krugman of Princeton University.
The Royal Swedish Academy of Sciences honored him for his analysis of how with globalization cheaply produced goods in large quantities on the world market can drive out small-scale production on the local level.
But at his press conference here in Stockolm, Krugman was asked most abut the current international financial crisis. He doesn’t think enough has been done yet to fix the problems.