Paul Krugman

Paul Krugman Wins Nobel Economics

This year’s Nobel Prize in Economics has gone to Paul Krugman of Princeton University in New Jersey, in the United States.

The Royal Swedish Academy of Sciences says he’s being honored for his analysis of trade patterns and location of economic activity, for example, looking at how with globalization cheaply produced goods in large quantities on the world market can drive out small-scale production on the local level.

Paul Krugman is a professor in Economics and International Affairs at Princeton as well as a columnist in the New York Times.

The 55-year-old has formulated a new theory that determines the effects of free trade and globalisation, as well as the driving forces behind worldwide urbanisation, said the Selection Committee.

The award is the last of six Nobel prizes but is not an original Nobel. It began in 1968 in conjunction with the central bank’s tercentenary celebrations with the first winners announced the following year.

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