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Paul Krugman
Nationality United States
Academic career
FieldMacroeconomics
InstitutionPrinceton University
School or
tradition		New Keynesian economics
Alma materMIT (Ph.D.)
Yale University (B.A.)
InfluencesJohn Maynard Keynes
Jagdish Bhagwati
ContributionsInternational Trade Theory
New Trade Theory
AwardsJohn Bates Clark Medal (1991)
Nobel Memorial Prize in Economics (2008)
Information at IDEAS / RePEc

Paul Robin Krugman (Template:Pron-en) (born February 28, 1953) is an American Keynesian economist, liberal columnist, and author. In 2008, Krugman won the Nobel Memorial Prize in Economics "for his analysis of trade patterns and location of economic activity." He is Professor of Economics and International Affairs at Woodrow Wilson School of Public and International Affairs, Princeton University, Centenary Professor at the London School of Economics, and op-ed columnist for The New York Times.

Krugman is known in academia for his work in international economics, including trade theory, economic geography, and international finance. He is among the most influential economists in the world according to IDEAS/RePEc. The Nobel Prize Committee stated that Krugman's main contribution is to analyze the impact of economies of scale in international trade. Prior to Krugman's work, trade theory (see David Ricardo and Hecksher-Ohlin model) emphasized trade based on the comparative advantage of countries with very different characteristics, such as a poor country exporting agricultural goods to a rich country in exchange for industrial products. However, in the 20th century, an ever larger share of trade occurred between countries with very similar characteristics, which is difficult to explain by comparative advantage. Krugman's explanation assumes that consumers prefer a diverse choice of brands, and that production favors economies of scale. Consumers' preference for diversity explains the survival of different versions of cars like Volvo and BMW, while economies of scale explain the concentration of production facilities. In later work, Krugman introduced transport costs, which encourages production to be sited near consumers.

As of 2006, Krugman had written or edited in excess of 25 books, over 40 scholarly articles and 750 columns at The New York Times dealing with current economic and political issues. Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld is a standard introductory textbook on international economics. He also writes on economic topics for the general public, sometimes on international economic topics but also on income distribution and public policy. Krugman considers himself a liberal, calling one of his books and his New York Times blog "The Conscience of a Liberal", in reference to Barry Goldwater's Conscience of a Conservative.

Biography

Krugman, the son of David and Anita Krugman, is the grandson of Jewish immigrants from Brest-Litovsk and grew up on Long Island in New York. He graduated from John F. Kennedy High School in Bellmore. He is married to Robin Wells, his second wife, an academic economist who has collaborated on textbooks with Krugman. They have no children.

Krugman says that his interest in economics began with Isaac Asimov's Foundation novels, in which the social scientists of the future use "psychohistory" to attempt to save civilization. Since "psychohistory" in Asimov's sense of the word does not exist, Krugman turned to economics, which he considered the next best thing.

Academic career

Krugman earned his B.A. in economics from Yale University in 1974 and his Ph.D. from the Massachusetts Institute of Technology (MIT) in 1977. From 1982 to 1983, he spent a year working at the Reagan White House as a staff member of the Council of Economic Advisers. He taught at Yale University, MIT, UC Berkeley, the London School of Economics, and Stanford University before joining Princeton University in 2000 as professor of economics and international affairs. He is also currently a centenary professor at the London School of Economics, and a member of the Group of Thirty international economic body as well as the Council on Foreign Relations.

When Bill Clinton came into office in 1993, he considered Krugman for a leading post, Krugman's work on income inequality having featured in his election campaign. Krugman's outspokenness was reported to be "the main reason the Clinton administration didn't offer him a job." Krugman said later that he would not have been interested in that type of position and that, "I'm temperamentally unsuited for that kind of role. You have to be very good at people skills, biting your tongue when people say silly things."

International trade theory

Paul Krugman has written extensively on international economics, including work on international trade, economic geography, and international finance. According to the Research Papers in Economics project, he is among the 50 most influential economists in the world today. Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld is a standard introductory textbook on international economics. He also writes on economic topics for the general public, sometimes on international economic topics but also on income distribution and public policy.

The Nobel Prize Committee stated that Krugman's main contribution is to analyze the impact of economies of scale in international trade. Prior to Krugman's work, trade theory (see David Ricardo and Hecksher-Ohlin model) emphasized trade based on the comparative advantage of countries with very different characteristics, such as a poor country exporting agricultural goods to a rich country in exchange for industrial products. However, in the 20th century, an ever larger share of trade occurred between countries with very similar characteristics, which is difficult to explain by comparative advantage. The Nobel committee, for example, mentions Sweden exporting Volvo cars to Germany while Germany exports BMW cars to Sweden.

Krugman's explanation of trade between similar countries was proposed in a 1979 paper in the Journal of International Economics. He assumes that consumers prefer a diverse choice of brands, and that production favors economies of scale. Consumers' preference for diversity explains the survival of different versions of cars like Volvo and BMW. But because of economies of scale, it is not profitable to spread the production of Volvos all over the world; instead, it is concentrated in a few factories and therefore in a few countries (or maybe just one). This logic explains how each country may specialize in producing a few brands of any given type of product, instead of specializing in different types of products.

Most models of international trade now follow Krugman's lead, incorporating economies of scale in production and a preference for diversity in consumption. This way of modeling trade has come to be called New Trade Theory.

When there are economies of scale in production, it is possible that countries may become 'locked in' to disadvantageous patterns of trade. Nonetheless, trade remains beneficial in general, even between relatively similar countries, because it permits firms to save on costs by producing at a larger, more efficient scale, and because it increases the range of brands available and sharpens the competition between firms. Therefore, Krugman has usually been supportive of free trade and globalization, and critical of industrial policy. (He writes on p. xxvi of his book The Great Unraveling that "I still have the angry letter Ralph Nader sent me when I criticized his attacks on globalization.")

On a lighter note, in 1978, Krugman wrote The Theory of Interstellar Trade, a tongue-in-cheek essay on computing interest rates on goods in transit near the speed of light. He says he wrote it to cheer himself up when he was "an oppressed assistant professor".

Economic geography

If trade is largely shaped by economies of scale, as Krugman's trade theory argues, then those economic regions with most production will be more profitable and will therefore attract even more production. That is, Krugman's trade theory implies that instead of spreading out evenly around the world, production will tend to concentrate in a few countries, regions, or cities, which will become densely populated but also have higher levels of income. This forms the basis of Krugman's theory of economic geography, which he began to develop in a 1991 paper in the Journal of Political Economy.

International finance

In addition to his work on international trade, Krugman has also been influential in the field of international finance economics. In 1979 he published a model of currency crises in the Journal of Money, Credit, and Banking showing that fixed exchange rate regimes are unlikely to end smoothly: instead, they end in a sudden speculative attack. Krugman's paper is considered one of the main contributions to the 'first generation' of currency crisis models.

He also advocated aggressive fiscal policy to counter Japan's lost decade in the 1990s, arguing that the country was mired in a Keynesian liquidity trap.

Nobel Memorial Prize

Krugman was awarded the Nobel Memorial Prize in Economic Sciences, the sole awardee for 2008. This award, created in 1968 by the Swedish central bank in Alfred Nobel’s memory, includes a prize of about $1.4 million and was awarded to Krugman for his work associated with New Trade Theory. In the words of the prize committee, "By having integrated economies of scale into explicit general equilibrium models, Paul Krugman has deepened our understanding of the determinants of trade and the location of economic activity."

Author and journalist

Krugman wrote for Fortune (1997 - 99) and Slate (1996 - 99), and then for The Harvard Business Review, Foreign Policy, The Economist, Harper's, and Washington Monthly. Krugman said, "I would have to write essays for non-economists that were clear, effective, and entertaining" in order to counter what he described as "Pop Internationalism".

Since January 2000, Krugman has contributed a twice-weekly column to the Op-Ed page of the New York Times, which has made him, in the words of the Washington Monthly, "the most important political columnist in America... he is almost alone in analyzing the most important story in politics in recent years — the seamless melding of corporate, class, and political party interests at which the Bush administration excels."

In September, 2003, Krugman published a collection of his columns under the title, The Great Unraveling. Taken as a whole, it was a scathing attack on the Bush's administration's economic and foreign policies. His main argument was that the large deficits generated by the Bush administration—generated by decreasing taxes, increasing public spending, and fighting a war in Iraq — were in the long run unsustainable, and would eventually generate a major economic crisis. The book was a best-seller.

In 2007, Krugman published The Conscience of a Liberal, a book detailing the history of wealth and income gaps in the United States in the 20th century, and started a blog of the same name. The book describes how the gap between rich and poor declined greatly in middle of the century, and then widened in the last two decades to levels higher even than in the 1920s. Most economists (including Krugman) have regarded the late-20th century divergence as resulting largely from changes in technology and trade, but Krugman writes that government policies played a much greater role than commonly thought, both in reducing the gap in the 1930s through 1970s and in widening it in the 1980s through the present. He rebuked the Bush administration for implementing policies that greatly widened the gap between the rich and poor. Krugman proposed a "new New Deal", which included placing more emphasis on social and medical programs and less on national defense. The book was praised in The New York Review of Books.

Economist Daniel B. Klein published during 2008 a paper in Econ Journal Watch (of which he is the chief editor) that reviews and criticizes Krugman's columns for the New York Times. Klein contends that Krugman's "social-democratic impetus sometimes trumps people's interests, notably poor people's interests... Krugman has almost never come out against extant government interventions, even ones that expert economists seem to agree are bad, and especially so for the poor."

Daniel Okrent, a former New York Times ombudsman, criticized Paul Krugman for "the disturbing habit of shaping, slicing and selectively citing numbers in a fashion that pleases his acolytes but leaves him open to substantive assaults." Okrent has also said that "when someone challenged Krugman on the facts, he tended to question the motivation and ignore the substance."

Income distribution

In the 1990s, Krugman increasingly focused on writing books for a general audience on issues he considered important for public policy. In The Age of Diminished Expectations and The Conscience of a Liberal, he wrote in particular about the increasing US income inequality in the "New Economy" of the 1990s. He attributes the rise in income inequality in part to changes in technology, but principally to a change in political atmosphere which has been widely manipulated by Movement Conservatives.

East Asian growth

In a 1994 Foreign Affairs article, Paul Krugman argued that the idea of an "Asian economic miracle" was a myth. His article helped popularize the argument made by Laurence Lau and Alwyn Young, among others, that the growth of economies in East Asia was not the result of new and original economic models, but rather from high capital investment and increasing labor force participation, and that total factor productivity had not increased. Krugman argued that in the long term, only increasing total factor productivity can lead to sustained economic growth. His article was highly controversial when it first appeared, and subsequent studies disputed some of Krugman's conclusions, however, his analysis may have stimulated Singapore to provide incentives for technological progress.

During the 1997 Asian financial crisis, Krugman advocated currency controls as a way to mitigate the crisis, saying "never in the course of economic events – not even in the early years of the Great Depression – has so large a part of the world economy experienced so devastating a fall from grace." Krugman later stated that his article advocating currency controls was ill-judged. Malaysia was the only country that adopted currency controls, and although it recovered relatively quickly, its recovery may or may not have been related to the currency controls. Korea and Thailand, two countries that did not restrict currency flows, recovered even more quickly than Malaysia. All countries rebounded from the crisis within two years.

US economic policies

In the early 2000s, Krugman repeatedly criticized the Bush tax cuts, both before and after they were enacted. Krugman stated that the tax cuts enlarged the budget deficit without improving the economy, and that they enriched the wealthy – worsening income distribution in the US. As the main instrument for improving the economy, Krugman advocated promotion of spending on housing and other durable goods with low interest rates. He also proposed increased government spending on infrastructure, military operations, unemployment benefits, and income subsidies for lower-income families and argued that these policies would have a larger impact in providing short term stimulus and promoting economic recovery than tax cuts, and would only temporarily increase the budget deficit.

In August 2005, after Greenspan expressed concern over housing markets, Krugman criticized Greenspan's earlier reluctance to regulate the mortgage and related financial markets, arguing that " like a man who suggests leaving the barn door ajar, and then – after the horse is gone – delivers a lecture on the importance of keeping your animals properly locked up."

Krugman has repeatedly expressed his view that Alan Greenspan and Phil Gramm are the two individuals most responsible for causing the subprime crisis. Krugman points to Greenspan and Gramm for the key roles they played in keeping derivatives, financial markets, and investment banks unregulated, and to the Gramm-Leach-Bliley Act, which repealed depression era safeguards that prevented commercial banks, investment banks and insurance companies from merging.

Krugman has been a prominent critic of the Obama administration's economic policies, in particular its efforts to prop up the US financial system, which he considers unsustainable in its present form. Krugman has criticized the Obama stimulus plan as inadequate and the banking rescue plan as misdirected; Krugman wrote in the New York Times: "an overwhelming majority believes that the government is spending too much to help large financial institutions. This suggests that the administration’s money-for-nothing financial policy will eventually deplete its political capital."

Political views

Krugman describes himself as liberal. His choice of the book title "The Conscience of a Liberal" is a play on Barry Goldwater's "Conscience of a Conservative". Krugman has explained that he views the term "liberal" in the American context to mean "more or less what social democratic means in Europe". A 2009 Newsweek article described Krugman as having "all the credentials of a ranking member of the East Coast liberal establishment: a column in The New York Times, a professorship at Princeton, a Nobel Prize in economics," but also as someone who is anti-establishment, a "scourge of the Bush administration," and a critic of the Obama administration. A decade earlier, Newsweek had remarked "Say this for Krugman: though an unabashed liberal ... he's ideologically colorblind. He savages the supply-siders of the Reagan-Bush era with the same glee as he does the 'strategic traders' of the Clinton administration." He was an ardent critic of the George W. Bush administration and its foreign and domestic policy.

According to Robert Kuttner, "The interesting thing about Krugman is that he was a mainstream neoclassical economist who was moderately liberal as a citizen but tended to look at politics as an illegitimate distortion of the perfection of the market economy. He viewed the left and the right as symmetrical evils. Krugman has now discovered power."

Krugman has at times advocated free markets in contexts where they are unpopular. He has written against rent control, argued that "sweatshops" are an inevitable reality, likened the opposition against free trade to the opposition against evolution via natural selection, opposed increases in farm subsidies, and ethanol mandates and subsidies/tax breaks, questioned NASA's manned space flights, and written against some aspects of European labor market regulation.

His appointment in the Reagan Administration, he has reiterated in an autobiographical essay, was not expected or fitting. "It was, in a way, strange for me to be part of the Reagan Administration. I was then and still am an unabashed defender of the welfare state, which I regard as the most decent social arrangement yet devised."

Krugman has praised Gordon Brown, the British Prime Minister, asserting that he "defined the character of the worldwide rescue effort" and has since urged British voters not to support the opposition Conservative Party, arguing their Party Leader David Cameron "has had little to offer other than to raise the red flag of fiscal panic".

Consultancy

Enron

Krugman served on a panel of several economists that offered Enron executives briefings on economic and political issues. He did this in early 1999, before New York Times rules required him to resign when he accepted an offer to be an op-ed columnist in the fall of 1999. Krugman later stated that he was paid $37,500 for the consulting that required him to "spend four days in Houston", and that the fee was "rather low compared with my usual rates".

When the story of Enron's corporate scandals broke, critics accused him of having a conflict of interest and the job of having been a bribe to control media coverage, charges he denies, referring to it as "a game of gotcha" and "tabloid journalism." He states that the payment from Enron did not "cause me to write anything I would not have written otherwise." For one thing, he says, he was not a journalist at the time: "when Enron approached me there was no hint that a Times connection lay in my future. As soon as I shook hands with the Times, I resigned from that board." Further, his "normal fee for a one-hour business speech in Boston or New York was $20,000 - more if the speech involved long-distance travel. The Enron board required that I spend 4 days in Houston"; thus the sum involved was not large, in his view. He says that in columns written before and after the scandal, he disclosed his past Enron relationship when he wrote about the company. He was critical of the company: he was one of the first writers to argue that deregulation of the California energy market had led to market-manipulation by energy companies (in a column in the New York Times on December 10, 2000 called "California Screaming"); Enron was the largest in this market - "I have been criticizing Enron since January 2001, long before everyone else started bashing the company."

He writes in The Great Unraveling (p. 26) that:

I was no more perceptive than anyone else; during the bull market years some people did send me letters claiming that major corporations were cooking their books, but - to my great regret - I ignored them. However, when Enron - the most celebrated company of its time, lauded as the very model of a modern business enterprise - blew up, I immediately saw the implications: if such a famous and celebrated company could have been a Ponzi scheme, it was very unlikely that the rest of U.S. business was squeaky clean. In fact, it quickly became clear, the bubble years were both the cause and effect of an epidemic of corporate malfeasance.

Awards

Published works

Academic books (authored or coauthored)

  • The Spatial Economy - Cities, Regions and International Trade (July 1999), with Masahisa Fujita and Anthony Venables. MIT Press, ISBN 0262062046
  • The Self Organizing Economy (February 1996), ISBN 1557866988
  • EMU and the Regions (December 1995), with Guillermo de la Dehesa. ISBN 1567080383
  • Development, Geography, and Economic Theory (Ohlin Lectures) (September 1995), ISBN 0262112035
  • Foreign Direct Investment in the United States (3rd Edition) (February 1995), with Edward M. Graham. ISBN 0881322040
  • World Savings Shortage (September 1994), ISBN 0881321613
  • What Do We Need to Know About the International Monetary System? (Essays in International Finance, No 190 July 1993) ISBN 0881650978
  • Currencies and Crises (June 1992), ISBN 0262111659
  • Geography and Trade (Gaston Eyskens Lecture Series) (August 1991), ISBN 0262111594
  • The Risks Facing the World Economy (July 1991), with Guillermo de la Dehesa and Charles Taylor. ISBN 1567080731
  • Has the Adjustment Process Worked? (Policy Analyses in International Economics, 34) (June 1991), ISBN 0881321168
  • Rethinking International Trade (April 1990), ISBN 0262111489
  • Trade Policy and Market Structure (March 1989), with Elhanan Helpman. ISBN 0262081822
  • Exchange-Rate Instability (Lionel Robbins Lectures) (November 1988), ISBN 0262111403
  • Adjustment in the World Economy (August 1987) ISBN 1567080235
  • Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition, and the International Economy (May 1985), with Elhanan Helpman. ISBN 0262081504

Academic books (edited or coedited)

  • Currency Crises (National Bureau of Economic Research Conference Report) (September 2000), ISBN 0226454622
  • Trade with Japan : Has the Door Opened Wider? (National Bureau of Economic Research Project Report) (March 1995), ISBN 0226454592
  • Empirical Studies of Strategic Trade Policy (National Bureau of Economic Research Project Report) (April, 1994), co-edited with Alasdair Smith. ISBN 0226454606
  • Exchange Rate Targets and Currency Bands (October 1991), co-edited with Marcus Miller. ISBN 0521415330
  • Strategic Trade Policy and the New International Economics (January 1986), ISBN 0262111128

Economics textbooks

  • Economics: European Edition (Spring 2007), with Robin Wells and Kathryn Graddy. ISBN 0716799561
  • Macroeconomics (February 2006), with Robin Wells. ISBN 0716767635
  • Economics (December 2005), with Robin Wells. ISBN 1572591501
  • Microeconomics (March 2004), with Robin Wells. ISBN 0716759977
  • International Economics: Theory and Policy, with Maurice Obstfeld. 7th Edition (2006), ISBN 0321293835; 1st Edition (1998), ISBN 0673521869

Books for a general audience

  • The Return of Depression Economics and the Crisis of 2008 (December 2008) ISBN 0393071014
  • The Conscience of a Liberal (October 2007) ISBN 0393060691
  • The Great Unraveling: Losing Our Way in the New Century (September 2003) ISBN 0393058506
    • A book of his New York Times columns, many deal with the economic policies of the Bush administration or the economy in general.
  • Fuzzy Math: The Essential Guide to the Bush Tax Plan (May 4, 2001) ISBN 0393050629
  • The Return of Depression Economics (May 1999) ISBN 039304839X
    • Considers the long economic stagnation of Japan through the 1990s, the Asian financial crisis, and problems in Latin America.
    • The Return of Depression Economics and the Crisis of 2008 (December 2008) ISBN 0393071014
  • The Accidental Theorist and Other Dispatches from the Dismal Science (May 1998) ISBN 0393046389
    • Essay collection, primarily from Krugman's writing for Slate.
  • Pop Internationalism (March 1996) ISBN 0262112108
    • Essay collection, covering largely the same ground as Peddling Prosperity.
  • Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations (April 1995) ISBN 0393312925
    • History of economic thought from the first rumblings of revolt against Keynesian economics to the present, for the layman.
  • The Age of Diminished Expectations: U.S. Economic Policy in the 1990s (1990) ISBN 026211156X
    • A "briefing book" on the major policy issues around the economy.
    • Revised and Updated, January 1994, ISBN 0262610922
    • Third Edition, August 1997, ISBN 0262112248

Selected academic articles

  • (1996) 'Are currency crises self-fulfilling?' NBER Macroeconomics Annual 11, pp. 345–78.
  • (1991) 'Increasing returns and economic geography'. Journal of Political Economy 99, pp. 483–99.
  • (1991) 'Target zones and exchange rate dynamics'. Quarterly Journal of Economics 106 (3), pp. 669–82.
  • (1991) 'History versus expectations'. Quarterly Journal of Economics 106 (2), pp. 651–67.
  • (1981) 'Intra-industry specialization and the gains from trade'. Journal of Political Economy 89, pp. 959–73.
  • (1980) 'Scale economies, product differentiation, and the pattern of trade'. American Economic Review 70, pp. 950–59.
  • (1979) 'A model of balance-of-payments crises'. Journal of Money, Credit, and Banking 11, pp. 311–25.
  • (1979) 'Increasing returns, monopolistic competition, and international trade'. Journal of International Economics 9, pp. 469–79.

See also

References

  1. See inogolo:pronunciation of Paul Krugman.
  2. Barsky, Robert (2007). The Chomsky Effect: A Radical Works Beyond the Ivory Tower. MIT Press. ISBN 0262026244. the work of intellectuals such as Alan Wolfe, Charles Murray, Paul Krugman...", p. 319, citing Edward Herman and David Peterson, "Public Versus Power Intellectuals," part I, Z Magazine, May 11, 2001 {{cite book}}: |access-date= requires |url= (help); Cite has empty unknown parameters: |laydate=, |month=, |trans_chapter=, |chapterurl=, |laysummary=, and |coauthors= (help)
  3. Econ Journal Watch, "Left Out: A Critique of Paul Krugman Based on a Comprehensive Account of His New York Times Columns, 1997 through 2006", January 2008, retrieved August 03, 2009
  4. Krugman Wins Nobel for economics, BBC News, 10-13-08, accessed 10-15-08.
  5. Economics 2008, Nobelprize.org, accessed 10-15-08.
  6. The Centre for Economic Performance, LSE
  7. "Lionel Robbins Memorial Lectures: The Return of Depression Economics I". London School of Economics. Retrieved 2009-05-15.
  8. "About Paul Krugman". krugmanonline. W. W. Norton & Company. Retrieved 2009-05-15.
  9. Economist Rankings at IDEAS
  10. Nobel Prize Committee comments
  11. Note: Krugman modeled a 'preference for diversity' by assuming a CES utility function like that in A. Dixit and J. Stiglitz (1977), 'Monopolistic competition and optimal product diversity', American Economic Review 67.
  12. Cite error: The named reference forbes131008 was invoked but never defined (see the help page).
  13. http://www.econjournalwatch.org/pdf/KleinBarlettCharacterIssuesJanuary2008.pdf Retrieved July-13-09
  14. New York Times, The Conscience of a Liberal, accessed 6 August 2009
  15. ^ Nobelpristagaren i ekonomi 2008: Paul Krugman, speech by Paul Krugman (accessed December 26, 2008) 00:43 "The title of The Conscience of a Liberal, you should that that is a reference to a book published almost 50 years ago in the United States called The Conscience of a Conservative by Barry Goldwater. That book is often taken to be the origin, the start, of a movement that ended up dominating U.S. politics that reached its first pinnacle under Ronald Reagan and then reached its full control of the U.S. government for most of the last eight years."
  16. "In Search of a Man Selling Krug"
  17. Associated Press, "Paul Krugman, LI Native, wins Nobel in economics",Newsday, October 14th, 2008
  18. Paul Krugman, "Your questions answered", blog, January 10, 2003, retrieved December 19, 2007
  19. Paul Krugman, "About my son", New York Times blog, December 19, 2007
  20. Interview, U.S. Economist Krugman Wins Nobel Prize in Economics "PBS, Jim Lehrer News Hour", October 13, 2008, transcript retrieved October 14, 2008
  21. ^ New Statesman, 16 February 2004, NS Profile - Paul Krugman
  22. ^ Hirsh, Michael (4 March 1996). "A Nobel-Bound Economist Punctures the CW--and Not a Few Big-Name Washington Egos". Newsweek. Retrieved 2008-10-13.
  23. "Top 5% Authors, as of September 2008". Research Papers in Economics. 2008-09. Retrieved 2008-10-13. {{cite web}}: Check date values in: |date= (help)
  24. Nobel Prize Committee comments
  25. Note: Krugman modeled a 'preference for diversity' by assuming a CES utility function like that in A. Dixit and J. Stiglitz (1977), 'Monopolistic competition and optimal product diversity', American Economic Review 67.
  26. P. Krugman (1981), 'Trade, accumulation, and uneven development', Journal of Development Economics 8, pp. 149-61.
  27. 'Bold strokes: a strong economic stylist wins the Nobel', The Economist, Oct. 16, 2008.
  28. ^ In Praise of Cheap Labor by Paul Krugman, Slate, March 21, 1997
  29. Economics: the final frontier
  30. Nobel Prize Committee 'Information for the Public', page 3.
  31. 'Honoring Paul Krugman' Economix blog of the New York Times, by Edward Glaeser, Oct. 13, 2008.
  32. Craig Burnside, Martin Eichenbaum, and Sergio Rebelo (2008), 'Currency crisis models', New Palgrave Dictionary of Economics, 2nd ed.
  33. Paul Krugman's Japan page
  34. Catherine Rampell (October 13, 2008). "Paul Krugman Wins Economics Nobel - Economix Blog - NYTimes.com". Economix.blogs.nytimes.com. Retrieved 2008-10-13.
  35. http://economix.blogs.nytimes.com/2008/10/13/paul-krugman-wins-economics-nobel/?em
  36. "Microsoft Word - sciback_cover_ek_2008_FINAL.doc" (PDF). Retrieved 2008-10-13.
  37. ^ Princeton Weekly Bulletin, 20 October 2008, Biography of Paul Krugman, 98(7)
  38. (Krugman 1996a, Introduction)
  39. Confessore, Nicholas (2002). "Comparative Advantage". Washington Monthly. Retrieved 2007-02-05. {{cite web}}: Unknown parameter |month= ignored (help)
  40. ^ The Economist - The one-handed economist Paul Krugman and the controversial art of popularizing economics, November 13, 2003
  41. ""The Great Unraveling: Losing Our Way in the New Century"". Powell's Books. Retrieved 2007-11-22.
  42. Krugman, Paul. "The Great Wealth Transfer." Rolling Stone. November 30, 2006
  43. Oct 17 2007- Krugman On Healthcare, Tax Cuts, Social Security, the Mortgage Crisis and Alan Greenspan, in response to Alan Greenspan's Sept 24 appearance with Naomi Klein on Democracy Now!
  44. November 22, 2007- Tomansky, Michael The Partisan
  45. Daniel B. Klein with Harika Anna Bartlett, "Left Out: A Critique of Paul Krugman Based on a Comprehensive Account of His New York Times Columns, 1997 through 2006", Econ Journal Watch 5:1, 109-133. January 2008. Accessed 07-04-09.
  46. Thomas, Evan (2009-03-28). "Obama's Nobel Headache". Newsweek. Retrieved 2009-03-31.
  47. Krugman, Paul (December 1994). "The Myth of Asia's Miracle". Foreign Affairs. www.foreignaffairs.org. Retrieved 2008-12-26.
  48. Van Den Berg, Hendrik (2006). International Trade and Economic Growth. M.E. Sharpe. pp. 98–105. ISBN 978-0765618030. {{cite book}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  49. Krugman, Paul (1998-09-07). "Saving Asia: It's Time To Get Radical The IMF plan not only has failed to revive Asia's troubled economies but has worsened the situation. It's now time for some painful medicine". Fortune. Retrieved 2009-07-12.
  50. ^ Landler, Mark (1999-09-04). "Malaysia Wins Its Economic Gamble". New York Times. New York Times. Retrieved 2009-07-15.
  51. Malaysia's economy: The Sinatra Principle, Andrew Walker, BBC News, 15 November, 1999.
  52. The Capitalist Manifesto, Fareed Zakaria, Newsweek, 13 June, 2009.
  53. Krugman, Paul (2003-03-21). "Who Lost the U.S. Budget?". New York Times. New York Times. Retrieved 2009-06-24.
  54. Dana, Will (2003-03-23). "Voodoo Economics". Rolling Stone. rollingstone.com. {{cite journal}}: |access-date= requires |url= (help); Text "http://www.rollingstone.com/politics/story/25146816/voodoo_economics" ignored (help)
  55. Lehrke, Dylan Lee (2003-10-09). "Krugman blasts Bush". The Daily of the University of Washington. dailyuw.com. Retrieved 2009-08-01.
  56. Krugman, Paul (2006-11-30). "Paul Krugman on the Great Wealth Transfer". Rolling Stone. rollingstone.com. Retrieved 2009-08-01.
  57. Krugman, Paul (2001-10-07). "Fuzzy Math Returns". New York Times. New York Times. Retrieved 2009-08-01.
  58. Krugman, Paul (2001-10-07). "Fuzzy Math Returns". New York Times. New York Times. Retrieved 2009-08-01.
  59. Krugman, Paul (2005-08-29). "Greenspan and the Bubble". New York Times. New York Times. Retrieved 2008-12-07.
  60. Krugman, Paul (2008-03-24). "Financial Crisis Should Be at Center of Election Debate". Spiegel Online. Spiegel. Retrieved 2009-07-09.
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  67. Reckonings; A Rent Affair, by Paul Krugman, The New York Times, June 7, 2000
  68. Ricardo's difficult idea
  69. True Blue Americans, by Paul Krugman, The New York Times, May 7, 2002
  70. Driving Under the Influence, by Paul Krugman, The New York Times, June 25, 2000
  71. A Failed Mission, by Paul Krugman, The New York Times, February 4, 2003
  72. Reckonings; Pursuing Happiness, by Paul Krugman, The New York Times, March 29, 2000
  73. Reckonings; Blessed Are the Weak, by Paul Krugman, The New York Times, May 3, 2000
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  76. http://www.nytimes.com/2009/06/08/opinion/08krugman.html 'Gordon the Unlucky', Retrieved 08 June 2009
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  78. ^ http://www.pkarchive.org/personal/EnronFAQ.html
  79. Paul Krugman, "Me and Enron". Retrieved March 28, 2007.
  80. Avinash Dixit, The Journal of Economic Perspectives, Vol. 7, No. 2 (Spring, 1993), pp. 173-188, In Honor of Paul Krugman: Winner of the John Bates Clark Medal, Retrieved March 28, 2007.
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  83. "Nobel Prize in Economics". Swedish Academy. Retrieved 2008-10-13.

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