A huge and well-deserved honor for an esteemed liberal, Paul Krugman:
The American economist Paul R. Krugman won the Nobel economics prize on Monday for his analysis of trade patterns and location of economic activity.
Mr. Krugman, 55, a professor at Princeton University in New Jersey and a columnist for The New York Times, formulated a new theory to answer questions about free trade, the Royal Swedish Academy of Sciences said.
“What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanization? Paul Krugman has formulated a new theory to answer these questions,” the academy said in its citation.
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