Bush critic wins economics Nobel

American Paul Krugman wins Nobel prize for economics with his theory on trade.

    An image of Krugman is projected on to a screen at the Royal Swedish Academy in Stockholm [AFP]

    In its citation, the Nobel academy said: "What are the effects of free trade and globalisation? What are the driving forces behind worldwide urbanisation? Paul Krugman has formulated a new theory to answer these questions.

    "He has integrated the previously disparate research fields of international trade and economic geography."

    Krugman also won the John Bates Clark medal from the American Economic Association in 1991 for his work on new trade theory.

    His work explains why countries that not only have similar conditions but also trade in similar products dominate trade.

    "This kind of trade enables specilisation and large-scale production, which result in lower prices and greater diversity of commodities," the academy said.

    Krugman is known for his works Peddling Prosperity and International Economics: Theory and Policy.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Learn what India's parties' symbols mean by drawing them

    Learn what India's parties' symbols mean by drawing them

    More than 2,300 political parties have registered for the largest electoral exercise in the world.

    Visualising every Saudi coalition air raid on Yemen

    Visualising every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    Why did Bush go to war in Iraq?

    Why did Bush go to war in Iraq?

    No, it wasn't because of WMDs, democracy or Iraqi oil. The real reason is much more sinister than that.