Krugman Receives Economics Nobel

Conservatives heads exploded simultaneously at the announcement of political gadfly Paul Krugman's Nobel:

Paul Krugman, a professor at Princeton University and an Op-Ed columnist for The New York Times, was awarded the Nobel Memorial Prize in Economic Science on Monday.

“It’s been an extremely weird day, but weird in a positive way,” Mr. Krugman said in an interview on his way to a meeting for the Group of Thirty, an international body from the public and private sectors that discusses international economics.

Mr. Krugman received the award for his work on international trade and economic geography. In particular, the prize committee lauded his work for “having shown the effects of economies of scale on trade patterns and on the location of economic activity.” He has developed models that explain observed patterns of trade between countries, as well as what goods are produced where and why. Traditional trade theory assumes that countries are different and will exchange different kinds of goods with each other; Mr. Krugman’s theories have explained why worldwide trade is dominated by a few countries that are similar to each other, and why some countries might import the same kinds of goods that it exports.

Mr. Krugman has been an Op-Ed columnist at the New York Times since 1999. A collection of his recent columns can be found here.

No word yet on the extent of the damage to the Right Wing egos. Updates to follow.

Flash