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Paul Robin Krugman ( ; born February 28, 1953) is an American economist, columnist and author. He is Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs, Princeton Universitymarker, Centenary Professor at the London School of Economicsmarker, and an op-ed columnist for The New York Times. In 2008, Krugman won the Nobel Memorial Prize in Economics for his contributions to New Trade Theory and New Economic Geography. He was voted sixth in Prospect Magazine's 2005 global poll of the world's top 100 intellectuals.

The Nobel Prize Committee stated that Krugman's main contribution had been to explain patterns of international trade and the geographic concentration of wealth by examining the impact of economies of scale and of consumer preferences for diverse goods and services. Krugman's work on international economics, including trade theory, economic geography, and international finance has established him as one of the most influential economists in the world according to IDEAS/RePEc. Krugman is also known in academia for his work on liquidity traps and on currency crises.

As of 2006, Krugman had written or edited more than 25 books, 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 college textbook on international economics. He also writes on political and economic topics for the general public, as well as on topics ranging from income distribution to international economics. Krugman considers himself a liberal, calling one of his books and his New York Times blog: "The Conscience of a Liberal".

Personal life

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

According to Krugman, 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 Universitymarker in 1974 and his Ph.D. from the Massachusetts Institute of Technologymarker (MIT) in 1977. While at MIT he was part of a small group of MIT students sent to work for the Central Bank of Portugal for three months in summer 1976, in the chaotic aftermath of the Carnation Revolution. From 1982 to 1983, he spent a year working at the Reagan White Housemarker as a staff member of the Council of Economic Advisers. He taught at Yale Universitymarker, MIT, UC Berkeleymarker, the London School of Economicsmarker, and Stanford Universitymarker before joining Princeton Universitymarker 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. He has been a research associate at the National Bureau of Economic Research since 1979.

Paul Krugman has written extensively on international economics, including international trade, economic geography, and international finance. The Research Papers in Economics project ranked him as the 12th most influential economist in the world as of July 2009 based on his academic contributions.Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld, is a standard introductory textbook on international economics. Krugman 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, combined with the assumption that consumers appreciate diversity, on international trade and on the location of economic activity. The importance of spatial issues in economics has been enhanced by Krugman's ability to popularize this complicated theory with the help of easy-to-read books and state-of-the-art syntheses. "Krugman was beyond doubt the key player in 'placing geographical analysis squarely in the economic mainstream' ... and in conferring it the central role it now assumes."

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".

New trade theory

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 of trade between similar countries was proposed in a 1979 paper in the Journal of International Economics, and involves two key assumptions: 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. Krugman's model also involved introducing transportation costs, a key feature in producing the "home market effect" which would later become key for Krugman's work on the new economic geography. The home market effect "states that, ceteris paribus, the country with the larger demand for a good will, at equilibrium, produce a more than proportionate share of that good and be a net exporter of it." The home market effect was an unexpected result, and Krugman initially questioned it, but ultimately concluded that the mathematics of the model was correct.

Many 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. Krugman has usually been supportive of free trade and globalization. He has also been critical of industrial policy, which New Trade Theory suggests might offer nations rent-seeking advantages if "strategic industries" can be identified, saying it's not clear that such identification can be done accurately enough to matter.

New economic geography

It took an interval of eleven years, but ultimately Krugman's work on New Trade Theory (NTT) led quite naturally to what is usually called the "new economic geography" (NEG), which Krugman began to develop in a seminal 1991 paper in the Journal of Political Economy.. In Krugman's own words, the passage from NTT to NEG was "obvious in retrospect; but it certainly took me a while to see it. ... The only good news was that nobody else picked up that $100 bill lying on the sidewalk in the interim." This would become Krugman's most-cited academic paper: by early 2009, it had 857 citations, more than double his second-ranked paper. Krugman called the paper "the love of my life in academic work."

Where in NTT Krugman had developed the "home market effect", that same effect features in NEG. NEG explains agglomeration "as the outcome of the interaction of increasing returns, trade costs and factor price differences." 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.

International finance

Krugman has also been influential in the field of international finance. In 1979 he published a paper on 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, and it is his second-most-cited paper (457 citations as of early 2009).

In response to the global financial crisis of 2008, Krugman proposed, in an informal "mimeo" style of publication, an "international finance multiplier", to help explain the unexpected speed with which the global crisis had occurred. He argued that when, "highly leveraged financial institutions [HLIs], which do a lot of cross-border investment [....] lose heavily in one market [...] they find themselves undercapitalized, and have to sell off assets across the board. This drives down prices, putting pressure on the balance sheets of other HLIs, and so on." Such a rapid contagion had hitherto been considered unlikely because of "decoupling" in a globalized economy. He first announced that he was working on such a model on his blog, on Oct 5th, 2008. Within days of its appearance, it was being discussed on some popular economics-oriented blogs.The note was not long after being cited in papers (draft and published) by other economists,even though it had not itself been through ordinary peer review processes.

Macroeconomics and fiscal policy

Krugman has done much to revive discussion of the liquidity trap as a topic in economics. He recommended aggressive fiscal policy to counter Japanmarker's lost decade in the 1990s, arguing that the country was mired in a Keynesian liquidity trap. The debate he started at that time over liquidity traps and what policies best address them continues in the economics literature.

Krugman had argued in The Return of Depression Economics that Japan was in a liquidity trap in the late 1990s, since the central bank could not drop interest rates any lower to escape stagflation. Tim Congdon however argued that Krugman was describing a narrow liquidity trap, in which the short-term interest rate in the money markets cannot be reduced by increases in the monetary base, while Keynes had been describing a broader trap where increases in the broadly defined quantity of money could not reduce the yield on government bonds; since increases in broad money in Japan in the stagflatory period were slow, Krugman had no evidence to claim that Japan was in a genuine Keynesian liquidity trap.

The core of Krugman's policy proposal for addressing Japan's liquidity trap was inflation targeting, which, he argued "most nearly approaches the usual goal of modern stabilization policy, which is to provide adequate demand in a clean, unobtrusive way that does not distort the allocation of resources." The proposal appeared first in a web posting on his academic site. This mimeo-draft was soon cited, but was also misread by some as repeating his earlier advice that Japan's best hope was in "turning on the printing presses", as recommended by Milton Friedman, John Makin, and others.

Krugman has since drawn parallels between Japan's 'lost decade' and the late 2000s recession, arguing that expansionary fiscal policy is necessary as the major industrialized economies are mired in a liquidity trap. In response to economists who point out that the Japanese economy recovered despite not pursuing his policy prescriptions, Krugman maintains that it was an export-led boom that pulled Japan out of its economic slump in the late-90s, rather than reforms of the financial system.

Nobel Memorial Prize

Krugman was awarded the Nobel Memorial Prize in Economic Sciences, the sole recipient for 2008. This prize includes an award of about $1.4 million and was given to Krugman for his work associated with New Trade Theory and the New Economic Geography. 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." The prize was awarded before the U.S. presidential elections raising speculation and criticism that political considerations affected the Nobel committee's decision. Economist Gregory Mankiw disputed this, saying, "I see no evidence that the Nobel committee in economics has been politicized at all."

Author

In the 1990s, besides academic books and textbooks, Krugman increasingly began writing books for a general audience on issues he considered important for public policy. In The Age of Diminished Expectations (1990), 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 he attributes to Movement Conservatives.

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 George W. Bush 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 the Iraq war — 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, whose title references Barry Goldwater's Conscience of a Conservative. It details the history of wealth and income gaps in the United States in the 20th century. 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 also argued that Republicans owed their electoral successes to their ability to "exploit the race issue to win political dominance of the South". In this connection, he said that Ronald Reagan had been able to use the so-called "Southern Strategy" to "signal sympathy for racism without saying anything overtly racist," citing as an example Reagan's coining of the term "welfare queen".

In his book, Krugman proposed a "new New Deal", which included placing more emphasis on social and medical programs and less on national defense. Liberal journalist and author Michael Tomasky argued that in The Conscience of a Liberal Krugman is committed "to accurate history even when some fudging might be in order for the sake of political expediency." In a review for the New York Times, Pulitzer prize-winning historian David M. Kennedy stated, "Like the rants of Rush Limbaugh or the films of Michael Moore, Krugman’s shrill polemic may hearten the faithful, but it will do little to persuade the unconvinced".

In late 2008, Krugman published a substantial updating of an earlier work, entitled "The Return of Depression Economics and the Crisis of 2008". In the book, he discusses the failure of the United States regulatory system to keep pace with a financial system increasingly out-of-control, and the causes of and possible ways to contain the greatest financial crisis since the 1930s.

Commentator

Economist J. Peter Neary has noted that Krugman "has written on a wide range of topics, always combining one of the best prose styles in the profession with an ability to construct elegant, insightful and useful models." Neary added that "no discussion of his work could fail to mention his transition from Academic Superstar to Public Intellectual. Through his extensive writings, including a regular column for the New York Times, monographs and textbooks at every level, and books on economics and current affairs for the general public ... he has probably done more than any other writer to explain economic principles to a wide audience." Krugman has been described as the most controversial economist in his generation and according to Michael Tomasky since 1992 he has moved "from being a center-left scholar to being a liberal polemicist."

From the mid-1990s onwards, 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. In this period Krugman critiqued various positions commonly taken on economic issues from across the political spectrum, from protectionism and opposition to the World Trade Organization on the left to supply side economics on the right.

During the 1992 presidential campaign Krugman praised Bill Clinton's economic plan in the New York Times, and Clinton's campaign used some of Krugman's work on income inequality. At the time, it was considered likely that Clinton would offer him a position in the new administration, but allegedly Krugman's volatility and outspokenness caused Clinton to look elsewhere. Krugman later said that he was "temperamentally unsuited for that kind of role. You have to be very good at people skills, biting your tongue when people say silly things."

In 1999, near the height of the dot com boom, the New York Times approached Krugman to write a bi-weekly column on "the vagaries of business and economics in an age of prosperity." His first columns in 2000 addressed business and economic issues, but as the 2000 US presidential campaign progressed, Krugman increasingly focused on George W. Bush's policy proposals. According to Krugman, this was partly due to "the silence of the media - those 'liberal media' conservatives complain about...." Krugman accused Bush of repeatedly misrepresenting his proposals, and criticized the proposals themselves. After Bush's election, and his perseverance with his proposed tax cut in the midst of the slump (which Krugman argued would do little to help the economy but substantially raise the fiscal deficit), Krugman's columns grew angrier and more focused on the administration. As Alan Blinder put it in 2002, "There's been a kind of missionary quality to his writing since then ... He's trying to stop something now, using the power of the pen." Partly as a result, Krugman's twice-weekly column on the Op-Ed page of the New York Times has made him, according to Nicholas Confessore, "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."

Krugman's New York Times columns have drawn criticisms as well as praise. A 2003 article in The Economist questioned Krugman's "growing tendency to attribute all the world's ills to George Bush," referencing critics who felt that "his relentless partisanship is getting in the way of his argument" and citing what it claimed were errors of economic and political reasoning in Krugman's columns. A 2008 commentary by economist Daniel B. Klein in Econ Journal Watch criticizes Krugman's columns and argues 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, in his farewell column, criticized Paul Krugman for what he claimed (without supplying details) was "the disturbing habit of shaping, slicing and selectively citing numbers in a fashion that pleases his acolytes but leaves him open to substantive assaults."

Krugman also has a blog, named Conscience of a Liberal, in which he discusses economics, politics, and policy.

East Asian growth

In a 1994 Foreign Affairs article, Paul Krugman argued that it was a myth that the economic successes of the East Asian 'tigers' constituted an economic miracle. He argued that their rise was fueled by mobilizing resources and that their growth rates would inevitably slow. 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. Krugman's article was highly criticized in many Asian countries when it first appeared, and subsequent studies disputed some of Krugman's conclusions. However, it also stimulated a great deal of research, and may have caused the Singaporemarker government to provide incentives for technological progress.

During the 1997 Asian financial crisis, Krugman advocated currency controls as a way to mitigate the crisis, writing in a Fortune article, "Is there any way out? Yes, there is, but it is a solution so unfashionable, so stigmatized, that hardly anyone has dared suggest it. The unsayable words are 'exchange controls'."In an open letter to Malaysian Prime Minister Mahathir bin Mohamad, after controls were adopted, he wrote that because of his Fortune article, he "couldn't deny some responsibility" for Malaysiamarker's decision. It was later reported that he thought the article's publication was ill-judged. Malaysia was the only country that adopted such controls, and although the Malaysian government credited its rapid economic recovery on currency controls, the relationship is disputed. South Koreamarker and Thailandmarker, two countries that did not restrict currency flows, recovered more quickly than Malaysia. All countries rebounded from the crisis within two years. Krugman later acknowledged that the controls might not have been necessary at the time they were applied, but nevertheless insisted that "Malaysia has proved a point—namely, that controlling capital in a crisis is at least feasible."

U.S. 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. Krugman advocated lower interest rates (to promote spending on housing and other durable goods), and increased government spending on infrastructure, military, and unemployment benefits, arguing that these policies would have a larger stimulus effect, and unlike permanent tax cuts, would only temporarily increase the budget deficit.

In August 2005, after Alan Greenspan expressed concern over housing markets, Krugman criticized Greenspan's earlier reluctance to regulate the mortgage and related financial markets, arguing that "[he's] 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 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 Great 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 [of the American public] 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."

Enron consultancy

In early 1999, Krugman served on an advisory panel (including Larry Lindsey and Robert Zoellick) that offered Enron executives briefings on economic and political issues. He resigned from the panel in the fall of 1999 to comply with New York Times rules regarding conflicts of interest, when he accepted the Times's offer to become an op-ed columnist. Krugman later stated that he was paid $37,500 (not $50,000 as often reported - his early resignation cost him part of his fee), and that, for consulting that required him to spend four days in Houstonmarker, the fee was "rather low compared with my usual rates", which were around $20,000 for a one-hour speech. He also stated that the advisory panel "had no function that I was aware of", and that he later interpreted his role as being "just another brick in the wall" Enron used to build an image.

When the story of Enron's corporate scandals broke, Krugman was accused of unethical journalism, specifically of having a conflict of interest. Some of his critics claimed that "The Ascent of E-man," an article Krugman wrote for Fortune Magazine about the rise of the market as illustrated by Enron's energy trading, was biased by Krugman's earlier consulting work for them. Krugman later argued that "The Ascent of E-Man" was in character, writing "I have always been a free-market Keynesian: I like free markets, but I want some government supervision to correct market failures and ensure stability." Krugman noted his previous relationship with Enron in that article and in other articles he wrote on the company. Krugman was one of the first to argue that deregulation of the California energy market had led to illegal market-manipulation by Enron and other energy companies.

Economic views

Krugman identifies as a Keynesianand a saltwater economist, and he has criticized the freshwater school on macroeconomics.

In the wake of the 2007-2009 financial crisis he has remarked that he is "gravitating towards a Keynes-Fisher-Minsky view of macro." Post-Keynesian observers cite commonalities between Krugman's views and those of the Post-Keynesian school.

Political views

Krugman describes himself as liberal. He 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" but also as someone who is anti-establishment, a "scourge of the Bush administration," and a critic of the Obama administration. In 1996, Newsweek 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."

Krugman has advocated free markets in contexts where they are often viewed as controversial. He has written against rent control in favor of supply and demand, argued that "sweatshops" are preferable to unemployment, challenged minimum wage and living wage laws, likened the opposition against free trade and globalization to the opposition against evolution via natural selection, opposed farm subsidies and mandates, subsidies, and tax breaks for ethanol, questioned NASAmarker's manned space flights, and written against some aspects of European labor market regulation. He once famously quipped that, "If there were an Economist’s Creed, it would surely contain the affirmations 'I understand the Principle of Comparative Advantage' and 'I advocate Free Trade'."

On US race relations, Krugman has repeatedly criticized the Republican Party leadership for what he sees as a strategic (but largely tacit) reliance on racial divisions. In his Conscience of a Liberal, he wrote

Krugman also once wrote in defense of conservative economist Glenn Loury that Loury, in defiance of many African-American political leaders, had clearly seen and articulated that "the problems facing African-Americans had changed. The biggest barrier to progress was no longer active racism of whites but internal social problems of the black community."

His appointment in the Reagan administration, he has stated 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 [financial] 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."

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
    • An updated version of his previous work.
  • 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. London School of Economics, Centre for Economic Performance, Lionel Robbins Memorial Lectures 2009: The Return of Depression Economics, accessed 19 August 2009
  3. Prospect Magazine Home Page http://www.prospectmagazine.co.uk/
  4. 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.
  5. Forbes, 13 October 2008, Paul Krugman, Nobel
  6. Economist Rankings at IDEAS
  7. New York Times, The Conscience of a Liberal, accessed 6 August 2009
  8. "In Search of a Man Selling Krug"
  9. Associated Press, "Paul Krugman, LI Native, wins Nobel in economics",Newsday, October 14th, 2008
  10. Paul Krugman, "Your questions answered", blog, January 10, 2003, retrieved December 19, 2007
  11. Paul Krugman, "About my son", New York Times blog, December 19, 2007
  12. Paul Krugman Gets a New Place to Hang His Hat and Nobel
  13. Interview, U.S. Economist Krugman Wins Nobel Prize in Economics "PBS, Jim Lehrer News Hour", October 13, 2008, transcript retrieved October 14, 2008
  14. New York Times, 6 August 2009, Up Front: Paul Krugman
  15. Nobel Prize Committee, The Prize in Economic Sciences 2008
  16. Paul Krugman, 11 March 2008, New York Times blog, Economics: the final frontier
  17. Note: Krugman modeled a 'preference for diversity' by assuming a CES utility function like that in Avinash Dixit and Joseph Stiglitz (1977), 'Monopolistic competition and optimal product diversity', American Economic Review 67.
  18. P. Krugman (1981), 'Trade, accumulation, and uneven development', Journal of Development Economics 8, pp. 149-61.
  19. 'Bold strokes: a strong economic stylist wins the Nobel', The Economist, Oct. 16, 2008.
  20. (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.")
  21. Strategic trade policy and the new international economics, Paul R. Krugman (ed), The MIT Press, p.18, ISBN 978-0-262-61045-2
  22. 'Honoring Paul Krugman' Economix blog of the New York Times, by Edward Glaeser, Oct. 13, 2008.
  23. Krugman (1999) " Was it all in Ohlin?"
  24. Kristian Behrens, Frédéric Robert-Nicoud (2009), "Krugman's Papers in Regional Science: The 100 dollar bill on the sidewalk is gone and the 2008 Nobel Prize well-deserved", Papers in Regional Science, 88(2), pp467-489
  25. Krugman PR (2008), " Interview with the 2008 laureate in economics Paul Krugman", 6 December 2008. Stockholm, Sweden.
  26. Craig Burnside, Martin Eichenbaum, and Sergio Rebelo (2008), ' Currency crisis models', New Palgrave Dictionary of Economics, 2nd ed.
  27. "The International Finance Multiplier", P. Krugman, Oct 2008
  28. " Global Economic Integration and Decoupling", Donald L. Kohn, speech at the International Research Forum on Monetary Policy, Frankfurt, Germany, 06-26-2008; from website for the Board of Governors for the Federal Reserve System. Access date 08-20-2009, June 26, 2008
  29. "Decoupling Demystified", Nayan Chanda, YaleGlobal Online, orig. from Businessworld Feb 8, 2008 [1]
  30. "The myth of decoupling," Sebastien Walti, Feb 2009
  31. " The International Finance Multiplier", The Conscience of a Liberal (blog), 10-05-2008. Access date 09-20-2009
  32. Andrew Leonard, "Krugman: 'We are all Brazilians now'", How the World Works, 10-07-2008
  33. "Krugman: The International Finance Multiplier", Mark Thoma, Economist's View, 10-06-2008, [2]
  34. "The geography of finance: after the storm", R O'Brien, A Keith, Cambridge Journal of Regions, Economy and Society, June 2009 2(2):245-265 doi:10.1093/cjres/rsp015 [3]
  35. "Financial Deleveraging and the International Transmission of Shocks", research memo, MB Devereux, J Yetman, 05-19-2009.
  36. Escaith, Hubert and Gonguet, Fabien, International Trade and Real Transmission Channels of Financial Shocks in Globalized Production Networks (May 22, 2009). [4]
  37. KS Imai, R Gaiha, G Thapa, "Finance, Growth, Inequality and Hunger in Asia: Evidence from Country Panel Data in 1960-2006", University of Manchester Economics Discussion Papers 12-16-2008
  38. "Global Imbalances and Global Governance", Philip Lane, Center of Economic Policy Research, European Commission, 02-17-2009
  39. Har, Clement, Nagar, Venky and Petacchi, Paolo, "The Effect of Rational Capital Markets versus Regulatory Enforcement on the Valuation of Innovative Financial Assets" (March 2009). Paolo Baffi Centre Research Paper No. 2009-40. [5]
  40. The 2008/2009 World Economic Crisis: What It Means for U.S. Agriculture, M. Shane, Economic Research Service, USDA Outlook, 03-29-2009 [6]
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  42. Japanese fixed income markets: money, bond and interest rate derivatives, Jonathan Batten, Thomas A. Fetherston, Peter G. Szilagyi (eds.) Elsevier Science, 30 Nov 2006, ISBN 978-0444520203 p.137
  43. Ben Bernanke, "Japanese Monetary Policy: a case of self-induced paralysis?", in Japan's financial crisis and its parallels to U.S. experience, Ryōichi Mikitani, Adam Posen (ed), Institute for International Economics, Oct 2000 ISBN 978-0881322897 p.157
  44. "Some Observations on the Return of the Liquidity Trap", Scott Sumner, Cato Journal, Vol. 21, No. 3 (Winter 2002).
  45. Reconstructing Macroeconomics: Structuralist Proposals and Critiques of the Mainstream, Lance Taylor, Harvard University Press, p.159: "Kregel (2000) points out that there are at least three theories of the liquidity trap in the literature--Keynes own analyses [...] Hicks' [in] 1936 and 1937 [...] and a view that can be attributed to Fisher in the 1930s and Paul Krugman in latter days"
  46. Paul Krugman's Japan page
  47. " It's Baaack: Japan's Slump and the Return of the Liquidity Trap", Paul R. Krugman, Kathryn M. Dominquez, Kenneth Rogoff. Brookings Papers on Economic Activity, Vol. 1998, No. 2 (1998), pp. 137-205
  48. Krugman, Paul (2000), "Thinking About the Liquidity Trap", Journal of the Japanese and International Economies, v.14, no.4, Dec 2000, pp 221-237.
  49. "Reply to Nelson and Schwartz", Paul Krugman, Journal of Monetary Economics, v.55, no.4, pp 857-860 05-23-2008
  50. Krugman, Paul (1999). "The Return of Depression Economics", p.70-77. W. W. Norton, New York ISBN 039304839X
  51. Congdon, Tim (2005). "Money and Asset Prices in Boom and Bust", p.104. The Institute of Economic Affairs, London. ISBN 025536570
  52. "Japan's Trap", May 2008. [8] Access date 08-22-2009
  53. "Further Notes on Japan's Liquidity Trap", Paul Krugman
  54. Restoring Japan's economic growth, Adam Posen, Petersen Institute, 1 September 1998, ISBN 978-0881322620 , p.123,
  55. "What is wrong with Japan?", Nihon Keizai Shinbun, 1997 [9]
  56. "Some Reasons Why a New Crisis Needs a New Paradigm of Economic Thought", Keiichiro Kobayashi, RIETI Report No.108, Research Institute of Economy, Trade & Industry (Japan), 07-31-2009
  57. Prize Committee of the Royal Swedish Academy of Sciences, 13 October 2008, Scientific background on the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008, Trade and Geography – Economies of Scale, Differentiated Products and Transport Costs
  58. The Economist, 13 November 2003, Paul Krugman, one-handed economist
  59. Krugman, Paul, Rolling Stone. 14 December 2006, "The Great Wealth Transfer"
  60. Nobelpristagaren i ekonomi 2008: Paul Krugman, speech by Paul Krugman (accessed December 26, 2008) 00:43 "The title of The Conscience of a Liberal [...] 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."
  61. Michael Tomasky, The New York Review of Books, November 22, 2007, The Partisan
  62. Paul Krugman. The Conscience of a Liberal', 2007, W.W. Norton & Co. ISBN 0393060691 p. 182
  63. Conscience of a Liberal, p.102
  64. op. cit. p.108
  65. 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!
  66. Malefactors of Megawealth David M. Kennedy
  67. J. Peter Neary (2009), "Putting the 'New' into New Trade Theory: Paul Krugman's Nobel Memorial Prize in Economics", Scandinavian Journal of Economics, 111(2), pp217-250
  68. "China the financial nexus" - Krugman
  69. Princeton Weekly Bulletin, 20 October 2008, Biography of Paul Krugman, 98(7)
  70. New Statesman, 16 February 2004, NS Profile - Paul Krugman
  71. 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.
  72. "An Open Letter to Prime Minister Mahathir", Sept 1 1998
  73. "Malaysia's Currency Controls: What They Mean and Whether The Will Work", V V Bhanoji Rao, Economic and Political Weekly, 10 Oct 1998.
  74. Malaysia's economy: The Sinatra Principle, Andrew Walker, BBC News, 15 November, 1999.
  75. The Capitalist Manifesto, Fareed Zakaria, Newsweek, 13 June, 2009.
  76. " Capital Control Freaks: How Malaysia got away with economic heresy", Slate, Sept. 27, 1999. Access date 08-25-2009
  77. Evan Thomas, Newsweek, April 6, 2009, "Obama's Nobel Headache"
  78. Paul Krugman. Behind the Curve, New York Times, Mar 9, 2009
  79. White House Says Economics Adviser Saw Little Risk on Enron
  80. "Enron Follies", Rich Karlgaard, Forbes magazine, 02-13-2002.
  81. " Andrew Sullivan's selective Enron outrage", Eric Boehlert, Salon, 01-31-2002
  82. Howard Kurtz, ... And the Enron Pundits, 01-30-2002.
  83. Paul Krugman, The Ascent of E-Man", Fortune magazine, May 1999.
  84. Paul Krugman, "Me and Enron". Retrieved March 28, 2007.
  85. Paul Krugman, "My Connection With Enron, One More Time", Retrieved October 27, 2008.
  86. " California Screaming", op-ed column, New York Times, 12-10-2002.
  87. Krugman, Paul. (2009-9-2). "How Did Economists Get It So Wrong?". New York Times. Retrieved 2009-10-09.
  88. Reckonings; A Rent Affair, by Paul Krugman, The New York Times, June 7, 2000
  89. In Praise of Cheap Labor by Paul Krugman, Slate, March 21, 1997
  90. Living Wage: What It Is and Why We Need It book review by Paul Krugman, Washington Monthly, September 1, 1998
  91. Ricardo's difficult idea
  92. True Blue Americans, by Paul Krugman, The New York Times, May 7, 2002
  93. Driving Under the Influence, by Paul Krugman, The New York Times, June 25, 2000
  94. A Failed Mission, by Paul Krugman, The New York Times, February 4, 2003
  95. Reckonings; Pursuing Happiness, by Paul Krugman, The New York Times, March 29, 2000
  96. Reckonings; Blessed Are the Weak, by Paul Krugman, The New York Times, May 3, 2000
  97. "Republicans and Race", Paul Krugman, New York Times, 11-19-2007
  98. "The Town Hall Mob", Paul Krugman, New York Times, 08-07-2009
  99. [The Conscience of a Liberal: Book Review], William Amponsah, Savannah Daily News, 12-03-2007
  100. "Loury's Exodus: A profile of Glenn Loury", Robert S. Boynton, The New Yorker, 05-01-1995
  101. "Glenn Loury's Round Trip: The travails and temptations of a black intellectual", Paul Krugman, Slate, 05-14-1998. At PK MIT site, access date 08-19-2009
  102. A critical analysis of the contributions of notable black economists, Kojo A. Quartey, Ashgate Publishing, Sep 2000 ISBN 978-1840141474
  103. Incidents From My Career, by Paul Krugman, Princeton University Press, Retrieved 10 December 2008
  104. http://www.nytimes.com/2008/10/13/opinion/13krugman.html, 'Gordon Does Good', Retrieved 08 June 2009
  105. http://www.nytimes.com/2009/06/08/opinion/08krugman.html 'Gordon the Unlucky', Retrieved 08 June 2009
  106. 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.
  107. Mother Jones: Paul Krugman., August 7, 2005. Retrieved March 28, 2007.
  108. Paul Krugman, 2004. Retrieved March 28, 2007.


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