Congratulations to Paul Krugman on his Nobel. Here is a primer on one of Krugman's key contributions, New Trade Theory. Tyler has more links below.
Ricardo showed that every country (and every person) has a comparative advantage, a good or service that they can produce at a lower (opportunity) cost [...]
Great interactive chart from the NYT on this Bear versus priors:
click for ginormous interactive doohickey
>
Source:
How This Bear Market Compares
Amanda Cox, Xaquín G.V. and David Leonhardt
NYT, October 11, 2008
http://www.nytimes.com/interactive/2008/10/11/business/20081011_BEAR_MARKETS.html
Why oh why can't we have people like Gordon Brown running our government?
Paul Krugman:
Gordon Does Good - NYTimes.com/a>: Gordon Brown and Alistair Darling, the chancellor of the Exchequer (equivalent to our Treasury secretary), have defined the character of the worldwide rescue effort, with other wealthy nations playing catch-up. [...]
Much deserved.
In my email inbox:
Awesome! Party at Paul's house - Heckscher-Ohlin models for all!
Caroline Rampell:
Paul Krugman Wins Economics 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 Sciences on Monday.
[...]
The Nobel Prize committee seems to have gone out of its way exclusively to cite Paul Krugman's "analysis of trade patterns and location of economic activity," contributions which students have appreciated and also criticized (Mark Brandly wrote this short piece in 1996). Only at the tail end [...]
Congratulations!
Wow, that's awesome.
I have two interesting Paul Krugman stories, both of the brush with greatness variety.
The first was from back in 2004. I had just recorded a segment for Wall Street Week at a remote studio in midtown, when I literally run into him -- collide -- [...]
He is cited for trade theory and, appropriately, location theory and economic geography. He could have been cited for his work on currency crises as well. Here are the most basic links on Paul, it is hard to know where to start. I have to say I [...]
Don't be surprised if a second bailout plan is presented by year's end. House Speaker Nancy Pelosi has said she wants Congress to come back into session in November after the election to develop a bailout for Wall Street. This second economic relief plan would be more like the stimulus [...]
Don't be surprised if a second bailout plan is presented by year's end. House Speaker Nancy Pelosi has said she wants Congress to come back into session in November after the election to develop a bailout for Wall Street. This second economic relief plan would be more like the stimulus [...]
The Prize in Economics 2008 - Press ReleaseThe Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 to Paul Krugman Princeton University, NJ, USA
"for his analysis of trade patterns and location of economic activity"
International Trade and Economic Geography
[...]
The extreme in finance and economics is by definition rare, and that makes it valuable for study.
The crisis of late is no exception. It's one thing to analyze markets when everything is running smoothly, but sunny days don't offer much, if any insight about what to expect during hurricanes.
On [...]
I spent Friday and Saturday listening to these papers on dealing with 'real-time' data - that is, data that are actually available at a given point of time. The main question that people are grappling with is how to extract information form preliminary estimates that will be subsequently revised. [...]
How can trade make both parties better off if one is so much better at everything than someone else? Productivity differences, even extraordinary productivity differences, do not mean that both parties can't gain from trade. Even superheroes like Superman, Batman, the X-Men, and the Civic-Minded Five can gain from [...]
A play-money auction, writes Bart Fuller, serves as a good example of what we now face. With the passage of the Emergency Economic Stabilization Act of 2008, the Fed is poised to accelerate the redistribution process at a rate not seen in our lifetime. Those who will be hurt [...]
Monday, sunny Monday
AS EXPECTED, Britain is busy nationalising this morning. Some £37 billion is to be used in the first round of equity injections, which will go to Royal Bank of Scotland, HBOS, and (a new addition) Lloyds TSB.Germany's plan now has numbers attached to it. A total [...]
Despite tailgating appearances, my first visit to Commonwealth Stadium in years and years and years was difficult:
The scoreboard numbers read Carolina 24, UK 17.
Every blue-clad member of a sun-drenched Commonwealth crowd of 70,822 knew what that score meant: make it Spurrier 16, Kentucky zero all-time.
Yet the really [...]
Your 2008 economics Nobelist
THE winner of the 2008 Nobel Prize for Economics has been announced, and it's Princeton economist and New York Times columnist Paul Krugman. The award was officially given for his remarkable work in trade theory and economic geography, but they might as easily have cited [...]
[...] The groans from free marketers and the right wing are inevitable as they turn on their TVs and read their online editions of the New York Times and Wall Street Journal to find Paul Krugman has been awarded the 2008 Nobel Prize in Economics. Krugman is best known [...]
It sounds impressive when Barack Obama promises tax cuts to 95% of all Americans. Too bad it's not true, says The Economist:
"Fact-checkers quibble that, according to his written plans, he really means 95% of families with children, not 95% of Americans. But his real sleight-of-hand is to count handouts [...]
