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Tuesday, October 14, 2008

And the winner is....


Paul Krugman. Those of you who are economists out there know he deserved this award. You can not talk about modern trade theory and not mention Paul Krugman's name and the imprint he left on this field. For his work in economics, and after all that is what the award is for right, this was richly deserved.
For those of you who now want to go a step further and talk about his ideological screeds in the New York Times and how insufferable they can be, now you may be on to something. He got the explanation of the roles of Fannie and Freddie all wrong just a few short weeks ago basically saying they had little to do with where we are today. I am sure you blogging freaks out there know the record far better than I.
Wassily Leontief once said that the Nobel committee was running out of good people to give the award to. Well what did input-output analysis ever give us? I once heard Arnold Zellner http://faculty.chicagogsb.edu/arnold.zellner/more/ say the best thing we could do with input-output analysis was give it to the Soviets and hope they use it. But giving the award to Krugman has none of that sentiment attached to it. He did not get it because there was just no one else they could find. He deserved this award. When he sticks to economics it shows.
But also remember, the Royal Swedish Academy of Sciences uses these awards to make political statements. It is about all the political power the Swedes have left in the world. Thus Yasir Arafat got the 1994 Nobel Peace Prize. They might as well have made Roman Polanski Child Care Provider of the Year.
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1 comment:

ArmChairEconomist said...

Krugman posted a link to this article on his NYTimes blog this morning:

http://www.huffingtonpost.com/andy-borowitz/krugman-could-turn-into-m_b_134477.html