Paul Krugman was awarded the Nobel Memorial Prize in Economic Sciences. He was commended for his research on the effect of globalization on international free trade, a work titled New Trade Theory.
Paul Krugman, a Princeton University professor and columnist for the New York Times, examined details like the impact of increased urbanization on economic geography.
The Nobel Prize committee said "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."
As as a tribute to his award, here is a slide show on some innovations we’ve seen in globalization and economics, some of which tie into the credit crunch, such as the rise in freeconomics.
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Paul Krugman Wins Nobel Prize in Economic Sciences
By: Bianca Bartz - Published: Oct 13, 2008