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ECONOMIST: PAUL KRUGMAN
PAUL KRUGMAN
Paul Krugman is a trade theorist, who won the Nobel Prize in Economic Sciences in1998 for his contribution to understanding trade. He dons many hats cu
ently-he is a professor of Economics and International affairs with Princeton University, he occupies that chair of Centenary Professor at the renowned London School of Economics, and, is most visible to the public as a columnist for The New York Times. He has been called the "the most important political columnist in America" by The Washington Monthly. Beyond USA he is known as "the most cele
ated economist of his generation" by the influential The Economist magazine, while The Asia Times refers him to him as "the Mick Jagger of political/economic punditry.". he has also been awarded the European Pulitzer Prize, or the Asturias Award by Spain. He has 23 books and more than 200 professional journal articles to his credit. His genius was clear early a he received the John Bates Clark Medal given by the American Economic Association, ( an award given once in two years to the most promising economist below 40)
He has taught at all major universities-Yale, MIT , Stanford, along with serving as the advisor to several Presidents ( including Reagan). His consultancy stints include the top organisations of the world- World Bank. IMF , Federal Reserve of New York and United Nations. His most recent book comments on the cu
ent recession in USA, and is tilted  End This Depression. This is in line with his earlier books that include The Return of Depression Economics and Crisis of 2008.
His Nobel Prize was a recognition of his trade theory that was a vast improvement on the concept of Ricardo’s comparative advantage. While Ricardo was a pioneer in introducing comparative advantage as the cause of trade, which made more sense than Adam Smith’s absolute advantage theory, the former kept the causes of comparative advantage outside the model. Thus, exogenous variables were the drivers of comparative advantage. Krugman’s seminal work introduced endogenous variables that could explain the source of comparative advantage.
His new trade theory combines increasing returns to a factor with capital, labor migration and transport costs as part of one extensive general equili
ium model.  Since all variables are endogenous a small change in one variable can have a snowball effect on the other variables. He introduced ‘tipping points’ and provided a fresh thinking on network effects and what causes trade in a increasingly globalised world. His...