description Paul Krugman Overview
Paul Krugman is an American economist who won the 2008 Nobel Prize in Economics for developing New Trade Theory, which explains trade patterns through economies of scale rather than comparative advantage alone.
insights Ranking position
Paul Krugman ranks #6 of 253 in the Economist ranking, behind Friedrich von Hayek, ahead of Gary Becker.
help Paul Krugman FAQ
What problem does Krugman's New Trade Theory solve?
It explains why similar industrial countries trade closely related manufactured goods even when their resources and technology are alike. Economies of scale and consumer preference for variety can make specialization and two-way trade profitable without relying only on classical comparative advantage.
What is Krugman's core-periphery model in economic geography?
The model shows how firms and workers can cluster in a central industrial region when scale economies, transport costs, and market size reinforce one another. Krugman's 1991 work helped establish the field now called New Economic Geography.
Why did Paul Krugman receive the 2008 economics Nobel?
He received the 2008 Nobel Memorial Prize in Economic Sciences for analyzing trade patterns and the location of economic activity. The award highlighted his work connecting economies of scale with international trade and geographic concentration.
What is the Krugman liquidity-trap argument associated with Japan?
Krugman argued that when nominal interest rates are near zero, conventional monetary policy may be unable to generate enough demand. In writing about Japan in the late 1990s, he emphasized credible expectations of future inflation as one route out of such a trap.
explore Explore More
Similar to Paul Krugman
See all arrow_forward
Reviews & Comments
Write a Review
Be the first to review
Share your thoughts with the community and help others make better decisions.
