Paul Krugman was awarded the Nobel Prize for Economics this morning, according to a Reuters article posted this morning. Krugman is a New York Times columnist, professor of economics and international affairs at Princeton University, and staunch Bush critic. He is also the author of several MIT Press classics, including: Geography and Trade, Rethinking International Trade, The Age of Diminished Expectations, Development, Geography, and Economic Theory, and Pop Internationalism. He was favored to win the award, but told Reuters it came as a surprise:
I rushed to take a shower … I called my wife and I called my parents. I've not yet managed to get myself a cup of coffee,” he said.
But lack of caffeine did not stop him offering an ad-hoc diagnosis of how the world economy was faring.
"We are now witnessing a crisis that is as severe as the crisis that hit Asia in the 90's. This crisis bears some resemblance to the Great Depression."
Praising world leaders' efforts to staunch the financial bleeding, he added: "I'm slightly less terrified today than I was on Friday."
Congratulations Professor Krugman!