I have always expected Paul Krugman to eventually win the Bank of Sweden's Prize in Economic Sciences in memorial of Albert Nobel. What I may have missed totally was that this would happen this year and that the citation reads in part: "for his analysis of trade patterns and location of economic activity".
There's no doubt that merit has been rightly rewarded here and by a professional economist who takes the time to explain the elements of the discipline to lay audiences through lucid and popular publications. This is proof to me that the science of economics is indeed useful. Prof. Krugman is unlikely to pass by this blog but congratulations nevertheless.
A less mathematically-laden publication that would highlight the contributions mentioned in this prize are found in this book featuring the Gaston Eyskens lectures. As the citation states, Krugman provided the connection between cities and global trade through the argument of increasing returns. The study answers the question about why production and industrial activity occurs where it does.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment