Paul Krugman Wins 2008 Nobel for Economics

[silverpig]

Originally posted by: alchemize

Originally posted by: GodlessAstronomer

Originally posted by: alchemize
LOL I just knew something stunk on this one.

Partisans, feel free to correct me, but this is all based on his work about oh 15-20 years ago?

He hasn't been an economist for years and is nothing more than a political commentator now.

That's not at all uncommon in the world of Nobel prizes. Theories are confirmed, ideas become mainstream over time. Sometimes it's difficult to recognise someone's genius without the benefit of hindsight.

I think that's a plausible explanation, are there other modern examples?

Uh, virtually every recent Nobel in physics is given decades after the work was performed. The work done for the 2008 prize was started in the '60s.

 

[GodlessAstronomer]

Originally posted by: alchemize

Originally posted by: GodlessAstronomer

Originally posted by: alchemize
LOL I just knew something stunk on this one.

Partisans, feel free to correct me, but this is all based on his work about oh 15-20 years ago?

He hasn't been an economist for years and is nothing more than a political commentator now.

That's not at all uncommon in the world of Nobel prizes. Theories are confirmed, ideas become mainstream over time. Sometimes it's difficult to recognise someone's genius without the benefit of hindsight.

I think that's a plausible explanation, are there other modern examples?

Pretty much every scientist who has ever won a nobel prize.

 

[f95toli]

Originally posted by: alchemize
think that's a plausible explanation, are there other modern examples?

Well, let?s see. This year?s prize in physics was awarded for work done in the early-to-mid seventies, medicine for a discovery from the early eighties (identifying HIV) etc
Nowadays the prize is usually awarded for discoveries that are 15-30 years old. There are exceptions, but that is generally speaking how long it takes to evaluate an new idea today.
If you read the announcement you will find that Kruger was specifically awarded the price for work he did 25-30 years ago.

 

[First]

Originally posted by: SleepWalkerX
Guys, don't be fooled by the Nobel prize in economics. Its actually the Bank of Sweden that gives out this prize and like any central bank their intention is to nominate economists that still have ties to Keynesian economics.

You are as clueless about Nobel as you are about the difference between inflation and deflation.

 

[Ferocious]

I bet Paul never dreamed the announcement of his winning would cause such a market rally.

:laugh:

 

[smashp]

"The Nobel committee commended Krugman's work on global trade, beginning with a 10-page paper in 1979 that knit together two fields of study, helping foster a better understanding of why countries produce similar products and why people move from the small towns to cities."

I think we are Seeing more and more how integrated the world economies are now his globalization ideas hold rather strong.