Paul Krugman Wins Nobel Economics Prize for trade theory work

Princeton University professor, Paul Krugman, was won the Nobel Economics Prize for his work on trade theory. Krugman, was awarded the prize for his analysis of trade patterns and location of economic activity. This is why the Royal Swedish Academy of Sciences selected him for the prize.

The work that Paul Krugman was involved explains how economies of scale influence trade and urbanization. Krugman, 51 said “It’s a total surprise.”

Back in 1991, Paul Krugman was awarded the John Bates Clark Medal by the American Economic Association. This award is given to the best economist under the age of 40. The official name for this award is The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Krugman has won 10 million Swedish kronor, ($1.41 million).

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