True Conspiracy

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Wednesday, December 19, 2007

Paul Krugman On US Economy

Paul Robin Krugman (born February 28, 1953) is an American economist. Krugman is currently a professor of economics and international affairs at Princeton University. He is also an author and a columnist for The New York Times, writing a twice-weekly op-ed for the newspaper since 2000.

Krugman is well known in academia for his work in trade theory, which provides a model in which firms and countries produce and trade because of economies of scale and for his textbook explanations of currency crises and New Trade Theory. He was a critic of the "New Economy" of the late 1990s. Krugman also criticized the fixed exchange rates of the island Asia nations and Thailand before the 1997 East Asian financial crisis, and of investors such as Long-Term Capital Management that relied on the fixed rates just before the 1998 Russian financial crisis.

Krugman is generally considered a neo-Keynesian, with his views outlined in his books such as Peddling Prosperity. His International Economics: Theory and Policy (currently in its seventh edition) is a standard textbook on international economics without calculus. In 1991 he was awarded the John Bates Clark Medal by the American Economic Association.

Krugman is an outspoken critic of the George W. Bush administration and its foreign and domestic policy. Unlike many economic pundits, he is also regarded as an important scholarly contributor by his peers. He has written over 200 scholarly papers and 20 books—some academic, and some written for the layperson.

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