The surprise winner of the Nobel prize for economics this year was Paul Krugman: academic, writer and columnist for the New York Times. He is an economist with a gift for explaining economic principles and concepts in clear and simple terms. However, the award was given, not for his writing skills, but for his work on international trade theory and economic geography.
In praise of ….Paul Krugman Guardian (14/10/08)
Hotdog economics Guardian (13/10/08)
Nobel economics prize: And the winner is ….. Guardian (13/10/08)
Academic and columnist Paul Krugman wins Nobel Prize for Economics Times Online (13/10/08)
Bold strokes The Economist (16/10/08)
Questions
| 1. | Write a brief paragraph summarising Krugman’s work on trade patterns. |
| 2. | Define the term ‘economies of scale’. Explain why this concept was important to Krugman’s work on trade patterns. |
| 3. | Assess the extent to which Krugman’s work has helped to explain the impact of free trade and globalisation. |