Columnist Paul Krugman wins Nobel economics prize
Just off the ticker tape: We just learned that Sweden’s King Carl XVI is an appeaser, a Social Democrat and member of the Liberal Party all at once, AKA, a raving idiot liberal. Before Obama politically gets into bed with him, he should know that the Liberal Party of Sweden supported the invasion of Iraq, but stopped short of demanding Swedish participation in the US-led “coalition of the willing“.
We’ve known all along that only liberal economists get those Nobel prizes. We’ve also known how liberal Sweden is, what with free love, a form of socialism, and all.
Back to Krugman. This raving idiot has been a harsh critic of the Bush administration and the Republican Party in The New York Times, where he writes a regular column and has a blog called “Conscience of a Liberal.” When you go there leave some disagreeing “funny stupid faces.” Tell them you didn’t know that anyone with liberal spots had a conscience.
He has also taken the Bush administration to task over the current financial meltdown, blaming its pursuit of deregulation and unencumbered fiscal policies for the financial crisis that has threatened the global economy with recession. If Republicans are complicit in it, so are social Democrats–Barney Frank, Chuck Schumer, Barak Obama and their ilk for getting Mae and Mac to lower lending standards for all their poor constituents who couldn’t afford a house but wanted one anyhow.
Liberal Economist Tied To Obama
Barak Obama and the liberal establishment are so excited they’re hitting their heads on the ceiling (That’s only one reason Obama has no sense). It’s in celebration of one of their kind winning the 2008 Nobel Prize in Economics. They would say I’m being racist by saying “one of their kind.”
I know what’s going on inside Barak’s head. This guy Krugman is great, he’s thinking. Now I can ditch that stodgy Jeffrey Liebman, a Harvard economist and get Krugman. Heartland America is edgy about everyone coming from Harvard these days and I’m a little short on fresh news.
You know that Obama’s reasoning power is not only limited but flawed, but right now he’s saying to himself: Oh, boy! Now’s my chance to deep-six Liebman, he’s a left-over from Hillary Clinton and I don’t really agree with his wanting to privatize social security. I’m a big-government supporter but I’ll break it to the Republicans after November 6th so I don’t create an old-folks-style backlash. An obvious back-handed age slur at McCain.
The Nobel Prizes in medicine, chemistry, physics, literature and economics will be handed out in Stockholm by Sweden’s King Carl XVI on Dec. 10, the anniversary of prize founder Alfred Nobel’s death in 1896. The Nobel Peace Prize is handed out in Oslo, Norway, on the same date. Can you believe those Swedes. When someone dies, they celebrate by awarding prizes on that very day!
More Obama Thought Patterns:
It’s going to be great. Krugman has been a longtime opponent of the “trickle-down” economic theory. Now I win that debate and McCain curls up in a corner and dies. Goody-goody for me. I can see it now. Won’t it be grand! I’ll be president and on hand in Sweden when these prizes are awarded. It’s such great theater for me to be there. The cameras will be popping all over the place and I’ll be there standing next to King Gustav. Maybe I can even get him to let me take his place and award those ribbons and medals. I just love cameras.
Perhaps better known as a columnist than an economist to the public, Krugman has also come out forcefully against John McCain during the economic meltdown, saying the Republican presidential candidate is “more frightening now than he was a few weeks ago.” Krugman (pronounced KROOG-man, like you’ve got a bad sore throat) also has derided the Republicans as becoming “the party of stupid.” How dare him!
Tore Ellingsen, a member of the prize committee, acknowledged that Krugman was an “opinion maker” but added that he was honored on the merits of his economic research, not his political commentary. Sure, he was!
“We disregard everything except for the scientific merits,” Ellingsen told The Associated Press. Everything?
The 55-year-old American economist was the lone winner of the 10 million kronor ($1.4 million) award and the latest in a string of American researchers to be honored. He will be sorry. Obama will want to make his tax increases effective starting December First so Krugman can give up seventy-five percent of it to Washington to help pay for the war he so much hates. It was only the second time since 2000 that a single laureate won the prize, which is typically shared by two or three researchers.
Not one to tone down his opinions, Krugman has compared the current financial crisis to the devastation of the 1930s.
“We are now witnessing a crisis that is as severe as the crisis that hit Asia in the 90’s. This crisis bears some resemblance to the Great Depression,” Krugman told reporters Monday.
But he was optimistic that a global effort aimed at stemming the financial blood loss had taken root. Notice, he didn’t give Bush well-deserved credit for marshaling the international heads of state.
“I’m slightly less terrified today than I was on Friday,” he said, referring to the weekend crisis talks among European leaders that led to the nationalization of British banks, unlimited access to U.S. dollars to banks worldwide and efforts to stave off a global recession.
In contrast to his treatment of U.S. officials, Krugman has praised Britain’s financial leaders for their nimble response to the credit crisis.
In a column Monday in the New York Times, Krugman wrote that British Prime Minister Gordon Brown and Chancellor Alistair Darling “defined the character of the worldwide rescue effort, with other wealthy nations playing catch-up.”
Whereas U.S. Treasury Secretary Henry Paulson at first rejected giving financial institutions more money in return for a share of ownership, the British government “went straight to the heart of the problem … with stunning speed,” he wrote.
“And whaddya know,” Krugman continued, “Mr. Paulson — after arguably wasting several precious weeks — has also reversed course, and now plans to buy equity stakes rather than bad mortgage securities.” The Democrats want to own the world and they’re starting by wanting to own and nationalize all the banks. Socialism, here it comes.
The Bush administration would not comment Monday on whether Krugman would be invited to the White House as is custom with American Nobel laureates. May I suggest that everyone eamil the president and forclose on that possibility. Krugman’s up to no good.
The Royal Swedish Academy of Sciences praised Krugman for formulating a new theory to answer questions about free trade and said his theory had inspired an enormous field of research.
“What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanization? Paul Krugman has formulated a new theory to answer these questions,” the academy said in its citation.
I can tell you who’s responsible for urbanization and I didn’t even go to Stanford, Yale, Princeton or Harvard. It’s Al Gore and all this global warming nonsense. Too many cars in the cities. Let’s all take a trek to the country. Buy up all the old and abandoned farms and start milking cows again.
“He has thereby integrated the previously disparate research fields of international trade and economic geography,” it said. Good, pretty soon we can eliminate one cabinet member.
The award, known as the Nobel Memorial Prize in Economic Sciences, is the last of the six Nobel prizes announced this year and is not one of the original Nobels. It was created in 1968 by the Swedish central bank in Alfred Nobel’s memory. It was probably a nationalized bank.
In addition to his work as an economist at Princeton University in New Jersey, where he has been since 2000, Krugman has written for Foreign Affairs, the Harvard Business Review and Scientific American, among other publications. How about for Yankee Wizard, MLB.com, LoHud Yankees Blog, Replacement Level Yankees, Pending Pinstripes, or Bronx Bombers? I’ll bet he hasn’t written for any of them, so how good can he be?
He graduated with a bachelor’s degree from Yale in 1974 and received a Ph.D. from MIT in 1977. Besides teaching at Yale and MIT, he also taught at Stanford. Wow! he’s actually traveled across the Missouri River.
Krugman said winning the Nobel award won’t change his approach to research and writing. It won’t go to his head either or make him an egoist. It can’t, he’s already performing on that level.
“I’m a great believer in continuing to do work,” he told reporters. “I hope that two weeks from now I’m back to being pretty much the same person I was before.” So. . .he admits he’s on cloud nine and not the same guy his wife came in with. Settle down, Kroog, you’ll get over all this publicity. Maybe all the money, too, when Uncle Sam takes his bite out of you.
Krugman’s work on new trade theory also garnered him the John Bates Clark medal from the American Economic Association in 1991. That prize is given every two years to an economist under the age of 40. There they go again, age discrimination at its worst!
The Nobel citation said Krugman’s approach is based on the premise that many goods and services can be produced at less cost in a long series, a concept known as economies of scale. His research showed the effects of that on trade patterns. I think Adam Smith and Henry Ford discovered economics of scale and it’s affects on selling cars, you idiot. The adacity of someone like you who is as bad as Joe Biden, a plagerist.
“Trade theory, like much of economics, used to be discussed in the context of perfect competition: thousands of farmers and thousands of customers meeting in a market,” with supply and demand governing prices, said Avinash Dixit, a Princeton professor and economist who specializes in trade theory. Well, that theory was discredited last week at Publix grocery store here in Orlando, Florida. We had a thousand customers wanting a thousand bananas and half of them were rotten so they had to throw them out, except they lowered the price for the rotten ones. No, the bananas, not the customers, stupid! These theories are so theoretical, aren’t they?
Gradually, people began to realize that conditions in the market were less than perfect, and the small number of companies in some industries had economies of scale that changed the trade equation. Everyone knows that…what did I just say?
“Krugman was the main person who brought all the theory together, recognized its importance to the real world (and) produced a large expansion of international trade theory,” Dixit said. “All the theory?” I doubt that.
Krugman introduced his trade theory in 1979 in a 10-page article in the Journal of International Economics. Well, it’s already stale, isn’t it.
It posited that because consumers want a diversity of products, and because economies of scale make production cheaper, multiple countries can build a product such as cars. A nation like Sweden can build its own car brands for both export and sale at home, while also importing cars from other countries. They did, the Saab and the Volvo. But GM and Ford owns them now and they’re soon to go under.
Rumors are flying this month that Ford Motor may sell Volvo and General Motors is considering dumping Saab.
That’s not necessarily a bad thing for the two Swedish premium marques. It could actually give the venerable brands a new lease on life.
The article also outlined a new theory of economic geography. Krugman’s idea was that if two countries were alike but one had a larger population, real wages would be somewhat higher in the more populous country because companies there could make better use of economies of scale, creating a greater diversity of goods, lower prices, or both.
Because this enhances the welfare of consumers in that country, its population would increase as more people moved there, which would lead to additional increases in real wages.
Krugman is not the first Nobel economics winner to be a familiar liberal name.
Paul Samuelson, the Massachusetts Institute of Technology professor who won the prize in 1970, and the late Milton Friedman, longtime University of Chicago professor who won in 1976, were both columnists for Newsweek magazine for many years.
Friedman, who died in 2006, also was known for his PBS TV series “Free to Choose” in the United States, while Samuelson, 98, wrote an economics textbook used by millions of college students. I just hated those textbook writers sponging off us students by rewriting one chapter every two years so they could get more money.