Economic Nobel for Mr. Krugman
I just read from nytimes that the Nobel Prize for the Economics field went to a professor from Princeton University. His name was Paul Krugman, 55 years old. Besides being a professor, he is also Op-Ed page columnist for The New York Times.
He got the Nobel for creating a model that explains why countries or companies sell or buy the same goods that they imports or exports. His model also explains how globalization has given more stress on people live in big cities because all things are cramped there.
His model also explains that because of Globalization, only a handful of countries control the world’s economy by producing goods which they don’t even have the natural resources to produce the goods.
Maybe Mr. Krugman was right. That explains why there are lots of companies from big countries have factories operating in my countries (Indonesia). For example, we have Nestle, Unilever, Pfizer and many more. Indonesia has these abundant resources (human and natural) that they don’t have back at their home. So, they built it here and sell it some where else and they got the profit.
Paul Krugman was born in Long Island, NY. He got his PHD from MIT in 1977 and teaching at Yale, MIT, UC Berkeley, The London School of Economics and Stanford University, before he stayed at Princeton in 2000.
He was also a strong critic of the Bush administration. He was strongly against the $700 billion bailout plan which was designed by Henry Paulson which he thinks it was more like a Russian financial Roulette.
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