Paul Krugman Awarded Nobel Prize in Economics

Congratulations to Paul Krugman, American economist. I feel as though we know the man--he's explaining economics to us in our front room every night.

From the Wall Street Journal, Oct. 13, 2008.

NEW YORK (MarketWatch) -- Paul Krugman, poster child for the so-called liberal media, is getting the last laugh.

The columnist for the New York Times was awarded the Nobel prize in economics on Monday. Krugman, who has represented the Times since 1999, was lauded for his theories on how urbanization can have an impact on trade patterns.

That's the official explanation, anyway, of the Royal Swedish Academy of Sciences. The real story is ... the acknowledgement of the liberal media and its accomplishments at a time when Barack Obama is enjoying a solid lead against John McCain, his Republican rival, in the presidential-election opinion polls.

One of the hallmarks of the McCain-Palin ticket has been to browbeat the "elite" media. Krugman's award underscores the credibility of the Times columnist and many of his like-minded colleagues.

Krugman, a Princeton University professor, is a relentless and articulate critic of President Bush's economic policies -- and he hasn't spared McCain, either, in his writing.

Krugman has written: "We've known for a long time, of course, that Mr. McCain doesn't know much about economics -- he's said so himself, although he's also denied having said it," Krugman wrote in a recent column. "That wouldn't matter much if he had good taste in advisers -- but he doesn't."

It is easy to discern where Krugman's personal political beliefs lie. The Nobel, however, is awarded on merit, not because of political opinions.

Krugman has done very solid work for a long time. He deserves the award -- on merit.

-- Jon Friedman, columnist