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Paul Kurgman

In 2008, Krugman won the Nobel Memorial Prize in Economic Sciences. He is known in academia for his work on international (including trade theory, economic geography, and international finance), liquidity traps, and currency crises. Krugman's explanation of trade between similar countries involves two key assumptions: that consumers prefer a diverse choice of brands, and that production favors economies of scale.

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Anees Ahmad
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46 views1 page

Paul Kurgman

In 2008, Krugman won the Nobel Memorial Prize in Economic Sciences. He is known in academia for his work on international (including trade theory, economic geography, and international finance), liquidity traps, and currency crises. Krugman's explanation of trade between similar countries involves two key assumptions: that consumers prefer a diverse choice of brands, and that production favors economies of scale.

Uploaded by

Anees Ahmad
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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KNOW THE GLOBAL BUSINESS GURUS, BBA PROGRAM, AEC

PAUL ROBIN KURGMAN


Nationality Institution Field Alma mater Opposed Influences United States Princeton University, London School of Economics International economics ,Macroeconomics MIT, Yale University Freshwater economics John Maynard Keynes John Hicks Paul Samuelson, Avinash Dixit, Joseph Stiglitz

INTRODUCTION: Paul Robin Krugman is an American economist, in 2008, Krugman won the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. According to the prize Committee, the prize was given for Krugman's work explaining the patterns of international trade and the geographic concentration of wealth, by examining the effects of economies of scale and of consumer preferences for diverse goods and services. Krugman is known in academia for his work on international (including trade theory, economic geography, and international finance), liquidity traps, and currency crises. He is the 20th most widely cited economist in the world today and is ranked among the most influential academic thinkers in the US. As of 2008, Krugman has written 20 books and has published over 200 scholarly articles in professional journals and edited volumes.

Contributions International Trade Theory New Trade Theory New Economic Geography Awards John Bates Clark Medal(1991) Prncipe de Asturias Prize(2004) Nobel Memorial Prize in Economics (2008)

New trade theory: Prior to Krugman's work, trade theory emphasized trade based on the comparative advantage of countries with very different characteristics, such as a country with a high agricultural productivity trading agricultural products for industrial products from a country with a high industrial productivity. However, in the 20th century, an ever larger share of trade occurred between countries with very similar characteristics, which is difficult to explain by comparative advantage. Krugman's explanation of trade between similar countries was proposed in a 1979 paper in the Journal of International Economics, and involves two key assumptions: that consumers prefer a diverse choice of brands, and that production favors economies of scale. Consumers' preference for diversity explains the survival of different versions of cars like Volvo and BMW. However, because of economies of scale, it is not profitable to spread the production of Volvos all over the world; instead, it is concentrated in a few factories and therefore in a few countries (or maybe just one). This logic explains how each country may specialize in producing a few brands of any given type of product, instead of specializing in different types of products. Books Written: End This Depression Now! The Conscience of a Liberal The Return of Depression Economics Losing Your Way in the New Century The Great Unravelling

PREPARED BY: DEEPTI VERMA

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