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Bush Critic Wins Nobel Prize



Beady-eyed economist Paul Krugman

STOCKHOLM, Sweden, 2008-10-15 — Relentless Bush Administration critic, Paul Krugman, has won the Nobel Prize in economics. Actually, it's not a real Nobel Prize. It is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, and is not one of the prizes established in Alfred Nobel's 1895 will. So it is a pseudo prize, and thus appropriate for Krugman, some might argue.

Peter Englund, the lone Swedish individual who decided the award, said that Krugman deserved it for a 10-page paper he wrote in 1979 to the effect that trade patterns between countries were not just influenced by comparative advantage between nations but also by economies of scale of firms. Well, d'uh! That's obvious, and was already known. And, as other economists have pointed out, that's simplistic and there are many other factors as well.

Ironically, Krugman won the award for a theory based on the efficiency of large corporations, entities he now attacks regularly in his New York Times'column.

Mr. England commented, "Yes, it's true that Mr. Krugman's simplistic theory has been criticized by other economists, but our job in picking prize Economics winners is to make sure we have a winner every year, so it helps us to pick a winner who has been criticized so we can award the prize to his critic the year after. Krugman has so many critics we will have an easy time picking winners for years to come.

Mr. Krugman met the intellectual qualifications for the award " he's anti-Bush."

Felix Frelinghuysen

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