Ouch, there goes the 2008 Nobel prize for economics
Posted by msrb on October 14, 2008
submitted by a reader
Paul [“I’m slightly less terrified today than I was on Friday”] Krugman has been “Nobelificated!”
Paul Krugman, aka “why some countries dominate international trade [try the magic ‘Z’ word,]” a professor at Princeton University, said:
“We are now witnessing a crisis that is as severe as the crisis that hit Asia in the 90s. This crisis bears some resemblance to the Great Depression.”
So, professor Einstein Krugman, it must be divine intervention that helped markets to recover miraculously in just a few days, mustn’t it! Someone must have been praying real hard to Mammon! Or else, the world governments must have agreed to the blackmail fee!
[What took you so long?] Princeton economics and international affairs professor Paul Krugman listens during his introduction as the 2008 Nobel prize winner in economics at a new conference on the campus of Princeton University in Princeton, New Jersey, October 13, 2008. REUTERS/Tim Shaffer. Image may be subject to copyright.
He said news of the prize took him by surprise. [Well, isn’t that a coincidence? My colleagues and I are surprised every year when they start dishing out the Nobel prizes. “I took the call stark naked as I was about to step into the shower,” he told a news conference. [We are only interested to know what your hands were doing at the time!]
Praising the European leaders for saving the world from financial catastrophe [sic,] Krugman said: “I’m slightly less terrified today than I was on Friday.” [Conclusion: His terror of a financial meltdown eased over a mere weekend!]
The Royal Swedish Academy of Sciences which awards the $1.4 million prize to the sciences’ “elite” [and since when economy was a science?] said it “recognized Krugman’s formulation of a new theory that addresses what drives worldwide urbanization.” Reuters reported.
“He has thereby integrated the previously disparate research fields of international trade and economic geography,” the committee said. “Krugman’s approach is based on the premise that many goods and services can be produced more cheaply in a long series, a concept generally known as economies of scale.”
“Krugman’s theory clarifies why trade is dominated by countries that not only have similar conditions but also trade in similar products.” Reuters said.
And what does all that mean in layman’s language? “The prize is ours and we would only award it to selected individual who not only fight tooth and nail to protect the collapsing system, of which we are a part, they also manage to formulate their justification in economic mumbo jumbo.
In a world whose dominant system of finances is a proven abject failure, it’s interesting to find people who reward the economic morticians to beautify the putrid corpse of capitalism!