Finally, a decision I can support! I’ve idolized Paul Krugman for many years now, having read his NYT column religiously so this is more a note of appreciation than anything.
This award seems particularly relevant considering that I wrote about Milton Friedman last week and the decision to build a center of learning in his honor. I essentially argued that it was ridiculous to celebrate Friedman by naming an institute after him considering his failed and discredited policies. So, it is especially significant that Krugman should receive the Nobel Prize for Economics-
A noted liberal, Krugman is seen as a neo-Keynesian so his victory is timely. There’s quite a revival of interest in John Maynard Keynes’s theories at present, especially his argument that government intervention is the best way to stop a downturn becoming a depression.
To be sure, Krugman is receiving the Prize for his contributions to economics. But, I also think there is a larger statement being made about Krugman’s body of work. Economics, insofar as it is an academic field, should not be removed from the arena of public policy. Especially in the last few years, we’ve seen an explosion of economics books in the mainstream media (Freakonomics being the most prominent example) and this is a good thing. In my mind, Krugman’s accessibility and public activism (for liberal values) deserve the recognition here, in addition to his theories.
For an alternate take on the Award, go here (and read the comments section for a good laugh).
-Indira
