What a welcome bit of news. Princeton economist Paul Krugman has won the Nobel Prize. Krugman is one of the most pointed critics of the George W. Bush administration, and I read both his NYTimes column and blog regularly.
With this award comes, I hope, a move away from the ideas of Milton Friedman, who won the Nobel in 1976. That recognition quickly led to the development of the “trickle down” policies that were implemented by Ronald Reagan starting in 1981. The worldwide economic mess we’re in right now is proof that Friedman was wrong about laissez-faire economic policies in the 1920’s not being one of the causes of the Great Depression.
Isn’t Obama now using the phrase “trickle-up?” Did he coin that?
That brings the total to five of Nobel prize winners I have personally known. Great, great guy, and I do make a point of reading his column each week. Awesome! One of the few economists who can write, well, too! 😉 except for you, Dougie. That was your major, wasn’t it?
Yes! I love Paul Krugman! I just recently saw him on Pacifica’s TV show Democracy Now and he blew Bush, et al right out of the water explaining how the mess of today was made by the stupidity of their economic policies. And he’s a good read for those of us who are economics-illiterate. A wise choice for the Nobel!