Economics Nobel for Paul Krugman of the US

The Nobel Prize in Economics for 2008 was on Monday awarded to Paul Krugman of the US for his analysis of trade patterns and location of economic activity. Krugman, 55, 1953 is professor at Princeton University. In its citation, the Nobel committee said: "Patterns of trade and location have always been key issues in the economic debate. What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanisation? Paul Krugman has formulated a new theory to answer these questions. He has thereby integrated the previously disparate research fields of international trade and economic geography."