Paul Krugman, the Princeton University scholar and New York Times columnist, won the Nobel economic prize today for his analysis of how economies of scale can affect trade patterns and the location of economic activity. Krugman has been a harsh critic of the Bush administration and the Republican Party in The New York Times, where he writes a regular column and has a blog called "Conscience of a Liberal."
He has come out forcefully against John McCain during the economic meltdown, saying the Republican candidate is "more frightening now than he was a few weeks ago" and earlier that the GOP has become "the party of stupid."
The 55-year-old American economist was the lone of winner of the 10 million kronor ($1.4 million) award and the latest in a string of American researchers to be honored. It was only the second time since 2000 that a single laureate won the prize, which is typically shared by two or three researchers. The Royal Swedish Academy of Sciences praised Krugman for formulating a new theory to answer questions about free trade.