Paul Krugman is a distinguished columnist who reports for the New York Times. He’s known for his significant contributions to the field of economics. He has an impressive curriculum vitae. His work has enhanced our knowledge of the intricate patterns and mechanics of multiple disciplines. These include international trade, economies of scale, and economic activities distributions. Economics students should be familiar with his work because of its relevancy in the current economics picture throughout the world. Here are 10 things that you probably didn’t know about Paul Krugman.
1. He’s a Nobel Prize winner
Wikipedia explains that Krugman has been officially recognized for his contributions to multiple areas of the study of economics. He received the Nobel Memorial Prize in Economic Sciences in 2008. His explanations of how international trade happens in set patterns helped the world to understand the processes better. His analytical skills are sharp and innovative. He explains these complicated processes in great detail and seemingly with ease.
2. Krugman helped to develop a new theory
Paul Krugman is a significant contributor to the development of the New Trade Theory. This theory is a group of international trade models that focus on increasing returns to scale and networking effects. The New Trade Theory was developed in the decades of the 1970s and 1980s. The theory is used by analysts to identify how building industrial bases with protective measures can elevate them to positions of domination within the international market.
3. Paul Krugman is a prolific author
Krugman has published more than 200 scholarly articles that are heavily used for students who write research papers in economics. Krugman is a member of the New York Times and columnist. He has written several hundred works on political and economic issues. He has also either authored or edited textbooks, scholarly works, and books for general audiences. He is credited with authorship or editing 27 books so far.
4. He has worked for some of the biggest publishers
Paul Krugman has been published by some of the biggest and most prestigious media corporations in the world. His name has appeared in Slate, Fortune, The New York Times, and many business and economics related magazines and journals.
5. Krugman has served in multiple professional roles
At the age of 67, Paul Krugman has developed a long list of occupations. Most of them are related to his esteemed status as a leading authority in economics in some way. In addition to being the author of hundreds of works, he has also served as a commentator. He was previously a Distinguished Professor of Economics at the Graduate Center of the City University of New York. He was also a professor of economics at MIT for a period. He has earned the distinction of being one of the most cited authors in academic economics. His theories and opinions are highly respected in the academic community.
6. He’s the most famous economist of modern times
UBS Nobel Perspectives cites Paul Krugman as the most widely recognized living economist of our times. He is credited with revolutionizing modern ways of thinking about international trade and domestic industry economics. He serves as an advisor on policy development as leaders rely on his expertise in planning and decision making for the entire country. His contributions to the arena of international trade have been recognized for several decades. He’s 67 years old as of 2021, but while he was still in his 30s, Krugman was awarded the annual John Bates Clark Medal. This is a distinction that is given to one United States Economist that is under the age of 40 each year. It was not surprising that he eventually received the Nobel Memorial Prize. He has been on this path for the majority of his professional life. He’s earned every recognition in his portfolio and more because of his groundbreaking work.
7. Paul Kruger is a humble man
While some notable figures in the business world seem to enjoy the limelight when they receive attention, this isn’t the case for Paul Kruger. He is a humble man who doesn’t like to be in the spotlight. He is a brilliant theorist and analyst who enjoys helping others understand how the fine details of economics work, but he’s more content just remaining anonymous. He shared that one thing that makes him feel the most uncomfortable is when someone recognizes him on the street.
8. He doesn’t back down from a challenge
Kruger knows what he knows. He is confident in his beliefs about international trade and world economics. He is keenly aware of errors in judgment that are made by those in leadership positions. Those at the top of the economic policies and planning departments do not always get it right. He isn’t afraid to challenge their viewpoints. In fact, he does it regularly. When he sees a point of view in an academic journal that he takes exception to, he speaks up about it. He freely challenges the so-called elite within his field without apology. He’s not interested in maintaining a status quo when he knows there is so much more.
9. Krugman has taught at most of the most prestigious institutions in the US
Nobel Prize reveals that there aren’t many ivy league schools that Krugman hasn’t worked with. As previously stated, he was faculty of MIT, he was a Ford International Professor of Economics. He was also appointed to Princeton, he taught at Stanford and Yale Universities as well.
10. Paul Krugman has advised United States Presidents
Before Mr. Krugman became a university professor, he served under President Ronald Reagan. Although a liberal himself, he worked well with the conservative Republican party. He was appointed as the senior international economist for the President’s Council of Economic Advisers. He is also a Fellow of the Econometric Society and several other notable organizations. He also served as a consultant for the World Bank, the United Nations, the International Monetary Fund, and the Federal Reserve Bank of New York.