American Paul Krugman Wins Nobel Prize In Economics

October 13, 2008 5:07 p.m. EST

New York, NY (AHN) - New York Times Columnist Paul Krugman won the Nobel Prize in economics on Monday for his study on the effects economies of scale have on international trade patterns.

Krugman may be the most visible Nobel Prize winner in some time. His New York Times column is read by millions and in past months he has strongly voiced his displeasure with fiscal policy of the Bush administration.

The Nobel Committee cited his development of the "new trade theory" and "new economic geography." Both analyze trends in international trade and offer a more modern example to why domestic businesses sell products in foreign land.

Krugman is the first lone winner of the economics prize since 2001 and was awarded 10 million kronor ($1.4 million). More often than not, the award is given to a team of individuals that conducted research on the winning topic.

In 1991, Krugman was awarded the John Bates Clark medal from the American Economic Association for his political economy paper, "Increasing Returns and Economic Geography."