Krugman wins Nobel prize for economics

Paul Krugman of Princeton University has won the 2008 Nobel Prize for economics. The official press release says the prize is “for his analysis of trade patterns and location of economic activity”. The release goes on: “Krugman’s approach is based on the premise that many goods and services can be produced more cheaply in long series, a concept generally known as economies of scale. Meanwhile, consumers demand a varied supply of goods. As a result, small-scale production for a local market is replaced by large-scale production for the world market, where firms with similar products compete with one another.”
However, Krugman is probably better known to the public as a New York Times columnist and trenchant critic of the Bush administration. Hopefully his technical economics work is better than his popular books and articles. The latter are generally unoriginal and lightweight.