Economist & Nobel Laureate Paul Krugman Term Paper

Economist & Nobel Laureate Paul Krugman - Term Paper patternIn addition, thateconomics is ever changing, not stagnant. He has applied increasing returns theory to international trade wind and geographic clustering (Krugman and Helpman p.84). Professional Profile He is acknowledged worldwide as a attracter in the fields ofeconomic geographyand the role of increasing returns in shapinginternational trade.At MIT, he became the Ford International Professor of Economics. He has been a prof of Economics and International personal matters in Woodrow Wilson School, Princeton University, and currently with Princeton (New York Times). He is a Fellow of the Econometric Society, a Research Associate of the national Bureau of Economic Research, and a member of the Group of Thirty. He has also worked as an advisor to the national Reserve Bank of New York, the World Bank, the International Monetary Fund, the United Nations, and to a number of countries much(prenominal) as Portugal and Philip pines (Speakers of Substance ). Recently, he was President of the Eastern Economic Association and a centenary professor at the London School of Economics. Krugman is also the author and editor of about 18 books and over cc professional journal articles, mostly on international trade and finance. ... 08 he won Nobel Memorial lever in Economic Sciences for amplification on models ofinternational tradeand the geographical concentration of wealth, by probe the effects ofeconomies of scale leafand of consumer preferences for varied goods and services. Furthermore, in recognition of his work, he received the John Bates Clark Medal from the American Economic Association, an award given every two years to the top economist under the develop of 40.Paul Krugman was awarded the2011 Gerald Loeb Awardfor Commentary for his Paul Krugman Columns in theNew York Times (New York Times). Amongst other Krugmans credentials include, in 2011 he was among the top 50 influential individuals in global finance and Foreign PolicysTop 100 Global Thinkers 2010 and 2009. In 1992, he was a member to a team of economist on international appointed by President Reagan to deal with the recession New Trade surmisal His professional repute is largely owed to his work in international trade and finance he is the initiator of the new trade theory, a major rethinking of the theory of international trade (Krugman p.286, 1994). New Trade scheme by Paul Krugman brings the determinants of comparative advantage into the model. This theory seeks to explain trade between comparable countries was communicate in a 1979 paper in theJournal of International Economics. It is based on two assumptions economies of scale and consumers preference for diversity of products. New Trade theory took into consideration the transportation costs, which was the source of the dental plate market effect (Krugman 109-116, 1997). This implies that due to economies of scale countries specialize in production of specif ic products. Moreover, despite a country having no comparative advantage in trade it may be in a