OF OUR NEW YORK OFFICE.
Détracteur of the economic policy of the administration Bush and virulent Secretary of the Treasury Henry Paulson as criticism of the Republican candidate John McCain, the American Paul Krugman has to receive the Nobel Prize in economics. Fifty-five years, Princeton Professor is one of the most read columnists in the United States. His columns in "new york times" are fervently discussed and based on the thinking of all those involved in the regulation of the financial crisis today.

"It happened to me something fun this morning." This is deliberately modest comment that Paul Krugman posted yesterday on his blog, "The Conscience of a liberal", also the title of his last book published in 2007. The Royal Academy of sciences of Sweden wanted to reward its work on trade and the location of economic activity, because "he thus reconciled research fields previously disparate on international trade and economic geography". Paul Krugman explained including why world trade is dominated by countries that are similar and the reasons for which a country can import that export the same product. The response of Governments to globalization is at the heart of her research. It is, this year, the only recipient of this award and will receive the equivalent of EUR 1 million.
His new theory on the exchanges has already earned for the medal John Bates Clark of the Economic Association American in 1991, granted every two years to less than 40 years economists. His compatriot Joseph Stiglitz, who received the Nobel Prize in economics in 2001, had also received this medal.
In recent weeks, Paul Krugman has violently attacked the Paulson plan to come to the rescue of the financial systems, explaining that buy assets deteriorated did nothing to strengthen the capital of banks. He, however, praised the British approach. "The Government was directly in the heart of the problem and did so with staggering speed", by announcing a plan to inject massive of capital in British banks and guarantee their debts. Once is not custom, noted American economist, the other European powers are ready to follow a country which is not part of the euro zone but which is the main financial centre of the region. "And this is that Mr. Paulson, after having lost several precious weeks, changed its policy and is now ready to take shareholdings rather than bad assets (even if it moves with a painful slowness)."
This "terrifying" crisis, according to Paul Krugman, was not properly processed by the Republican candidate John McCain, that "it scares". He alleges to be under the influence of the Economist Phil Gramm, a lawyer for deregulation, and to have views on the economy instead "erratic". He wanted to see Barack Obama more involved in the settlement of the crisis, but said at least reassured by the quality of his advisers, starting with the former President of the Federal Reserve, Paul Volcker and former Treasury Secretary, Robert Rubin.
This new distinction should give more weight to his comments and further strengthen one of its vocation: that of an economist who seeks to write in clear, effective and fun way for laymen of his science.