Mr Krugman is a fierce critic of President George W Bush
American academic Paul Krugman has won this year’s Nobel economics prize, it has been announced.
The Royal Swedish Academy of Sciences said the award recognised Mr Krugman’s analysis of trade patterns and where economic activity takes place.
It said Mr Krugman, 55, a Princeton University professor, had formulated new theories that answered questions about free trade and globalisation.
Mr Krugman said he hoped the $1.4m win would not change his life greatly.
"The prize will enhance visibility but I hope it does not lead me into going to a lot of purely celebratory events, aside from the Nobel presentation itself," he said.
Mr Krugman teaches economics and international affairs at Princeton University in New Jersey, and also writes a regular column for the New York Times.