Paul Krugman

Quick Facts

Full Name	Paul Krugman
Occupation	Journalist
Date Of Birth	Feb 28, 1953(1953-02-28)
Age	71
Birthplace	Albany
Country	United States
Birth City	New York State
Horoscope	Aquarius

Paul Krugman Biography

Paul Krugman is one of the most popular and richest Journalist who was born on February 28, 1953 in Albany, New York State, United States. New York Times op-ed columnist and expert in liberal economics who was a consultant to the president Reagan.

It served as He was Ronald Reagan‘s chief economic advisor during his presidency.’s chief economic advisor during his presidency.

Paul Robin Krugman (/ˈ k r ʊ ɡ m ə n / ( listen ) KRUUG -mən; born February 28, 1953) is an American economist who is the Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for The New York Times. In 2008, Krugman was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman’s work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services.

Krugman earned his BA summa cum laude in economics from Yale University in 1974 and went on to pursue a PhD in economics from Massachusetts Institute of Technology (MIT). In 1977, he successfully completed his PhD in three years, with a thesis titled Essays on flexible exchange rates. While at MIT, he was part of a small group of MIT students sent to work for the Central Bank of Portugal for three months in the summer of 1976, during the chaotic aftermath of the Carnation Revolution.

He has a second spouse, Robin Wells.

Paul Krugman Net Worth

Paul Krugman is one of the richest Journalist from United States. According to our analysis, Wikipedia, Forbes & Business Insider, Paul Krugman 's net worth $2.5 Million. (Last Update: December 11, 2023)

In 1974 the year 1974, he completed his studies at Yale University with an economics degree.

He is regarded as among the top intellectuals in the country.

Krugman was born to a Russian Jewish family, the son of Anita and David Krugman. In 1922, his paternal grandparents immigrated to the United States from Brest, Belarus, at that time a part of Poland. He was born in Albany, New York, and grew up in Merrick, a hamlet in Nassau County. He graduated from John F. Kennedy High School in Bellmore. According to Krugman, his interest in economics began with Isaac Asimov’s Foundation novels, in which the social scientists of the future use a new science of “psychohistory” to try to save civilization. Since present-day science fell far short of “psychohistory”, Krugman turned to economics as the next best thing.

Height, Weight & Body Measurements

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Who is Paul Krugman Dating?

According to our records, Paul Krugman married to Robin Wells. As of December 1, 2023, Paul Krugman’s is not dating anyone.

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Krugman’s support for free trade in the 1980s–1990s provoked some ire from the anti-globalization movement. In 1987 he quipped that, “If there were an Economist’s Creed, it would surely contain the affirmations ‘I understand the Principle of Comparative Advantage’ and ‘I advocate Free Trade’.” However, Krugman argues in the same article that, given the findings of New Trade Theory, “[free trade] has shifted from optimum to reasonable rule of thumb … it can never again be asserted as the policy that economic theory tells us is always right.” In the article, Krugman comes out in favor of free trade given the enormous political costs of actively engaging in strategic trade policy and because there is no clear method for a government to discover which industries will ultimately yield positive returns. He also notes that increasing returns and strategic trade theory do not disprove the underlying truth of comparative advantage.

Facts & Trivia

Paul Ranked on the list of most popular Journalist. Also ranked in the elit list of famous people born in United States. Paul Krugman celebrates birthday on February 28 of every year.

More recently he has written, in keeping with his long-term support for trade (while emphasizing that it is not the only or even most-important economic issue) that protectionism does not directly cause recessions, but can make economies less efficient and reduce long-term growth. Indeed, if there is a trade war, imports would decrease as much as exports, so employment should not be strongly impacted, at least in the medium to long run. He considers that the United States should not repeat Reagan’s 1981 policy on taxes and quotas on imported products. Even if it does not produce a recession, protectionism would shock “value chains” and disrupt jobs and communities in the same way as free trade in the past. In addition, other countries would take retaliatory measures against US exports. Krugman recommended against the abandonment of NAFTA, because it could cause economic losses and disruptions to businesses, jobs, and communities. He noted that although free trade has harmed some industries, communities, and some workers, it remains a win-win system overall, enriching both parties to the agreement at the national level; a trade war is equivalently negative for the nations involved, even while it may benefit some individuals or industries within each nation.

What is Paul Krugman theory?

New trade theory Krugman’s explanation of trade between similar countries was proposed in a 1979 paper in the Journal of International Economics, and involves two key assumptions: that consumers prefer a diverse choice of brands, and that production favors economies of scale.

Does Paul Krugman support MMT?

Krugman sees MMT as saying that fiscal policy can always deliver the “right size” deficit to maintain full employment. He’s challenging that by asserting that you can have any size deficit and still have full employment because the central bank can always establish the “right size” interest rate to get you there.

What is mercantilism theory?

Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries. Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver).

Who is the founder of the new trade theory?

Although aspects of trade with increasing returns had been worked out earlier, especially in work by Avinash Dixit, new trade theory is associated with Paul Krugman ‘s work in the late 1970s, developing into what is known as the Dixit-Stiglitz-Krugman trade model and the Helpman–Krugman model.

What is wrong with modern monetary theory?

MMT does not address the opportunity costs and distributional consequences of the monetisation of deficits by the central bank , e.g. its impact on asset prices, that may affect both the demand and the supply side of the economy and therefore the inflation constraint, even before full employment is reached.