Krugman wins the Nobel

Paul Krugman has won the Nobel prize for economics. He wins it for trade theory and location theory. I recall Jagdish Bhagwati, himself in the running for the prize for several years mention somewhere that Krugman, who also happens to be his former student will one day get the prize for this very contribution. 

I must say, I'm not particularly enjoying this Sitglitz-Krugman pattern in the prizes, but when Krugman stops his anti-Bushism, he's a very good economist and he's no protectionist. Krugman also has the rare privilage of having a permenent link from my blog, on a list which is otherwise dominated by libertarians or classical liberals. As you can see, I read the right people. 

So far, the best synopsis is from Tyler Cowen. More to come I'm sure.