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Top 10 Astonishing Facts about Paul Krugman

Paul Robin Krugman is a columnist and American economist who is known for his contributions in economics. Krugman鈥檚 work has enriched knowledge of the elaborate patterns and mechanics of multiple disciplines. The areas of study include economies of scale, economic activities distributions and international trade. Students of economics ought to be familiar with Krugman鈥檚 work due to its role in the current global economics picture.

A renowned reporter, Krugman is well known for his op-ed column in the New York Times. He was awarded the 2008 Nobel Prize for Economics for his work in economic geography and in identifying international trade patterns. Born on February 28, 1953 in Albany, New York, Krugman was awarded a Bachelor of Arts degree from Yale University in 1974 followed by a Ph.D. from MIT in 1977.

From 1979 to 2000, Krugman served on MIT鈥檚 economics faculty. Krugman left MIT for a year between 1982 and 1983. During this time, Krugman worked on U.S. President Ronald Reagan鈥檚 Council of Economic Advisers as the chief staffer for international economics.  Krugman also taught at Stanford University from 1994 to 1996.

From 1979 Krugman worked at the National Bureau of Economic Research as a research associate.  In the year 2000, Krugman was a professor of economics and international affairs at Woodrow Wilson School of Public and International Affairs at Princeton University. He retired in 2015 as professor emeritus. Thereafter, Krugman became a professor at the City University of New York鈥檚 Graduate Center.

Below are 10 amazing facts about Paul Krugman.

1. Krugman was awarded the 2008 Nobel Prize for Economics

President George W. Bush poses for a photo with Nobel Prize winners Monday, Nov. 24, 2008, in the Oval Office. Joining President Bush from left are, Dr. Paul Krugman, Economics Prize Laureate; Dr. Martin Chalfie, Chemistry Prize Laureate; and Dr. Roger Tsien, Chemistry Prize Laureate. Photo by White House/

Recognized for his contributions to multiple areas on the study of economics, Krugman was awarded the Nobel Prize in Economic Sciences in 2008.

This was for his explanations on how international trade takes place in set patterns. This has helped the world to comprehend the processes better.

2. Krugman helped develop a New Trade theory between the 1970s and 1980s

Krugman contributed significantly to the development of the New Trade Theory. The theory was developed over a ten year period between the 1970s and 1980s.

The theory, which is a group of international trade models, emphasizes on increasing returns to scale and networking effects. Widely utilized by analysts, the theory is used to identify how industrial regions are created.

It also indicates the reasons behind their strong dominance in certain places around the world.

3. Krugman has published an extensive collection of books and scholarly works

Paul Krugman at the 2010 Brooklyn Book Festival. Photo by David Shankbone/

Krugman has published a wide range of scholarly articles which are heavily used by economics students when writing their research papers.

In addition to about 200 scholarly articles, Krugman has also written numerous works on economic and political issues. Krugman has either edited or authored scholarly works, textbooks, and books for the general populace.

So far, Krugman is credited with editing or writing about 27 books.

4. Krugman鈥檚 work has been published by big publishing corporations

Krugman鈥檚 work has appeared in several economics and business magazines and journals. In addition to The New York Times, Fortune and Slate, Krugman鈥檚 work has been published by some of the world鈥檚 biggest and most esteemed media corporations.

5. Krugman has served in several exceptional professional capacities

The figure illustrates Krugman鈥檚 鈥榗ore-periphery鈥� model. The horizontal axis represents costs of trade between the two regions. The vertical axis represents the share of either region in manufacturing. Solid lines on the graph denote stable equilibria. Dashed lines denotes unstable equilibria. K is a critical (bifurcation) point. Photo by 袪芯褋褌懈褋谢邪胁 袣懈褉懈谢谢 袙谢邪写懈屑懈褉芯胁懈褔/

Krugman鈥檚 roles have been related to his position as an authority in economics. He served as a Professor of Economics at the Graduate Center of the City University of New York and as a professor of economics at MIT.

Due to his knowledge in economics, Krugman theories and opinions has earned him the title of being one of the most cited authors in the academic community.

6. In modern times, Krugman is a very well-known economist

Krugman is credited with transforming the modern ways of thinking about economics and international trade. Based on his expertise Krugman serves as an advisor on policy development.

Over a number of decades, Krugman has been recognized for his contributions in the arena of international trade.

While in his 30s, Krugman received the annual John Bates Clark Medal, an annual award given to one United States Economist under the age of 40.

7. Krugman does not like to be in the limelight

Paul Krugman, Roger Tsien, Martin Chalfie, Osamu Shimomura, Makoto Kobayashi and Toshihide Masukawa, Nobel Prize Laureates 2008, at a press conference at the Swedish Academy of Science in Stockholm. Photo by Prolineserver/

Despite being an award winning theorist and analyst, who likes to help people understand the intricate details of economics work, Krugman does not enjoy being in the limelight. Krugman once said he feels uncomfortable when he is recognized by people on the street.

8. Krugman will not hesitate to point out errors in judgement

Knowledgeable about world economics and international trade, Krugman will challenge a viewpoint if it seems to be an error in judgement. He challenges those in his field and will also point out issues even if it鈥檚 in an academic journal.

9. Krugman has an outstanding record as faculty in prestigious US institutions

Bank of England in London. Photo by Diego Delso/

Krugman has taught at a number of prestigious institutions. He was a Ford International Professor of Economics, and a faculty at Yale, Stanford, Princeton and MIT.

10. Krugman has served as an advisor to US Presidents

Krugman was appointed as the senior international economist for President Regan鈥檚 Council of Economic Advisers. He was also a university professor of the Econometric Society and as well as other well-known organizations.

Krugman has also served as a consultant for international organizations such as the United Nations, the World Bank, the International Monetary Fund as well as the Federal Reserve Bank of New York.

As an author, Krugman contributed regularly to Slate magazine from 1996 to 1999, Fortune magazine from 1997 to 1999 and has been a regular op-ed columnist for The New York Times since 1999. Krugman has a number of books and essays under his name.

In 2003 he authored The Great Unraveling: Losing Our Way in the New Century which criticized the Bush administration. Krugman published the 2004 textbook on Microeconomics and the 2005 book on Macroeconomics.

Amongst his published works, Krugman has published non-academic works which include The Return of Depression Economics, The Conscience of a Liberal, and Arguing with Zombies: Economics, Politics, and the Fight for a Better Future. These were published in 1999, 2007 and 2020 respectively.