October 14, 2008

Paul Krugman: Congratulations

Paul Krugman won this year’s Nobel Memorial Prize in Economic Science on Monday. This without doubt will make happy all of us who have followed Krugman’s course as a critical Liberal of the Bush administration. To be honest I am not so much aware of his scientific work but I regularly read his blog (The Conscience of a Liberal) and column in the New York Times where he very brightly yet simply presents his views (that by and large I share). His analysis two weeks ago of the causes of the financial crisis is a piece that must be read by everyone wondering how we reached the recent financial meltdown but more importantly by everyone wondering what must be done to prevent it from happening again. His suggestion to regulate the shadow banking system will be hopefully followed as part of a bigger campaign to restore managerial ethics and standards.
The Novel award and Krugman’s stand confirms my opinion that academics must let their voice heard more frequently when things go wrong.