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Paul Krugman of US wins Nobel in economics

AFP, Stockholm
US economist Paul Krugman, a prolific New York Times columnist and fierce critic of Washington's economic policies, won the Nobel Economics Prize yesterday. FROM PAGE 16
The Princeton University professor was rewarded for his "analysis of trade patterns," the Nobel jury said.
Krugman, 55, has formulated a new theory that determines the effects of free trade and globalisation, as well as the driving forces behind worldwide urbanisation, the citation said.
"I'm a great believer of continu--ing-ln. do-work—L hope iudoesa't change things too much," Krugman told Swedish television immediately after the prize announcement.
"Krugman’s approach is based on the premise that many goods and services can be produced more cheaply in long series, a concept generally known as economies of scale,” the jury wrote.
Unlike traditional trade theory, which assumes that differences between countries explains why some nations export agricultural products while others export industrial goods, Krugman's "theory clarifies why worldwide trade is in' fact dominated by countries which not only have similar conditions, but also trade in similar products," it added.
Krugman has formalised a new global trade policy, which helps to explain that globalisation tends towards concentration, both in terms of what a manufacturing base makes, and where it is located.
His theory shows that globalisation tends to increase the pressures on urban living, sucking people into these centres of concentration.
"Krugman's theories have shown that the outcome of these processes can well be that regions
become divided into a high-technology urbanised core and a less developed 'periphery,'" the jury said.
The issue of ever greater concentration in cities is a major policy issue everywhere but particularly in developing countries, since the cities struggle to have the infrastructure to cope, and urbanisation makes it increasingly difficult to deal with urban environmental pollution. « • • _
Last year, US trio Leonid Hurwicz, Eric Maskin and Roger Myerson won the prize for their pioneering work on trading mechanisms aimed at making markets work more efficiently.
Last week, former Finnish president and famed peace negotiator Martti Ahtisaari won the Nobel Peace Prize, while French author Jean-Marie Gustave Le Clezio clinched the literature prize.
French and German scientists credited with the discovery of the viruses behind AIDS and cervical cancer won the medicine prize.
The physics award went to Makoto Kobayashi and Toshihide Maskawa of Japan and Yoichiro Nambu of the United States for work in fundamental particles.
Osamu Shimomura of Japan and US duo Martin Chalfie and Roger Tsien won the chemistry prize for a fluorescent jellyfish protein that has become a vital lab tool.
Laureates receive a gold medal, a diploma and 10 million Swedish kronor (1.42 million dollars, 1.02 million euros), which can be split between up to three winners per prize.
The formal prize ceremonies will be held in Stockholm and Oslo on December 10.