Stockholm - The 2008 Nobel Prize for Economics was awarded Monday to Paul Krugman of the United States, the Royal Swedish Academy of Sciences announced, citing his work on international trade and economic geography. The academy cited Krugman for his "analysis of trade patterns and location of economic activity" in awarding him this year's prize.
Krugman, born 1953, is professor of economics and international affairs at Princeton University, New Jersey.
"I'm still quite stunned," Krugman told reporters by telephone minutes after the announcement.
"I am still thinking 'I don't have time for this'," he said.
Minutes after learning of the award, he said he took a quick shower, and phoned his wife and parents with the news.
Asked about the ongoing economic turmoil, Krugman admitted "this is terrifying" but welcomed efforts over the weekend to solve the crisis, noting efforts of the Group of Seven in Washington as well as member countries of the Euro-zone meeting in Paris.
Krugman said he was "pleased that policy has finally started to make some sense," adding he had never thought that he in his lifetime would experience events that bear such resemblance to the Great Depression.
The prize - formally called The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel - last year was awarded to three US economists, Leonid Hurwicz, Eric Maskin and Roger Myerson.
The prize carries an award of 10 million kronor (1.5 million dollars) and will be handed to Krugman at the annual Nobel prize ceremonies December 10 in Stockholm.
