Bush critic Paul Krugman wins Nobel Prize in Economics

American Paul Krugman wins Nobel Prize in Economics
13 Oct 2008, 1952 hrs IST,AFP
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STOCKHOLM: US economist Paul Krugman, a fierce critic of George W. Bush's handling of the global financial crisis, won the 2008 Nobel Prize in Eco

An undated handout photo shows US economist Paul Krugman, who won the 2008 Nobel Economics Prize. (AFP Photo)
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Krugman has taken the Bush administration to task over the current financial meltdown, blaming its pursuit of deregulation and unencumbered fiscal policies for the financial crisis that has threatened the global economy with recession.

He has come out forcefully against John McCain during the economic meltdown, saying the Republican candidate is ``more frightening now than he was a few weeks ago'' and earlier that the GOP has become ``the party of stupid.''

The 55-year-old Princeton University professor has worked intensely on the impact of free trade and globalisation, as well as the driving forces behind urbanisation, the Nobel citation said.

The financial turmoil that has sent shares crashing has cast a shadow over this year's prize and after his triumph, Krugman said he was "extremely terrified" by the crisis, Sweden's TT news agency reported. more