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Monday, Nov. 24, 2014

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Princeton's Paul Krugman wins Nobel in economics


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Paul Krugman was greeted with a standing ovation in Robertson Hall Oct. 13. Read story. Watch the full press conference on Princeton's YouTube Channel.


Video Closed Captions

President Shirley M. Tilgman:
And now, Professor Paul Krugman.

(applause, cheers)

Paul Krugman:
Ah, thank you, it's ... In case you want to know how these things work,

Paul Krugman:
I actually took the call stark naked because I was about to step into the shower this morning,

Paul Krugman:
and my immediate conclusion that was that that was an obviously fake Swedish accent, and they were just, uh ...

Paul Krugman:
Okay. Look, I don't think I should say very much now. It's an incredible honor. It's stunning. It doesn't quite settle in.

Paul Krugman:
Thanks go as always to one's teachers. I wouldn't have gone down this route if it hadn't have been for Jagdish Bhagwati,

Paul Krugman:
who introduced me to the earlier form of trade theory which is a marvelous, beautiful, insightful body of

Paul Krugman:
enormous body of work, and that was what led me to working in international trade.

Paul Krugman:
And the late Rudi Dornbusch, of MIT, who was my thesis adviser, not on the international finance side of things,

Paul Krugman:
which I've also done some work on some work on but who actually was the one who encouraged me to pursue this particular line of work,

Paul Krugman:
and it was an enormously important thing.

Paul Krugman:
Just ... This is a ... There's something, in a way, awkward about having an individual get these prizes

Paul Krugman:
because it is a... there is a college, that's much larger than any particular university.

Paul Krugman:
There is a collection of people who work together, and I feel in some sense that I ought to be sharing this with

Paul Krugman:
all the others who participated, who made it possible. Any list of people I mention is going to be awkward in some way because I...

Paul Krugman:
I'm sure I'm going to miss somebody, somebody terribly important. Let me just say,

Paul Krugman:
none of this line of work would have been possible without the work of local laureate Joe Stiglitz

Paul Krugman:
and one of my Princeton colleagues, Avinash Dixit, who, actually we were just joking in the last seminar here,

Paul Krugman:
Avinash and I, whether this seminar would manage to get through without another Dixit-Stiglitz and it didn't. So, yeah.

Paul Krugman:
And in this whole line of work on increasing returns in trade is a multi-person effort.

Paul Krugman:
Some of our most important work was done in collaboration with Elhanan Helpman of Tel Aviv and Harvard.

Paul Krugman:
Elhanan in turn has done collaboration in turn with Gene Grossman of our department who is another one of the major figures in

Paul Krugman:
this field. So, it is really a collegial effort.

Paul Krugman:
And it's great, on behalf of international trade people everywhere, I'd like to thank the Nobel committee for recognizing this field

Paul Krugman:
which we think has made, has been transformed in this past 30 years and it's good to see that recognized.

Paul Krugman:
Beyond that, my God, this ... One Nobel prize can discombobulate your whole day.

Paul Krugman:
And, here I am. Thank you all so much. Thanks.

(applause)

Paul Krugman:
Oh, and I should say, of course, my wife could not be here but thanks to her for her seeing me through all of this.

Paul Krugman:
She's got her own life, so we've been trading cell phone messages, missed, all today with only one actual connection.

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