NYT columnist wins Nobel prize in economics

American economist and columnist for The New York Times Paul Krugman, 55, has won the Nobel prize in economics "for his analysis of how economies of scale can affect trade patterns and the location of economic activity." 

Krugman was the sole winner of the prize. The honor is typically shared by two to three researchers. 

Krugman was praised by The Royal Swedish Academy of Sciences for formulating "a new theory to answer questions about free trade." The academy said his theory "has inspired an enormous field of research." 

"What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanization? Paul Krugman has formulated a new theory to answer these questions," the academy said in its citation. 

Prize committee member Tore Ellingsen said Krugman's analyses support free trade and do no seem to favor protectionism. 

In his NYT column, "Conscience of a Liberal," Krugman has criticized the Bush administration and has "come out forcefully" against Sen. John McCain during the financial crisis. Krugman called McCain "more frightening now that he was a few weeks ago." He has also referred to the GOP as "the party of stupid." 

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