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You believe too much in fiscal stimulus, as well as the power that the government has in the economy. The problems with the American economy do not come from weak demand as you so foolishly believe. As proven many times by history, it is supply-side inefficiency and a lack of competition in the work force that is leading to these economic problems, meaning that only structural changes and fiscal austerity will lead to corrective growth.

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Hey Krugman! Firstly, I really appreciate you for publishing the AP Macroeconomics Textbook and providing students an opportunity to study Macroeconomics. However, elaborate on why bonds are perfect substitute for money and that increasing money supply is ineffective in pushing the economy out of a recession?

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Hello Krugman, I'm pleased to hear about your belief in my theories; however, I am also a bit confused - could you elaborate on what you meant by "the developed country will lose out - this widening income inequality"?

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Hello Mr Krugman! I have just read your biography, and I believe that you have achieved a succesful career! In similarity to your belief, I do also believe that in the long term, increased monetary growth increases prices and has little effects on economic output. In the short run, it increases in money supply growth cause employment and output to increase. However, I would like to know your thoughts on the effectiveness of lowering wages. By minimising wages, do you think that it will further benefit and help a nation's economic growth?

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You have too much faith in the government and your political viewpoints which cause you to make very juvenile mistakes. I still remember how you attacked me for saying that the projected growth of GDP from 2008 to 2013 would end up being significantly lower than 15.6% and how in the end there was only 6.3% growth.

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Apart from his research and article writing, Krugman has also wrote one of the most succesful AP Macroeconomics textbooks.

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Paul Krugman

Born: 28 February 1953, New York, NY, USA

Affiliation at the time of the award: Princeton University, Princeton, NJ, USA

Prize motivation: "for his analysis of trade patterns and location of economic activity"

Field: international and regional economics

Contribution: Integrated the previously disparate research fields into a new, international trade and economic geography.

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Krugman is a self claimed "modern liberal," and is often very vocal about his views. He is not afraid to, and has often criticized the Republican party for their goals and policies.

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In 1998, Krugman released a paper on Japan’s liquidity trap. During then, Japan’s interest rates were so low that bonds were a "perfect substitute" for money - thus, increasing the money supply would be ineffective in pushing the economy out of a recession. It would be similar to “pushing on a string”. However, he did not argue for expansionary fiscal policy either - he specifically said: “The way to make monetary policy effective, then, is for the central bank to credibly promise to be irresponsible - to make a persuasive case that it will permit inflation to occur, thereby producing the negative real interest rates the economy needs.” He believed that this was the only way to go - as nobody could make a convincing case that structural reform or fiscal expansion will provide the necessary demand to recover the economy.

Krugman also contradicted popular beliefs in 1990 on the topic of income inequality. Previously, people thought that trade with a poorer country would lead to more income inequality in over there, but Krugman argued that this deal would harm the developed country more. When a country with highly skilled workers trades with another country with lower skilled workers, the lower skilled workers in the developed country will lose out - thus widening income inequality.

In “The CPI and the Rat Race”, an article which he wrote in 1996, he talked about the claim that inflation measured through CPI had been overestimated in the past year. In the article, he addresses one of the arguments by his critics - If you lowered inflation and recalculated people’s incomes all the way back to the 1950s, the median income would be living underneath the “current” poverty line. He rebukes this argument through talking about possessions and living standards of families in the two time periods - including discussions about television, working plumbing and transportation. Since those near the poverty line in 1996 would still have had those possessions, the median income earners of the 1950s still wouldn’t. Thus, he also makes the claim that people were still not satisfied due to their relative income compared to others.

Lastly, in his online blog column on the New York Times, Krugman often denounces his opponents. His most recent target would be the 45th president, Donald Trump. He constantly criticizes his policies - all of which can be found in this link: https://www.nytimes.com/column/paul-krugman?action=click&contentCollection=Opinion&module=ExtendedByline&region=Header&pgtype=article

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Krugman is a regular columist for the New York times, and has published many popular pieces.

Some of Krugman's 20+ books include...
"The Conscience of a Liberal" (2007)
"The Return of Depression Economics" (2008)
"End This Depression Now!" (2012)
"The Accidental Theorist" (1998)
"The Great Unravelling" (2003)

Krugman's work (in a nutshell)

NEW TRADE THEORY
Traditionally, trade deals have been explained by comparative advantage. However, in the 20th century there were many trade deals between countries that were not so simple. Krugman's explanation involved two key assumptions: consumers preferred a wider range of options, and that production favors economies of scale.

NEW ECONOMICS GEOGRAPHY
The new economics geography theory was developed from the new trade theory over a period of 11 years.

INTERNATIONAL FINANCE
First, Krugman and one of his peers developed a new model and published a paper stating that fixed exchange rate regimes will never end smoothly. Later during the Great Recession of 2007, he stated that "highly leveraged financial institutions [HLIs], which do a lot of cross-border investment [....] lose heavily in one market [...] they find themselves undercapitalized, and have to sell off assets across the board. This drives down prices, putting pressure on the balance sheets of other HLIs, and so on." This effectively explained how the Great Recession happened so quickly.

MACROECONOMICS AND FISCAL POLICY
Krugman believes that Japan has been in a Keynesian liquidity trap since the 1990s. A liquidity trap occurs when the population of a nation refuses to spend their money in fear of a recession, disaster, or war. This renders monetary policy useless. He believes that Japan should have used a more aggressive fiscal policy and an unconventional monetary policy.
Krugman continued to advocate for the aggressive fiscal policy in 2008 during the Great Recession.

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Paul Krugman was born on February 28, 1953 in Albany, New York. Krugman's interest in economics began with Isaac Asimov's "Foundation" novels about "psychohistory." Since "psychohistory" did not become very popular, Krugman turned to the field of economics as the next best thing.

Krugman earned his B.A. in economics at Yale, and then pursued a PhD in economics at MIT. During that time, he and a small group of MIT students went to work for the Portuguese central bank after the Carnation Revolution.

Krugman would later become a professor of economics at MIT, Princeton, and the London School of Economics. However, his true contributions come in his work in international economics, and in fact, he won a Nobel Prize for his work.

Krugman is currently writes scholarly articles, keeps his own blog, and just might be working on yet another book.