Word: economists
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...named the 2008 recipient of the Nobel Prize for economics. Krugman is perhaps best known as a scathing critic of the Bush Administration, which he has accused of everything from mishandling foreign policy to promoting a fiscal strategy that caused the economic crisis gripping the country. But the economist - whom the Nobel committee recognized for his "analysis of trade patterns and location of economic activity," which helps explain why certain countries excel in international trade - has long been considered one of the brightest lights of the dismal science. He will receive $1.4 million for the award, which will be given...
...attended public school before receiving degrees from Yale (B.A. in 1973) and M.I.T (Ph.D in 1977). In 1976 he briefly worked for the central bank of Portugal as part of his doctoral coursework • Married to economist Robin Wells
...recipient of the John Bates Clark Medal, which is given every other year to "that economist under 40 who is adjudged to have made a significant contribution to economic knowledge...
...credit markets moving again, economists have called for governments to guarantee short-term interbank loans. "Recapitalization by itself won't fix the interbank lending market," says Roger Craine, another Berkeley professor and a former Federal Reserve economist. The big problem now is that banks are unwilling to let go of their money because of counterparty risk - the fear that the borrower may go under, sticking the bank with the loss. "If the bank you lend to has assets in a hedge fund that goes under then they are likely to go under," explains Craine. A coordinated interbank debt guarantee...
...pure panic, and the lack of logic involved explains the inability of markets to find new, stable values for stocks," says Deutsche Bank euro-zone economist David Naudé. He concurs with Touati that while the credit crisis and its consequences are grave, the wider economic realities don't merit the dread that is driving market reaction - at least...