At least someone in the field of economics is doing well these days. Paul Krugman, a professor at Princeton and an Op-Ed columnist for The New York Times, won the Nobel Memorial Prize in Economic Science.
 

The money maverick (that’s a nod to you, John McCain) teaches a graduate-level course on international monetary policy and theory at Princeton, while he continues to study the intricacies of the global economy. The New York Times turns the spotlight on one of their own and explains Krugman’s achievements:

“It’s been an extremely weird day, but weird in a positive way,” Mr. Krugman said in an interview on his way to a meeting for the Group of Thirty, an international body from the public and private sectors that discusses international economics.

Mr. Krugman received the award for his work on international trade and economic geography. In particular, the prize committee lauded his work for “having shown the effects of economies of scale on trade patterns and on the location of economic activity.” He has developed models that explain observed patterns of trade between countries, as well as what goods are produced where and why. Traditional trade theory assumes that countries are different and will exchange different kinds of goods with each other; Mr. Krugman’s theories have explained why worldwide trade is dominated by a few countries that are similar to each other, and why some countries might import the same kinds of goods that it exports.

Krugman has provided valuable insights into world trade. But, best of all, he’s proven that even in these times of economic crisis, the industry can really pay off big. The Nobel comes with a nice $1.4 million prize. If only the entire middle class could win a Nobel...