An economist is a professional and practitioner in the social science discipline of economics .
157-901: Paul Robin Krugman ( / ˈ k r ʊ ɡ m ə n / KRUUG -mən ; born February 28, 1953) is an American economist who is the Distinguished Professor of Economics at the Graduate Center of the City University of New York and a columnist for The New York Times . In 2008, Krugman was the sole winner of the Nobel Memorial Prize in Economic Sciences for his contributions to new trade theory and new economic geography . The Prize Committee cited Krugman's work explaining
314-517: A classical language , along with Greek and Latin , and essential for study of the Old Testament in the original. Reverend Stiles, president from 1778 to 1795, brought with him his interest in Hebrew as a vehicle for studying ancient Biblical texts in their original language, requiring all freshmen to study Hebrew (in contrast to Harvard, where only upperclassmen were required to study it) and
471-471: A "new New Deal ", which included placing more emphasis on social and medical programs and less on national defense. In his review of Conscience of a Liberal , the liberal journalist and author Michael Tomasky credited Krugman with a commitment "to accurate history even when some fudging might be in order for the sake of political expediency". In a review for The New York Times , Pulitzer prize -winning historian David M. Kennedy stated: "Krugman's chapter on
628-460: A 1979 paper in the Journal of International Economics , and involves two key assumptions: that consumers prefer a diverse choice of brands, and that production favors economies of scale . Consumers' preference for diversity explains the survival of different versions of cars like Volvo and BMW. However, because of economies of scale, it is not profitable to spread the production of Volvos all over
785-487: A bi-weekly column on "the vagaries of business and economics in an age of prosperity". His first columns in 2000 addressed business and economic issues, but as the 2000 US presidential campaign progressed, Krugman increasingly focused on George W. Bush 's policy proposals. According to Krugman, this was partly due to "the silence of the media – those 'liberal media' conservatives complain about ..." Krugman accused Bush of repeatedly misrepresenting his proposals, and criticized
942-553: A campus in West Haven , and forests and nature preserves throughout New England . As of 2023 , the university's endowment was valued at $ 40.7 billion, the third largest of any educational institution . The Yale University Library , serving all constituent schools, holds more than 15 million volumes and is the third-largest academic library in the United States. Student athletes compete in intercollegiate sports as
1099-435: A center-left scholar to being a liberal polemicist". From the mid-1990s onwards, Krugman wrote for Fortune (1997–99) and Slate (1996–99), and then for The Harvard Business Review , Foreign Policy , The Economist , Harper's , and Washington Monthly . In this period Krugman critiqued various positions commonly taken on economic issues from across the political spectrum, from protectionism and opposition to
1256-524: A changing culture. Levesque concludes, noting he may have misunderstood some of the challenges, but he correctly anticipated the enduring tensions that have accompanied the emergence of the modern university. Milton Winternitz led the Yale School of Medicine as its dean from 1920 to 1935. Dedicated to the new scientific medicine established in Germany, he was equally fervent about "social medicine" and
1413-425: A classical background. The report meant the classics would not be abandoned. During this period, institutions experimented with changes in the curriculum, often resulting in a dual-track curriculum. In the decentralized environment of US higher education, balancing change with tradition was a common challenge. A group of professors at Yale and New Haven Congregationalist ministers articulated a conservative response to
1570-403: A clear winner, because scoring is subjective. With late 19th-century concerns about the impact of modern life on the body, athletics offered hope that neither the individual nor society was coming apart. In 1909–10, football faced a crisis resulting from the failure of the reforms of 1905–06, which sought to solve the problem of serious injuries. There was a mood of alarm and mistrust, and, while
1727-637: A collection of his columns under the title, The Great Unraveling , about the Bush administration 's economic and foreign policies and the US economy in the early 2000s. His columns argued that the large deficits during that time were generated by the Bush administration as a result of decreasing taxes on the rich, increasing public spending, and fighting the Iraq War . Krugman wrote that these policies were unsustainable in
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#17327721765481884-401: A country with a high agricultural productivity trading agricultural products for industrial products from a country with a high industrial productivity. However, in the 20th century, an ever-larger share of trade occurred between countries with similar characteristics, which is difficult to explain by comparative advantage. Krugman's explanation of trade between similar countries was proposed in
2041-515: A fashion that pleases his acolytes but leaves him open to substantive assaults". Krugman's New York Times blog is "The Conscience of a Liberal", devoted largely to economics and politics. Five days after 9/11 terrorist attacks, Krugman argued in his column that the calamity was "partly self-inflicted", citing poor pay and training for airport security driven by the transfer of responsibility for airport security from government to airlines. His column provoked an angry response and The New York Times
2198-463: A financial system increasingly out-of-control, and the causes of and possible ways to contain the greatest financial crisis since the 1930s. In 2012, Krugman published End This Depression Now! , a book which argues that looking at the available historical economic data, fiscal cuts and austerity measures only deprive the economy of valuable funds that can circulate and further add to a poor economy – people cannot spend, and markets cannot thrive if there
2355-441: A general audience on issues he considered important for public policy. In The Age of Diminished Expectations (1990), he wrote in particular about the increasing US income inequality in the " New Economy " of the 1990s. He attributes the rise in income inequality in part to changes in technology, but principally to a change in political atmosphere which he attributes to Movement Conservatives . In September 2003, Krugman published
2512-468: A great deal of research, and may have caused the Singapore government to provide incentives for technological progress. During the 1997 Asian financial crisis , Krugman advocated currency controls as a way to mitigate the crisis. Writing in a Fortune magazine article, he suggested exchange controls as "a solution so unfashionable, so stigmatized, that hardly anyone has dared suggest it". Malaysia
2669-417: A holistic study of humankind, lasted only a few years before resentful antisemitic colleagues drove him to resign. Before World War II , most elite university faculties counted among their numbers few, if any, Jews, blacks, women, or other minorities; Yale was no exception. By 1980, this condition had been altered dramatically, as numerous members of those groups held faculty positions. Almost all members of
2826-475: A hostile sexual climate. In response, the university formed a Title IX steering committee to address complaints of sexual misconduct. Afterwards, universities and colleges throughout the US also established sexual harassment grievance procedures. Yale instituted policies in the early 20th century designed to maintain the proportion of white Protestants from notable families in the student body (see numerus clausus ) and eliminated such preferences, beginning with
2983-447: A key feature in producing the " home market effect ", which would later feature in his work on the new economic geography. The home market effect "states that, ceteris paribus , the country with the larger demand for a good shall, at equilibrium, produce a more than proportionate share of that good and be a net exporter of it". The home market effect was an unexpected result, and Krugman initially questioned it, but ultimately concluded that
3140-577: A larger, more efficient scale, and because it increases the range of brands available and sharpens the competition between firms. Krugman has usually been supportive of free trade and globalization . He has also been critical of industrial policy , which New Trade Theory suggests might offer nations rent-seeking advantages if "strategic industries" can be identified, saying it's not clear that such identification can be done accurately enough to matter. It took an interval of eleven years, but ultimately Krugman's work on New Trade Theory (NTT) converged to what
3297-825: A lecture on the importance of keeping your animals properly locked up." Krugman has repeatedly expressed his view that Greenspan and Phil Gramm are the two individuals most responsible for causing the subprime crisis . Krugman points to Greenspan and Gramm for the key roles they played in keeping derivatives , financial markets, and investment banks unregulated, and to the Gramm-Leach-Bliley Act , which repealed Great Depression era safeguards that prevented commercial banks , investment banks and insurance companies from merging. Economist The individual may also study, develop, and apply theories and concepts from economics and write about economic policy . Within this field there are many sub-fields, ranging from
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#17327721765483454-672: A medical campus adjacent to the Yale–New Haven Hospital . In western New Haven, the university holds 500 acres (2.0 km ) of athletic facilities, including the Yale Golf Course . In 2008, Yale purchased the 17-building, 136-acre (0.55 km ) former Bayer HealthCare complex in West Haven , Connecticut, the buildings of which are now used as laboratory and research space. Yale also owns seven forests in Connecticut, Vermont, and New Hampshire—the largest of which
3611-554: A moral philosopher, was president from 1871 to 1886. During an age of expansion in higher education, Porter resisted the rise of the new research university, claiming an eager embrace of its ideals would corrupt undergraduate education. Historian George Levesque argues Porter was not a simple-minded reactionary, uncritically committed to tradition, but a principled and selective conservative. Levesque says he did not endorse everything old or reject everything new; rather, he sought to apply long-established ethical and pedagogical principles to
3768-471: A more general audience, and has published over 200 scholarly articles in professional journals and edited volumes. He has also written several hundred columns on economic and political issues for The New York Times , Fortune and Slate . A 2011 survey of economics professors named him their favorite living economist under the age of 60. According to the Open Syllabus Project , Krugman is
3925-613: A new partnership with the National University of Singapore led to the opening of Yale-NUS College in Singapore, a joint effort to create a new liberal arts college in Asia featuring a curriculum including Western and Asian traditions. In 2017, having been suggested for decades, Yale University renamed Calhoun College, named for slave owner , anti-abolitionist , and white supremacist Vice President John C. Calhoun . It
4082-466: A point – namely, that controlling capital in a crisis is at least feasible." Krugman more recently pointed out that emergency capital controls have even been endorsed by the IMF, and are no longer considered radical policy. In the early 2000s, Krugman repeatedly criticized the Bush tax cuts , both before and after they were enacted. Krugman argued that the tax cuts enlarged the budget deficit without improving
4239-405: A regular column for The New York Times , monographs and textbooks at every level, and books on economics and current affairs for the general public ... he has probably done more than any other writer to explain economic principles to a wide audience." Krugman has been described as the most controversial economist in his generation and according to Michael Tomasky since 1992 he has moved "from being
4396-558: A reputation as having the worst record of labor tension of any university in the U.S. Moreover, Yale has been accused by the AFL–CIO of failing to treat workers with respect, as well as not renewing contracts with professors over involvement in campus labor issues. Yale has responded to strikes with claims over mediocre union participation and the benefits of their contracts. Yale's central campus in downtown New Haven covers 260 acres (1.1 km ) and comprises its main, historic campus and
4553-797: A research associate at the National Bureau of Economic Research since 1979. Krugman was President of the Eastern Economic Association in 2010. In February 2014, he announced that he would be retiring from Princeton in June 2015 and that he would be joining the faculty at the Graduate Center of the City University of New York . Paul Krugman has written extensively on international economics, including international trade , economic geography , and international finance . The Research Papers in Economics project ranks him among
4710-436: A result, will be greater due to concentrated nearby production. These forces act upon one another simultaneously, producing manufacturing and population agglomeration. Population will increase in these areas due to the more highly developed infrastructure and nearby production, therefore lowering the expense of goods, while economies of scale provide varied choices of goods and services. These forces will feed into each other until
4867-571: A substantial sum of money. Cotton Mather suggested the school change its name to "Yale College". The name Yale is the Anglicized spelling of the Welsh name Iâl , which had been used for the family estate at Plas yn Iâl, near Llandegla , Wales. Meanwhile, a Harvard graduate working in England convinced 180 prominent intellectuals to donate books to Yale. The 1714 shipment of 500 books represented
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5024-531: A thesis titled Essays on flexible exchange rates. While at MIT, he was part of a small group of MIT students sent to work for the Central Bank of Portugal for three months in the summer of 1976, during the chaotic aftermath of the Carnation Revolution . Krugman later praised his PhD thesis advisor, Rudi Dornbusch , as "one of the great economics teachers of all time" and said that he "had
5181-526: A tongue-in-cheek essay on computing interest rates on goods in transit near the speed of light. He says he wrote it to cheer himself up when he was "an oppressed assistant professor". Krugman became an assistant professor at Yale University in September 1977. He joined the faculty at MIT in 1979. From 1982 to 1983, Krugman spent a year working at the Reagan White House as a staff member of
5338-427: A variety of major national and international firms in the financial and commercial sectors, and in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics . Some graduates go on to undertake postgraduate studies , either in economics, research, teacher training or further qualifications in specialist areas. Unlike most nations,
5495-455: A way that was "just plain dishonest". On the 12 July 2016, Krugman tweeted " leprechaun economics ", in response to Central Statistics Office (Ireland) data that 2015 GDP grew 26.3% and 2015 GNP grew 18.7%. The leprechaun economics affair (proved in 2018 to be Apple restructuring its double Irish subsidiaries), led to the Central Bank of Ireland introducing a new economic statistic, Modified gross national income (or GNI*) to better measure
5652-444: A web of friendships and affiliations built up in school." CNN suggests that George W. Bush benefited from preferential admissions policies for the "son and grandson of alumni", and for a "member of a politically influential family". Elisabeth Bumiller and James Fallows credit the culture of community that exists between students, faculty, and administration, which downplays self-interest and reinforces commitment to others. During
5809-739: Is a private Ivy League research university in New Haven, Connecticut , United States. Founded in 1701, Yale is the third-oldest institution of higher education in the United States , and one of the nine colonial colleges chartered before the American Revolution . Yale was established as the Collegiate School in 1701 by Congregationalist clergy of the Connecticut Colony . Originally restricted to instructing ministers in theology and sacred languages ,
5966-524: Is a formalized role. Professionals here are employed (or engaged as consultants ) to conduct research, prepare reports, or formulate plans and strategies to address economic problems. Here, as outlined, the analyst provides forecasts, analysis and advice, based upon observed trends and economic principles; this entails also collecting and processing economic and statistical data using econometric methods and statistical techniques. In contrast to regulated professions such as engineering, law or medicine, there
6123-667: Is a portrait of them in Sterling Memorial Library , painted by Brenda Zlamany . In 1966, Yale began discussions with its sister school Vassar College about merging to foster coeducation at the undergraduate level. Vassar, then all-female and part of the Seven Sisters —elite higher education schools that served as sister institutions to the Ivy League when nearly all Ivy League institutions still only admitted men—tentatively accepted, but then declined
6280-492: Is characterized by increasing returns to scale and less restrictive and expansive land qualifications as compared to agricultural uses. So, geographically where can manufacturing be predicted to develop? Krugman states that manufacturing's geographical range is inherently limited by economies of scale, but also that manufacturing will establish and accrue itself in an area of high demand. Production that occurs adjacent to demand will result in lower transportation costs, but demand, as
6437-511: Is in the Georgian style . Georgian-style buildings erected from 1929 to 1933 include Timothy Dwight College , Pierson College , and Davenport College , except the latter's east, York Street façade, which was constructed in the Gothic style to coordinate with adjacent structures. The Beinecke Rare Book and Manuscript Library , designed by Gordon Bunshaft of Skidmore, Owings & Merrill ,
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6594-446: Is largely shaped by economies of scale , as Krugman's trade theory argues, then those economic regions with most production will be more profitable and will therefore attract even more production. That is, NTT implies that instead of spreading out evenly around the world, production will tend to concentrate in a few countries, regions, or cities, which will become densely populated but will also have higher levels of income. Manufacturing
6751-500: Is not a legally required educational requirement or license for economists. In academia, most economists have a Ph.D. degree in Economics . In the U.S. Government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. In fact, a professional working inside of one of many fields of economics or having an academic degree in this subject
6908-437: Is not enough consumption and there cannot be sufficient consumption if there is large unemployment. He argues that while it is necessary to cut debt, it is the worst time to do so in an economy that has just suffered the most severe of financial shocks, and must be done instead when an economy is near full-employment when the private sector can withstand the burden of decreased government spending and austerity. Failure to stimulate
7065-500: Is now Hopper College, after Grace Hopper . In 2020, in the wake of the George Floyd protests , the #CancelYale tag was used on social media to demand that Elihu Yale's name be removed from Yale University. Much of the support originated from right-wing pundits such as Mike Cernovich and Ann Coulter , who intended to satirize what they perceived as the excesses of cancel culture . Yale spent most of his professional career in
7222-401: Is often considered to be an economist; see Bachelor of Economics and Master of Economics . Economics graduates are employed in varying degrees depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and
7379-415: Is one of the largest buildings in the world reserved exclusively for the preservation of rare books and manuscripts. The library includes a six-story above-ground tower of book stacks, filled with 180,000 volumes, that is surrounded by large translucent Vermont marble panels and a steel and granite truss. The panels act as windows and subdue direct sunlight while also diffusing the light in warm hues throughout
7536-552: Is organized into fourteen constituent schools, including the original undergraduate college , the Yale Graduate School of Arts and Sciences and Yale Law School . While the university is governed by the Yale Corporation , each school's faculty oversees its curriculum and degree programs. In addition to a central campus in downtown New Haven , the university owns athletic facilities in western New Haven,
7693-457: Is responsible for the Hebrew phrase אורים ותמים ( Urim and Thummim ) on the Yale seal. A 1746 graduate of Yale, Stiles came to the college with experience in education, having played an integral role in founding Brown University . Stiles' greatest challenge occurred in 1779 when British forces occupied New Haven and threatened to raze the college. However, Yale graduate Edmund Fanning , secretary to
7850-582: Is the 7,840-acre (31.7 km ) Yale-Myers Forest in Connecticut's Quiet Corner —and nature preserves including Horse Island . Yale is noted for its largely Collegiate Gothic campus as well as several iconic modern buildings commonly discussed in architectural history survey courses: Louis Kahn 's Yale Art Gallery and Center for British Art, Eero Saarinen 's Ingalls Rink and Ezra Stiles and Morse Colleges, and Paul Rudolph's Art & Architecture Building . Yale also owns and has restored many noteworthy 19th-century mansions along Hillhouse Avenue , which
8007-409: Is usually called the " new economic geography " (NEG), which Krugman began to develop in a seminal 1991 paper, "Increasing Returns and Economic Geography", published in the Journal of Political Economy . In Krugman's own words, the passage from NTT to NEG was "obvious in retrospect; but it certainly took me a while to see it. ... The only good news was that nobody else picked up that $ 100 bill lying on
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#17327721765488164-441: The 2007–2008 financial crisis , Krugman proposed, in an informal "mimeo" style of publication, an "international finance multiplier", to help explain the unexpected speed with which the global crisis had occurred. He argued that when, "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
8321-507: The Colony of Connecticut on October 9, 1701. The Act was an effort to create an institution to train ministers and lay leadership. Soon after, a group of ten Congregational ministers, Samuel Andrew , Thomas Buckingham, Israel Chauncy, Samuel Mather (nephew of Increase Mather ), Rev. James Noyes II (son of James Noyes ), James Pierpont , Abraham Pierson , Noadiah Russell , Joseph Webb, and Timothy Woodbridge , all Harvard alumni , met in
8478-643: The Council of Economic Advisers . He rejoined MIT as a full professor in 1984. Krugman has also taught at Stanford and the London School of Economics . In 2000, Krugman joined Princeton University as Professor of Economics and International Affairs. He is also currently Centenary Professor at the London School of Economics, and a member of the Group of Thirty international economic body. He has been
8635-571: The Democratic or Republican ticket in every U.S. presidential election between 1972 and 2004. Yale-educated presidents since the end of the Vietnam War include Gerald Ford , George H. W. Bush , Bill Clinton , and George W. Bush , and major-party nominees include Hillary Clinton (2016), John Kerry (2004), Joseph Lieberman (vice president, 2000), and Sargent Shriver (vice president, 1972). Other alumni who have made serious bids for
8792-619: The Intercollegiate Athletic Association . While the big three had attempted to operate independently of the majority, the changes pushed did reduce injuries. Starting with the addition of the Yale School of Medicine in 1810, the college expanded gradually, establishing the Yale Divinity School in 1822, Yale Law School in 1822, the Yale Graduate School of Arts and Sciences in 1847, the now-defunct Sheffield Scientific School in 1847, and
8949-498: The Israel–Hamas war . The student protestors demanded that Yale University divest from companies with ties to Israel 's war on Gaza. Protests continued during the summer and in the new academic year starting September 2024. The Boston Globe wrote in 2002 that "if there's one school that can lay claim to educating the nation's top national leaders over the past three decades, it's Yale". Yale alumni were represented on
9106-643: The Tony Blair Faith Foundation 's United States Faith and Globalization Initiative. As of 2009, former Mexican President Ernesto Zedillo is the director of the Yale Center for the Study of Globalization and teaches an undergraduate seminar, "Debating Globalization". As of 2009, former presidential candidate and DNC chair Howard Dean teaches a residential college seminar, "Understanding Politics and Politicians". Also in 2009, an alliance
9263-839: The UK are the more than 3500 members of the Government Economic Service . Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom (ranging from Newcastle University to the London School of Economics ), shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional, national and international organisations, across many sectors. Some current well-known economists include: [REDACTED] The dictionary definition of economist at Wiktionary Yale University Yale University
9420-622: The Vanderbilt family , including Vanderbilt Hall, Phelps Hall, St. Anthony Hall (a commission for member Frederick William Vanderbilt ), the Mason, Sloane and Osborn laboratories, dormitories for the Sheffield Scientific School (the engineering and sciences school at Yale until 1956) and elements of Silliman College , the largest residential college. The oldest building on campus, Connecticut Hall (built in 1750),
9577-636: The World Trade Organization on the left to supply-side economics on the right. During the 1992 presidential campaign , Krugman praised Bill Clinton 's economic plan in The New York Times , and Clinton's campaign used some of Krugman's work on income inequality . At the time, it was considered likely that Clinton would offer him a position in the new administration, but allegedly Krugman's volatility and outspokenness caused Clinton to look elsewhere. Krugman later said that he
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#17327721765489734-874: The Yale Bulldogs in the NCAA Division I Ivy League conference. As of October 2020 , 65 Nobel laureates, 5 Fields medalists , 4 Abel Prize laureates, and 3 Turing Award winners have been affiliated with Yale University. In addition, Yale has graduated many notable alumni , including 5 U.S. presidents , 10 Founding Fathers , 19 U.S. Supreme Court Justices , 31 living billionaires , 54 college founders and presidents , many heads of state , cabinet members and governors . Hundreds of members of Congress and many U.S. diplomats , 96 MacArthur Fellows , 263 Rhodes Scholars , 123 Marshall Scholars , 81 Gates Cambridge Scholars , 102 Guggenheim Fellows and 9 Mitchell Scholars have been affiliated with
9891-468: The Yale School of Architecture in 1916, the Yale School of Nursing 1923, the Yale School of Drama in 1955, the Yale School of Management in 1976, and the Jackson School of Global Affairs in 2022. The Sheffield Scientific School would also reorganize its relationship with the university to teach only undergraduate courses. Expansion caused controversy about Yale's new roles. Noah Porter ,
10048-434: The Yale School of Fine Arts in 1869. In 1887, under the presidency of Timothy Dwight V , Yale College was renamed to Yale University, and the former name was applied only to the undergraduate college . The university would continue to expand into the 20th and 21st centuries, adding the Yale School of Music in 1894, the Yale School of Forestry & Environmental Studies in 1900, the Yale School of Public Health in 1915,
10205-471: The foreign exchange market , resulting in a 1979 paper on currency crises in the Journal of Money, Credit, and Banking , which showed that misaligned fixed exchange rate regimes are unlikely to end smoothly but instead end in a sudden speculative attack . Krugman's paper is considered one of the main contributions to the 'first generation' of currency crisis models, and it is his second-most-cited paper (457 citations as of early 2009). In response to
10362-418: The 1930s, has been criticized by some modern economists, like John H. Cochrane . In June 2012, Krugman and Richard Layard launched A manifesto for economic sense , where they call for greater use of fiscal stimulus policy to reduce unemployment and foster growth. The manifesto received over four thousand signatures within two days of its launch, and has attracted both positive and critical responses. Krugman
10519-616: The 1988 presidential election, George H. W. Bush (Yale '48) derided Michael Dukakis for having "foreign-policy views born in Harvard Yard's boutique". When challenged on the distinction between Dukakis's Harvard connection and his Yale background, he said that, unlike Harvard, Yale's reputation was "so diffuse, there isn't a symbol, I don't think, in the Yale situation, any symbolism in it" and said Yale did not share Harvard's reputation for "liberalism and elitism". In 2004 Howard Dean stated, "In some ways, I consider myself separate from
10676-1184: The British general in command of the occupation, intervened and the college was saved. In 1803, Fanning was granted an honorary degree LL.D. . As the only college in Connecticut from 1701 to 1823, Yale educated the sons of the elite. Punishable offenses included cardplaying , tavern-going, destruction of college property, and acts of disobedience. Harvard was distinctive for the stability and maturity of its tutor corps, while Yale had youth and zeal. The emphasis on classics gave rise to private student societies, open only by invitation, which arose as forums for discussions of scholarship, literature and politics. The first were debating societies: Crotonia in 1738, Linonia in 1753 and Brothers in Unity in 1768. Linonia and Brothers in Unity continue to exist; commemorations to them can be found with names given to campus structures, like Brothers in Unity Courtyard in Branford College. The Yale Report of 1828
10833-688: The Faculty of Arts and Sciences—and some members of other faculties—teach undergraduate courses, more than 2,000 of which are offered annually. In 1793, Lucinda Foote passed the entrance exams for Yale College, but was rejected by the president on the basis of her gender. Women studied at Yale from 1892, in graduate-level programs at the Yale Graduate School of Arts and Sciences . The first seven women to earn PhDs received their degrees in 1894: Elizabeth Deering Hanscom , Cornelia H. B. Rogers, Sara Bulkley Rogers, Margaretta Palmer , Mary Augusta Scott , Laura Johnson Wylie, and Charlotte Fitch Roberts . There
10990-719: The International Union of Security, Police and Fire Professionals of America in late 2010, even though the Yale administration contested the election. In October 2014, after deliberation, Yale security decided to form a new union, the Yale University Security Officers Association, which has since represented the campus security officers. Yale has a history of difficult and prolonged labor negotiations, often culminating in strikes. There have been at least eight strikes since 1968, and The New York Times wrote that Yale has
11147-532: The Irish economy (2016 Irish GDP is 143% of 2016 Irish GNI*). The term leprechaun economics has since been used by Krugman, and others, to describe distorted/unsound economic data. Krugman's use of the term leprechaun to refer to Ireland and its people has raised rebuke. In June 2021, Krugman wrote an article titled, "Yellen's New Alliance Against Leprechauns". Following the article, the Irish Ambassador to
11304-571: The US Justice Department sued Yale for alleged discrimination against Asian and white candidates, through affirmative action admission policies. In 2021, under the new Biden administration, the Justice Department withdrew the lawsuit. The group, Students for Fair Admissions , later won a similar lawsuit against Harvard . In April 2024, Yale students joined other campuses across the United States in protests against
11461-504: The US, Daniel Mulhall , wrote a letter to his publisher saying, "This is not the first time your columnist has used the word 'leprechaun' when referring to Ireland, and I see it as my duty to point out that this represents an unacceptable slur." Krugman harshly criticized the Trump administration . He has also remarked several times on how Trump tempts him to assume the worst, such that he has to be careful to check his personal beliefs against
11618-459: The Wild West. The fictional, turn-of-the-20th-century Yale man Frank Merriwell embodied this same heroic ideal without racial prejudice, and his fictional successor Dink Stover in the novel Stover at Yale (1912) questioned the business mentality that had become prevalent at the school. Increasingly students turned to athletic stars as their heroes, especially since winning the big game became
11775-573: The Yale Corporation, or board of trustees, is the governing body of the university and consists of thirteen standing committees with separate responsibilities outlined in the by-laws. The corporation has 19 members: three ex officio members, ten successor trustees, and six elected alumni fellows. The university has three major academic components: Yale College (the undergraduate program), the Graduate School of Arts and Sciences, and
11932-639: The behest of either Rector Samuel Andrew or the colony's Governor Gurdon Saltonstall , Cotton Mather contacted the Boston-born businessman Elihu Yale to ask for money to construct a new building for the college. Through the persuasion of Jeremiah Dummer , Yale, who had made a fortune in Madras while working for the East India Company as the first president of Fort St. George , donated nine bales of goods, which were sold for more than £560,
12089-504: The best of modern English literature, science, philosophy and theology. It had a profound effect on intellectuals at Yale. Undergraduate Jonathan Edwards discovered John Locke 's works and developed his " new divinity ". In 1722 the rector and six friends, who had a study group to discuss the new ideas, announced they had given up Calvinism , become Arminians , and joined the Church of England . They were ordained in England and returned to
12246-406: The board. This drives down prices, putting pressure on the balance sheets of other HLIs, and so on." Such a rapid contagion had hitherto been considered unlikely because of "decoupling" in a globalized economy . He first announced that he was working on such a model on his blog, on October 5, 2008. Within days of its appearance, it was being discussed on some popular economics-oriented blogs. The note
12403-447: The broad philosophical theories to the focused study of minutiae within specific markets , macroeconomic analysis, microeconomic analysis or financial statement analysis , involving analytical methods and tools such as econometrics , statistics , economics computational models , financial economics , regulatory impact analysis and mathematical economics . Economists work in many fields including academia, government and in
12560-401: The budget deficit. In addition, he was against Bush's proposal to privatize social security . In August 2005, after Alan Greenspan expressed concern over housing markets, Krugman criticized Greenspan's earlier reluctance to regulate the mortgage and related financial markets, arguing that "[he's] like a man who suggests leaving the barn door ajar, and then – after the horse is gone – delivers
12717-418: The capacity to grasp broad issues which the graduates acquire at the university or college . Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance, tax and banking, or management . A number of economics graduates from around the world have been successful in obtaining employment in
12874-518: The changes brought by Victorian culture . They concentrated on developing a person possessed of religious values strong enough to sufficiently resist temptations from within, yet flexible enough to adjust to the ' isms ' ( professionalism , materialism , individualism , and consumerism ) tempting them from without. William Graham Sumner , professor from 1872 to 1909, taught in the emerging disciplines of economics and sociology to overflowing classrooms. Sumner bested President Noah Porter , who disliked
13031-552: The class of 1970. In 2006, Yale and Peking University (PKU) established a Joint Undergraduate Program in Beijing, an exchange program allowing Yale students to spend a semester living and studying with PKU honor students. In July 2012, the Yale University-PKU Program ended due to weak participation. In 2007 outgoing Yale President Rick Levin characterized Yale's institutional priorities: "First, among
13188-462: The colonies as missionaries for the Anglican faith. Thomas Clapp became president in 1745, and while he attempted to return the college to Calvinist orthodoxy, did not close the library. Other students found Deist books in the library. Yale College undergraduates follow a liberal arts curriculum with departmental majors and is organized into a social system of residential colleges . Yale
13345-642: The community in our admissions, and there is a very strong tradition of volunteerism at Yale." Yale historian Gaddis Smith notes "an ethos of organized activity" at Yale during the 20th century that led Kerry to lead the Yale Political Union 's Liberal Party, George Pataki the Conservative Party, and Lieberman to manage the Yale Daily News . Camille Paglia points to a history of networking and elitism: "It has to do with
13502-528: The country was mired in a Keynesian liquidity trap. The debate he started at that time over liquidity traps and what policies best address them continues in the economics literature. Krugman had argued in The Return of Depression Economics that Japan was in a liquidity trap in the late 1990s, since the central bank could not drop interest rates any lower to escape economic stagnation. The core of Krugman's policy proposal for addressing Japan's liquidity trap
13659-428: The crisis was developing, the presidents of Harvard, Yale, and Princeton developed a project to reform the sport and forestall possible radical changes forced by government. Presidents Arthur Hadley of Yale, A. Lawrence Lowell of Harvard, and Woodrow Wilson of Princeton worked to develop moderate reforms to reduce injuries. Their attempts, however, were reduced by rebellion against the rules committee and formation of
13816-669: The dean of the Divinity School, Rebecca Chopp , was appointed president of Colgate University and later went on to serve as the president of Swarthmore College in 2009, and then the first female chancellor of the University of Denver in 2014. In 2004, Provost Dr. Susan Hockfield became the president of the Massachusetts Institute of Technology . In 2004, Dean of the Nursing school, Catherine Gilliss,
13973-427: The determinants of trade and the location of economic activity." A May 2011 Hamilton College analysis of 26 politicians, journalists, and media commentators who made predictions in major newspaper columns or television news shows from September 2007 to December 2008 found that Krugman was the most accurate. Only nine of the prognosticators predicted more accurately than chance, two were significantly less accurate, and
14130-617: The economist profession in Brazil is regulated by law; specifically, Law № 1,411, of August 13, 1951. The professional designation of an economist, according to said law, is exclusive to those who graduated with a Bachelor of Economics degree in Brazil. According to the United States Department of Labor , there were about 15,000 non-academic economists in the United States in 2008, with a median salary of roughly $ 83,000, and
14287-680: The economy either by public or private sectors will only unnecessarily lengthen the current economic depression and make it worse. Martin Wolf has written that Krugman is both the "most hated and most admired columnist in the US". Economist J. Peter Neary has noted that Krugman "has written on a wide range of topics, always combining one of the best prose styles in the profession with an ability to construct elegant, insightful and useful models". Neary added that "no discussion of his work could fail to mention his transition from Academic Superstar to Public Intellectual. Through his extensive writings, including
14444-422: The economy, and that they enriched the wealthy – worsening income distribution in the US. Krugman advocated lower interest rates (to promote investment and spending on housing and other durable goods), and increased government spending on infrastructure, military, and unemployment benefits, arguing that these policies would have a larger stimulus effect, and unlike permanent tax cuts, would only temporarily increase
14601-565: The employ of the East India Company (EIC), serving as the governor of the Presidency of Fort St. George in modern-day Chennai . The EIC, including Yale himself, was involved in the Indian Ocean slave trade , though the extent of Yale's involvement in slavery remains debated. His singularly large donation led critics to argue Yale University relied on money derived from slavery for its first scholarships and endowments. In 2020,
14758-399: The field hockey team, Richard Kentwell. While unsuccessful in the courts, the legal reasoning changed the landscape of sex discrimination law and resulted in the establishment of Yale's Grievance Board and Women's Center. In 2011 a Title IX complaint was filed against Yale by students and graduates, including editors of Yale's feminist magazine Broad Recognition , alleging the university had
14915-583: The first treasurer of Yale, Nathaniel Lynde, donated land and a building. In 1716, it moved to New Haven. Meanwhile, there was a rift forming at Harvard between its sixth president, Increase Mather, and the rest of the Harvard clergy, whom Mather viewed as increasingly liberal, ecclesiastically lax, and overly broad in Church polity . The feud caused the Mathers to champion the Collegiate School in
15072-484: The gap between the rich and poor. Krugman also argued that Republicans owed their electoral successes to their ability to exploit the race issue to win political dominance of the South. Krugman argues that Ronald Reagan had used the " Southern Strategy " to signal sympathy for racism without saying anything overtly racist, citing as an example Reagan's coining of the term " welfare queen ". In his book, Krugman proposed
15229-502: The general public, sometimes on international economic topics but also on income distribution and public policy . The Nobel Prize Committee stated that Krugman's main contribution is his analysis of the effects of economies of scale , combined with the assumption that consumers appreciate diversity, on international trade and on the location of economic activity. The importance of spatial issues in economics has been enhanced by Krugman's ability to popularize this complicated theory with
15386-443: The goal of the student body, the alumni, and the team itself. Along with Harvard and Princeton , Yale students rejected British concepts about ' amateurism ' and constructed athletic programs that were uniquely American. The Harvard–Yale football rivalry began in 1875. Between 1892, when Harvard and Yale met in one of the first intercollegiate debates , and in 1909 (year of the first Triangular Debate of Harvard/Yale/Princeton)
15543-500: The greater portion of the urban population and manufacturing hubs are concentrated into a relatively insular geographic area. Krugman has also been influential in the field of international finance . As a graduate student, Krugman visited the Federal Reserve Board where Stephen Salant and Dale Henderson were completing their discussion paper on speculative attacks in the gold market. Krugman adapted their model for
15700-592: The growth of economies in East Asia was not the result of new and original economic models, but rather from high capital investment and increasing labor force participation , and that total factor productivity had not increased. Krugman argued that in the long term, only increasing total factor productivity can lead to sustained economic growth . Krugman's article was highly criticized in many Asian countries when it first appeared, and subsequent studies disputed some of Krugman's conclusions. However, it also stimulated
15857-435: The help of easy-to-read books and state-of-the-art syntheses. "Krugman was beyond doubt the key player in 'placing geographical analysis squarely in the economic mainstream' ... and in conferring it the central role it now assumes." Prior to Krugman's work, trade theory (see David Ricardo and Heckscher–Ohlin model ) emphasized trade based on the comparative advantage of countries with very different characteristics, such as
16014-609: The hope it would maintain the Puritan religious orthodoxy in a way Harvard had not. Rev. Jason Haven , minister at the First Church and Parish in Dedham , Massachusetts, had been considered for the presidency on account of his orthodox theology and "Neatness dignity and purity of Style [which] surpass those of all that have been mentioned", but was passed over due to his "very Valetudinary and infirm State of Health". In 1718, at
16171-651: The horror" after the attacks and describing the anniversary as "an occasion for shame". Krugman was noteworthy for his fierce opposition to the 2016 presidential campaign of Bernie Sanders . On January 19, 2016, he wrote an article which criticized Bernie Sanders for his perceived lack of political realism, compared Sanders' plans for healthcare and financial reform unfavorably to those of Hillary Clinton , and cited criticisms of Sanders from other liberal policy wonks like Mike Konczal and Ezra Klein . Later, Krugman wrote an article which accused Sanders of "[going] for easy slogans over hard thinking" and attacking Hillary Clinton in
16328-462: The imperative need for health care reform is the best in this book, a rueful reminder of the kind of skilled and accessible economic analysis of which he is capable". In late 2008, Krugman published a substantial updating of an earlier work, entitled The Return of Depression Economics and the Crisis of 2008 . In the book, he discusses the failure of the United States regulatory system to keep pace with
16485-1049: The impetus for the trailblazing lawsuit Alexander v. Yale . In the 1970s, a group of students and a faculty member sued Yale for its failure to curtail sexual harassment, especially by male faculty. The case was partly built from a 1977 report authored by plaintiff Ann Olivarius , "A report to the Yale Corporation from the Yale Undergraduate Women's Caucus." This case was the first to use Title IX to argue and establish that sexual harassment of female students can be considered illegal sex discrimination. The plaintiffs were Olivarius, Ronni Alexander, Margery Reifler, Pamela Price, and Lisa E. Stone. They were joined by Yale classics professor John "Jack" J. Winkler. The lawsuit, brought partly by Catharine MacKinnon , alleged rape, fondling, and offers of higher grades for sex by faculty, including Keith Brion , professor of flute and director of bands, political science professor Raymond Duvall, English professor Michael Cooke , and coach of
16642-469: The intellectual influence of Reverend William Sloane Coffin on future candidates. Yale President Levin attributes the run to Yale's focus on creating "a laboratory for future leaders", an institutional priority that began during the tenure of Yale Presidents Alfred Whitney Griswold and Kingman Brewster . Richard H. Brodhead , former dean of Yale College and now president of Duke University , stated: "We do give very significant attention to orientation to
16799-522: The invitation. Both schools introduced coeducation independently in 1969. Amy Solomon was the first woman to register as a Yale undergraduate; she was the first woman at Yale to join an undergraduate society, St. Anthony Hall . The undergraduate class of 1973 was the first to have women starting from freshman year; all undergraduate women were housed in Vanderbilt Hall. A decade into co-education, student assault and harassment by faculty became
16956-439: The knack of inspiring students to pick up his enthusiasm and technique, but find their own paths". In 1978, Krugman presented a number of ideas to Dornbusch, who flagged as interesting the idea of a monopolistically competitive trade model. Encouraged, Krugman worked on it and later wrote, "[I] knew within a few hours that I had the key to my whole career in hand". In that same year, Krugman wrote " The Theory of Interstellar Trade ",
17113-401: The long run and would eventually generate a major economic crisis. The book was a best-seller. In 2007, Krugman published The Conscience of a Liberal , whose title refers to Barry Goldwater 's Conscience of a Conservative . It details the history of wealth and income gaps in the United States in the 20th century. The book describes how the gap between rich and poor declined greatly during
17270-508: The mathematics of the model were correct. When there are economies of scale in production, it is possible that countries may become ' locked into ' disadvantageous patterns of trade. Krugman points out that although globalization has been positive on a whole, since the 1980s the process known as hyper-globalization has at least played a part in rising inequality. Nonetheless, trade remains beneficial in general, even between similar countries, because it permits firms to save on costs by producing at
17427-419: The middle of the century, and then widened in the last two decades to levels higher even than in the 1920s. In Conscience , Krugman argues that government policies played a much greater role than commonly thought both in reducing inequality in the 1930s through 1970s and in increasing it in the 1980s through the present, and criticizes the Bush administration for implementing policies that Krugman believes widened
17584-474: The nation's finest research universities, Yale is distinctively committed to excellence in undergraduate education. Second, in our graduate and professional schools, as well as in Yale College, we are committed to the education of leaders." In 2009, former British Prime Minister Tony Blair picked Yale as one location – the others being Britain's Durham University and Universiti Teknologi Mara – for
17741-399: The other three (Yale) candidates of 2004. Yale changed so much between the class of '68 and the class of '71. My class was the first class to have women in it; it was the first class to have a significant effort to recruit African Americans. It was an extraordinary time, and in that span of time is the change of an entire generation". The President and Fellows of Yale College , also known as
17898-404: The patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services. Krugman was previously a professor of economics at MIT , and, later, at Princeton University . He retired from Princeton in June 2015, and holds the title of professor emeritus there. He also holds
18055-759: The post-Bush era and he described the Obama administration as "good guys but not as forceful as I'd like ... When I argue with them in my column this is a serious discussion. We really are in effect speaking across the transom here." Krugman says he's more effective at driving change outside the administration than inside it, "now, I'm trying to make this progressive moment in American history a success. So that's where I'm pushing." Krugman's columns have drawn criticism as well as praise. A 2003 article in The Economist questioned Krugman's "growing tendency to attribute all
18212-605: The power of the pen." Partly as a result, Krugman's twice-weekly column on the Op-Ed page of The New York Times has made him, according to Nicholas Confessore , "the most important political columnist in America ... he is almost alone in analyzing the most important story in politics in recent years – the seamless melding of corporate, class, and political party interests at which the Bush administration excels." In an interview in late 2009, Krugman said his missionary zeal had changed in
18369-473: The presidency include Amy Klobuchar (2020), Tom Steyer (2020), Ben Carson (2016), Howard Dean (2004), Gary Hart (1984 and 1988), Paul Tsongas (1992), Pat Robertson (1988) and Jerry Brown (1976, 1980, 1992). Several explanations have been offered for Yale's representation since the end of the Vietnam War. Sources note the spirit of campus activism that has existed at Yale since the 1960s, and
18526-665: The private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer programming [and] they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin." In addition to government and academia, economists are also employed in banking , finance , accountancy , commerce , marketing , business administration , lobbying and non- or not-for profit organizations. In many organizations, an " Economic Analyst "
18683-445: The proposals themselves. After Bush's election, and his perseverance with his proposed tax cut in the midst of the slump (which Krugman argued would do little to help the economy but substantially raise the fiscal deficit), Krugman's columns grew angrier and more focused on the administration. As Alan Blinder put it in 2002, "There's been a kind of missionary quality to his writing since then ... He's trying to stop something now, using
18840-567: The remaining 14 were no better or worse than a coin flip. Krugman was correct in 15 out of 17 predictions, compared to 9 out of 11 for the next most accurate media figure, Maureen Dowd . Krugman was elected to the American Philosophical Society in 2011. Foreign Policy named Krugman one of its 2012 FP Top 100 Global Thinkers "for wielding his acid pen against austerity". In the 1990s, besides academic books and textbooks, Krugman increasingly began writing books for
18997-415: The rhetoric, symbolism, and metaphors used in athletics were used to frame these debates. Debates were covered on front pages of college newspapers and emphasized in yearbooks , and team members received the equivalent of athletic letters for their jackets. There were rallies to send off teams to matches, but they never attained the broad appeal athletics enjoyed. One reason may be that debates do not have
19154-445: The school's curriculum expanded, incorporating humanities and sciences by the time of the American Revolution . In the 19th century, the college expanded into graduate and professional instruction, awarding the first PhD in the United States in 1861 and organizing as a university in 1887. Yale's faculty and student populations grew rapidly after 1890 due to the expansion of the physical campus and its scientific research programs. Yale
19311-481: The second most frequently cited author on college syllabi for economics courses. As a commentator, Krugman has written on a wide range of economic issues including income distribution , taxation , macroeconomics , and international economics. Krugman considers himself a modern liberal , referring to his books, his blog on The New York Times , and his 2007 book The Conscience of a Liberal . His popular commentary has attracted widespread praise and criticism. Krugman
19468-551: The sidewalk in the interim." This would become Krugman's most-cited academic paper: by early 2009, it had 857 citations, more than double his second-ranked paper. Krugman called the paper "the love of my life in academic work". The "home market effect" that Krugman discovered in NTT also features in NEG, which interprets agglomeration "as the outcome of the interaction of increasing returns, trade costs and factor price differences". If trade
19625-544: The social sciences and wanted Yale to lock into its traditions of classical education. Porter objected to Sumner's use of a textbook by Herbert Spencer that espoused agnostic materialism because it might harm students. Until 1887, the legal name of the university was "The President and Fellows of Yale College, in New Haven." In 1887, under an act passed by the Connecticut General Assembly , Yale
19782-512: The social scientists of the future use a new science of " psychohistory " to try to save civilization. Since present-day science fell far short of "psychohistory", Krugman turned to economics as the next best thing. In 1974, Krugman earned his BA summa cum laude in economics from Yale University , where he was a National Merit Scholar . He then went on to pursue a PhD in economics from Massachusetts Institute of Technology (MIT). In 1977, he successfully completed his PhD in three years, with
19939-532: The study of Reverend Samuel Russell , in Branford , to donate books to form the school's library. The group, led by James Pierpont , is now known as "The Founders". Known from its origin as the "Collegiate School", the institution opened in the home of its first rector , Abraham Pierson, who is considered Yale's first president. Pierson lived in Killingworth . The school moved to Saybrook in 1703, when
20096-435: The study of humans in their environment. He established the "Yale System" of teaching, with few lectures and fewer exams, and strengthened the full-time faculty system; he created the graduate-level Yale School of Nursing and the psychiatry department and built new buildings. Progress toward his plans for an Institute of Human Relations, envisioned as a refuge where social scientists would collaborate with biological scientists in
20253-559: The title of Centennial Professor at the London School of Economics . Krugman was President of the Eastern Economic Association in 2010, and is among the most influential economists in the world. He is known in academia for his work on international economics (including trade theory and international finance), economic geography, liquidity traps , and currency crises . Krugman is the author or editor of 27 books, including scholarly works, textbooks, and books for
20410-665: The top ten percent earning more than $ 147,040 annually. Nearly 135 colleges and universities grant around 900 new Ph.D.s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes. As of January 2013, PayScale.com showed Ph.D. economists' salary ranges as follows: all Ph.D. economists, $ 61,000 to $ 160,000; Ph.D. corporate economists, $ 71,000 to $ 207,000; economics full professors, $ 89,000 to $ 137,000; economics associate professors, $ 59,000 to $ 156,000, and economics assistant professors, $ 72,000 to $ 100,000. The largest single professional grouping of economists in
20567-468: The twelve professional schools. Yale's former president Richard C. Levin was, at the time, one of the highest paid university presidents in the United States with a 2008 salary of $ 1.5 million. Yale's succeeding president Peter Salovey ranks 40th with a 2020 salary of $ 1.16 million. The Yale Provost's Office and similar executive positions have launched several women into prominent university executive positions. In 1977, Provost Hanna Holborn Gray
20724-754: The union's elections were undemocratic and how graduate students are not employees; the move to not recognize the union has been criticized by the American Federation of Teachers . In addition, officers of the Yale University Police Department are represented by the Yale Police Benevolent Association, which affiliated in 2005 with the Connecticut Organization for Public Safety Employees. Yale security officers joined
20881-609: The university. Yale's current faculty include 67 members of the National Academy of Sciences , 55 members of the National Academy of Medicine , 8 members of the National Academy of Engineering , and 193 members of the American Academy of Arts and Sciences . Yale traces its beginnings to "An Act for Liberty to Erect a Collegiate School", a would-be charter passed in New Haven by the General Court of
21038-546: The walls of the buildings portray contemporary college personalities, such as a writer, an athlete, a tea-drinking socialite, and a student who has fallen asleep while reading. Similarly, the decorative friezes on the buildings depict contemporary scenes, like a policemen chasing a robber and arresting a prostitute (on the wall of the Law School), or a student relaxing with a mug of beer and a cigarette. The architect, James Gamble Rogers , faux-aged these buildings by splashing
21195-482: The walls with acid, deliberately breaking their leaded glass windows and repairing them in the style of the Middle Ages , and creating niches for decorative statuary but leaving them empty to simulate loss or theft over the ages. In fact, the buildings merely simulate Middle Ages architecture, for though they appear to be constructed of solid stone blocks in the authentic manner, most actually have steel framing as
21352-469: The weight of evidence. In a 1994 Foreign Affairs article, Paul Krugman argued that it was a myth that the economic successes of the East Asian 'tigers' constituted an economic miracle. He argued that their rise was fueled by mobilizing resources and that their growth rates would inevitably slow. His article helped popularize the argument made by Lawrence Lau and Alwyn Young , among others, that
21509-404: The world's ills to George Bush ", citing critics who felt that "his relentless partisanship is getting in the way of his argument" and claiming errors of economic and political reasoning in his columns. Daniel Okrent , a former The New York Times ombudsman , in his farewell column, criticized Krugman for what he said was "the disturbing habit of shaping, slicing and selectively citing numbers in
21666-471: The world's most influential economists. Krugman's International Economics: Theory and Policy , co-authored with Maurice Obstfeld , is a standard undergraduate textbook on international economics. He is also co-author, with Robin Wells , of an undergraduate economics text which he says was strongly inspired by the first edition of Paul Samuelson 's classic textbook . Krugman also writes on economic topics for
21823-552: The world; instead, it is concentrated in a few factories and therefore in a few countries (or maybe just one). Krugman modeled a 'preference for diversity' by assuming a CES utility function like that in a 1977 paper by Avinash Dixit and Joseph Stiglitz . Many models of international trade now follow Krugman's lead, incorporating economies of scale in production and a preference for diversity in consumption. This way of modeling trade has come to be called New Trade Theory . Krugman's theory also took into account transportation costs,
21980-414: Was inflation targeting , which, he argued "most nearly approaches the usual goal of modern stabilization policy, which is to provide adequate demand in a clean, unobtrusive way that does not distort the allocation of resources". The proposal appeared first in a web posting on his academic site. This mimeo-draft was soon cited, but was also misread by some as repeating his earlier advice that Japan's best hope
22137-427: Was "temperamentally unsuited for that kind of role. You have to be very good at people skills, biting your tongue when people say silly things." In a Fresh Dialogues interview, Krugman added, "you have to be reasonably organized ... I can move into a pristine office and within three days it will look like a grenade went off." In 1999, near the height of the dot com boom , The New York Times approached Krugman to write
22294-569: Was a dogmatic defense of the Latin and Greek curriculum against critics who wanted more courses in modern languages, math and science. Unlike higher education in Europe , there was no national curriculum for US colleges and universities. In the competition for students and financial support, college leaders strove to keep current with demands for innovation. At the same time, they realized a significant portion of students and prospective students demanded
22451-437: Was an export-led boom that pulled Japan out of its economic slump in the late-90s, rather than reforms of the financial system. Krugman was one of the most prominent advocates of the 2008–2009 Keynesian resurgence , so much so that economics commentator Noah Smith referred to it as the "Krugman insurgency". His view that most peer-reviewed macroeconomic research since the mid-1960s is wrong, preferring simpler models developed in
22608-489: Was appointed interim president of Yale and later went on to become president of the University of Chicago, being the first woman to hold either position at each respective school. In 1994, Provost Judith Rodin became the first permanent female president of an Ivy League institution at the University of Pennsylvania . In 2002, Provost Alison Richard became the vice-chancellor of the University of Cambridge . In 2003,
22765-421: Was appointed the dean of Duke University's School of Nursing and vice chancellor for nursing affairs. In 2007, Deputy Provost H. Kim Bottomly was named president of Wellesley College . Similar examples for men who have served in Yale leadership positions can also be found. In 2004, Dean of Yale College Richard H. Brodhead was appointed as the president of Duke University . In 2008, Provost Andrew Hamilton
22922-653: Was awarded the Nobel Memorial Prize in Economic Sciences (informally the Nobel Prize in Economics), the sole recipient for 2008. This prize includes an award of about $ 1.4 million and was given to Krugman for his work associated with New Trade Theory and the New Economic Geography. In the words of the prize committee, "By having integrated economies of scale into explicit general equilibrium models, Paul Krugman has deepened our understanding of
23079-815: Was born to a Ukrainian Jewish family, the son of Anita and David Krugman. In 1914, his maternal grandparents immigrated to the United States from Ukraine , while in 1920, his paternal grandparents arrived from Belarus . He was born in Albany , New York, spent several years of his childhood in the upstate city of Utica , before growing up from age eight in Merrick , a hamlet in Nassau County , Long Island . He graduated from John F. Kennedy High School in Bellmore . According to Krugman, his interest in economics began with Isaac Asimov 's Foundation novels, in which
23236-590: Was commonly used in 1930. One exception is Harkness Tower , 216 feet (66 m) tall, which was originally a free-standing stone structure. It was reinforced in 1964 to allow the installation of the Yale Memorial Carillon . Other examples of the Gothic style are on the Old Campus by architects like Henry Austin , Charles C. Haight and Russell Sturgis . Several are associated with members of
23393-474: Was confirmed to be the vice chancellor of the University of Oxford. Yale University staff are represented by several different unions. Clerical and technical workers are represented by Local 34, and service and maintenance workers are represented by Local 35, both of the same union affiliate UNITE HERE . Unlike similar institutions, Yale has consistently refused to recognize its graduate student union, Local 33 (another affiliate of UNITE HERE), citing claims that
23550-575: Was considered the most beautiful street in America by Charles Dickens when he visited the United States in the 1840s. In 2011, Travel + Leisure listed the Yale campus as one of the most beautiful in the United States. Many of Yale's buildings were constructed in the Collegiate Gothic architecture style from 1917 to 1931, financed largely by Edward S. Harkness , including the Yale Drama School . Stone sculpture built into
23707-538: Was flooded with complaints. According to Larissa MacFarquhar of The New Yorker , while some people thought that he was too partisan to be a columnist for The New York Times , he was revered on the left. Similarly, on the 10th anniversary of the 9/11 on the United States Krugman again provoked a controversy by accusing on his New York Times blog former U.S. President George W. Bush and former New York City mayor Rudy Giuliani of rushing "to cash in on
23864-405: Was formed among Yale, University College London , and both schools' affiliated hospital complexes to conduct research focused on the direct improvement of patient care—a field known as translational medicine . President Richard Levin noted that Yale has hundreds of other partnerships across the world, but "no existing collaboration matches the scale of the new partnership with UCL". In August 2013,
24021-528: Was in "turning on the printing presses", as recommended by Milton Friedman , John Makin, and others. Krugman has since drawn parallels between Japan's 'lost decade' and the late 2000s recession , arguing that expansionary fiscal policy is necessary as the major industrialized economies are mired in a liquidity trap. In response to economists who point out that the Japanese economy recovered despite not pursuing his policy prescriptions, Krugman maintains that it
24178-433: Was renamed "Yale University". The Revolutionary War soldier Nathan Hale (Yale 1773) was the archetype of the Yale ideal in the early 19th century: a manly yet aristocratic scholar, well-versed in knowledge and sports, and a patriot who "regretted" that he "had but one life to lose" for his country. Western painter Frederic Remington (Yale 1900) was an artist whose heroes gloried in the combat and tests of strength in
24335-402: Was soon being cited in papers (draft and published) by other economists, even though it had not itself been through ordinary peer review processes. Heterodox Krugman has done much to revive discussion of the liquidity trap as a topic in economics. He recommended pursuing aggressive fiscal policy and unconventional monetary policy to counter Japan's lost decade in the 1990s, arguing that
24492-713: Was swept up by the great intellectual movements of the period—the Great Awakening and Enlightenment —due to the religious and scientific interests of presidents Thomas Clap and Ezra Stiles . They were instrumental in developing the scientific curriculum while dealing with wars, student tumults, graffiti, "irrelevance" of curricula, desperate need for endowment and disagreements with the Connecticut legislature . Serious American students of theology and divinity, particularly in New England, regarded Hebrew as
24649-571: Was the only country that adopted such controls, and although the Malaysian government credited its rapid economic recovery on currency controls, the relationship is disputed. An empirical study found that the Malaysian policies produced faster economic recovery and smaller declines in employment and real wages. Krugman later stated that the controls might not have been necessary at the time they were applied, but that nevertheless "Malaysia has proved
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