Americans will not rejoyce in Krugman winning the Nobel Prize for Economics.
The closing of factories in the USA and loss of jobs are the direct result of Krugman's theory:
Produce overseas where is cheap and take advantage of economies of scale! Yes, indeed--we can see the results now.
As many greedy industrialists followed his advice, factories and jobs started to disappear in the USA. First came "outsourcing" and then "downsizing."
Lord Keynes once said, "In the long run we are all dead." And that's exactly what the enemies --anarchists, leftists, socialists, and communists-- of the USA are wishing: the death of a great industrial nation. But do not bet against the resilience of the people in this great country.
What is most disturbing to me is that Krugman is now giving advice on solving the financial crisis. Follow England's model he says. In other words: "Let's have socialism!"
I wonder if the New York Times will throw a party for him.