...has been awarded to Paul Krugman. Despite Aaron Lecoutre's attepmt to wow the Swedish with his theory on petroleum jelly, they decided to award the prize to Paul Krugman for his work on 'economic geography'. Essentially this theory adds to work done on trade theory by looking at why rich countries still trade with rich countries rather than trading with those they have the biggest comparative advantage over.
Tim Harford explains it better here
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Nobel* Prize
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