Update: A lot of readers write in to tell me the prize must be a joke, that it’s political etc. I have no idea whether, or how much, politics entered the decision — though politics often does. But I think folks need to know that Krugman really is a very serious and respected economist. I have no idea how his academic work has held up since he became a pundit. But people have been talking about him getting a Nobel for years. Look, Noam Chomsky’s a great linguist. Being good at your academic specialty has never been a great indicator of your political acuity.