The discussion of Paul Krugman’s Nobel Prize in economics is, I’m sure, going to get very political very fast. So it’s worth emphasizing that his work on currency crises and on economic geography — the former not even cited by the Nobel committee — is indubitably Nobel-worthy. The former is better-known, but the latter is incredibly important for understanding questions like why cooler countries are richer than hotter ones, or why some cities thrive and others die.
Tyler Cowen is also quite right to emphasize Krugman’s role in kick-starting the econoblogosphere with his early Slate columns — which grew, of course, into his current pulpit at the New York Times. Great thinkers can’t always express themselves with wit and clarity, but Krugman’s very much one of those who can, and his role in fostering the wider understanding of economics will probably turn out to be even more important than any of his research papers.