The years Noble Prize in economics was this year presented to Paul Krugman for his work in connection with the global economy. It is an appropriate award at the appropriate time, but it goes to show, that economics can still deal with everyday issues, you do not have to be exotic to be a good economist. Thumbs up from me, but hey who am I, I research what could be called exotic, but like Paul Krugman, I strictly deal with what could help humanity, even his work the basic commodity has to be knowledge, then location and economic geography come into play. Quoting from the BBC, “"He has thereby integrated the previously disparate research fields of international trade and economic geography," the academy said in its citation.”
Most importantly you do not need to be over exotic, you can fill in theories in previously researched fields, there is still hope for the dismal science because of this years winner, just be good at what you do even if it has been studied for a long time, but if you have something new to say, say it, knowledge economics is new, that is not my fault I researched it. Thanks Noble committee, great choice.
US$1.4 million will change any professors life.