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koganbotMore detailed Nobel statements on Krugman's award are here and here.
An idea that relates to things that people like me, who pay attention to music, think about:
Krugman's new theory was based on an assumption that consumers appreciate diversity in their consumption. At the time, this was a rather new concept in economics, but it appeared to correspond to reality. Indeed, most of us have witnessed greater diversity in the supply of available commodities. As consumers, we are constantly tempted by a growing number of brands, even though we might sense that a standard car, a standard pair of jeans or standard toothpaste would suffice. After our basic needs for food and housing have been satisfied, it seems as if we opt for diversity and variation in our consumption.
An idea that relates to things that people like me, who pay attention to music, think about:
Krugman's new theory was based on an assumption that consumers appreciate diversity in their consumption. At the time, this was a rather new concept in economics, but it appeared to correspond to reality. Indeed, most of us have witnessed greater diversity in the supply of available commodities. As consumers, we are constantly tempted by a growing number of brands, even though we might sense that a standard car, a standard pair of jeans or standard toothpaste would suffice. After our basic needs for food and housing have been satisfied, it seems as if we opt for diversity and variation in our consumption.
