You are here: Home / Auto Industry / Nobel Winner Krugman: U.S. Auto Industry Will Likely Disappear
Nobel Winner Krugman: U.S. Auto Industry Will Likely Disappear
Nobel winner: U.S. auto industry will likely disappear
STOCKHOLM (AP) — Nobel economics prize winner Paul Krugman said Sunday that the beleaguered U.S. auto industry will likely disappear.
"It will do so because of the geographical forces that me and my colleagues have discussed," the Princeton University professor and New York Times columnist told reporters in Stockholm. "It is no longer sustained by the current economy."
Krugman won the $1.4 million Nobel Memorial Prize in economics for his work on international trade patterns. Some of his research on economic geography seeks to explain why production resources are concentrated in certain locations.
Speaking to reporters three days ahead of the Nobel Prize ceremony, Krugman said plans by U.S. lawmakers to bail out the Big Three automakers were a short-term solution, resulting from a "lack of willingness to accept the failure of a large industry in the midst of an economic crisis."
Facing massive job losses, the White House and congressional Democrats are negotiating a deal to provide about $15 billion in loans to prevent the weakened U.S. auto industry from collapsing.
Technorati Tags: Auto Industry, Paul Krugman, Nobel Prize, GM, Ford, Chrysler, Big Three,
Filed Under: Auto Industry, Big Three, Chrysler, Ford, GM, Nobel Prize, Paul Krugman Tagged With: Auto Industry, Big Three, Chrysler, Ford, GM, Nobel Prize, Paul Krugman
« Intelligent Men Have Better Sperm
It's Time For Some Obama Cool »
Conservative Website Admits Its Stories About Dominion Were 'Completely False' in Massive Retraction a.msn.com/01/en-us/BB1cN… 1 hour ago
@mikelowetpt right on the edge chalkdust is my favorite chalkdust 1 hour ago