Bush critic Krugman wins economics Nobel

US Economist Paul Krugman, a wellknown critic of the Bush administration for policies that he argues led to the current financial crisis, won the 2008 Nobel prize for economics on Monday.

The committee said the award was for Krugma's work that helps explain why some countries dominate international trade.

A prominent economist who writes columns for the New York Times, Krugman is a professor of economics and international affairs at Princeton University.

Krugman, speaking by telephone to a news conference, said: "I rushed to take a shower so that I could take part in the press conference. I called my wife and my parents. I've not yet managed to get myself a cup of coffee," he said. But lack of caffein did not stop him offering an ad-hoc diagnosis of how the world economy was faring. "We are now witnessing a crisis that is as severe as the crisis that hit Asia in the 90's. This crisis bears some resemblance to the Great Depression."

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