Hawaii visit on D.OHIO STATE UNIVERSITY Krugman, Paul (1953 ) EDUCATED AT YALE University and the Massachusetts Institute of Technology (MIT), Paul Krugman has made valuable contributions in the area of international economics. His first contribution was to provide a theoretical explanation of the phenomenon of intra-industry trade in differentiated products. Intra-industry trade cannot be explained using traditional trade models.
Long before Krugman, some economists had pointed out the possibility that this type of trade could arise from product differentiation.
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Krugman acknowledges their contributions but offers a more tractable, simple, and elegant model. Another contribution was to create what is now called the new trade theory.
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