Every year since 1901 the Nobel Prize has been awarded for achievements in physics, chemistry, physiology or medicine, literature and for peace.
The 2008 Nobel prize winners in Economics has been revealed.
American Paul Krugman won the Nobel economics prize for his analysis of trade patterns and location of economic activity.
Krugman, neo-keynesian, is 55 years old and is a teacher at Princeton University. In his research he outlined those models where countries could make money from the imposition of protectionist barriers.