US economist Paul Krugman has won the 2008 Nobel Prize in Economics -- for work that integrates research in international trade and economic geography.

Paul Krugman, Princeton University professor of economics and international affairs, listens to his introduction at a gathering in Princeton, after he was announced the winner of the 2008 Nobel Prize in economics Monday, Oct. 13, 2008. [AP]

The Royal Swedish Academy of Sciences says Krugman's work helps explain why some countries dominate international trade.

Krugman's theory also addresses issues such as what drives worldwide urbanization.

Gunnar Oquist (centre), The Nobel Academy spokesman annouces US economist Paul Krugman as the 2008 Nobel Economics Prize laureate at the Royal Swedish Academy in Stockholm. Krugman is a prolific New York Times columnist and fierce critic of Washington's economic policies. [AFP]

Krugman is a professor of economics and international affairs at Princeton University in the US.

His award -- the last of the six Nobel prizes announced this year -- is worth about 1.4 million US dollars.

(CCTV October 14, 2008)