2000s recession, arguing that expansionary fiscal policy is necessary as the major industrialized economies are mired in a liquidity trap. In response to economists who point out that the Japanese economy recovered despite not pursuing his policy prescriptions, Krugman maintains that it was an export-led boom that pulled Japan out of its economic slump in the late-90s, rather than reforms of the financial system. Krugman was one of the most prominent advocates of the 2008–2009 Keynesian resurgence, so much so that economics commentator Noah Smith referred to it as the "Krugman insurgency". His view that most peer-reviewed macroeconomic research since the mid-1960s is wrong, preferring simpler models developed in the 1930s, has been criticized by some modern economists, like John H. Cochrane. In June 2012, Krugman and Richard Layard launched A manifesto for economic sense, where they call for greater use of fiscal stimulus policy to reduce unemployment and foster growth. The manifesto received over four thousand signatures within two days of its launch, and has attracted both positive and critical responses. Nobel Memorial Prize in Economic Sciences Krugman was awarded the Nobel Memorial Prize in Economic Sciences (informally the Nobel Prize in Economics), the sole recipient for 2008. This prize includes an award of about $1.4 million and was given to Krugman for his work associated with New Trade Theory and the New Economic Geography. In the words of the prize committee, "By having integrated economies of scale into explicit general equilibrium models, Paul Krugman has deepened our understanding of the determinants of trade and the location of economic activity." Awards 1991, American Economic Association, John Bates Clark Medal. Since it was awarded to only one person, once every two years (prior to 2009), The Economist has described the Clark Medal as 'slightly harder to get than a Nobel prize'. 1992, Fellow of the American Academy of Arts and Sciences (AAAS). 1995, Adam Smith Award of the National Association for Business Economics 1998, Doctor honoris causa in Economics awarded by Free University of Berlin Freie Universität Berlin in Germany 2000, H.C. Recktenwald Prize in Economics, awarded by University of Erlangen-Nuremberg in Germany. 2002, Editor and Publisher, Columnist of the Year. 2004, Fundación Príncipe de Asturias (Spain), Prince of Asturias Awards in Social Sciences. 2004, Doctor of Humane Letters honoris causa, Haverford College 2008, Nobel Memorial Prize in Economics for Krugman's contributions to New Trade Theory. He became the twelfth