If he were alive today, there would be no contest for the Nobel Prize in Economics for 2008. The prize has been discredited, as year after year, it has been awarded to some Chicago economist who tried to prop up the shaky edifice of efficient markets or invisible hand. This year they had to give it to someone as close to Keynes as possible. Minsky wasn’t around, so that left Krugman.
PS: I just found this post where Krugman openly begs for this year´s nobel.