When I switched from physics to finance one of the first things I was told was that economics papers have an abnormally long review process. It is said that the CIR paper, for example, was in circulation 5 years before it was finally published.
But this Krugman paper clearly holds the record: it was written when he was a young assistant professor in 1978 and has just appeared in Economic Inquiry this month.
Besides combining two of my passions, the paper is pricelessly funny. Favorite quote so far: "the reader must, of course, be careful not to confuse relative generality with general relativity".
I'll read it carefully and try to come up with a follow up taking into account what happened in financial markets in the last 32 years !