Paul Krugman announced a couple months ago that he’s leaving his Princeton professorship to become a professor in the economics Ph.D. program at the City University of New York and a scholar the Luxembourg Income Study Center, which is based at CUNY. It turns out he’s going to be quite nicely compensated for his professorship. According to a freedom-of-information request by Gawker, he’ll be paid $225,000 a year for the gig.
In the first year, the job won’t involve any teaching at all. CUNY’s words told him for the first year he’ll be “asked to contribute to the buildup of [the Luxembourg Income Study Center] and our inequality project, and to play[ ] some kind of modest (not onerous!) role in our public events,”; for the second year, he’ll be expected to teach one weekly graduate seminar for one semester (most professors of his rank teach two).
If you were wondering (you were), that income alone doesn’t put Krugman in the dread top 1 percent (though per hour . . .), but combined with his Times columnist salary, speaking fees, and royalties from his best-selling introductory economics textbook, you can be sure he is. Good for him — he’s an extremely clever economist and an immensely popular public figure in some quarters, he’s probably worth it to CUNY. (I should also note that the Luxembourg Income Study is pretty awesome, and has turned out reams of good work on the complicated topic of income and wealth inequality. I cited one of their papers, which found the U.S. tax system noticeably more progressive than those of European countries, in a Tax Day post for the Agenda yesterday.)