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How to become a millionaire by lamenting income inequality.
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smn1256 Offline
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How to become a millionaire by lamenting income inequality.
Being a "distinguished professor" of economics at the City University of New York is nice work if you can get it. "During year-one," the boss explains in a letter to the new hire, "you will not be expected to teach or supervise students." In subsequent years, "you will teach one seminar per year." In addition, the boss informs the distinguished professor that he "will play a modest role in our public events" and "will be asked to contribute to the buildup" of one of the university's programs.

The pay is $225,000 a year, plus a $10,000 expense budget--and the distinguished prof gets summers off.

Gawker.com reports that CUNY's new distinguished professor is none other than former Enron adviser Paul Krugman. The program he'll be helping build up in exchange for this generous compensation is the Luxembourg Income Study Center and particularly its "inequality initiative."

Isn't that rich?

Yes, it turns out lamenting income inequality can be quite a lucrative occupation. By comparison, Gawker notes that adjunct professors at CUNY make about $3,000 per course, or 1/75th Krugman's rate, and undistinguished tenured professors earn a maximum of $116,364, a little over half Krugman's salary, although presumably many of them teach a full course load. According to 2010-12 census data reported by the public radio station WNYC, the median household income in New York City is $50,711, or 22.5% of Krugman's CUNY salary.

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04-18-2014 12:44 PM
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john01992 Offline
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RE: How to become a millionaire by lamenting income inequality.
Is there anything that doesn't piss you off??????
04-18-2014 12:50 PM
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QuestionSocratic Offline
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RE: How to become a millionaire by lamenting income inequality.
Everything you say is true but it is also true that Krugman did win a Nobel Prize for economics. The prize was awarded for his work on foreign trade and in particular, free trade and globalization, which he enthusiastically supported. It is ironic that Krugman provided the academic justification for globalization that has seen so many American jobs lost to China, etc.

Since then, Krugman has become the quintessential hypocrite, condemning the activities he helped create.

Krugman has become a popularizer of a neo-Keynesian economic model and industrial policy; an area wherein he has no more standing than any adjunct professor at CUNY.

Nonetheless, by virtue of his Nobel alone, he probably does qualify for "distinguished professor." Being a hypocrite doesn't disqualify one from any professorship.
(This post was last modified: 04-18-2014 01:15 PM by QuestionSocratic.)
04-18-2014 12:58 PM
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DrTorch Offline
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RE: How to become a millionaire by lamenting income inequality.
(04-18-2014 12:50 PM)john01992 Wrote:  Is there anything that doesn't piss you off??????

whoa there zero. you're the one who is constantly telling us how to save the world. income equality is high on the progressives' list of why the sky is falling. and let's not forget the adjunct professors who get squat for their efforts. so, you going to be consistent for once? or does krugman get a pass b/c he's shill for the D's?
04-18-2014 01:10 PM
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Frank the Tank Offline
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RE: How to become a millionaire by lamenting income inequality.
(04-18-2014 01:10 PM)DrTorch Wrote:  
(04-18-2014 12:50 PM)john01992 Wrote:  Is there anything that doesn't piss you off??????

whoa there zero. you're the one who is constantly telling us how to save the world. income equality is high on the progressives' list of why the sky is falling. and let's not forget the adjunct professors who get squat for their efforts. so, you going to be consistent for once? or does krugman get a pass b/c he's shill for the D's?

Well, I gotta agree with you for once. When I first read a Paul Krugman column many years ago, I just assumed that he was some armchair sociologist (like many newspaper columnists) that had never taken a high school economics course because his viewpoints were so laughably flying in the face of basic supply-and-demand principles. Needless to say, I was flabbergasted to see that he was, at the time, an economics professor at Princeton. The fact that he subsequently received a Nobel Prize for Economics was the height of insanity to me. IMHO, Krugman is the single most hypocritical member of the entire national mainstream media (and that's saying something).

That being said, I can completely understand that Krugman would command a high salary in academia for being a Nobel Prize winner (as QuestionSocratic noted) even though it's absolutely hypocritical in relation to his published views. Honestly, $225,000 for a Nobel Prize winning professor isn't some type of outlandish amount at all - CUNY got a bargain in relation to what Krugman would have commanded from just staying at Princeton (so maybe Krugman, in his own warped mind, could be looking at himself "sacrificing" by taking a paycut to teach at effectively an open enrollment school as opposed to staying at the elite Ivy League school).
04-18-2014 02:46 PM
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DrTorch Offline
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Post: #6
RE: How to become a millionaire by lamenting income inequality.
(04-18-2014 02:46 PM)Frank the Tank Wrote:  That being said, I can completely understand that Krugman would command a high salary in academia for being a Nobel Prize winner (as QuestionSocratic noted) even though it's absolutely hypocritical in relation to his published views. Honestly, $225,000 for a Nobel Prize winning professor isn't some type of outlandish amount at all - CUNY got a bargain in relation to what Krugman would have commanded from just staying at Princeton (so maybe Krugman, in his own warped mind, could be looking at himself "sacrificing" by taking a paycut to teach at effectively an open enrollment school as opposed to staying at the elite Ivy League school).

Maybe so.
04-18-2014 02:53 PM
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