Whether or not Krugman’s scholarship and teaching ability warrant such a superior salary is certainly worthy of debate, but the real issue for most commentators is not how much CUNY will pay Krugman, but how little they are asking him to do. CUNY is essentially offering him what used to be called a sinecure. Like ecclesiastical appointments “without the care of souls,” the terms of Krugman’s contract require him to do almost nothing his first year and then teach just one graduate seminar each year for as long as he would like to stay at CUNY. This required teaching in the second year is less than half of the usual course load for most distinguished professors at the Graduate Center, some of whom teach three classes per year and advise several dissertations at a time. Whether Krugman will advise or sit on any dissertation committees remains to be seen.
It is clear from his acceptance email however, that he is interested in doing as little work as possible: “My biggest concern is time, not money — and your description of the time commitment, one seminar per year plus public events and commitments to LIS [Luxembourg Inequality Study] (which I would want to do in any case) sounds as if it’s within the parameters I had in mind.”
So, in essence, for the first two years CUNY is paying Krugman $450,000 (plus $10,000 in travel and research costs each year, and a one-time relocations cost of $10,000) to teach one seminar and to participate in public events.
On the surface this seems like an outrageous expenditure, but there is an obvious market logic at work here. It is clear that CUNY and the Graduate Center are banking on the brand recognition that a figure like Krugman bestows upon a university. As a Facebook friend of mine succinctly put it, Krugman is essentially “stuntcasting for cash,” and one has to wonder how long before his name is plastered on subway ads promoting CUNY’s “best and brightest.”