What is Paul Krugman's Net Worth and Salary?
Paul Krugman is an American economist and author who has a net worth of $5 million. Paul Krugman writes for the New York Times and teaches at the Graduate Center of the City University of New York. Previously, he taught at such schools as MIT and Princeton University, and was the president of the Eastern Economic Association. Regarded as one of the world's top economists, Krugman has penned over 25 books covering such topics as taxation, income distribution, and international economics. He is most widely recognized for his research and theories with regards to New Trade Theory and New Economic Geography, and he was awarded the Nobel Memorial Prize in Economic Sciences in 2008.
Early Life and Education
Paul Krugman was born on February 28, 1953 in Albany, New York to Russian-Jewish parents David and Anita. He spent much of his early childhood in Utica before moving with his parents to the hamlet of Merrick when he was eight. As a teen, Krugman went to John F. Kennedy High School in Bellmore. He subsequently attended Yale University, from which he graduated summa cum laude in economics in 1974. Krugman went on to earn his PhD in the same field from MIT in 1977.
Career in Academia
In late 1977, Krugman became an assistant professor at Yale. Two years later, he joined the faculty of his other alma mater, MIT. After spending a year on the White House's Council of Economic Advisers in the early 80s, Krugman returned to MIT as a full professor. Later, in 2000, he became Professor of Economics and International Affairs at Princeton University, where he remained through 2015. Following his retirement from Princeton, Krugman joined the faculty of the Graduate Center of the City University of New York. Among his other academic positions, he has taught at Stanford University and the London School of Economics.
As an academic, Krugman is known for his in-depth writing on international economics, with areas of concentration including economic geography, global trade, and international finance. He is particularly renowned for pioneering the field of New Trade Theory, which focuses on the role of increasing returns to scale and network effects, as well as for his work in the area of New Economic Geography. Krugman has also been influential in writing about international finance, with his 1979 paper on currency crises standing as one of his most cited works. His other academic specialties include liquidity traps, income distribution, and macroeconomics.
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Commentator
As a commentator, Krugman has written columns for such publications as Fortune, Slate, the Harvard Business Review, Foreign Policy, Harper's, the Economist, and Washington Monthly. He has also written extensively for the New York Times, with some of his most famous columns being his critiques of George W. Bush's economic policy proposals in the early 2000s.
Salary
Between teaching salaries, New York Times salary, speaking gigs and media commentator salaries, Paul Krugman routinely earns $300,000 – $500,000 per year.
For example, when Krugman teaches at City University of New York, he earns a salary of $255,000 per year.
Author
In addition to his work in academia, Krugman has authored a myriad of economics and public policy books for general audiences. His titles include "The Age of Diminished Expectations," "Peddling Prosperity," "The Return of Depression Economics," "The Conscience of a Liberal," and "Arguing with Zombies." Krugman has also published the essay collections "The Accidental Theorist and Other Dispatches from the Dismal Science" and "The Great Unraveling," which are comprised of columns he wrote for Slate and the New York Times, respectively.
Economic and Political Positions
Krugman embraces Keynesian economics; however, he has been critical of the New Keynesian theory, promoting instead the use of the IS-LM model of the neoclassical synthesis. He supports free trade and the Green New Deal, but has criticized the effects of immigrant labor on the wages of domestic workers. Still, Krugman identifies as liberal.
Awards and Honors
Krugman has received numerous accolades for his work over the years. In the 90s, he won the John Bates Clark Medal from the American Economic Association and the Adam Smith Award from the National Association for Business Economics. Krugman's laurels in the early 2000s included the H.C. Recktenwald Prize in Economics from the University of Erlangen-Nuremberg and the Columnist of the Year award from Editor & Publisher magazine. In 2008, Krugman was the sole recipient of the Nobel Memorial Prize in Economic Sciences. His other accolades have included Yale University's Howland Memorial Prize; the Gerald Loeb Award; and the James Joyce Award. Krugman has also earned multiple honorary doctorate degrees, including from Haverford College, the University of Lisbon, the University of Toronto, and the University of Oxford.
Personal Life
Previously, Krugman was married to designer Robin L. Bergman. The couple ultimately divorced. In 1996, he married fellow economist Robin Wells, with whom he has co-authored a number of economics textbooks. Krugman resides in New York City.
