Posted by Nicholas Stix
“Every Monday morning at 9 am, each endowed chair in economics at Harvard is auctioned off for the week to the lowest bidder from around the world. This week, Dr. Mankiw is the Robert M. Beren Professor of Economics, but only because, after a spirited round of online bidding, he agreed to accept a salary of $182.50 for the 40-hour week to fulfill all the duties, such as they are, of the endowed chair. (As a Republican economist, Dr. Mankiw doesn't believe minimum wage laws apply to him.)
“In the Free Market competition, Mankiw aced out last week's Robert M. Beren Professor, Moldovan Ph.D. Vlad Snegur, who ultimately bid $185.00, but refused to go lower, saying ‘Harvard nice job, but wife say she leave me if no can afford detergent for cloth diapers again this week. So, drive cab this week. But next week, me be Charles W. Eliot University Professor and Larry Summers can go drive cab.’”...
[“Mankiw: ‘Give Me Your Tired, Your Poor and Your Economists, too.’”]