Ace’s headline pretty much sums it up:

Selfless Crusader Against Income Inequality to Heroically Accept $225,000 for Nine Months of Sub-Part-Time Work from State-Funded Organisation to Occasionally Give a Few Quotes About the Scourge of Income Inequality.

Hiring Paul Krugman, a Guardian contributor and the left-leaning owner of this humble abode, is part of the City University of New York’s latest “inequality initiative.” Mr Krugman’s will be “a modest role” with no teaching or supervision commitments. In fact, neither party seems able to define what, exactly, that “modest role” will be. Hence the salary of $25,000 per month.

Update, via the comments: