13 August 2009

Sometimes, a Domicile is Just a Domicile

It appears that Paul Krugman has spent his Nobel Prize money on a bigger and better place to live, to the tune of $1.7 million, down from $2.45 million last year.

It appears that this has caused some snark in the economics blogosphere*, where they seem to think that Dr. Krugman is trying to time the real-estate market.

I'm with Felix Salmon on this:
  1. Krugman came into some unexpected money, $1.4M in Nobel money.
  2. Dr. Krugman wanted a nicer house.
  3. Dr. Krugman used the unexpected money to buy a nicer house because he wanted to live in said nicer house.
Yes, I know, it's technically a co-op.

*You know, If I had used the phrase, "economics blogosphere", a decade ago, the men in the white suits would have come to haul me away.

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