Is Morgan Kelly right when he says that he should, by reference to European norms, take a pay cut to 50% salary?
A quick look at one of the leading websites for jobs in academia, http://www.jobs.ac.uk gives a good idea of what’s happening, particularly for jobs in the United Kingdom.
There are a number of chairs in economics advertised . Take for example Coventry University…http://www.jobs.ac.uk/job/ACP532/professor/. The maximum of the scale there is £71,000, which translates to just over €81,000. Another being advertised as in Germany, http://www.reutlingen-university.de/en/university.html , where salary appears to be just under €47,000. Brunel are also looking for a chair in economics, http://www.jobs.ac.uk/job/ACL884/professor-in-economics/, and the salary is not specified. The University of Essex is also offering a chair in economics, Essex being one of the top schools in economics. Its details are here http://www.jobs.ac.uk/job/ACP235/professor-reader-senior-lecturer/ and if one goes to the University of Essex website its human resource Department links the salary scale, where the maximum salary scale for professors is £58,000, although the job does say that the salary will be “commensurate with experience”, so one might imagine that would be closer to at least the Coventry level. Let’s say £75,000, should translate to about €85,000. There is a full chair in public economics going in the Vienna University of economics and business, http://www.jobs.ac.uk/job/ACN760/full-professor-of-public-economics/ , and a chair in Hull http://www.jobs.ac.uk/job/ACO445/professors-across-all-disciplines/. The professorial salary at Hull appears to be just under £61,000, or €70,000, but I can’t find information on salary for Vienna.
Ireland? http://www.ucd.ie/hr/pay/ gives information on the pay scales for UCD academics. The top of the professorial salary is €138,655. That’s 1.7 times Coventry, 2.95 times the German, and 2.3 times that of Hull.
( one point, usefully pointed out to me… in a number of cases in the UK, and elsewhere, at the top of the tree professors can negotiate fairly considerable amounts of salary above the posted maxim. Now of course we don’t have data on that, so we can’t actually take it into account here. So these figures should of course be taken as indicative.)