In a world full of paradoxes, Princeton economics professor and New York Times columnist Paul Krugman has become rich decrying what he deems "income inequality." Only in America could an individual denounce the wealth gap while becoming the very person he denounces.

In that sense, it may be that polar opposites Karl Marx and Joseph Schumpeter were right: capitalism is seemingly its own worst enemy. In rich societies, commentators can become wealthy while trashing wealth creation.

The irony with Krugman is that when it comes to policy prescriptions meant to elevate the living standards of the lower and middle classes, much of what he proposes is inimical to their economic health. This has revealed itself most recently amid the dollar's renewed decline.

As Krugman put it...