To make the debate even more enticing, the proponents have promised to have it moderated by Ezra Klein, the Washington Post's liberal policy-wonk blogger.

The libertarian-oriented Austrian school of economics is critical of central banking, easy money and government stimulus spending, which it claims distorts the economy, causes booms and busts and prevents a healthy recovery. Krugman's views are almost diametrically opposed to those of the Austrians, favoring stimulus spending in conjunction with a looser monetary policy to create a smoother path to economic recovery.

Krugman did not immediately respond to an email requesting comment on the challenge.

Someone made a clever video explaining the debate and the strategy behind the promised FoodBank donation