We have breaking news:
Yes, two clicks and 361 page impressions have yielded $0.64.
Taking this blog's counter as directly comparable to MR's, we suddenly find that Mr. Cowen and Mr. Tabarrok would have earned some $12,600 from their blogging endeavours. No idea if their click-through is better or worse than mine, though.
Regardless, a solitary click on a Google AdSense ad on this Pagerank 0 site is worth $0.30, or thereabouts. Obviously, I'm taking this from a very small sample (n=2). I will continue to report on how much clicks earn as my sample size evolves.
POSTSCRIPT: I apologize for the picture quality, but I am working with very limited tools here. A million hours in MS Paint?
ADDENDUM: I have found out through my own research that posting one's click-through rates is against the AdSense terms of service, though disclosing my payments is not. As such, I will cease posting my clickthrough rates, but will continue to report on how much a click earns. I am not interpreting this as in violation of the AdSense terms, because they keep track of page impressions differently than does SiteMeter or ClustrMaps, and I will henceforth keep the Google number confidential.
Somewhat creepily, it's also against the terms of service to keep track of how much you earn on a day-by-day basis. This actually scares me a little. The built-in adsense functionality only lets one see earnings for the current day, yesterday, past week, this month to date, last month, and all time. Thus, an RSS feed that reports and stores your daily earnings is actually violating the AdSense agreement. I cannot think of an honest reason to prohibit this.
EDIT: I have changed the original blog entry to conform to Google's policy about encouraging clicks in any way, shape, or form. I have also dropped the fourth content ad that had temporarily found residence.
CONCLUSION: AdSense is almost like the Inquisition. Please don't sue me! *sob*