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Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. She is currently on leave.
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Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero � all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

Isn't it quaint?

By Megan McArdle
Nov 12 2007, 7:40 AM ET Comment

Vietnam is unbelievably picturesque. At least here in Hanoi, there are loads of women still wearing those pointy straw hats, and presumably not just because they know how much the Western tourists enjoy all this authenticity. The streets are also filled with women carrying baskets suspended on the ends of traditional yokes, such as the one pictured at right. The cognitive dissonance inspired by watching these women weave in and out of the motorbike traffic offers a slight thrill to camera-happy tourists like me.

But that thrill really isn't very thrilling when I stop to think about it. The labor productivity implied by all that basket-carrying is bleak in the extreme. For the last twenty-four hours, I've found it hard to venture outside of my (extremely overpriced, thoroughly Westernized, lovely and modern) hotel without mentally calculating the average hourly wage implied by a three-dollar, ten minute cab ride, or a woman hauling two meager baskets of cucumbers to a bustling street corner where she can squat and sell them for hours.

The figures I get mesh roughly with Vietnam's official per-capita GDP of about $800 a year. Many things such as real estate are cheaper, here, of course, so that figure isn't quite an accurate gauge of living standards. Purchasing power parity calculations put the actual standard of living at somewhere around $4,000 a year. It's hard for an American to imagine that sort of grinding poverty; it is a material standard of living lower than that enjoyed by the average homeless person back home (though of course homeless people suffer many other maladies that do not afflict the ordinary Vietnamese). One way to think about it is this: the economic types we've met with repeatedly state, as if it were not particularly interesting, that the average person in Vietnam spends the majority of their budget on food. That figure in the United States, even for poor families, is less than 20%--and that to procure a diet that is lavishly oversupplied with calories and protein.

The sight of people carrying goods in traditional ways, selling produce off the backs of bicycles, looks terribly romantic. I walked past two tourists today who were agreeably chatting about how beautiful and sustainable it all is. But it's hard to find anything romantic about human beings using themselves as mules.

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