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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. More

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.

1% of Americans are now incarcerated

By Megan McArdle
Feb 28 2008, 3:31 PM ET Comment

From Kieran Healy:

Here is an older post about how the U.S. incarceration rate compares to other countries. Here is Becky Pettit & Bruce Western’s (2004) ASR paper, with its frankly astonishing result that in the cohort born between 1965 and 1969, thirty percent of black men without a college education—and sixty percent of black men without a high school degree—had been incarcerated by 1999. Recent cohorts of black men were more likely to have prison records (22.4 percent) than military records (17.4 percent) or bachelor’s degrees (12.5 percent).Here is Bruce Western’s Punishment and Inequality in America, a superb analysis of how the prison system is now a key instrument not just of social control, but also social stratification, in America.

I don't exactly blame businesses for not wanting to hire ex-convicts--but that makes it very, very hard to stop being a criminal. i.e. to stop being poor, because the hourly wage for street crime is considerably below that on offer for popping chicken tenders into the deep-fry down at Burger King. This is a personal tragedy for the convicts, and a huge social cost for the rest of us, either in crime or additional prison terms. It's particularly sickening considering how many of those convicts are non-violent drug offenders:

Simple drug possession convictions make up about 5% of the federal prison population and about 27% of the state prison population, according to the federal government's own figures. Other nonviolent drug offenders were charged with nothing more than "sale or intent to sell" illegal intoxicants to willing buyers.
Update Greg Mankiw points to this talk from Jeffrey Miron on the drug war

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