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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.

Help is on the way

By Megan McArdle
Apr 17 2008, 2:40 PM ET Comment

Matt has a smart post about the geography of federal assistance:

One thing that I think is worth saying about this is that it may be a lot harder to help the people who currently live in economically depressed communities than it is to help the communities themselves. Oftentimes the best way for a person to improve his or her economic condition is to move someplace else -- to somewhere where his or her skill set can provide greater rewards. But in the United States, political representation is done by geographical area, so the tendency is for the residents of a given depressed area's representatives to be represented by legislators who want to bring help to the place rather than to the people as such.


This is basically Ed Glaeser's point: we should be encouraging people to move, not bring back Buffalo's glory days.

I'm basically in sympathy, but I think that this thought needs to be tempered with an appreciation of why people stay where they are. For people like me, and Matt, and Ed Glaeser, mobility is an underlying fact of our demographic; I could move to almost any city in America right now and find someone there that I know.

After talking to the economists at Mercatus who are working on their Katrina project, however, I'm a little less gung ho on the notion that the solution for New Orleans' problems is for everyone to move to more prosperous areas. The cultural clash between New Orleans people and residents of the cities they move to is apparently pretty strong, because of things like how loud and when music should be played--questions that have no "right" answer, but which everyone feels strongly about. Even in districts where they are of the same race and rough income level as the incumbent residents, New Orleans people apparently feel ostracized. That's pretty hard to take as a permanent condition.

More importantly, poor people in New Orleans had virtually no financial capital; instead, they had very rich social capital. Networks of friends, family, and neighbors substituted for things like credit and savings when they had personal or financial problems. In a strange city, with no network and no financial resources, they feel incredibly helpless and exposed--with good reason.

Those are the same reasons that many people in declining rural and industrial cities stay where they are. When I was doing an article on the economy of upstate New York, one of the most striking things I noticed was that people who talked about moving in search of better jobs almost all had at least one close relative who had already left. The people who were afraid to go were the ones who didn't know anyone outside of Buffalo, or Rochester, or Syracuse, or Wayne County. That's a problem it would be pretty hard for the government to fix.

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