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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.

Blessed are the poor . . .

By Megan McArdle
Oct 23 2008, 11:02 AM ET Comment

Matt Frost on the pernicious notion that the coming economic hardship will somehow be good for the national soul:

The article goes on; according to Kotkin, our anomic communities will also be knit back together by high energy and food prices. A good pandemic flu, presumably, is all we need to complete the rebirth of American localities.

Hoping that austerity will force us into solving our social problems seems incongruous with what I know of Kotkin and his work, and it's a lousy mistake for anyone to make. A world of fewer jobs and higher prices will mean longer commutes, a frayed social contract, and tired grandparents. If we arrange our families and our living spaces poorly when affluence gives us choices, we are unlikely to suddenly flourish when those decisions are forced upon us. Hard times won't compel Americans into becoming their better selves, and if we are heading into some bleak days, it's best that we all understand that in advance.

It would be nice if Joel Kotkin had offered some evidence that previous spells of economic hardship had knit families into one big huggy bear collective.  Though I'm certainly no scholar of the Great Depression, as far as I know the economic hard times often devastated family life.  People put off marrying because they could not afford to support their own household, much less children.  The children they did have were often left with relatives as they were forced to move in search of work.

Moreover, the sociological evidence is quite clear that poverty is bad for families.  Poor people have higher rates of marital breakup, and much higher rates of child abuse.  Part of this is selection--people with violent tempers and impulse control problems are more likely than average to become poor.  But even people without such temperamental handicaps find it harder to sustain a good family life.  Economic hardship is, to state the obvious, very stressful.  Stressed people have less patience for difficult children or spouses depressed by their inability to find work.




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