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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.

Stuffing our faces

By Megan McArdle
Oct 21 2008, 3:20 PM ET Comment

Tom picks up on a piece of economic illiteracy from Michael Pollan:

Michael Pollan was on Fresh Air a moment ago. It's part of his world/public radio tour in support of Farmer In Chief, last week's NYT Magazine article asking the next president to adopt better agricultural policies. I heard him giving pretty much the same spiel on a Philadelphia-area NPR station over the weekend, too.

I don't want to quibble with the man's larger crusade, but he keeps making one particular point that really bugs me. Pollan is fond of pointing out that since 1960 the average American household's spending on food has dropped as a share of income, from 18 percent to 10.

I'm pretty sure this is dumb. Or half, dumb, anyway. I'm sure food has gotten cheaper in absolute terms, and that those savings have been paid for in animal suffering and environmental cost.

But it's also the case that household income tends to increase faster than the rate of inflation, while human nutritional requirements do not. Wikipedia says that real median income has increased about 30% since 1967. Unless I'm missing something, that means that if a family used to spend $1800 on food, today they spend $1300 -- not $1000, as Pollan implies. If median household income data was available for 1960, rather than 1967, you can bet that the differential would be smaller still. And if you consider the fact that household size has declined from 3 to 2.6 people since 1967, the gap shrinks even more.

I sort of approve of Michael Pollan's larger crusade.  I think in general it would be nice if we ate less processed food, and had a better idea about things like the American food chain's extraordinary reliance on corn.  I'm with him on farm subsidies.  I think things like fertilizer runoff need attention.  And obviously, I would like farm animals treated better.

On the other hand, processed food tastes good, and to note the obvious, not all of us can spend hours each day lovingly hand-preparing our food from scratch, nor afford to pay others to do same.  And the notion that cheaper food is some sort of a disaster is frankly terrifying.  Cheaper food is, literally, the foundation of modern civilization; it is why so many of us can afford to do something besides spend all day seeking sustenance.



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