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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.

The BP Spill: How Bad Is It, Really?

By Megan McArdle
Aug 1 2010, 12:44 PM ET Comment

Michael Grunwald has written an article for Time arguing that the effects of the BP oil spill have not been as bad as initially feared.  There's a phase in disasters--often quite long--when people start treating the worst-case scenarios as if they are the most likely scenarios.  I suspect this is a bit of hard-wired evolutionary programming, and if you're a hunter-gatherer tribe at risk from disasters, this is probably quite useful. 

Let me be clear that I'm not saying "people overreact to environmental disasters!"  The initial forecasts of the dead from the World Trade Center were in the 10,000 range, which turned out to be about 4 times to high, and were treated by most of the people in New York, at least, as the actual numbers until body counts revealed that the number was quite a bit lower.  I think it's safe to say that we overreacted to that tragedy in quite a number of ways, for reasons I also think are probably hard-wired.

So it's not surprising that the actual effects we're seeing turn out to be not-so-bad as the projections.  But of course sometimes they really are that bad--Haiti seems to be going worse, in some ways, than we expected.  And Jonathan Adler sounds a very sensible note of caution about popping the champagne corks on the BP spill:

The reality is we have sufficiently little experience with this sort of thing, so we don't really know how bad an environmental disaster the spill is and will be -- and may not for some time.  Some of the easier to measure projections may have fizzled, but the spill could still be having significant as-yet-unseen ecological effects that we do not yet understand -- and may not for some time.  Still, the Grunwald article is a useful reminder that we don't really know enough to make categorical statements about the likely ecological effects of the spill.

And of course, even if the worst hasn't happened, the results of the spill have been quite horrible enough.




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