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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.

Is It Okay to Steal From Macy's?

By Megan McArdle
Jun 14 2011, 11:33 AM ET Comment

Macy's is a large corporation.  They are not particularly nice to me.   They issue credit cards with high interest rates.

Many of the things I purchased at Macy's have not really made me better off.  In fact, some have made me worse off. Once I bought a suit for $800 that I couldn't really afford, but the sales clerk at Macy's didn't even ask me to rethink before I paid.  All she cared about was selling me that suit.

Macy's makes an allowance for theft (euphemistically known as "shrinkage" in the retail trade).  It's factored into the price of the product.  They knew when they let me into the store that there was a risk that I might try to steal something.  As soon as they opened the doors, everyone knew what was going to happen: a bunch of stuff would get bought, and some stuff would be stolen.  One could argue that every time I have bought something at retail, paying an extra percentage to cover losses from shrinkage, I have been paying for the right to steal at some point in the future.

Macy's doesn't even use written contracts for most transactions!  If they had wanted to, they could have asked me to sign a contract agreeing not to steal.  Since they didn't, why do I have an obligation not to steal?

Of course, practically, it may be risky for me to steal; Macy's takes measures to make it more difficult, and if I get caught, they may call the police.  Doesn't the fact that they are taking security measures indicate that stealing is normal?

Anyway, as long as I am willing to suffer the consequences, why should anyone care if I supplement my income by shoplifting?  After all, they knew it was a possibility.  They charged other people for the possibility.  And they are a corporation that ruthlessly looks out for its own interest. Why should I--or my neighbors--act as if shoplifting from Macy's somehow violates the same moral principles as stealing the furniture from my friend's patio?  Do they think that corporations are the same as people?  Because they're not.  When corporations stop lobbying for all sorts of tax breaks and changes in the law to benefit them, and start treating people better, then I'll stop stealing.  But until then, I don't see why anyone should judge me.

Maybe you think the difference is that stealing is illegal.  But driving 70 mph is illegal, and my neighbors do not think less of me for doing it.  Is stealing somehow extra-super-illegal?  What if I only steal a little bit in each session, so that my theft is only a misdemeanor, just like a speeding ticket?


Yes, I find these arguments fairly ridiculous too.  So why do they suddenly sound intelligent when they're applied to loan default?
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