Progressives are likely facing a long time in the wilderness when it comes to the Supreme Court. Beyond the anti-worker, anti-consumer, anti-voter decisions already laid down over the past decade or so, we can anticipate a conservative majority for many years to come. But watching and waiting is no strategy at all. What can we do?
economics is still not about money
Matt Damon put yet another foot in his already quite full mouth this week. In an interview with ABC, he was invited to discuss the reckoning of sexual harassment and assault in his and other industries. He decided, for some reason, to go to bat for the idea that not enough is being made of what he perceives as a gradation of harm across different manifestations of workplace misogyny. Implicit is an attack on those who would advocate swift and severe punishment for what Damon would have us believe are minor sins.
I want to make the case that textbook economic theory will firmly reject Damon’s line of reasoning. Outrage of the type that Damon describes is more than justified, it is efficient. The market and the law don’t have the tools to reckon with the full, true cost of misogyny. This market failure makes for fertile soil for institutions that force perpetrators and enablers to internalize some of those costs. Outrage-of-the-day culture invites a lot of criticism from those looking to score a cool, contrarian take, but it is smart economics.
The pedagogy of parameters
A difficult thing that I ask my students to do is to parameterize everything.
The ideas that my game theorists come up with for applied theory projects are uniformly great. The puzzles they want to study are rich with potential, and many are easily original enough to be of publishable grade.
Compared to coming up with ideas, kicking it up a notch into something that looks like an economics paper is much harder. There are two main hurdles:
Published today at The Upshot: What if Sociologists Had as Much Influence as Economists? by Wren McDonald. I want to pick up on a couple of points raised since they really get at things I’ve written and obsessed about a lot over the years.
I agree wholeheartedly with the article’s premise that sociology—in particular ethnography—and other academic disciplines can bring just as much or more relevant knowledge and expertise to public policy debates as economics can. I’m going to get a bit depressing in a minute here so I don’t mean this to come across as a backhanded compliment or something. I do mean it seriously. My criticisms here are directed at very small words in the article that aren’t really about the article at all, but about us, economists, and our relationship to various publics, our professional PR, our toxic guild label. On the actual content of the article, the premise, the spirit, the recommendations I am quite on board.
Alright, let’s do this.