Tragic Letters from the Outskirts of the New Economy: An Introduction
We live in a time of rapid change, industrially, politically, environmentally, and especially economically. As the axis of the world spins more rapidly by the second, economic issues continue to become more baffling. Questions about the role of profits in corporate strategy and what to do about deficit spending become even more puzzling in a time of sustainable investing when policymakers on both sides engage in modern monetary theory without inflation. As the economics gets sorted out, plenty of people get lost in the shuffle. From the recent grads who cannot find work after COVID-19 to the Facebook employees who wonder why their high salaries cannot pay San Francisco rents, to restaurant owners scrambling to satisfy Grubhub demand when Grubhub undercuts them on their own food, everyone is impacted somehow by the new economy and looking for answers to questions that seemed settled. This is your guide.
Welcome to a new type of economic journalism. I am a Tech graduate student and professional economist writing anonymously in a weekly ‘Dear Abby’ format with the intention of providing answers to questions that matter. This series, “Tragic Letters from the Outskirts of the New Economy” will not be the typical economics lesson. Letters will focus less on supply and demand curves and more on the intersection between economics and daily life. The goal of pedantic preaching of an ideology or discipline shall falter in the face of simple answers to questions on which economists rarely care to explain their thoughts. No piece will tell you how to think about the minimum wage or whether the national debt should be thought of as an existential threat.
We live in a new economy. The rules do not need to be the same as they were yesterday. Economic principles do not change over time, but our understanding of the complexity of economics and the strange way policy and human behavior interact changes daily. Readers of this weekly column should expect thoughtful discussions of what economics tells us about issues at the heart of American life and the direction of the country. The way the broad economy impacts students will play a central role in every article, and readers should come away from every article with information useful in the job market or at the ballot box.
While the first several pieces will focus on questions I think most people wonder about, I really want to hear what sorts of economic questions you have always feared asking. Feel free to get crazy. If you have a question you thought was too dumb, too weird, or too esoteric, I want to hear it. If you want a discussion on the differences between Krugman, Friedman, and Rothbard’s conceptions of the role of monetary policy in history, I am happy to provide it. If you want to know why gas costs so much, I would love to explain. Could be something about shipping containers, music piracy, online dating, or aluminum markets. Whatever you want to know, I want to explain. This semester, join me once a week at the outskirts of the new economy. Maybe you will even see the beauty in all this tragedy.
If you want to get in touch with me, email techconomist@gmail.com.
-Techconomist
