Michael Carter | Photo by Adam Atkinson
What I study and why: I study the interaction between inequality and macroeconomic outcomes. How does inequality influence the overall economy? Are recessions larger or smaller when some people are ultra-wealthy? Do businesses change how they invest depending if they are owned by pension funds, individual investors, or hedge funds?
Inequality is gaining increasing attention in the public consciousness. My research helps clarify both the benefits and the costs of fighting inequality. For example, wealth taxes might sound appealing to fight inequality, but those same taxes could crash the value of middle-class 401(k) portfolios. If a politician only cares about inequality, they may accidentally implement policies that do more harm than good!
This fall, I am teaching: Intermediate Macroeconomics (ECON 252). In this class, we study how individual decisions determine the state of the whole economy (and vice versa). We will learn about inflation, unemployment, economic growth, recessions, and financial markets. In all of these topics, we will consider what the government can (or can’t) do to influence the economy.
What students can expect from me: In class, my main goal is to develop the process of thinking like an economist. In a macroeconomics course, the process of solving problems is often more immediately valuable than the topics we study. Very few students will work at the Federal Reserve or will get to legislate optimal unemployment contracts. We study these topics not because they are immediately actionable but because they give students the tools to think about problems they might care about. The same growth theory we use to talk about sub-Saharan Africa can be applied to the growth path of a small business.
I’m particularly excited to work with Lafayette students on individual research. I had the chance to engage in undergraduate research when I was a student, and I look forward to facilitating that experience. Individual research enables students to dig into niche passion projects with academic flexibility and faculty support.
Getting to know me: Outside the classroom, I enjoy all sorts of millennial hobbies. I tend to a thriving vegetable garden with too many tomatoes and peppers. I brew thoroughly mediocre beer. My partner and I are on a mission to go rock climbing in every U.S. state. I root for Notre Dame football every fall despite their consistently heartbreaking performance.
Before becoming a professor, I set airline ticket prices. Sadly, I do not have the magic recipe for finding cheap airfare.
Continue reading to meet more of Lafayette’s newest faculty members.