A recurrent feature of game-theoretical economics, political science and sociology is the principal-agent problem. Many phenomena in the social world can be described in terms of the (various) theories of principals and agents. Want to understand how Southwest Airlines broke into the industry? Why presidents do not exit losing wars? Why it was an advantage for Kennedy in his standoff with Khrushchev to have a “rogue” general who favored nuclear war? Why corruption is not only a collective action problem? Principal-agent theory is here to help! A principal sends an agent to do a task, under some kind of contract or agreement, establishing a relationship subject to certain constraints, and open to certain possibilities. If we can describe these constraints and possibilities, we can explain a lot. Does agent know more than principal? Does principal have the capacity to punish agent, reward agent, or both? And so on.
I wrote a letter to the NY Times in response to Richard Arum and Mitchell Stevens’ “What is a College Education in the Time of Coronavirus?“. Unsurprisingly, the letter was not published, so I offer it here as a conversation-starter on lessons we should and shouldn’t learn from higher education’s current situation.
It looks like we’re in another “economic downturn,” and many PhDs are understandably worried about what it means for the future of the sociology job market. I haven’t been to Delphi or stayed at a Holiday Inn Express, but I am knee-deep in historical ASA reports. Here’s what the data look like for how the 2008 recession affected the sociology job market in the US. Spoiler: I don’t think the market ever recovered, and more hopeful estimates say it took 4 years to recover.
It’s hard to even begin blogging about something so vast and ever-shifting. This post is just going to be a short pointer to a couple of the best pieces I’ve seen covering the social and economic angles of the pandemic.