A couple quick updates before I introduce you to Irena Asmundson.
This week I’ll be talking to someone from Hilltop Books in Chestnut Hill about being on an author panel there! We just passed the 1-year anniversary of the book’s publication and I’m excited to be planning another event to highlight Life of Libby.
I am experimenting with a monthly blog and podcast instead of every two weeks. In theory, this means less time spent writing, recording, and editing but it’s throwing off my rhythm. So, this cadence is still on probation.
In taking a longer break, I also had time to think about why I am doing this publication. Is it to keep in touch with people who have crossed my path or people who knew Libby? No, it is deeper than that. The reason I want to post interviews for others to hear is to let the world know about the good work that people are doing. I also want to spark connections between people who care about similar issues. So you can hear someone on the podcast and think, “I should connect with that person and find ways to collaborate.” Or even, “I know someone else that person should meet.” I’m not out here interviewing famous people that are unreachable; and that’s intentional. (Look, if Barack Obama wanted to be on my podcast, I wouldn’t say no, but you know what I mean.)
About Irena
This Sunday’s podcast interview is with Irena Asmundson. Irena is the Founder and CEO of Practical Idealism Economics, LLC, which helps organizations see the big picture in their economic stories. Through her career she has worked at all levels of government, from local to state to federal to international. She believes it is possible to design markets, bureaucracies, and institutions that encourage us to treat each other like humans and is constantly looking for ways to help do that.
I found this conversation enlightening and potentially controversial.
The IMF
When I first started getting involved in peace & justice work, the activists around me saw the IMF as a symbol of capitalist greed. Here was an organization that swooped in when a country was figuratively on its knees and offered a loan, but in exchange for cutting social services, government jobs, and seemingly anything else that benefitted their citizens. These countries would then be saddled with crippling debt. At least that’s what I learned about the IMF. Yet Irena’s experience as an economist with the IMF showed a very different side. The IMF stepped in to protect countries from financial collapse. They became the scapegoat for taking actions that were politically impractical, but necessary to a viable economy.
While no organization is perfect (just as the humans that make up organizations are not perfect), the IMF seemed less villainous to me after this conversation.
The Bureaucracy
Irena also has an unusual perspective on bureaucracy. The example Irena shared in our conversation was related to the 9/11 attacks, which took place while she was completing an internship in D.C. In 2001, the cell phone circuits were overloaded and no one could get through to their loved ones. After this event, the government put in place regulations for cell phone companies to provide surge capacity so that this would not happen again in the event of a disaster. While many economists imagine an ideal world as being run by market forces, this experience helped Irena recognize that we need bureaucracy to accomplish big things, not just market forces.
The Minimum Wage
We also talked about what it means for people to have a living wage, starting with ride services like Uber and Lyft. While I’d heard before that these platforms did not treat drivers well, the way Irena broke it down was sobering. In some cases, drivers had negative earnings after considering the wear and tear on their cars, meaning they were effectively borrowing against their future. Irena compared this to the historical arrangement of sharecropping!
Meanwhile, the federal minimum wage has not been raised since 2009. If you want to look at how much it actually costs to live, you can visit the MIT website Irena recommended: Living Wage Calculator.
Discussing Differences
Irena is an economist who proudly worked for the International Monetary Fund (IMF) and also proudly facilitated the transitional plan to increase the minimum wage in California. Although Irena and I both have a strong interest in justice, we also had a chance to discuss differences, and I came away with a new perspective.
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