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E36 Professor Nolan McCarty
We had the absolute privilege of speaking with Professor Nolan McCarty, Susan Dod Brown Professor of Politics and Public Affairs, and Vice Dean for Academic Affairs in the Office of the Dean of the Faculty at Princeton University. He is one of, if not the, leading scholar in polarization, democratic institutions, and political economy. Our conversation began with polarization, analyzing the self-reinforcing “doom loop” explored in Professor McCarty’s Polarization: What Everyone Needs to Know and its implications for citizens’ trust in public institutions. We then discussed the inseparable link between economic inequality and affective polarization, exploring how individuals’ willingness to engage in cross group cooperation shifts during economic upswings and downturns. Our conversation then ranged from the historical formation of polarization among political elites to today's fragmented media environment, which rewards conflict and partisan attacks, as well as potential solutions such as revitalizing local journalism and altering the systemic incentive structures of big media. Looking to the present, we discussed Professor McCarty’s book Political Bubbles: Financial Crises and the Failure of American Democracy. We examined policy capture, how the 2008 financial crash parallels the concept of political bubbles, and how similar bubbles may be forming in areas such as crypto and AI. We then transitioned to discussing representation and voting, with a focus on ranked-choice voting and its potential drawbacks, including the possibility of non-majority winners, high rates of ballot exhaustion, and the weakening of political power among minority communities. Lastly, we capped off our discussion by looking at the paradox of transparency, where increased transparency and sunshine laws in congressional negotiations can actually reduce the chances of compromise, and the importance of balancing democratic accountability with the pragmatic need for private bargaining. Stay until the end to hear about Professor McCarty’s remarkable and almost superhuman running regimen, his journey, and best advice for runners along the way!
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By Jerry and Jason SongWe had the absolute privilege of speaking with Professor Nolan McCarty, Susan Dod Brown Professor of Politics and Public Affairs, and Vice Dean for Academic Affairs in the Office of the Dean of the Faculty at Princeton University. He is one of, if not the, leading scholar in polarization, democratic institutions, and political economy. Our conversation began with polarization, analyzing the self-reinforcing “doom loop” explored in Professor McCarty’s Polarization: What Everyone Needs to Know and its implications for citizens’ trust in public institutions. We then discussed the inseparable link between economic inequality and affective polarization, exploring how individuals’ willingness to engage in cross group cooperation shifts during economic upswings and downturns. Our conversation then ranged from the historical formation of polarization among political elites to today's fragmented media environment, which rewards conflict and partisan attacks, as well as potential solutions such as revitalizing local journalism and altering the systemic incentive structures of big media. Looking to the present, we discussed Professor McCarty’s book Political Bubbles: Financial Crises and the Failure of American Democracy. We examined policy capture, how the 2008 financial crash parallels the concept of political bubbles, and how similar bubbles may be forming in areas such as crypto and AI. We then transitioned to discussing representation and voting, with a focus on ranked-choice voting and its potential drawbacks, including the possibility of non-majority winners, high rates of ballot exhaustion, and the weakening of political power among minority communities. Lastly, we capped off our discussion by looking at the paradox of transparency, where increased transparency and sunshine laws in congressional negotiations can actually reduce the chances of compromise, and the importance of balancing democratic accountability with the pragmatic need for private bargaining. Stay until the end to hear about Professor McCarty’s remarkable and almost superhuman running regimen, his journey, and best advice for runners along the way!