If George Soros Pays Me Enough, I Will Stop Working (Hint, Hint)
George Soros believes that the free market is “a dogma whose time has passed,” and according to an article in the Financial Times, he has devised a plan of action for eradicating free market think tanks like the Show-Me Institute.
First, he will throw money at the problem: $50 million over five years. (He made that money as a hedge fund manager in a capitalist society, by the way.)
Second, he will use that money to buy conflate economists who agree with him:
[Soros' new] group, to be called the Institute of New Economic Thinking, will gather luminaries in the field of economics to reflect on the ideas that allowed the latest economic crisis to transpire and to bring new ideas to a profession that some argue has become too deeply entrenched in free-market ideology.
Third, he will rely on market mechanisms when they are convenient to his cause:
He hopes, however, to inspire a groundswell of support from students that will “shift demand” at universities to include economic ideas that are more reality based and less focused on rigid mathematical models.
I think that Soros needs to restructure his incentives. If he really wanted to eliminate free-market think tanks, he should pay them to stop working. If Soros stopped by the Show-Me Institute and offered me, say, $5 million to walk away from my cubicle, I would take the money and run. I love my job, but I am a self-interested individual, just like everybody else.
I did some back-of-the-envelope calculations. I imagine there are no more than 350 full-time, salaried employees in free-market think tanks nationwide. That means that, using the $50 million he’s already planning to spend, Soros could offer each of us about $140,000 to draw a salary doing something else for the next five years – less than $30,000 per year. Eh. I’d rather continue fighting for liberty.
Comment by Dave Roland — October 28, 2009 @ 7:42 p.m.
Somebody’s going to read this and comment on a charter school post that we’re just motivated by money!
Comment by Sarah Brodsky — October 28, 2009 @ 7:54 p.m.
Somebody could definitely persuade me to leave my job for an exorbitant amount of money — after all, people leave jobs all the time in order to pursue better or more lucrative opportunities — but I’m pretty sure there’s no amount of money that would convince me to stop advocating free-market ideas in any context.
Comment by Eric D. Dixon — October 29, 2009 @ 3:00 a.m.
Five million is a lot of money, but I think your buy-off price is too low, Chrissy. I’m only an intern, but I’d hold out for an exorbitant sum… I might consider it if he offered me the entire $50 million. I’d want at least enough so I can buy a yacht and seastead in the Atlantic Ocean. Then, who cares what happens to the American economy?
And a sidenote, he can’t be too serious about the endeavor if he is only willing to devote $50 million to it. It’s half of one percent of his worth. That’s chump change to him!
Comment by Caitlin Hartsell — October 29, 2009 @ 8:20 a.m.
*Correction: $50 million is only .05% of his net worth. That’s nothing.
Comment by Caitlin Hartsell — October 29, 2009 @ 9:23 a.m.
I too would accept a handsome payoff to never espouse free market ideas again. This has three upshots as I see it: 1) Soros is that much poorer 2) I can still create wealth in other ways, working in a free market system and 3) the financial incentive may encourage others to rush to take my place advocating freedom in hopes of a similar payoff!
Comment by Josh Smith — October 29, 2009 @ 9:26 a.m.
I like Josh’s point about other people anticipating a similar payoff. Entire think tanks might spring up in response to the offer.
Comment by Sarah Brodsky — October 29, 2009 @ 9:29 a.m.
I’d take $5 million to quit my current job. But that’s as a relatively inexperienced new hire. I’d put the asking price for well-known scholars north of $50 million.
Comment by Audrey — October 29, 2009 @ 9:53 a.m.
Agreed, Audrey. That $50 million was contingent upon never ever being able to advocate free-market policies, even in conversation. To quit my job (though I love Show-Me) I would be willing to take a much smaller amount. (Maybe I could secretly fund another free-market think tank to get an even higher pay-off too!)
Comment by Caitlin Hartsell — October 29, 2009 @ 11:41 a.m.