Without question, America changed forever on Sept. 11, 2001. But more than five years later, distinguished economist William Shughart II is still examining exactly how America has changed.
Dr. William Shughart II
“What direction the economy goes depends on so many things it’s difficult to predict, but I’m becoming more pessimistic every day,” said Shughart, Barnard Distinguished Professor of Economics.
A prolific researcher and writer, Shughart’s latest book is Policy Challenges and Political Responses: Public Choice Perspectives on the Post-9/11 World (Springer, 2005). Co-edited with Robert Tollison, the project makes a case for additional research in many policy areas from education and tort reform to campaign finance and transnational terrorism.
“Public choice economists study decision making by groups of people instead of the individual,” Shughart said. “We look at the formulation of public policy at all levels, from the nation-state level down to the local community.”
Shughart, who is senior editor for the journal Public Choice, said that 9/11 provided both an opportunity and a challenge for public policy researchers to do more work, particularly on the subject of terrorism. Shughart said that he and his peers can offer a unique perspective on terrorism—understanding its origins and tactics for dealing with it.
“Counterterrorism is often fighting the last battle—preparing for what’s already happened,” Shughart said. “Our research would be useful to inform policy makers on understanding terrorism—where it originates and why, how terror groups are formed, how they select goals, how they choose targets, how they choose their methods and so on.”
While Shughart thrives on research and writing, it is his teaching that inspires him to do more.
“Lessons of economics have to be learned by every new generation,” said Shughart. “Economists explore the trade-offs individuals face, as well as thinking through not only the direct implications of a choice, but its second- and third-order effects. That’s why it’s important for students to get some basic insights into how the economy works and to understand how economists think.”
Since 1990, Shughart has written nine books on such topics as antitrust policies, tax policy, managerial economics, industrial organization and the New Deal. He also has published more than 180 journal articles, book reviews and chapters. His editorials and other writings have appeared in newspapers from coast to coast and are frequently published statewide in newspapers and business journals.
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