Most economists only occasionally give lectures to something like the Rotary Club. I am suggesting that this aspect of professional life be sharply increased. Furthermore, I am suggesting that you become an expert on some rather obscure topic instead of giving your lecture to the Rotary Club on what is right or what is wrong with Reaganomics. This is indeed a change from the normal academic life but not a gigantic one. I am not suggesting that you devote immense amounts of time to these joint projects, merely that you do indeed devote some time to them. In a way it may be a pleasant change from the more profound and difficult work that I am sure mainly occupies your time.Bottom Line: I'm glad to have such a distinguished thinker as an inspiration for my work.
Even if there were no beneficial impact on your career, nevertheless, I would urge it on you. All of us are, to some minor extent, charitable and this is a particularly convenient way for economists to work out their charitable feelings. Getting rid of the British Columbia Egg Board* might not impress you as a major accomplishment, but individuals can expect to have only small impacts on the massive structure that we call modern society. It is likely that you will do more good for the world by concentrating on abolishing some such organization in your locality than the average person does—indeed, very much more. It is an unusual form of charity, but a form in which the payoff would be high. But although such work falls squarely in the path of virtue, it also has positive payoffs. You can, to repeat my title, do well while you are doing good.
* The BCEMB, sadly, is still screwing Canadians ... just as the milk and alcohol boards are.