180 Matching Annotations
  1. Last 7 days
    1. Perhaps old dogs don't learn new tricks because they are closer to death, and the period to earn a positive return on that investment is shorter.
    2. The same way many social networks track keystone metrics like time to X followers, they should track the ROI on posts for new users. It's likely a leading metric that governs retention or churn. It’s useful as an investor, or even as a curious onlooker to test a social networks by posting varied content from test accounts to gauge the efficiency and fairness of the distribution algorithm.
    3. Social capital is, in many ways, a leading indicator of financial capital, and so its nature bears greater scrutiny. Not only is it good investment or business practice, but analyzing social capital dynamics can help to explain all sorts of online behavior that would otherwise seem irrational.
    1. Despite widespread worries about their ability to compete, Filipinos bought the theory that their farmers' lack of good transportation and high technology would be balanced out by their cheap labor. The government predicted that access to world markets would create a net gain of a half-million farming jobs a year, and improve the country's trade balance.It didn't happen. Small-scale farmers across the Philippine archipelago have discovered that their competitors in places like the United States or Europe do not simply have better seeds, fertilizers and equipment. Their products are also often protected by high tariffs, or underwritten by massive farm subsidies that make them artificially cheap. No matter how small a wage Filipino workers are willing to accept, they cannot compete with agribusinesses afloat on billions of dollars in government welfare.
    2. Harvesting Poverty; The Rigged Trade Game
    1. The role of the IMF and World Bank is also of concern. The conditions placed on their loans often force countries into rapid liberalisation, with scant regard to the impact on the poor.
    2. On the other hand, there are an increasing number of countries in which full-scale trade liberalisation has been applied and then failed to deliver economic growth while allowing domestic markets to be dominated by imports. This often has devastating effects. Zambia and Ghana are both examples of countries in which the opening up of markets has led to sudden falls in rates of growth with sectors being unable to compete with foreign goods. Even in those countries that have experienced overall economic growth as a result of trade liberalisation, poverty has not necessarily been reduced. In Mexico during the first half of the 1990s there was economic growth, yet the number of people living below the poverty line increased by 14 million in the 10 years from the mid-1980s. This was due to the fact that the benefits of a more open market all went to the large commercial operators, with the small concerns being squeezed out. The evidence shows that the benefits that would flow from increased international trade will not materialise if markets are simply left alone. When this happens, liberalisation is used by the rich and powerful international players to make quick gains from short-term investments.
    3. Just look at some examples. Taiwan and South Korea are often held out as being good illustrations of the benefits of trade liberalisation. In fact, they built their international trading strength on the foun dations of government subsidies and heavy investment in infrastructure and skills development while being protected from competition by overseas firms. In more recent years, those countries which have been able to reduce levels of poverty by increasing economic growth - like China, Vietnam, India and Mozambique - have all had high levels of intervention as part of an overall policy of strengthening domestic sectors.
    1. But there's also this: Neither America nor Britain nor the other major Western powers became rich by following these rules themselves. Indeed, China's current strategy is basically a mishmash of what Western countries did from the early 1800s through the end of World War II. "Between 1816 and the end of the Second World War, the U.S. had one of the highest average tariff rates on manufacturing imports in the world," the economist Ha-Joon Chang noted in 2003. Add in the inherent costs of oceanic trade, and "we can say that the U.S. industries were literally the most protected in the world until 1945." It was none other than Alexander Hamilton who made the case for protectionism and direct industrial policy, to lift a young America's living standards. Over its history, the U.S. has used subsidies and industrial policy to support everything from agriculture to transportation to health research. Once it gained its freedom from Britain, America was absolutely shameless about snatching technology and intellectual property from its former colonial master. British entrepreneurs and inventors were paid to resettle in the States, bringing their ideas with them; Americans copied British plans and industrial designs under cover of diplomatic tours; occasionally, America rewarded people for outright stealing tech from Britain. By comparison, China's "forced" technology transfer is pretty tame: It's simply a condition placed on any foreign investor who voluntarily decides to do business in China's domestic market. As for Britain itself, it built up its wool manufacturing in the late 1500s through primitive industrial policy. In the 1700s, it lowered tariffs on imports of raw materials, but raised them on imports of manufactured products — it wanted to keep the resources coming in, but protect its own supply chains. In the mid 1800s, Britain pulled off the original "technology transfer" with China as its victim: Britain sent agents through the country to gather tea plants and seeds and agricultural practices. That allowed Britain to marginalize China in the global tea market and laid much of the economic foundation for the British empire. There's a similar story with different variations for France, Germany, Sweden, and others. In 1885, the German economist Friedrich List acerbically noted that great powers tended to grow their own industries through protectionism, until they were big enough to be basically invulnerable in the global market. Then the they "kicked away the ladder" by converting to free trade policies, and demanding others do the same. That phrase provided the title for Ha-Joon Chang's article. (And later a book.) It also raises the final question: Under the modern free trade regime, is development for poorer countries even possible? The answer appears to be no. Opening up their economies to foreign investors tends to trap developing economies in a pernicious cycle: Investors don't want to turn these countries into industrial powerhouses; they just want to extract cheap labor and natural resources to feed already existing supply chains in the West. That leaves poorer countries providing the world low-cost exports, while importing expensive end products. They get stuck in permanent trade flow imbalances, build up big debts in currencies they don't control, and then the foreign investors panic and pull out. The developing country's economy crashes, and it goes through a decade or so of crushing austerity to pay off its foreign debt and rebalance its trade. Then the whole cycle starts over.
    2. Edit China isn't cheating at trade. It's just running America's old plays.
    1. A tradable permits (a.k.a. cap-and-trade) program sets a specific target or cap on total emissions and allocates or auctions the necessary number of pollution permits or allowances to polluters to meet that goal. Polluters that are able to reduce their emissions more cost-effectively have an incentive to abate more to avoid purchasing allowances or to sell their excess emission allowances to polluters facing higher costs of compliance. Under this type of market-based approach, emission are set by the cap, but the overall compliance costs may be uncertain

      USe for economics slide

    1. A home provides stability and financial predictability

      Financial crisis? Only 10 years ago?

    2. one way that localities could qualify for grants under the Warren bill is by implementing rent stabilization or rent control.

      By making sure renters stay where they are and that landlords cannot get market rent for their properties, it will discourage the building of rental units and encourage the selling of existing rental units.

    3. first-time homebuyers

      Why only first time buyers? Why not renters? If they have been actively disadvantaged by predatory policies in the past, aren't they likely to need more assistance? Also, is this what she means by 'reparations'?

    4. this policy would stand in the way of homes being adapted to meet new needs

      In circumstances where it makes more sense to rent, and there is a potential renter, why prevent that transaction from taking place?

    5. sold to new owner-occupants, rather than to landlords who would rent them out

      Isn't it the owner's property? Why shouldn't they get to decide the highest value use of the property? The bank would sell or rent the foreclosed precisely TO profit from it, especially if the previous owner is no longer able to make payments on the bank; they are losing money on the property if nobody is paying...?

    1. From an economic point of view, this must be one of the oddest projects in the world.. No net gain in floor space for a billion dollar plus privately funded project. This projects exists in one of the most individual economic circumstances in the world. That the CIty of Sydney was unwilling to bend their ridiculous morning Solar Access Plane into Macquarie Park and allow a new tower on Loftus St, leading to this ridiculous FSR swap and wasteful construction... Madness. City of Sydney is the *definition* of champagne socialists. They are too rich, and have too much control over *our* CBD, for a Sydney of 5 million people, not their 250,000 inner city residents.

      Naughty naughty.

  2. Apr 2019
    1. Incredibly complicated and expensive build, fitting within severe planning controls. It's too restrictive, the economics of the Sydney CBD must surely be singularly unique.

    1. The Ministry of Housing and Urban-Rural Development (MOHURD) has turned NIMBY and will announce a nationwide ban on all skyscrapers taller than 500

      What difference will this make to the over-active Chinese real estate property bubble?

  3. Mar 2019
    1. As for why the West has done even worse than Japan, I suspect that it’s about the deep divisions within our societies. In America, conservatives have blocked efforts to fight unemployment out of a general hostility to government, especially a government that does anything to help Those People. In Europe, Germany has insisted on hard money and austerity largely because the German public is intensely hostile to anything that could be called a bailout of southern Europe.
    2. So there are really two questions here. First, why has everyone seemed to get this so wrong? Second, why has the West, with all its famous economists — not to mention the ability to learn from Japan’s woe — made an even worse mess than Japan did?The answer to the first question, I think, is that responding effectively to depression conditions requires abandoning conventional respectability. Policies that would ordinarily be prudent and virtuous, like balancing the budget or taking a firm stand against inflation, become recipes for a deeper slump. And it’s very hard to persuade influential people to make that adjustment — just look at the Washington establishment’s inability to give up on its deficit obsession.
    1. Did Japan actually lose any decades?
    2. Household consumption, rather than total GDP, is an even better comparison, since that’s a closer proxy for living standards of actual people
  4. Feb 2019
    1. But I actually think stock and flow is a useful metaphor for media in the 21st century. Here’s what I mean: Flow is the feed. It’s the posts and the tweets. It’s the stream of daily and sub-daily updates that reminds people you exist. Stock is the durable stuff. It’s the content you produce that’s as interesting in two months (or two years) as it is today. It’s what people discover via search. It’s what spreads slowly but surely, building fans over time.
    1. In this way they have come to dominate what I call “the division of learning in society”, which is now the central organising principle of the 21st-century social order, just as the division of labour was the key organising principle of society in the industrial age.
    2. As it turns out his vision perfectly reflected the history of capitalism, marked by taking things that live outside the market sphere and declaring their new life as market commodities.
    1. Sekera says that “unsubstantiated axioms of mainstream economics have lent pseudo-scientific support” in (quoting James Galbraith) a “purposeful, systemic campaign by private interests to “suck the capacity from government and deplete it of the ability to govern.”

    Tags

    Annotators

    1. were simply too poor to hire instructors who could teach i

      Amazing. This is a noteworthy comment on how economics can also shape knowledge. It's still a hotly debated issue today, with the whole private/charter/public school discourse circling around the intersection of money, resources, and, curriculum.

    1. it does not operate by a thoughtful consideration of local/global tradeoffs, but through the imposition of a singular view as “best for all” in a pseudo-scientific sense

      Similar to how some would "fix" economic inefficiencies with a legible imposed system, instead of just letting the market work.

  5. Jan 2019
    1. We know by now that there is no GreenwichMean Time in knowledge production in the posthuman era.

      To say it another way (although, why do that, when she just knocked it out of the park?) by borrowing an analogy from economics, knowledge production is a series of floating baskets, all fluctuating together. There is no firm base that everything is built on, the structure persists by virtue of its relations of its coherent parts, one to another.

    1. people working at Apple

      read: the executives and high-salary concept engineers "found that it engaged far more of the human personality than the highly ritualized and spiritualized competitive atmosphere at Pepsi" -- let's not forget that Pepsi and Apple are both hugely successful businesses that profit from low-wage labor; whether they're "second wave" or "third wave," the economic outcome is the same: a product consumed by millions of people. I take Lanham's point that the latter emphasizes form in relation to content and flexibility over rigidity, which (debatably) produces a better product (though I agree that a curriculum founded on these principles can produce a better student), but I question the utility in the corporate analogy here. What makes an Apple-flavored student superior to a Pepsi-flavored one? If we accept Lanham's metaphor, aren't both companies successful? Probably splitting more hairs here, but I'm always wary when we start using economic language to describe aspects of life not explicitly related to the market. To his credit Lanham prefaces this paragraph with a nod to not "sentimentalizing the life of a volatile corporation."

  6. Dec 2018
    1. Abneesh Roy, an analyst at Edelweiss Securities, noted that ahead of elections set for early next year, the government could be moving to appease owners of smaller shops that have been hit as customers buy more goods online. “Shopkeepers have been unhappy,” he said. “In an election year, the government will definitely listen more to voters.”

      It's nice to see foreign countries looking at what has happened to coutries like America with the rise of things like e-commerce, actually thinking about them and the longer term implications, and making rules to effect the potential outcomes.

      Now the bigger follow up question is: is this a good thing? Perhaps there won't be the community interruption we've seen in the US, but what do the overall effects look like decades hence? From a community perspective, from a competitive perspective?

    1. In this future, we’re all being asked to accept that the sticker price of our success is indifference to how things turn out for others. Of course, this isn’t a novelty, and it’s barely a disruption; this is how the demands of profit have needed work to be managed for a long time.
  7. Nov 2018
    1. Why racial achievement gaps were so pronounced in affluent school districts is a puzzling question raised by the data.

      Portland, OR: Parents' socioeconomic status broken down by race vs. educational attainment (reading & math).

    2. We’ve long known of the persistent and troublesome academic gap between white students and their black and Hispanic peers in public schools.

      Portland, OR: Parents' socioeconomic status vs. educational attainment (reading & math).

    3. Money, Race and Success: How Your School District Compares

      Statistical comparison of educational measures in relation to income and race.

  8. Oct 2018
    1. From reading this I'm left with the impression that the housing boom was just a housing boom, not a general long-term projects boom, as you would expect from the ABCT.

      Why was housiing and just housing the epicenter of the boom and bust? Or wasn't it?

      If it was just housing, couldn't we explain it (or at least conceive of a different hypothetical scenario) without interest rates even changing? Imagine that the government prints money and uses it to pay companies to build houses -- or creates a special lending program just for houses, but don't messes up with the general interest rate -, wouldn't that have basically the same effect?

      If so, perhaps we should start considering a new ABCT version that just talks about new money being created and going to specific sectors, instead of the whole interest/intertemporal adjustments/hayekian triangles talk. Why is this wrong?

    2. It's not that people switched from buying hot dogs to hamburgers; instead they switched from buying "present consumption" to buying "future consumption."

      What if we said that people switched from buying hot dogs to bonds? Not anything "future", just a bond, today.

      If they switched to hamburgers, that would increase investment in the hamburger industry in expense of the hot dog industry.

      In the same way, if they switch to bonds, that will increase the investment in the "bonds industry", which is basically lending money.

    1. Because the capital structure of the economy becomes internally inconsistent, eventually some entrepreneurs must abandon their projects because there are insufficient capital goods to carry them all to completion.

      This argument have confused me my entire life in all explanations of the Austrian Business Cycle Theory. It is the core of the most famous of all, that Mises story about the master builder who doesn't have enough material to finish the house he's building.

      It is misleading and ultimately wrong because economic goods (in the Menger definition) are always insufficient. In simple terms, given the market price, every good can be obtained.

      What happens after the economy realizes it was in a malinvestment boom, prices of capital goods adjust in a way that they can become too expensive for some projects to be completed profitably.

  9. Sep 2018
    1. Simply put, the modern economy is evolving beyond the constraints of traditional work models. As a society, we are demanding the freedom of flexible work environments. Collectively, we are breaking barriers and smashing limitations, especially when it comes to making a living. The time is ripe for us to champion our own destiny by harnessing the power of the gig economy to spur lasting social change.

      This is all very "uplifting," but this entire paragraph is devoid of meaning. When is it NOT the time to "champion our own destiny?" What does it even mean to "harness the power of the gig economy to spur lasting social change?" What sort of change? People can't afford to live in Silicon Valley. The ethos of the tech companies show that they don't care about the communities of which they are a part.

    2. It is this progressive attitude

      This is a flowery puff piece regarding the gig economy. The supposed "progressive attitude" of piecemeal labor hides the grim reality of people working harder and longer for less. Read some counterpoints to this article's perspective here.

  10. Aug 2018
    1. FAILURE to understand that the roots of economic behavior lie in the realm of consciousness and culture leads to the common mistake of attributing material causes to phenomena that are essentially ideal in nature.
    2. This is not to say that there are not rich people and poor people in the United States, or that the gap between them has not grown in recent years. But the root causes of economic inequality do not have to do with the underlying legal and social structure of our society, which remains fundamentally egalitarian and moderately redistributionist, so much as with the cultural and social characteristics of the groups that make it up, which are in turn the historical legacy of premodern conditions.
    3. But that state of consciousness that permits the growth of liberalism seems to stabilize in the way one would expect at the end of history if it is underwritten by the abundance of a modern free market economy.

      Writers spend an awful lot of time focused too carefully on the free market economy, but don't acknowledge a lot of the major benefits of the non-free market parts which are undertaken and executed often by governments and regulatory environments. (Hacker & Pierson, 2016)

    4. "Protestant" life of wealth and risk over the "Catholic" path of poverty and security.[8]

      Is this simply a restatement of the idea that most of "the interesting things" happen at the border or edge of chaos? The Catholic ethic is firmly inside the stable arena while that of the Protestant ethic is pushing the boundaries.

    5. In general, while I've been reading Stuart Kauffmann's At Home in the Universe, I can't help but thinking about the cascading extinctions he describes and wonder if political extinctions of ideas like Communism or other forms of government or even economies might follow the same types of outcomes described there?

    6. Weber notes that according to any economic theory that posited man as a rational profit-maximizer, raising the piece-work rate should increase labor productivity. But in fact, in many traditional peasant communities, raising the piece-work rate actually had the opposite effect of lowering labor productivity: at the higher rate, a peasant accustomed to earning two and one-half marks per day found he could earn the same amount by working less, and did so because he valued leisure more than income. The choices of leisure over income, or of the militaristic life of the Spartan hoplite over the wealth of the Athenian trader, or even the ascetic life of the early capitalist entrepreneur over that of a traditional leisured aristocrat, cannot possibly be explained by the impersonal working of material forces,

      Science could learn something from this. Science is too far focused on the idealized positive outcomes that it isn't paying attention to the negative outcomes and using that to better define its outline or overall shape. We need to define a scientific opportunity cost and apply it to the negative side of research to better understand and define what we're searching for.

      Of course, how can we define a new scientific method (or amend/extend it) to better take into account negative results--particularly in an age when so many results aren't even reproducible?

    1. Anomie (/ˈænəˌmi/) is a "condition in which society provides little moral guidance to individuals".[1] It is the breakdown of social bonds between an individual and the community, e.g., under unruly scenarios resulting in fragmentation of social identity and rejection of self-regulatory values.

      I can't help but see this definition and think it needs to be applied to economics immediately. In particular I can think of a few quick examples of economic anomie which are artificially covering up a free market and causing issues within individual communities.

      College Textbooks: Here publishers are marketing to professors who assign particular textbooks and subverting students which are the actual market and consumers of those textbooks. This causes an inflated market and has allowed textbook prices to spiral out of control.

      The American Health Care Market In this example, the health care providers (doctors, hospitals, etc.) have been segmented away from their consumers (patients) by intermediary insurance companies which are driving the market to their own good rather than a free-er set of smaller (and importantly local) markets that would be composed of just the sellers and the buyers. As a result, the consumer of health care has no ability to put a particular price on what they're receiving (and typically they rarely ever ask, even more so when they have insurance). This type of economic anomie is causing terrific havoc within the area.

      (Aside: while the majority of health care markets is very small in size (by distance), I will submit that the advent of medical tourism does a bit to widen potential markets, but this segment of the market is tiny and very privileged in comparison.)

    1. Rationality and transparency are the values of classical liberalism. Rationality and transparency are supposed to be what make free markets and democratic elections work. People understand how the system functions, and that allows them to make rational choices.

      But economically, we know there isn't perfect knowledge or perfect rationality (see Tversky and Khaneman). There is rarely every perfect transparency either which makes things much harder, especially in a post-truth society apparenlty.

    2. The National Interest, as the name proclaims, is a realist foreign-policy journal. But Fukuyama’s premise was that nations do share a harmony of interests, and that their convergence on liberal political and economic models was mutually beneficial. Realism imagines nations to be in perpetual competition with one another; Fukuyama was saying that this was no longer going to be the case.

      And here is a bit of the flaw. Countries are still at least in competition with each other economically, at least until they're all on equal footing from a modernity perspective.

      We are definitely still in completion with China and large parts of Europe.

    1. Social scientists explain link formation through two families of mechanisms; one that finds it roots in sociology and the other one in economics. The sociological approach assumes that link formation is connected to the characteristics of individuals and their context. Chief examples of the sociological approach include what I will call the big three sociological link-formation hypotheses. These are: shared social foci, triadic closure, and homophily.
    1. Even in central Ho Chi Minh City, top-end properties are priced US$3,000 to US$5,000 per square metre, well below Bangkok where equivalent properties can cost up to US$7,000 to US$9,000 per square metre, and 5 per cent the price of Hong Kong. Annual rental yield for some high-end apartments in major cities at currently at 7 to 8 per cent, which is 1.5 to 2.5 per cent higher than those in Hong Kong, Bangkok and Singapore, according to Vina Capital.
    1. If OER is free, what hidden costs exist in its production? Making these textbooks is taking me a chunk of time in the off-season.  Thanks to my salaried position, I feel ok about putting in the overtime, but it’s a privilege my colleagues who teach under year-to-year part-time non-contracts can’t afford. Who should be funding OER creation? Institutions? Students? For-profit start-ups? How will you invest time in this project without obscuring the true costs of academic labor? Right now, we pass the corruptly high cost of academic publishing onto the backs of academia’s most vulnerable members: students. But as OER gains steam, we need to come up with funding models that don’t land us back in the same quagmire of exploitation that we were trying to get out of.

      This is a nearly perfect question and something to watch in the coming years.

  11. Jul 2018
    1. For commercial surveillance to be cost effective, it has to socialize all the risks associated with mass surveillance and privatize all the gains.
    1. “INFORMATION RULES”—published in 1999 but still one of the best books on digital economics—Carl Shapiro and Hal Varian, two economists, popularised the term “network effects”,

      I want to get a copy of this book.

  12. Jun 2018
    1. Basically, all token pitches include a line that goes something like this: "There is a fixed supply of tokens. As demand for the token increases, so must the price." This logic fails to take into account the velocity problem
    1. The first practical problem with velocity is that it’s frequently employed as a catch-all to make the two sides of the equation of exchange balance. It often simply captures the error in our estimation of the other variables in the model.
    2. The core thesis of current valuation frameworks is that utility value can be derived by (a) forecasting demand for the underlying resource that a network provisions (the network’s ‘GDP’) and (b) dividing this figure by the monetary base available for its fulfillment to obtain per-unit utility value. Present values can be derived from future expected utility values using conventional discounting. The theoretical framework that nearly all these valuation models employ is the equation of exchange, MV=PQ.
    1. Crypto provides a new mechanism for organizing human activity on a global basis usingprogrammable financial incentives. It’s an opportunity to design information networks which canachieve unprecedented levels of scale by decentralizing the infrastructure, open sourcing thedata, and distributing value more broadly. What we’ve discovered is the native business model ofnetworks – which, as it turns out, encompass the entire economy.
    2. Most of the use cases today involve compensating machine work (transaction processing, filestorage, etc.) with tokens: the building blocks of decentralized applications. But the greatestlong-term opportunity is in networks where tokens are earned by end-users themselves.
    3. We’ve also realized how inefficient the joint-stock equity industry model is at accounting for anddistributing the real value created by online networks. The value of a share of stock is necessarilya function of profits; the price of Twitter’s stock only reflects Twitter Inc’s ability to monetizethe data – and not the actual worth of the service. Tokens solve this inefficiency by derivingfinancial value directly from user demand as opposed to “taxing” by extracting profits.
    1. An underlying theme in much of the work in the field is that existing government regulation of copyright, security, and antitrust is inappropriate in the modern world. For example, information goods, such as news articles and movies, now have zero marginal costs of production and sharing. This has made the redistribution without permission common and has increased competition between providers of information goods.
    1. In ed tech, schools are the customers, but students are the users.

      This also reminds me of the market disconnect between students and their textbooks. Professors are the ones targeted for the "sale" or adoption when the actual purchasers are the students. This causes all kinds of problems in the way the textbook market works and tends to drive prices up--compared to a market in which the student directly chooses their textbook. (And the set up is not too dissimilar to how the healthcare industry works in which the patient (customer) is making a purchase of health care coverage and not actually the health care itself.

  13. May 2018
  14. annotatingausten.sfsuenglishdh.net annotatingausten.sfsuenglishdh.net
    1. ten thousand a year

      Darcy’s income was more than 300 times as much the average per capita income of his time. Translated into today’s currency, Mr. Darcy would have an annual income of over $300,000 (http://www.jasna.org/persuasions/printed/number12/heldman.htm).

  15. Apr 2018
    1. an effective marginal cost of zero

      This aspect of information goods is oft quoted as a distinguishing feature whose existence supports a radically different approach from previous publishing methods.

      It's true that the marginal cost is dramatically decreased with digital publishing. But there's a big difference between "closer to zero than before" and actually zero. The marginal cost of digital information goods is not actually zero. That people are willing to trade their privacy in exchange for someone else bearing the costs of managing information is one piece of evidence of this.

  16. Mar 2018
    1. You could throw the pack away and deactivate your Facebook account altogether. It will get harder the longer you wait — the more photos you post there, or apps you connect to it.

      Links create value over time, and so destroying links typically destroys the value.

  17. Dec 2017
    1. Evolutionary theory looks far, far into the past. From this vantage, pirates were doing what came naturally throughout our history as a species—cooperating within their groups in a way that was rigorously policed and behaving as a corporate unit toward other groups in a way that was adapted to the ecological context.
  18. Nov 2017
    1. „Gość Niedzielny": „Młodzi ludzie nie kryją, że noszenie patriotycznych ciuchów jest z ich strony formą manifestacji poglądów, wręcz swoistym wyznaniem wiary".On Interia: „Rośnie zainteresowanie odzieżą z symboliką patriotyczną. Noszą ją ludzie na ulicach, biegacze w parkach czy celebryci. To już nie jest chwilowa moda".„Polska The Times Plus": „Jedni mówią przy tej okazji o renesansie patriotyzmu, inni o modzie bardzo powierzchownej, bo istotą patriotyzmu jest wnętrze człowieka".

      2017.11 RZ "Red is bed"

    1. Everyone has a right to free speech, but in practice many individuals have very little access to free speech. When we try to address this on platforms, by clamping down on things like harassment or bots, it’s portrayed as “curtailing” free speech, in the same way that making the rich pay more tax or follow regulations is seen by conservatives as “curtailing” economic opportunity.

    1. Now, on to my third problem: I think Angus Maddison may be doing things wrong. I realize this is a rather presumptuous thing to say, but I think it's true. Specifically, the assumption that GDP before 1700 was proportional to agricultural productivity seems to me not to be a good one. The reason is that even in a non-industrial society, there is a potentially huge source of GDP increases: trade. Remember, in a world where output is mostly in the form of commodities (i.e. no increasing returns to scale), the old Ricardian theory of trade makes a lot of sense. Stable ancient empires that could act as free trade zones were probably capable of dramatically increasing their per capita GDP beyond the base provided by the productivity of their land. This is the finding of Ian Morris in Why the West Rules For Now. He constructs a "social development index" that includes things like urbanization and military capabilities, and probably correlates with an ancient region's per capita GDP (it is hard to build cities and make war without producing stuff). He finds dramatic changes in this social development index over the course of the Roman Empire; at its height, Rome seems to have been extremely rich, but a couple centuries earlier or later it was desperately poor. Morris corroborates this index with data on shipwrecks, lead poisoning, and other things that would tend to correlate with output. Basically, Rome saw huge fluctuations in per capita GDP. But it is unlikely that Rome's agricultural productivity changed much over this time. Instead, what probably happened was the rise and fall of cross-Mediterranean trade. If trade could make Rome dramatically richer, and its absence could make Rome dramatically poorer, then Maddison's data set is wrong. Just because most people in 100 AD were farmers does not mean that most people were subsistence farmers. And frankly, I'm not sure how people use Maddison's data set without noticing this fact.

      Trading is very important. The West advantage over China in the past.

  19. Sep 2017
    1. The investment to increase production volume is still in anticipation of future demand — not a response to existing demand.

      Maior insight do mundo.

      Políticas de estímulo à demanda de qualquer coisa podem ter o efeito contrário, até, se aos empreendedores parecer que aquela política se traduzirá em menos demanda futura.

    1. America, money is not speech and corporations are not person. We've done these experiments haven't we?

  20. Aug 2017
  21. Jul 2017
    1. MIT is running a master's program in data, economics, and development policy with unique admission requirements. Anyone can apply after completing five online courses through edX with in-person exams.

      https://micromasters.mit.edu/dedp/

    1. But to focus on the advantages of Vietnam’s geographical location would be to downplay the commitment of the ruling Communist Party’s investment in its own people, with the backing of international development organizations. Since the 1990s the country has borrowed more than $14 billion to revolutionize its national infrastructure, creating the conditions for rapid and sustained growth. This has included rural electrification schemes ensuring that more than 97 percent of households in the countryside have access to mains power – up from less than 50 percent in 1998 – and the extension of the nation’s road transport network. These innovations have supported the huge expansion of the country’s industrial base, powered by workers who have benefited hugely from the government’s investment in education. In standardized math and science testing, Vietnam’s youth now outperform those in the United States and United Kingdom.
    1. The remaining major factor underlying wealth and poverty is the state of the natural environment. All human populations depend to varying degrees on renewable natural resources—especially on forests, water, soils, and seafood. It’s tricky to manage such resources sustainably. Countries that excessively deplete their resources—whether inadvertently or intentionally—tend to impoverish themselves, although the difficulty of estimating accurately the costs of resource destruction causes economists to ignore it. It helps explain why notoriously deforested countries—such as Haiti, Rwanda, Burundi, Madagascar, and Nepal—tend to be notoriously poor and politically unstable.
    2. Thus, geographical latitude acting independently of institutions is an important geographic factor affecting power, prosperity, and poverty. The other important geographic factor is whether an area is accessible to ocean-going ships because it lies either on the sea coast or on a navigable river. It costs roughly seven times more to ship a ton of cargo by land than by sea. That puts landlocked countries at an economic disadvantage, and helps explain why landlocked Bolivia and semilandlocked Paraguay are the poorest countries of South America. It also helps explain why Africa, with no river navigable to the sea for hundreds of miles except the Nile, and with fifteen landlocked nations, is the poorest continent. Eleven of those fifteen landlocked African nations have average incomes of $600 or less; only two countries outside Africa (Afghanistan and Nepal, both also landlocked) are as poor.
    3. Two major factors contribute to the poverty of tropical countries compared to temperate countries: diseases and agricultural productivity. The tropics are notoriously unhealthy. Tropical diseases differ on average from temperate diseases, in several respects. First, there are far more parasitic diseases (such as elephantiasis and schistosomiasis) in tropical areas, because cold temperate winters kill parasite stages outside our bodies, but tropical parasites can thrive outside our bodies all year long. Second, disease vectors, such as mosquitoes and ticks, are far more diverse in tropical than in temperate areas.
    4. The remaining factor contributing to good institutions, of which Acemoglu and Robinson mention some examples, involves another paradox, termed “the curse of natural resources.” One might naively expect countries generously endowed with natural resources (such as minerals, oil, and tropical hardwoods) to be richer than countries poorer in natural resources. In fact, the trend is opposite, the result of the many ways in which national dependence on certain types of natural resources (like diamonds and oil) tends to promote bad institutions, such as corruption, civil wars, inflation, and neglect of education.
    5. An additional factor behind the origin of the good institutions that I discussed above is termed “the reversal of fortune,” and is the subject of Chapter 9 of Why Nations Fail. Among non-European countries colonized by Europeans during the last five hundred years, those that were initially richer and more advanced tend paradoxically to be poorer today. That’s because, in formerly rich countries with dense native populations, such as Peru, Indonesia, and India, Europeans introduced corrupt “extractive” economic institutions, such as forced labor and confiscation of produce, to drain wealth and labor from the natives. (By extractive economic institutions, Acemoglu and Robinson mean practices and policies “designed to extract incomes and wealth from one subset of society [the masses] to benefit a different subset [the governing elite].”)
    6. The various durations of government around the world are linked to the various durations and productivities of farming that was the prerequisite for the rise of governments. For example, Europe began to acquire highly productive agriculture 9,000 years ago and state government by at least 4,000 years ago, but subequatorial Africa acquired less productive agriculture only between 2,000 and 1,800 years ago and state government even more recently. Those historical differences prove to have huge effects on the modern distribution of wealth. Ola Olsson and Douglas Hibbs showed that, on average, nations in which agriculture arose many millennia ago—e.g., European nations—tend to be richer today than nations with a shorter history of agriculture (e.g., subequatorial African nations), and that this factor explains about half of all the modern national variation in wealth. Valerie Bockstette, Areendam Chanda, and Louis Putterman showed further that, if one compares countries that were equally poor fifty years ago (e.g., South Korea and Ghana), the countries with a long history of state government (e.g., South Korea) have on the average been getting rich faster than those with a short history (e.g., Ghana).
    7. There is no doubt that good institutions are important in determining a country’s wealth. But why have some countries ended up with good institutions, while others haven’t? The most important factor behind their emergence is the historical duration of centralized government. Until the rise of the world’s first states, beginning around 3400 BC, all human societies were bands or tribes or chiefdoms, without any of the complex economic institutions of governments. A long history of government doesn’t guarantee good institutions but at least permits them; a short history makes them very unlikely. One can’t just suddenly introduce government institutions and expect people to adopt them and to unlearn their long history of tribal organization.That cruel reality underlies the tragedy of modern nations, such as Papua New Guinea, whose societies were until recently tribal. Oil and mining companies there pay royalties intended for local landowners through village leaders, but the leaders often keep the royalties for themselves. That’s because they have internalized their society’s practice by which clan leaders pursue their personal interests and their own clan’s interests, rather than representing everyone’s interests.
    1. So the logical response to Trumpism is to counter him with someone who can truly challenge the economic status quo, rather than being a mere avatar for such hopes.

      And the final call to action is economic, not cultural. It makes all the earlier handwaving about culture seem beside the point. The models for change here seem contradictory and either/or.

    2. Trump is the product not just of a fluke election or a racist and sexist backlash, but the culmination of late capitalism

      This is what the article could be about if it weren't for the author's distaste for contemporary culture.

    3. The waves that carried a ridiculous TV celebrity to the presidency are being propelled by a deeper current of globalization: the triumph of the unreality industries, the move of manufacturing jobs out of the developed world, and the proliferation of technologies that saturate us with media.

      Burying the lead. At the top of the article, media overload is the culprit. Down here, globalized economics finally enters.

    4. encanaillement

      more distaste for the plebian

    5. the collapse of old bourgeois norms among the rich and powerful, even as class hierarchy remained strong (if not more entrenched than ever)

      Why is this powerful economic factor always made to see like an effect of a cultural project?

  22. May 2017
    1. income

      Mrs. Dashwood and her daughters must live on 500 pounds a year which converts to $50,100.00 into today’s revenue<br> (Lawrence H. Officer and Samuel H. Williamson, Computing 'Real Value' Over Time With a Conversion Between U.K. Pounds and U.S. Dollars, 1774 to Present, MeasuringWorth, 2017.).

    2. His appearance, however, was not unpleasing, in spite of his being in the opinion of Marianne and Margaret an absolute old bachelor, for he was on the wrong side of five-and-thirty;

      This scene shows Marianne and Margaret's critical views on the physical appearance and age of eligible bachelors. Despite the girls' opinions of Colonel Brandon as an unattractive bachelor, his age as an eligible companion was not uncommon during this period due to his stature in society. According to Shoemaker, "In general, the gap in marriage ages increased higher up the social scale. There was a five-year gap among the London middle-class in the early eighteenth century, which extended to as much as ten [years] among the wealthiest groups, such as merchants, the gentry, and the aristocracy" (Shoemaker, Gender in English Society 1650-1850, 92).

  23. annotatingausten.sfsuenglishdh.net annotatingausten.sfsuenglishdh.net
    1. hardly forty.

      Fanny Dashwood seems to be suggesting that age forty is still young and that Mrs. Dashwood will live for several more years, thus earning more payments from the annuity. According to data gathered by Max Roser, the average lifespan for women in 19th Century England was about 45-50 years. https://ourworldindata.org/life-expectancy/

    2. was merely a cottage

      The Dashwood women are reduced to living on £500 a year. This is a drastic change from Norland Park, which is assumed to be a substantially larger living. This would carry the Dashwood women from the gentry to the upper middle-class. A cottage is a realistic option for their new economic status, but is definitely a degradation from their former life.

      http://web.stanford.edu/~steener/su02/english132/conversions.htm

    3. moiety

      "A half, one of two equal parts." (OED)

      Used here to explain that the father has half the control of the fortune while the son will inherit the other half when he comes of age.

    1. economic planning regions

      The Soviet Union’s economy was one that was planned by leaders in the Party. The Gosplan was the agency that was responsible for the central economic planning in the Soviet Union. It was established in 1921 and did not have a large role at first. However, after the October Revolution and Russian Civil War, a large period of economic collapse occurred and a planned economy was necessary to stimulate the economy, increase productivity, and distribute necessary commodities. The Gosplan’s main task was to create and administer a series of 5-year plans that governed the economy of the USSR. The committee was disbanded in 1991 at the dissolution of the Soviet Union.

      Faulhaber, Gerald R., and David J. Farber. "Spectrum management: Property rights, markets, and the commons." Rethinking rights and regulations: institutional responses to new communication technologies (2003): 193-206.

    1. He has only two thousand pounds of his own

      Edward only has 2,000 pounds to his name and if converted in today's pounds it would be 120,558.77 pounds. It would be enough for a year to live comfortably, but not lavishly enough. It would not be enough for economic security in a marriage.

    1. consuming use

      Berger uses the term "non consuming use" to define activities in the wilderness that do not have a lasting impact on nature. He talks about how these non consuming acts are practiced by the Native People and some recreational activities. He contrasts this with the idea that commercial industry exploits the wilderness in a way that permanently affects it. An interesting example to look at here is commercial hunting and fishing practices in the North compared to recreational and indigenous ones. Commercial hunting and fishing operations does not have a decorated history in the Arctic. Whaling practices have led to the collapse of the North Atlantic Right whale which was at one point considered to be the most abundant species in the Arctic. As of today "it is arguably the most threatened large cetacean in the Atlantic Ocean, if not the world, with an estimated minimum population size of 313 animals." This dramatic decrease in population is not only seen in whales but also in many common fish species in the area as well. In 1992 there was a moratorium put on cod fishing in Canada because the population was so over harvested that there was only a few schools left in the ocean. Both of these situation brought a lot of economic hard ship to fishing regions in Canada that relied on these populations for work. The irony in this situation comes from how the large scale fishing operations caused a ban for indigenous populations too even for their comparatively miniscule action.

      Parsons, E.C.M., J. Patrick Rice, and Laleh Sadeghi. "Awareness of whale conservation status and whaling policy in the US--a preliminary study on American Youth." Anthrozoos 23, no. 2 (2010): 119+. Global Reference on the Environment, Energy, and Natural Resources (accessed May 8, 2017).

    1. fifty guineas

      "Named after Guinea in West Africa. A former British gold coin that was first minted in 1663 from gold imported from West Africa...It was replaced by the sovereign from 1817" (OED).

    1. When Alan Greenspan testified before Con gress, he typically did not recount data alone. Rather, he told a story, and it was the story, not the data by themselves, that propagated through the news media because it encapsu lated in easily comprehensible form the mean ing exposed by data collection and analysis

      This is a 2007 paper, so it might be worth taking this example--data and narrative in economics--and consider it in the context of the 2008 Housing Crash. One of the thing that's struck me with retrospectives on the event is how much it emphasizes that the crash came from bad models as much as greed--it was an over reliance on (badly sourced) data instead of heeding things that seemed off as much as the story of willful ignorance of data in favor of a rosy narrative.

  24. Apr 2017
    1. drove about town in very knowing gigs

      A gig is "a light two-wheeled one-horse carriage" (OED). Austen is saying these gigs are very fashionable and flashy. These carriages relate lawyers to the association of wealth. Aoife Byrne states that "gigs in Austen's works highlight their owner's social aspirations, and they illustrate contextual attitudes to those aspirations" (Byrne, "'Very Knowing Gigs': Social Aspiration and the Gig Carriage in Jane Austen's Works," Persuasions: The Jane Austen Journal, vol. 37 (2015)). . For the lawyers that "drove about" in these carriages, Austen is suggesting the connection of carriages relating lawyers to wealth and fashion.

  25. annotatingausten.sfsuenglishdh.net annotatingausten.sfsuenglishdh.net
    1. limited the number of their servants to three

      At Norland, the Dashwoods had well over a dozen servants, but, on an income of only £500, they can only maintain three at Barton cottage. The annual cost for a domestic servant ranged from £12-20. This would mean that Elinor, Marianne, and Margaret would have to help with the housework, where at Norland Park they would never be expected to. This is a significant mark of their altered status and quality of living. http://web.stanford.edu/~steener/su02/english132/conversions.htm

    1. the prospects of a Russian nuclear submarine baseoflE Cienfuegos was not a "crisis" because President Nixon chosenot to employ rhetoric to create one.^

      This, though, I think is pretty interesting. It reminds me of the issues with organizations like the Federal Reserve, who need to cloak everything in secrecy because speaking of the the thing changes the thing.

    1. Overall, department stores employ a third fewer people now than they did in 2001. That’s half a million traditional jobs gone — about eighteen times as many jobs as were lost in coal mining over the same period.

      And this decline is rarely talked about.

  26. Mar 2017
    1. Discussions contained in the Bitnet list PACS-L @UHUPVM 1 suggest that there is some interest in recognizing the Internet as a publica- tion, albeit an amorphous one, that might never- theless be subject to cataloging.

      Recognition of Internet as publication

    1. Nonetheless, the costs of disseminating one’s best work on an SDG are considerable.Academic success demands that scholars make contributions to the body of knowledge intheir research area. However, electronic outlets like SDGs provide little basis upon which tovalidate this success. SDGs have not been in existence long enough to instill confidence intheir institutional permanence. This is further complicated by ambiguous copyright law andcitation conventions, making the establishment of one’s claim to original ideas unclear.Unlike electronic journals, it is still unclear how institutional rewards will be distributed forthe kind of collaborative electronic scholarship takes place in ListServ-based communities.Unless lists gain more of a scholarly legitimacy, it is likely that little of traditional academicvalue, or that which can compete with the more traditional forms of scholarly production

      Problem with listservs as academic dissemination means

    Tags

    Annotators

    1. economic religion of our time
      When Berger refers to the "economic religion of our time" he is talking about the problem of consumption that we have. Most of the industrial revolution was driven on the back of the need for consumption. This incessant need for better and newer goods causes countless problems in today's world from  economic collapses to environmental destruction. It is this need for consumption and expansion that caused many of the issues in the Arctic. Oil and gas companies looking for new places to drill caused massive environmental destruction in the region. Not to say that the Inuit people do not enjoy the luxury of modern goods, but it has been seen, like in many indigenous people, that they do not have the same need for these items. In the Inuit culture they believe that living off the land and avoiding modern day luxuries is an important part of self-growth. They believe that "living off the land creates intelligent and moral persons. Individuals develop isuma (reason, capacity to think) through facing the elements of sea, snow, ice, and wind." This philosophy can be seen throughout many indigenous people all around the world. This Inuit in particular believe that excess consumption leads to people being soft and further removed from the historic Inuit culture. This is definitely a legitimate position for them because so many problems have been caused in their societies from the need for consumption of "white people".  The economic religion of our time is one with dramatic consequences and tremendous benefits as well. No one can deny that this need for consumption has driven our society to many great discoveries and inventions that have made life better. But it has definitely come at the cost of certain populations.  
      

      Edmund (Ned) Searles (2010): Placing Identity: Town, Land, and Authenticity in Nunavut, Canada, Acta Borealia, 27:2, 151-166

  27. Feb 2017
    1. geographical mobility in America has been on the decline for three decades

      How much of this decline is due to an increase in the numbers of remote workers?

    1. His Senior year at CCNY, Arrow took the advanced course on relational logic taught by Alfred Tarski, where the eminent philosopher took pains to reintroduce the ideas of Charles Sanders Peirce, the greatest yet most neglected American philosopher.
    1. Maybe the boss has one hundred employees. Each of these employees only has one job. If the boss decides she dislikes an employee, she can drive her to quit and still be 99% as productive while she looks for a replacement; once the replacement is found, the company will go on exactly as smoothly as before.

      This guy know nothing of economics. He thinks productivity of a single firm is actually, in the real world, a Cobb-Douglas function. Also he thinks the world is made of big companies only.

    1. "Polite" classical education continued, needless to say, in schools for the upper classes and in the traditional universities.

      But think about how this creates a divide in rhetorical understanding between class (and other socioeconomic divisions i.e. gender and race), especially in regards to the question of rhetorical definition. If one group of people is learning about language, philosophy, religion, etc. in the Classical sense and another in the vernacular sense, then will they end up having the same understanding of rhetoric? I would guess not. It would seem that rhetoric at the end of the eighteenth century (and onward) cannot be properly examined without considering a certain dimension of economic influence, especially in regards to class tension.

    1. where they were able to live comfortably on their inherited income,

      Enough to afford a Room of One's Own, at least. Relevant to what we'll be reading later with Virginia Woolf that Grimke and Douglass needed some kind of financial support (inheritance, wealthy abolitionist patrons) that lets them develop as writers/speakers.

    1. In recent years, federal regulators shopping undercover have found about 1 in 4 funeral homes break the rule and fail to disclose price information.

      I wonder if they will disclose prices if you tell them that you know about the rule?

    2. "And she said that she had spent pretty much all day on the phone and on the Internet, simply trying to price funeral services, and she couldn't do it. She actually just couldn't get a straight answer about what products and services were being offered and how much they cost."

      Inexcusable!

    3. consumers spend an extra $1,900, on average when they buy a package, versus an "a la carte" funeral.

      I'm not surprised. Why would they discount?

    4. The Houston-based firm claims 16 percent of the $19 billion North American death care market, which includes the U.S. and Canada. Company documents say it has 24,000 employees and is the largest owner of funeral homes and cemeteries in the world.

      Wow, this seems like it would be unfair competition.

    5. In a months-long investigation into pricing and marketing in the funeral business, also known as the death care industry, NPR spoke with funeral directors, consumers and regulators. We collected price information from around the country and visited providers. We found a confusing, unhelpful system that seems designed to be impenetrable by average consumers, who must make costly decisions at a time of grief and financial stress.

      This is just shameful and should not be allowed to stand.

  28. Dec 2016
    1. where’s the positive evidence of what they’re claiming

      Where? Do you mean you want a NUMERIC MEASUREMENT that proves capital can't be measure numerically?

  29. Nov 2016
    1. As objeções que Krugman levanta aqui são sintomáticas de pessoas que raciocinam com as mesmas fórmulas Y = I + C + G, MV = PQ etc.

      Tudo bem que não há outras fórmulas, austríacas, para se oporem a essas como melhores e mais corretas, mas por que diabos o Krugman (e todos esses economistas que não passam nem perto de entender a teoria austríaca) pensaria que alguém, usando a mesma fórmula, chegaria a conclusões diferentes? Isso seria um absurdo lógico.

  30. Oct 2016
    1. Twenty five hundred years ago the pressure of trade forced the minting of the first coins. Eleven hundred years ago the weight of all those coins forced the printing of paper money. Seven hundred years ago the challenges of international trade forced the development of bills of exchange. And fifty years ago the mainframes gave birth to the credit revolution.

      Right now we’re on the cusp of a similar revolution. Because our smartphones want our money. They don’t want to have to talk to a bank for an authorisation. They just want to hand over the cash. But they can’t, because we haven’t got money that fits into a smartphone. Yet.

      Sometime in the next few years, one of these big central banks is going to introduce its own blockchain-based money — blockchain money issued by a government. It’s been nicknamed ‘fedcoin’.

  31. Jul 2016
    1. Within the workings of the informal economy bullying and violence is rife. The harshness of these conditions, and the sword of damocles of deportation, is precisely why this labour is so cheap, and so many businesses opt for it. Bullying makes workers subservient, and scares them away from industrial organising (although there are now amazing unions now fighting for workers in these sectors - the IWGB, IWW, and UVW.) It is not just those businesses that do well out of this exploitation. It makes things cheaper for everyone, and oils the cogs of the whole economy. Many people are happy to reap this work’s benefits without ever taking responsibility for the suffering it causes. 
    1. Uber is synonymous with its “surge pricing” policy—when cars are scarce and rides in high demand, users are warned that the cost of a ride may be much higher than normal. It’s then up to them whether to pay the premium or find another way to get where they’re going.
  32. Jun 2016
    1. Instead they would be dismissed as being a waste of a colleague's time, or as beside the point, or as uninformed, or simply as unprofessional. This last judgment would not be a casual one; to be unprofessional is not simply to have violated some external rule or piece of decorum. It is to have ig- nored (and by ignoring flouted) the process by which the institution determines the conditions under which its rewards will be given or withheld. These conditions are nowhere written down, but they are understood by everyone who works in the field and, indeed, any understanding one might have of the field is inseparable from (because it will have been produced by) an awareness, often tacit, of these con- ditions

      On the role of professionalism in enforcing community standards:

      [T]o be unprofessional is not simply to have violated some external rule or piece of decorum. It is to have ignored (and by ignoring flouted) the process by which the institution determines the conditions under which its rewards will be given or withheld. These conditions are nowhere written down, but they are understood by everyone who works in the field and, indeed, any understanding one might have of the field is inseparable from (because it will have been produced by) an awareness, often tacit, of these conditions

      This is very applicable to scientific authorship

    1. ow, for instance, should a promotion andtenure committee view the contribution of the 99th listedauthor on a particle physics paper or the 36th author on agenome sequencing study? What may seem to constitute aminiscule portion of a single journal article may, in fact,have consumed a significant amount of that individual’sprofessional time and energy. T

      what is value of middle authorship?

    2. Under the standard model, the rights and responsibilitiesof authorship are clearly apprehended by all parties: authors,editors, referees, and readers. In appending my name to thisarticle I am nailing my colors to mast; if the article attractscritical approval, is discussed, quoted, and, in due course,cited in the scholarly literature, I shall be happy to bank thesymbolic capital which accrues to me as author and origi-nator. If the paper is challenged because of exiguity oftheoretical, historical, or empirical heft, I shall simply haveto face the music: there are no coauthors to help deflectcriticism. Likewise, if I am challenged for drawing toosparingly, selectively, or generously on the ideas and workof others, I understand the possible consequences. However,I have chosen not to hide behind the cloak of anonymity, orbypass the rigors of peer review by posting a version of thispaper on my Web site; rather, I want to publicize my ideasamong my peers, and the best way to do that, and signify mytrustworthiness, is to pursue publication in an accreditedforum. As a serial author, I am fully cognizant of the rightsand responsibilities of authorship. I understand the norms ofscholarly publishing, and I am aware of the sanctions thatmay be invoked if infractions occur. Should the argumentsin this paper prove flawed, no one but myself is to blame,and that includes those whom I have named in the acknowl-edgments section. If the paper attracts attention, I shall behappy to bask in the glow.

      Great discussion of why scientists/scholars author and what they accept and risk as a result

    1. According to federal rules, temporary visas known as H-1Bs are for foreigners with “a body of specialized knowledge” not readily available in the labor market. The visas should be granted only when they will not undercut the wages or “adversely affect the working conditions” of Americans.But in the past five years, through loopholes in the rules, tens of thousands of American workers have been replaced by foreigners on H-1B and other temporary visas, according to Prof. Hal Salzman, a labor force expert at Rutgers University.
    1. d. A stu-dent’s grade is a signal to future employers about thestudents’ ability, therefore, students want to maximize thegrade that they receive in a class. The goal of the pro-fessor/administrator, hereafter called the professor, is toassign grades that maximize the informational learning ofthe students. Students generally want to put in the leastamount of effort to earn a given grade—the measure ofthe knowledge that the student has mastered in the class.8The professor wants to maximize the signal that the gradegives to future employers, i.e. to have the student earn thehighest grade, but does not want to lower the amount ofknowledge that the students are required to lear

      A model of the economics of grading:

      -grades are signals to others about ability -grades are also a way of signaling to students about performance (feedback) -students want to maximise grades to signal ability -professors want high informational quality of grade (and optionally) the signal value to others -students want the maximum grade they can get for the effort they put in (grade inflation) -professors want the greatest possible learning for the grade (grade deflation).

    1. Nowhere are there as many bullshit jobs, however, as in Silicon Valley. A survey of 5,000 software developers and engineers last year found that, in the words of The Economist, “many of them feel alienated, trapped, underappreciated and otherwise discombobulated.” Only 19% of tech employees say they are satisfied with their jobs. A mere 17% feel