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Seeing China through its economic history - Marginal REVOLUTION
From today’s media, one sometimes receives the impression that a Chinese growth rate below 4 or 6 percent could mean radical instability and a rapid fall of the government, but Chinese history does not show this pattern. That is hardly proof of how things will run in the future, but it should shift our expectations in the direction of greater Chinese political stability.
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june 2017 by nhaliday
Ethics, Quants and Cold-Calling - Bloomberg
As far as I can tell, the pitch for data scientists from Silicon Valley is: "Come work here, you can build advertising models and pretend that you're saving the world," while the pitch for data scientists from Wall Street is: "Come work here, you can build trading models and not have to pretend that you're saving the world." I actually think that is a useful sorting metric, and I know which one I would take.
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may 2017 by nhaliday
Get Ready to See This Globalization 'Elephant Chart' Over and Over Again - Bloomberg
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may 2017 by nhaliday
No, U.S. Manufacturing Isn't Really Booming - Bloomberg View
Current manufacturing output is 41 percent higher than back in the happy days of 1997. That doesn't sound like a decline!

There's a catch, though. As economist Susan N. Houseman of the W.E. Upjohn Institute for Employment Research in Kalamazoo, Michigan, points out, about half of the growth in U.S. manufacturing output since 1997 has been in just one sector: computer and electronics manufacturing.

http://www.pewresearch.org/fact-tank/2017/07/25/most-americans-unaware-that-as-u-s-manufacturing-jobs-have-disappeared-output-has-grown/
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april 2017 by nhaliday
Social Unrest Is France's Biggest Risk - Bloomberg View
The signs of pent-up social discontent are everywhere. Some 63 percent of young French claim to be ready for a "large scale revolt." The head of France’s general directorate for internal security warned, in a parliamentary commission deposition last year, that the country was "on the verge of civil war." The numbers of days lost to strike action is the largest among comparable countries; 40,000 cars are set ablaze annually in France's often ghettoized suburbs. The portion of voters who rejected mainstream political offerings -- over 40 percent -- was higher than at any time in France's modern political history, revealing a much deeper level of discontent than previously acknowledged.
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april 2017 by nhaliday
Open Brain, Insert Ideology - Bloomberg View
Suppose that an authoritarian government decides to embark on a program of curricular reform, with the explicit goal of indoctrinating the nation's high school students. Suppose that it wants to change the curriculum to teach students that their government is good and trustworthy, that their system is democratic and committed to the rule of law, and that free markets are a big problem.

Will such a government succeed? Or will high school students simply roll their eyes?

Questions of this kind have long been debated, but without the benefit of reliable evidence. New research, from Davide Cantoni of the University of Munich and several co-authors, shows that recent curricular reforms in China, explicitly designed to transform students' political views, have mostly worked. The findings offer remarkable evidence about the potential influence of the high school curriculum on what students end up thinking -- and they give us some important insights into contemporary China as well.

Here's the background. Starting in 2001, China decided to engage in a nationwide reform of its curriculum, including significant changes in the textbooks used by students in grades 10, 11 and 12. In that year, China's Ministry of Education stated that education should "form in students a correct worldview, a correct view on life, and a correct value system."

Curriculum and Ideology: https://stanford.edu/~dyang1/pdfs/curriculum_draft.pdf
- David Y. Yang, et al

We study the causal effect of school curricula on students’ political attitudes, exploiting a major textbook reform in China between 2004 and 2010. The sharp, staggered introduction of the new curriculum across provinces allows us to identify its causal effects. We examine government documents articulating desired consequences of the reform, and identify changes in textbooks reflecting these aims. A survey we conducted reveals that the reform was often successful in shaping attitudes, while evidence on behavior is mixed. Studying the new curriculum led to more positive views of China’s governance, changed views on democracy, and increased skepticism toward free markets.
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april 2017 by nhaliday

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