jerryking + rent-seeking   5

Why a Harvard Professor Has Mixed Feelings When Students Take Jobs in Finance - NYTimes.com
APRIL 10, 2015 | NYT | By SENDHIL MULLAINATHAN.

Every profession produces both private returns — the fruits of labor that a person enjoys — and social returns — those that society enjoys. If I set up a shop on Etsy selling photographs, my private returns may be defined as the revenue I generate. The social returns are the pleasure that my photographs provide to my customers....
career_paths  career  Wall_Street  students  economics  Harvard  Colleges_&_Universities  talent  rent-seeking  arbitrage  finance 
april 2015 by jerryking
What is good for a business isn’t necessarily good for the country
Aug. 27 2013 | The Globe and Mail |CHRISTOPHER RAGAN
...Most non-economists probably think economics and business are the same. But anyone who has studied economics knows they are very different. Having done so for about 30 years, I am very comfortable thinking about how markets work, how they often fail to function effectively and how various government policies affect their operation. But I readily admit to having no expertise about product development, marketing campaigns, distribution networks or managing employees.

I only wish more business people admitted to having the opposite ignorance. People successful in their businesses obviously know a lot about running their own companies and dealing with their unique competitive challenges. But many of them believe their business acumen extends to the broader economy. They suffer from the misconception that what is good for their business is good for the country as a whole. And this is where they are terribly wrong.... Adam Smith was crystal clear about business interests, writing in 1776 that “people of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”...Fortunately for us, [James Moore] understands the difference between business interests and the national interest.
Adam_Smith  business_acumen  business_interests  businessman_fallacy  delusions  economics  humility  misconceptions  marketing  national_interests  policymaking  pro-business  product_development  rent-seeking  self-interest 
november 2013 by jerryking
Good leadership is Africa’s missing ingredient
Mar. 04 2013 | The Globe and Mail |Robert Rotberg.

Because so many of sub-Saharan Africa’s 49 countries are preinstitutional, and not yet fully nations, leaders matter immensely, more than they do in the developed world. Leaders call the shots, as they have in most sub-Saharan African countries since independence in the 1960s. They set the ethical tone. If leaders are greedy, as many are, their citizens become more cynical and the quality of governmental discourse suffers enormously.

In Africa and elsewhere, governments are expected by their subjects to provide security and safety, rule of law, open political participation, sustainable economic prospects and a large measure of human development (educational and health opportunities and services).

In states where political institutions are weak, legislatures are subordinate to executives, the media are barely free and the judiciary is subordinate rather than independent, the manner in which leaders behave as presidents and prime ministers is much more decisive than it might be in a fully-formed nation where political institutions work and constrain overweening political executives.

A majority of the countries of sub-Saharan Africa are still controlled by men who are motivated not by what they can do for their people but by what their people can do for them. Such leaders exist to prey on their own citizens, to extract from the body politic corrupt rents and other privileges that benefit the ruler and ruling class, their families, and their cliques or lineages.
leadership  leaders  leadership_development  Africa  CIDA  capacity-building  weak_states  judiciary  institutions  greed  rent-seeking  institutional_integrity  failed_states  sub-Saharan_Africa  Non-Integrating_Gap  autocrats  misgovernance  predatory_practices  developing_countries  independent_judiciary 
march 2013 by jerryking
What kind of nation is a first nation? We need to decide
Doug Saunders

The Globe and Mail (includes correction)

Published Saturday, Jan. 12 2013,

Whatever form it takes, an indigenous nation will generally be what is known as a rentier state: its degree of independence hinges on the extent to which it can extract natural-resource and property rents from its land, as well as grants from outside. So environmentalists who have joined this movement in hopes that sovereign native bands will be better ecological stewards than Ottawa may be disappointed: The most independent and successful post-Indian Act nations could well resemble other post-colonial states with natural resources. The Inuit of Greenland, for example, have concluded that their independence from Denmark can best be achieved through aggressive deep-sea oil drilling.
Doug_Saunders  aboriginals  national_identity  resource_extraction  natives  disappointment  natural_resources  rent-seeking  Greenland 
january 2013 by jerryking

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