nhaliday + org:davos   49

Returns to skills around the world: Evidence from PIAAC
https://twitter.com/pnin1957/status/918110589578293250
https://archive.is/901g4
Age differences in individual returns to numeracy skills. At age 20-24, a standard deviation higher test score predicts a 7% boost in hourly wages, while at age 40-44 the boost is almost 20%.

only OECD countries

developing world:
The relationship between school performance and future wages in Brazil: http://www.sciencedirect.com/science/article/pii/S1517758014000265
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october 2017 by nhaliday
Dead Souls: The Denationalization of the American Elite
- Huntington, 2004

https://twitter.com/tcjfs/status/889953571650891776

The views of the general public on issues of national identity differ significantly from those of many elites. The public, overall, is concerned with physical security but also with societal security, which involves the sustainability--within acceptable conditions for evolution--of existing patterns of language, culture, association, religion and national identity. For many elites, these concerns are secondary to participating in the global economy, supporting international trade and migration, strengthening international institutions, promoting American values abroad, and encouraging minority identities and cultures at home. The central distinction between the public and elites is not isolationism versus internationalism, but nationalism versus cosmopolitanism.

...

Estimated to number about 20 million in 2000, of whom 40 percent were American, this elite is expected to double in size by 2010. Comprising fewer than 4 percent of the American people, these transnationalists have little need for national loyalty, view national boundaries as obstacles that thankfully are vanishing, and see national governments as residues from the past whose only useful function is to facilitate the elite's global operations. In the coming years, one corporation executive confidently predicted, "the only people who will care about national boundaries are politicians."

...

In August 1804, Walter Scott finished writing The Lay of the Last Minstrel. Therein, he
asked whether

"Breathes there the man with soul so dead
Who never to himself hath said:
'This is my own, my native Land?'
Whose heart hath ne'er within him burned
As home his footsteps he hath turned, . . .
From wandering on a foreign strand?"

A contemporary answer to Scott's question is: Yes, the number of dead souls is small
but growing among America's business, professional, intellectual and academic elites.
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july 2017 by nhaliday
Is the U.S. Aggregate Production Function Cobb-Douglas? New Estimates of the Elasticity of Substitution∗
world-wide: http://www.socsci.uci.edu/~duffy/papers/jeg2.pdf
https://www.weforum.org/agenda/2016/01/is-the-us-labour-share-as-constant-as-we-thought
https://www.economicdynamics.org/meetpapers/2015/paper_844.pdf
We find that IPP capital entirely explains the observed decline of the US labor share, which otherwise is secularly constant over the past 65 years for structures and equipment capital. The labor share decline simply reflects the fact that the US economy is undergoing a transition toward a larger IPP sector.
https://ideas.repec.org/p/red/sed015/844.html
http://www.robertdkirkby.com/blog/2015/summary-of-piketty-i/
https://www.brookings.edu/bpea-articles/deciphering-the-fall-and-rise-in-the-net-capital-share/
The Fall of the Labor Share and the Rise of Superstar Firms: http://www.nber.org/papers/w23396
The Decline of the U.S. Labor Share: https://www.brookings.edu/wp-content/uploads/2016/07/2013b_elsby_labor_share.pdf
Table 2 has industry disaggregation
Estimating the U.S. labor share: https://www.bls.gov/opub/mlr/2017/article/estimating-the-us-labor-share.htm

Why Workers Are Losing to Capitalists: https://www.bloomberg.com/view/articles/2017-09-20/why-workers-are-losing-to-capitalists
Automation and offshoring may be conspiring to reduce labor's share of income.
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july 2017 by nhaliday
Why China Cannot Rise Peacefully - YouTube
- unexpected accent/tone lol
- principles: states as unit of action/global anarchy, uncertainty (fog-of-war), states as rational, selfish actors
- consequences: need to become as powerful as possible, regional hegemon, prevent peer competitors (no other regional hegemon in world, eg, China)
- future: China as giant Hong Kong
- future coalition: India, Japan, Russia, Vietnam, Singapore, South Korea, and the USA
- does he actually think Brazil coulda gotten as powerful as the US? lol.
- his summary of American grand strategy (lol):
1. Europe (great powers)
2. NE Asia (great powers)
3. Persian Gulf (oil)
- "Europe will become distant 3rd, Europe is a museum, lotta old people." lol
- "not gonna help us with Asia, got their own problems, bankrupting themselves"
- counterarguments: "not gonna grow, China's a Confucian culture (don't pay attention to those), economic interdependence." doesn't buy the last either.
- best counterarguments: nuclear deterrence, economic interdependence, "age of nationalism"
- mass-murder usually strategic (eg, maintaining power) not ideological

debate: https://www.youtube.com/watch?v=kd-1LymXXX0

interview: https://www.youtube.com/watch?v=yXSkY4QKDlA
- Clinton's a realist
- plenty of economic independence prior to world wars
- nukes makes WW3 unlikely, but do not rule out limited war (eg, over East/South China Sea)
- Confucian pacifism argument is ahistorical
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may 2017 by nhaliday
Secular decline in testosterone levels - Rogue Health and Fitness
A Population-Level Decline in Serum Testosterone Levels in American Men: http://sci-hub.tw/10.1210/jc.2006-1375
Secular trends in sex hormones and fractures in men and women: http://www.eje-online.org/content/166/5/887.full.pdf
https://twitter.com/toad_spotted/status/984543033285898246
https://archive.is/dcruu
Small n and older sample, but interesting that while testosterone decreases have been large for men they’ve been even larger (in % terms) for women; wonder if this contributes to declining pregnancy and sexual frequency, rising depression.

https://www.labcorp.com/assets/11476
http://www.theamericanconservative.com/articles/sperm-killers-and-rising-male-infertility/
https://www.theguardian.com/lifeandstyle/2017/jul/25/sperm-counts-among-western-men-have-halved-in-last-40-years-study
https://www.weforum.org/agenda/2017/08/most-men-in-the-us-and-europe-could-be-infertile-by-2060
Strangelove: https://youtu.be/N1KvgtEnABY?t=67

https://www.scientificamerican.com/article/sperm-count-dropping-in-western-world/
https://news.ycombinator.com/item?id=14855796
https://news.ycombinator.com/item?id=14857588
People offering human-centric explanations like cell phones: Note also that the sperm quality of dogs has decreased 30% since 1988.

mendelian rand.:
https://www.ncbi.nlm.nih.gov/pubmed/28448539
1 SD genetically instrumented increase in BMI was associated with a 0.25 SD decrease in serum testosterone
https://twitter.com/SilverVVulpes/status/857902555489341441

Ibuprofen linked to male infertility: study: https://nypost.com/2018/01/08/ibuprofen-linked-to-male-infertility-study/
http://www.pnas.org/content/115/4/E715.full

Tucker Carlson: "Men Seem To Be Becoming Less Male": https://www.realclearpolitics.com/video/2018/03/08/tucker_carlson_men_seem_to_be_becoming_less_male.html
Carlson interviewed Dr. Jordan Peterson who blamed the "insidious" movement being driven by the "radical left" that teaches there a problem of "toxic masculinity." He said ideological policies focus on "de-emphasizing masculinity may be part of the problem."

...

Those are the numbers. They paint a very clear picture: American men are failing, in body, mind and spirit. This is a crisis. Yet our leaders pretend it’s not happening. They tell us the opposite is true: Women are victims, men are oppressors. To question that assumption is to risk punishment. Even as women far outpace men in higher education, virtually every college campus supports a women’s studies department, whose core goal is to attack male power. Our politicians and business leaders internalize and amplify that message. Men are privileged. Women are oppressed. Hire and promote and reward accordingly.

https://pinboard.in/u:nhaliday/b:bd7b0a50d741
But it also hints at an almost opposite take: average testosterone levels have been falling for decades, so at this point these businessmen would be the only “normal” (by 1950s standards) men out there, and everyone else would be unprecedently risk-averse and boring.
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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
Liberalism's Future by R. R. Reno | Articles | First Things
The survey was designed to expose two ranges of preferences. The first concerns how individuals rank their self-interest as compared to the interests of others. A fair-minded person sees them as equal. A selfish person is more likely to prefer his own interests. An “intermediate” person (the term the research paper uses) falls in between. The second preference concerns the relative importance of equality as compared to efficiency. A person who favors equality is willing to accept lower efficiency, while those who favor efficiency focus on growing the pie rather than cutting it evenly.

About half the Yale Law students are intermediates, people who give themselves a bit of a preference. The other half tilts strongly in the direction of the selfish. When it comes to equality or efficiency, which is to say, pie growing, the Yale Law students overwhelmingly opt for the latter.

To illuminate these results, the researchers did some comparative work. They mined data about under­graduates from the University of California at Berkeley. Then they looked at Americans in general.

The comparative results are fascinating. Under­graduates at the University of California at Berkeley tilt even more strongly in the selfish direction than the Yale Law students. They’re also efficiency-focused, though less so. The general population, by contrast, shows markedly different preferences. They’re significantly more likely to be fair-minded than selfish. They’re also more likely to favor cutting the pie equally rather than emphasizing efficiency to grow the pie.

...

The remarkable preference for efficiency we see in the overwhelmingly Democratic student body at Yale Law School also sheds light on today’s progressive priorities, which focus on identity politics, especially sexual identity. Gay rights are favored by rich liberals in large part because they’re seen as a cost-free way toward greater equality. There are lots of well-educated gays and les­bians who look, act, and think just like other elites. Sexual ­orientation “diversity” requires no bending of meritocratic rules, no set-asides, and no expensive, large-scale government programs.

...

I regret that places like Yale now use young people in such transparent ways: minorities bring “diversity,” rich kids keep the money flowing, foreign students facilitate the formation of a new global network, and meritocratic winners ensure “excellence.” There’s something intrinsically ugly about engineered “communities,” especially ones engineered for the purpose of maintaining and extending power. (Why would anyone concerned about the future of our society give money to these universities?)

So I wish Yale President Peter Salovey the worst. May the universities continue on their trajectory toward becoming rigid, mechanical, and artificial communities dominated by rent-seeking faculty, populated by alienated students, and governed by feckless administrators. Such institutions cannot attract loyalty, and they cannot create a culture for the future.

https://spottedtoad.wordpress.com/2016/01/22/chris-eisgruber-and-the-inversion-of-power/
In some ways, this is a natural evolution of the increasing importance that racial inclusion has taken on in academic environments. Since the civil rights movement, racial inclusion has in the United States been the central measure of whether an institution has stood by its ethical commitments. Universities and academics were, more than any other institutions, the ones that pursued and promoted that measure of legitimacy, as it was meanwhile incorporated into law in the form of disparate impact legislation and a large portion of federal regulations; clearly their commitment to that ideology extends beyond affirmative action in admissions. Universities seemingly sincerely believe that their role in the world would diminish if they were seen to be non-inclusive institutions. (Seen to be is perhaps the operative term here, since visible diversity is what is most important.) When that ideology turns against the institution itself, what can a college president do but bow before it?

But there probably is still one more source of the inversion of power. Colleges and Universities garner an increasing portion of their donations not from the ordinary millionaires of old, but from the mega-rich created by our New Gilded Age. While the merely rich probably swing conservative in their political beliefs, this is not at all clear of the very richest people in the world; Carlos Slim, for example, #2 on the 2014 list, is the largest shareholder in the New York Times whose editorial board endorsed the protesters, and speakers aligned with the Black Lives Matters protests are have been regular guests at Aspen Ideas, Davos, and similar gatherings of the global rich. Whether Eisgruber is bowing before an impassioned undergraduate– or before the Davos Set’s priorities– is hard to know.
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april 2017 by nhaliday
Harry Dexter White - Wikipedia
Harry Dexter White (October 9, 1892 – August 16, 1948) was an American economist and senior U.S. Treasury department official. Working closely with the Secretary of the Treasury Henry Morgenthau, Jr., he helped set American financial policy toward the Allies of World War II while at the same time he passed numerous secrets to the Soviet Union.[1] He was the senior American official at the 1944 Bretton Woods conference, that established the postwar economic order. He dominated the conference and imposed his vision of post-war financial institutions over the objections of John Maynard Keynes, the British representative. At Bretton Woods, White was a major architect of the International Monetary Fund and World Bank.

White was accused in 1948 of spying for the Soviet Union, which he adamantly denied, and then suddenly died of a heart attack. His guilt was later confirmed by declassified FBI documents related to the interception and decoding of Soviet communications, known as the Venona Project.[2]
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march 2017 by nhaliday
Culture and Institutions - American Economic Association
Importing people is not like importing apples: http://worthwhile.typepad.com/worthwhile_canadian_initi/2016/02/importing-people-is-not-like-importing-apples.html
"Total Factor Productivity" is not some geological feature like the Canadian shield. There has to be a reason why some countries are rich and other countries are basket cases, and unless you are lucky enough to find yourselves sitting on great reservoirs of oil that someone else will pay you to pump out of the ground, that reason seems to have something to do with social/economic institutions, and social/economic institutions seem to have something to do with people.

If you have a model which treats Total Factor Productivity as exogenous, then yes, if "resources" flow from places with low TFP to places with high TFP, as they will if the invisible hand is allowed to operate, that would be a Good Thing. But you need to stop and ask: "Hang on. I wonder why TFP is higher in some places than in others?" Which should lead you to the next question: "I wonder if TFP really would be exogenous to the sort of policy experiment I'm using my model for?". Which should lead you to the next question: "I wonder if social/economic institutions really would be exogenous to the sort of policy experiment I'm using my model for?"

How exactly will social/economic institutions change when we import people? God only knows. They might change for the better; they might change for the worse. It depends on them; it depends on us. But they almost certainly will change. And if you can't even see that question, and wonder about it, then you really are missing something that even the great unwashed uneducated rabble can see. And the great unwashed uneducated rabble are going to put even less credence on what you intellectual elites are telling them they ought to think.

Migration is complicated. Don’t pretend it’s not: https://www.spectator.co.uk/2017/09/migration-is-complicated-dont-pretend-its-not/
The concept of freedom of movement is quite different to that of the freedom of goods.

I expect you’ve already noticed it, but in case you’ve been living in a cave or an economics faculty for the past ten years, I’ll repeat it. Goods are not like people. Goods only move wherever they are needed. They don’t come laden with an attachment to a homeland or a social network. Your Bosch dishwasher doesn’t pine for its washing-machine mates back in Stuttgart. Your Ikea sofa doesn’t claim benefits. If you buy a Mercedes, you don’t suddenly find two Audis and a Volkswagen turning up on your drive claiming to be close relatives and demanding to live in your garage.
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march 2017 by nhaliday
Book Review: How Asia Works by Joe Studwell | Don't Worry About the Vase
1. Thou shalt enact real land reform.
2. Thou shalt protect infant industries and enforce upon them export discipline.
3. Thou shalt repress and direct thine financial system.

export discipline = see what price foreigners will buy product for

Garett Jones agrees: https://twitter.com/GarettJones/status/902579701968928771
https://archive.is/AlKxq
Park Chung Hee's brutal combination in SK of hardening the budget constraint while dangling incentives in front of top exporters was key IMO
By dangling the incentives before *exporters*, Park gave them an incentive to please customers who couldn't be bribed or shamed into buying.
and keeping the militant unions in check :-)
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february 2017 by nhaliday
Trumpism and the Davos Man | Online Only | n+1
The global elite now openly admires authoritarian capitalism.

...

China’s rapid growth has inspired a similar taste for unconventional ideas. For the Western establishment, modern China is both an exotic political success case that flouts the wisdom of liberalism and a tribute to the ability of the Bretton Woods system to lift entire nations and fold them into the international community. Since the success of the Beijing Olympics in 2008, Davos has been particularly fond of borrowing authoritarian capitalist ideas for the West’s political reform agenda.

A typical contemporary example is the Berggruen Institute. Founded by Nicolas Berggruen, a billionaire who made his fortune by investing seed money from his art collector father into distressed companies, and Nathan Gardels, editor-in-chief of the WorldPost, the Institute hosts mini-Davos gatherings year round, all over the world. While the think tank tackles many governance issues, Berggruen and Gardels are personally invested in designing the “perfect” political system for the world. Their 2012 book Intelligent Governance for the 21st Century argues that the ideal government for Globalization 2.0 is one that is a “hybrid, ‘mixed constitutional’ template of ‘intelligent governance’ that seeks to incorporate the proven best practices of [the US and Chinese political systems]—competent government guided by cool deliberation and talent married to the self-correcting qualities of democratic feedback and accountability.” Essentially, this government amounts to a combination of Chinese meritocracy through the civil service, the dual houses of British parliament, and an executive insulated from the pressures of direct democracy. Meanwhile, the people can participate through social media. (This was back when Weibo, China’s Twitter, held the promise of being able to effect change from the grassroots. The government cracked down on Weibo the following year.) Prominent members of the Davos caste, Berggruen and Gardels have arguably done the most (outside of China itself) to promote the soft power of the country’s autocratic system.
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january 2017 by nhaliday
GINI index (World Bank estimate) | Data
Gini in the bottle: https://www.economist.com/blogs/democracyinamerica/2013/11/inequality-america
The figure and its data come from Janet Gornick, the director of a CUNY research centre on international inequality. The dark-blue lines tell a now-familiar tale: America boasts the highest post-tax-and-transfer income inequality of any highly developed country in the world. The metric at play is a number between 0 and 1 known as the Gini coefficient. In a hypothetical country with a coefficient of 0, everyone has exactly the same income, while a nation with a coefficient of 1.0 is home to one fat cat who takes everything while everyone else earns nil. At 0.42, America’s level of post-tax-and-transfer inequality outranks Israel, Britain and Canada, and dwarfs the figures in Japan and Scandinavia.
Ms Gornick’s light-blue lines reveal a less well-reported story. Those lines show pre-tax-and-transfer income inequality, and on that count America doesn’t fare badly in comparison to other OECD countries. At 0.57, America is neck-and-neck with Spain and every Scandinavian nation, and less unequal than Britain, Greece and Ireland. But the American taxation and welfare state clips only 0.15 off of the pre-tax-and-transfer Gini coefficient, while more aggressively egalitarian countries slice off 0.20 (Luxembourg, Norway), 0.24 (Germany, the Netherlands, Sweden) or 0.28 (Ireland).
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january 2017 by nhaliday
The intelligent inheriting the earth | EVOLVING ECONOMICS
Will the intelligent inherit the earth? IQ and time preference in the global economy: http://mason.gmu.edu/~gjonesb/IITE.pdf
IQ in the Utility Function: Cognitive skills, time preference, and cross-country differences in savings rates: http://mason.gmu.edu/~gjonesb/IQsavings.pdf

"Thus, all countries except the most patient have negative net worth and negative holdings of net foreign assets: the most patient country holds title to all capital flows from the less patient. Consumption per unit of effective labor approaches zero (kept from zero consumption only by the Inada condition) because income flows are devoted to debt repayment. Indeed, in steady state all but the most patient country have savings rates near 100%—but these savings are mere debt repayments to the most patient country. In this steady state, the most patient country (or more realistically, countries) would continue to consume a non-negligible amount and would have the lowest savings rate(s) in the world."

China’s Creditor Imperialism: https://www.project-syndicate.org/commentary/china-sri-lanka-hambantota-port-debt-by-brahma-chellaney-2017-12
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november 2016 by nhaliday
How Stable Are Democracies? ‘Warning Signs Are Flashing Red’ - The New York Times
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november 2016 by nhaliday

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