nhaliday + entrepreneurialism   63

What Peter Thiel thinks about AI risk - Less Wrong
TL;DR: he thinks its an issue but also feels AGI is very distant and hence less worried about it than Musk.

I recommend the rest of the lecture as well, it's a good summary of "Zero to One"  and a good QA afterwards.

For context, in case anyone doesn't realize: Thiel has been MIRI's top donor throughout its history.

other stuff:
nice interview question: "thing you know is true that not everyone agrees on?"
"learning from failure overrated"
cleantech a huge market, hard to compete
software makes for easy monopolies (zero marginal costs, network effects, etc.)
for most of history inventors did not benefit much (continuous competition)
ethical behavior is a luxury of monopoly
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february 2018 by nhaliday
Global Evidence on Economic Preferences
- Benjamin Enke et al

This paper studies the global variation in economic preferences. For this purpose, we present the Global Preference Survey (GPS), an experimentally validated survey dataset of time preference, risk preference, positive and negative reciprocity, altruism, and trust from 80,000 individuals in 76 countries. The data reveal substantial heterogeneity in preferences across countries, but even larger within-country heterogeneity. Across individuals, preferences vary with age, gender, and cognitive ability, yet these relationships appear partly country specific. At the country level, the data reveal correlations between preferences and bio-geographic and cultural variables such as agricultural suitability, language structure, and religion. Variation in preferences is also correlated with economic outcomes and behaviors. Within countries and subnational regions, preferences are linked to individual savings decisions, labor market choices, and prosocial behaviors. Across countries, preferences vary with aggregate outcomes ranging from per capita income, to entrepreneurial activities, to the frequency of armed conflicts.

...

This paper explores these questions by making use of the core features of the GPS: (i) coverage of 76 countries that represent approximately 90 percent of the world population; (ii) representative population samples within each country for a total of 80,000 respondents, (iii) measures designed to capture time preference, risk preference, altruism, positive reciprocity, negative reciprocity, and trust, based on an ex ante experimental validation procedure (Falk et al., 2016) as well as pre-tests in culturally heterogeneous countries, (iv) standardized elicitation and translation techniques through the pre-existing infrastructure of a global polling institute, Gallup. Upon publication, the data will be made publicly available online. The data on individual preferences are complemented by a comprehensive set of covariates provided by the Gallup World Poll 2012.

...

The GPS preference measures are based on twelve survey items, which were selected in an initial survey validation study (see Falk et al., 2016, for details). The validation procedure involved conducting multiple incentivized choice experiments for each preference, and testing the relative abilities of a wide range of different question wordings and formats to predict behavior in these choice experiments. The particular items used to construct the GPS preference measures were selected based on optimal performance out of menus of alternative items (for details see Falk et al., 2016). Experiments provide a valuable benchmark for selecting survey items, because they can approximate the ideal choice situations, specified in economic theory, in which individuals make choices in controlled decision contexts. Experimental measures are very costly, however, to implement in a globally representative sample, whereas survey measures are much less costly.⁴ Selecting survey measures that can stand in for incentivized revealed preference measures leverages the strengths of both approaches.

The Preference Survey Module: A Validated Instrument for Measuring Risk, Time, and Social Preferences: http://ftp.iza.org/dp9674.pdf

Table 1: Survey items of the GPS

Figure 1: World maps of patience, risk taking, and positive reciprocity.
Figure 2: World maps of negative reciprocity, altruism, and trust.

Figure 3: Gender coefficients by country. For each country, we regress the respective preference on gender, age and its square, and subjective math skills, and plot the resulting gender coefficients as well as their significance level. In order to make countries comparable, each preference was standardized (z-scores) within each country before computing the coefficients.

Figure 4: Cognitive ability coefficients by country. For each country, we regress the respective preference on gender, age and its square, and subjective math skills, and plot the resulting coefficients on subjective math skills as well as their significance level. In order to make countries comparable, each preference was standardized (z-scores) within each country before computing the coefficients.

Figure 5: Age profiles by OECD membership.

Table 6: Pairwise correlations between preferences and geographic and cultural variables

Figure 10: Distribution of preferences at individual level.
Figure 11: Distribution of preferences at country level.

interesting digression:
D Discussion of Measurement Error and Within- versus Between-Country Variation
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october 2017 by nhaliday
The Political Typology: Beyond Red vs. Blue | Pew Research Center
The new typology has eight groups: Three are strongly ideological, highly politically engaged and overwhelmingly partisan – two on the right and one on the left. Steadfast Conservatives are staunch critics of government and the social safety net and are very socially conservative. Business Conservatives share Steadfast Conservatives’ preference for limited government, but differ in their support for Wall Street and business, as well as immigration reform. And Business Conservatives are far more moderate on social issues than are Steadfast Conservatives.

At the other end of the spectrum, Solid Liberals express liberal attitudes across almost every realm – government, the economy and business and foreign policy, as well as on race, homosexuality and abortion – and are reliable and loyal Democratic voters.

Taken together, these three groups form the electoral base of the Democratic and Republican Parties, and their influence on American politics is strong. While Solid Liberals, Steadfast Conservatives and Business Conservatives collectively make up only 36% of the American public, they represent 43% of registered voters and fully 57% of the more politically engaged segment of the American public: those who regularly vote and routinely follow government and public affairs.

The other typology groups are less partisan, less predictable and have little in common with each other or the groups at either end of the political spectrum. The one thing they do share is that they are less engaged politically than the groups on the right or left.

Young Outsiders lean Republican but do not have a strong allegiance to the Republican Party; in fact they tend to dislike both political parties. On many issues, from their support for environmental regulation to their liberal views on social issues, they diverge from traditional GOP orthodoxy. Yet in their support for limited government, Young Outsiders are firmly in the Republicans’ camp.

Hard-Pressed Skeptics have been battered by the struggling economy, and their difficult financial circumstances have left them resentful of both government and business. Despite their criticism of government performance, they back more generous government support for the poor and needy. Most Hard-Pressed Skeptics say they voted for Obama in 2012, though fewer than half approve of his job performance today.

The Next Generation Left are young, relatively affluent and very liberal on social issues like same-sex marriage and abortion. But they have reservations about the cost of social programs. And while most of the Next Generation Left support affirmative action, they decisively reject the idea that racial discrimination is the main reason why many blacks are unable to get ahead.

The Faith and Family Left lean Democratic, based on their confidence in government and support for federal programs to address the nation’s problems. But this very religious, racially and ethnically diverse group is uncomfortable with the pace of societal change, including the acceptance of homosexuality and non-traditional family structures.

And finally, an eighth group, the Bystanders, representing 10% of the public, are on the sidelines of the political process. They are not registered to vote and pay very little attention to politics.

...

The Faith and Family Left is by far the most racially and ethnically diverse group in the typology: In fact, just 41% are white non-Hispanic; 30% are black, 19% are Hispanic and 8% are other or mixed race. The Faith and Family Left also is less affluent and less educated than the other Democratically-oriented groups, and is older as well.

They also have strong religious convictions, which distinguishes them from Solid Liberals and the Next Generation Left. Fully 91% say “it is necessary to believe in God in order to be moral and have good values.” No more than about one-in-ten in the other Democratically-oriented groups agree. And the Faith and Family Left have much more conservative positions on social issues. Just 37% favor same-sex marriage, less than half the share of the other two groups on the left.

The Faith and Family Left support activist government and a strong social safety net, though by less overwhelming margins than Solid Liberals. And while the Faith and Family Left support affirmative action programs, just 31% believe that “racial discrimination is the main reason many black people can’t get ahead these days.” Among the much less racially diverse Solid Liberals, 80% think racial discrimination is the main barrier to black progress.

...

First, Steadfast Conservatives take very conservative views on key social issues like homosexuality and immigration, while Business Conservatives are less conservative – if not actually progressive – on these issues. Nearly three-quarters of Steadfast Conservatives (74%) believe that homosexuality should be discouraged by society. Among Business Conservatives, just 31% think homosexuality should be discouraged; 58% believe it should be accepted.

Business Conservatives have generally positive attitudes toward immigrants and 72% favor a “path to citizenship” for those in the U.S. illegally, if they meet certain conditions. Steadfast Conservatives are more critical of immigrants; 50% support a path to citizenship, the lowest share of any typology group.

Second, just as Steadfast Conservatives are opposed to big government, they also are skeptical of big business. They believe that large corporations have too much power, and nearly half (48%) say the economic system unfairly favors powerful interests. By contrast, as their name suggests, Business Conservatives are far more positive about the free market, and overwhelmingly regard business – and Wall Street – positively.

group profiles (including demographics): http://www.people-press.org/2014/06/26/appendix-1-typology-group-profiles/

2017 redux:
Political Typology Reveals Deep Fissures on the Right and Left: http://www.people-press.org/2017/10/24/political-typology-reveals-deep-fissures-on-the-right-and-left/
Nearly a year after Donald Trump was elected president, the Republican coalition is deeply divided on such major issues as immigration, America’s role in the world and the fundamental fairness of the U.S. economic system.

The Democratic coalition is largely united in staunch opposition to President Trump. Yet, while Trump’s election has triggered a wave of political activism within the party’s sizable liberal bloc, the liberals’ sky-high political energy is not nearly as evident among other segments in the Democratic base. And Democrats also are internally divided over U.S. global involvement, as well as some religious and social issues.

...

Divisions on the right

The political typology finds two distinctly different groups on the right – Core Conservatives and Country First Conservatives, who both overwhelmingly approve of Trump, but disagree on much else – including immigration and whether it benefits the U.S. to be active internationally.

Core Conservatives, who are in many ways the most traditional group of Republicans, have an outsized influence on the GOP coalition; while they make up just 13% of the public – and about a third (31%) of all Republicans and Republican-leaning independents – they constitute a much larger share (43%) of politically engaged Republicans.

This financially comfortable, male-dominated group overwhelmingly supports smaller government, lower corporate tax rates and believes in the fairness of the nation’s economic system. And a large majority of Core Conservatives (68%) express a positive view of U.S. involvement in the global economy “because it provides the U.S. with new markets and opportunities for growth.”

Country First Conservatives, a much smaller segment of the GOP base, are older and less educated than other Republican-leaning typology groups. Unlike Core Conservatives, Country First Conservatives are unhappy with the nation’s course, highly critical of immigrants and deeply wary of U.S. global involvement.

Nearly two-thirds of Country First Conservatives (64%) – the highest share of any typology group, right or left – say that “if America is too open to people from all over the world, we risk losing our identity as a nation.”

A third Republican group, Market Skeptic Republicans, sharply diverges from the GOP’s traditional support for business and lower taxes. Only about a third of Market Skeptic Republicans (34%) say banks and other financial institutions have a positive effect on the way things are going in the country, lowest among Republican-leaning typology groups.

Alone among the groups in the GOP coalition, a majority of Market Skeptic Republicans support raising tax rates on corporations and large businesses. An overwhelming share (94%) say the economic system unfairly favors powerful interests, which places the view of Market Skeptic Republicans on this issue much closer to Solid Liberals (99% mostly unfair) than Core Conservatives (21%).

In contrast to Market Skeptic Republicans, New Era Enterprisers are fundamentally optimistic about the state of the nation and its future. They are more likely than any other typology group to say the next generation of Americans will have it better than people today. Younger and somewhat less overwhelmingly white than the other GOP-leaning groups, New Era Enterprisers are strongly pro-business and generally think that immigrants strengthen, rather than burden, the country.

Divisions on the left

...

While there have long been racial, ethnic and income differences within the Democratic coalition, these gaps are especially striking today. Reflecting the changing demographic composition of the Democratic base, for the first time there are two majority-minority Democratic-leaning typology groups, along with two more affluent, mostly white groups.

Solid Liberals are the largest group in the Democratic coalition, and they make up close to half (48%) of politically engaged Democrats and Democratic-leaning … [more]
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october 2017 by nhaliday
Definite optimism as human capital | Dan Wang
I’ve come to the view that creativity and innovative capacity aren’t a fixed stock, coiled and waiting to be released by policy. Now, I know that a country will not do well if it has poor infrastructure, interest rate management, tax and regulation levels, and a whole host of other issues. But getting them right isn’t sufficient to promote innovation; past a certain margin, when they’re all at rational levels, we ought to focus on promoting creativity and drive as a means to propel growth.

...

When I say “positive” vision, I don’t mean that people must see the future as a cheerful one. Instead, I’m saying that people ought to have a vision at all: A clear sense of how the technological future will be different from today. To have a positive vision, people must first expand their imaginations. And I submit that an interest in science fiction, the material world, and proximity to industry all help to refine that optimism. I mean to promote imagination by direct injection.

...

If a state has lost most of its jobs for electrical engineers, or nuclear engineers, or mechanical engineers, then fewer young people in that state will study those practices, and technological development in related fields slow down a little further. When I bring up these thoughts on resisting industrial decline to economists, I’m unsatisfied with their responses. They tend to respond by tautology (“By definition, outsourcing improves on the status quo”) or arithmetic (see: gains from comparative advantage, Ricardo). These kinds of logical exercises are not enough. I would like for more economists to consider a human capital perspective for preserving manufacturing expertise (to some degree).

I wonder if the so-called developed countries should be careful of their own premature deindustrialization. The US industrial base has faltered, but there is still so much left to build. Until we’ve perfected asteroid mining and super-skyscrapers and fusion rockets and Jupiter colonies and matter compilers, we can’t be satisfied with innovation confined mostly to the digital world.

Those who don’t mind the decline of manufacturing employment like to say that people have moved on to higher-value work. But I’m not sure that this is usually the case. Even if there’s an endlessly capacious service sector to absorb job losses in manufacturing, it’s often the case that these new jobs feature lower productivity growth and involve greater rent-seeking. Not everyone is becoming hedge fund managers and machine learning engineers. According to BLS, the bulk of service jobs are in 1. government (22 million), 2. professional services (19m), 3. healthcare (18m), 4. retail (15m), and 5. leisure and hospitality (15m). In addition to being often low-paying but still competitive, a great deal of service sector jobs tend to stress capacity for emotional labor over capacity for manual labor. And it’s the latter that tends to be more present in fields involving technological upgrading.

...

Here’s a bit more skepticism of service jobs. In an excellent essay on declining productivity growth, Adair Turner makes the point that many service jobs are essentially zero-sum. I’d like to emphasize and elaborate on that idea here.

...

Call me a romantic, but I’d like everyone to think more about industrial lubricants, gas turbines, thorium reactors, wire production, ball bearings, underwater cables, and all the things that power our material world. I abide by a strict rule never to post or tweet about current political stuff; instead I try to draw more attention to the world of materials. And I’d like to remind people that there are many things more edifying than following White House scandals.

...

First, we can all try to engage more actively with the material world, not merely the digital or natural world. Go ahead and pick an industrial phenomenon and learn more about it. Learn more about the history of aviation, and what it took to break the sound barrier; gaze at the container ships as they sail into port, and keep in mind that they carry 90 percent of the goods you see around you; read about what we mold plastics to do; meditate on the importance of steel in civilization; figure out what’s driving the decline in the cost of solar energy production, or how we draw electricity from nuclear fission, or what it takes to extract petroleum or natural gas from the ground.

...

Here’s one more point that I’d like to add on Girard at college: I wonder if to some extent current dynamics are the result of the liberal arts approach of “college teaches you how to think, not what to think.” I’ve never seen much data to support this wonderful claim that college is good at teaching critical thinking skills. Instead, students spend most of their energies focused on raising or lowering the status of the works they study or the people around them, giving rise to the Girardian terror that has gripped so many campuses.

College as an incubator of Girardian terror: http://danwang.co/college-girardian-terror/
It’s hard to construct a more perfect incubator for mimetic contagion than the American college campus. Most 18-year-olds are not super differentiated from each other. By construction, whatever distinctions any does have are usually earned through brutal, zero-sum competitions. These tournament-type distinctions include: SAT scores at or near perfection; being a top player on a sports team; gaining master status from chess matches; playing first instrument in state orchestra; earning high rankings in Math Olympiad; and so on, culminating in gaining admission to a particular college.

Once people enter college, they get socialized into group environments that usually continue to operate in zero-sum competitive dynamics. These include orchestras and sport teams; fraternities and sororities; and many types of clubs. The biggest source of mimetic pressures are the classes. Everyone starts out by taking the same intro classes; those seeking distinction throw themselves into the hardest classes, or seek tutelage from star professors, and try to earn the highest grades.

Mimesis Machines and Millennials: http://quillette.com/2017/11/02/mimesis-machines-millennials/
In 1956, a young Liverpudlian named John Winston Lennon heard the mournful notes of Elvis Presley’s Heartbreak Hotel, and was transformed. He would later recall, “nothing really affected me until I heard Elvis. If there hadn’t been an Elvis, there wouldn’t have been the Beatles.” It is an ancient human story. An inspiring model, an inspired imitator, and a changed world.

Mimesis is the phenomenon of human mimicry. Humans see, and they strive to become what they see. The prolific Franco-Californian philosopher René Girard described the human hunger for imitation as mimetic desire. According to Girard, mimetic desire is a mighty psychosocial force that drives human behavior. When attempted imitation fails, (i.e. I want, but fail, to imitate my colleague’s promotion to VP of Business Development), mimetic rivalry arises. According to mimetic theory, periodic scapegoating—the ritualistic expelling of a member of the community—evolved as a way for archaic societies to diffuse rivalries and maintain the general peace.

As civilization matured, social institutions evolved to prevent conflict. To Girard, sacrificial religious ceremonies first arose as imitations of earlier scapegoating rituals. From the mimetic worldview healthy social institutions perform two primary functions,

They satisfy mimetic desire and reduce mimetic rivalry by allowing imitation to take place.
They thereby reduce the need to diffuse mimetic rivalry through scapegoating.
Tranquil societies possess and value institutions that are mimesis tolerant. These institutions, such as religion and family, are Mimesis Machines. They enable millions to see, imitate, and become new versions of themselves. Mimesis Machines, satiate the primal desire for imitation, and produce happy, contented people. Through Mimesis Machines, Elvis fans can become Beatles.

Volatile societies, on the other hand, possess and value mimesis resistant institutions that frustrate attempts at mimicry, and mass produce frustrated, resentful people. These institutions, such as capitalism and beauty hierarchies, are Mimesis Shredders. They stratify humanity, and block the ‘nots’ from imitating the ‘haves’.
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october 2017 by nhaliday
GOP tax plan would provide major gains for richest 1%, uneven benefits for the middle class, report says - The Washington Post
https://twitter.com/ianbremmer/status/913863513038311426
https://archive.is/PYRx9
Trump tweets: For his voters.
Tax plan: Something else entirely.
https://twitter.com/tcjfs/status/913864779256692737
https://archive.is/5bzQz
This is appallingly stupid if accurate

https://www.nytimes.com/interactive/2017/11/28/upshot/what-the-tax-bill-would-look-like-for-25000-middle-class-families.html
https://www.nytimes.com/interactive/2017/11/30/us/politics/tax-cuts-increases-for-your-income.html

Treasury Removes Paper at Odds With Mnuchin’s Take on Corporate-Tax Cut’s Winners: https://www.wsj.com/articles/treasury-removes-paper-at-odds-with-mnuchins-take-on-corporate-tax-cuts-winners-1506638463

Tax changes for graduate students under the Tax Cuts and Jobs Act: https://bcide.gitlab.io/post/gop-tax-plan/
H.R.1 – 155th Congress (Tax Cuts and Jobs Act) 1 proposes changes to the US Tax Code that threatens to destroy the finances of STEM graduate students nationwide. The offending provision, 1204(a)(3), strikes section 117(d) 2 of the US Tax Code. This means that under the proposal, tuition waivers are considered taxable income.

For graduate students, this means an increase of thousands of dollars in owed federal taxes. Below I show a calculation for my own situation. The short of it is this: My federal taxes increase from ~7.5% of my income to ~31%. I will owe about $6300 more in federal taxes under this legislation. Like many other STEM students, my choices would be limited to taking on significant debt or quitting my program entirely.

The Republican War on College: https://www.theatlantic.com/business/archive/2017/11/republican-college/546308/

Trump's plan to tax colleges will harm higher education — but it's still a good idea: http://www.businessinsider.com/trump-tax-plan-taxing-colleges-is-a-good-idea-2017-11
- James Miller

The Republican Tax Plan Is a Disaster for Families With Children: http://www.motherjones.com/kevin-drum/2017/11/the-republican-tax-plan-is-a-disaster-for-families-with-children/
- Kevin Drum

The gains from cutting corporate tax rates: http://marginalrevolution.com/marginalrevolution/2017/11/corporate-taxes-2.html
I’ve been reading in this area on and off since the 1980s, and I really don’t think these are phony results.

Entrepreneurship and State Taxation: https://www.federalreserve.gov/econres/feds/files/2018003pap.pdf
We find that new firm employment is negatively—and disproportionately—affected by corporate tax rates. We find little evidence of an effect of personal and sales taxes on entrepreneurial outcomes.

https://www.nytimes.com/2017/11/26/us/politics/johnson-amendment-churches-taxes-politics.html
nobody in the comments section seems to have even considered the comparison with universities

The GOP Tax Bills Are Infrastructure Bills Too. Here’s Why.: http://www.governing.com/topics/transportation-infrastructure/gov-republican-tax-bills-impact-infrastructure.html
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september 2017 by nhaliday
Does Management Matter? Evidence from India
We have shown that management matters, with improvements in management practices improving plant-level outcomes. One response from economists might then be to argue that poor management can at most be a short-run problem, since in the long run better managed firms should take over the market. Yet many of our firms have been in business for 20 years and more.

One reason why better run firms do not dominate the market is constraints on growth derived from limited managerial span of control. In every firm in our sample only members of the owning family have positions with major decision-making power over finance, purchasing, operations or employment. Non-family members are given only lower-level managerial positions with authority only over basic day-to-day activities. The principal reason is that family members do not trust non-family members. For example, they are concerned if they let their plant managers procure yarn they may do so at inflated rates from friends and receive kick-backs.

A key reason for this inability to decentralize is the poor rule of law in India. Even if directors found managers stealing, their ability to successfully prosecute them and recover the assets is minimal because of the inefficiency of Indian civil courts. A compounding reason for the inability to decentralize in Indian firms is bad management practices, as this means the owners cannot keep good track of materials and finance, so may not even able to identify mismanagement or theft within their firms.30

As a result of this inability to delegate, firms can expand beyond the size that can be managed by a single director only if other family members are available to share directorial duties. Thus, an important predictor of firm size was the number of male family members of the owners. In particular, the number of brothers and sons of the leading director has a correlation of 0.689 with the total employment of the firm, compared to a correlation between employment and the average management score of 0.223. In fact the best managed firm in our sample had only one (large) production plant, in large part because the owner had no brothers or sons to help run a larger organization. This matches the ideas of the Lucas (1978) span of control model, that there are diminishing returns to how much additional productivity better management technology can generate from a single manager. In the Lucas model, the limits to firm growth restrict the ability of highly productive firms to drive lower productivity ones from the market. In our Indian firms, this span of control restriction is definitely binding, so unproductive firms are able to survive because more productive firms cannot expand.

https://twitter.com/pseudoerasmus/status/885915088951095296

http://marginalrevolution.com/marginalrevolution/2017/03/india-much-entrepreneurial-society-united-states-thats-problem.html
However, when we reverse the employment statistic–only ~15% of Indians work for a firm compared to approximately 90% of US workers we see the problem. Entrepreneurship in India isn’t a choice, it’s a requirement. Indian entrepreneurship is a consequence of India’s failed economy. As a I wrote in my Cato paper with Goldschlag, less developed countries in general, not just India, have more entrepreneurs.

...

The modal size of an Indian firm is 1 employee and the mean is just over 2. The mean number of employees in a US firm is closer to 20 but even though that is ten times the Indian number it obscures the real difference. The US has many small firms but what makes it different is that it also has large firms that employ lots of people. In fact, over half of all US workers are employed by the tiny minority (0.3%) of firms with over 500 employees.

blames colonialism, idk, might have contributed

Dishonesty and Selection into Public Service: Evidence from India: https://www.aeaweb.org/articles?id=10.1257/pol.20150029
Students in India who cheat on a simple laboratory task are more likely to prefer public sector jobs. This paper shows that cheating on this task predicts corrupt behavior by civil servants, implying that it is a meaningful predictor of future corruption. Students who demonstrate pro-social preferences are less likely to prefer government jobs, while outcomes on an explicit game and attitudinal measures to measure corruption do not systematically predict job preferences. _A screening process that chooses high-ability applicants would not alter the average propensity for corruption._ The findings imply that differential selection into government may contribute, in part, to corruption.

Where Does the Good Shepherd Go? Civic Virtue and Sorting into Public Sector Employment: http://repec.business.uzh.ch/RePEc/iso/leadinghouse/0134_lhwpaper.pdf
Our study extends the understanding of the motivational basis of public sector employment by considering civic virtue in addition to altruism and risk aversion and by investigating selection and socialization. Using a largely representative, longitudinal data set of employees in Germany including 63,101 observations of 13,673 different individuals, we find that civic virtue relates positively to public sector employment beyond altruism and risk aversion. We find evidence on selection and no evidence on socialization as an explanation for this result.

http://www.economist.com/news/books-and-arts/21716019-penchant-criminality-electoral-asset-india-worlds-biggest
Sadly, this is not a book about some small, shady corner of Indian politics: 34% of the members of parliament (MPs) in the Lok Sabha (lower house) have criminal charges filed against them; and the figure is rising (see chart). Some of the raps are peccadillos, such as rioting or unlawful assembly—par for the course in India’s raucous local politics. But over a fifth of MPs are in the dock for serious crimes, often facing reams of charges for anything from theft to intimidation and worse. (Because the Indian judicial system has a backlog of 31m cases, even serious crimes can take a decade or more to try, so few politicians have been convicted.) One can walk just about the whole way from Mumbai to Kolkata without stepping foot outside a constituency whose MP isn’t facing a charge.

...

What is more surprising is that the supply of willing criminals-cum-politicians was met with eager demand from voters. Over the past three general elections, a candidate with a rap sheet of serious charges has had an 18% chance of winning his or her race, compared with 6% for a “clean” rival. Mr Vaishnav dispels the conventional wisdom that crooks win because they can get voters to focus on caste or some other sectarian allegiance, thus overlooking their criminality. If anything, the more serious the charge, the bigger the electoral boost, as politicians well know.

As so often happens in India, poverty plays a part. India is almost unique in having adopted universal suffrage while it was still very poor. The upshot has been that underdeveloped institutions fail to deliver what citizens vote for. Getting the state to perform its most basic functions—building a school, disbursing a subsidy, repaving a road—is a job that can require banging a few heads together. Sometimes literally. Who better to represent needy constituents in these tricky situations than someone who “knows how to get things done”? If the system doesn’t work for you, a thuggish MP can be a powerful ally.

http://www.bbc.com/news/magazine-36446652
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july 2017 by nhaliday
Caste system in India - Wikipedia
A recent series of research papers, by Reich et al. (2009), Metspalu et al. (2011), and Moorjani et al. (2013), make clear that India was peopled by two distinct groups who split genetically ca. 50,000 years ago,[81][82] which they called "Ancestral North Indians" (ANI) and "Ancestral South Indians" (ASI) respectively.[note 1] They found that the ANI genes are close to those of Middle Easterners, Central Asians and Europeans whereas the ASI genes are dissimilar to all other known populations outside India.[note 2][note 3] These two distinct groups, which had split ca. 50,000 years ago, formed the basis for the present population of India.[83]

According to Moorjani et al. these two groups mixed between 4,200 and 1,900 years ago (2200 BCE-100 CE), whereafter a shift to endogamy took place.[84] David Reich stated, "Prior to 4,200 years ago, there were unmixed groups in India. Sometime between 1,900 to 4,200 years ago, profound, pervasive convulsive mixture occurred, affecting every Indo-European and Dravidian group in India without exception.".[85] Following this mixture,

Strong endogamy must have applied since then (average gene flow less than 1 in 30 per generation) to prevent the genetic signatures of founder events from being erased by gene flow. Some historians have argued that "caste" in modern India is an "invention" of colonialism in the sense that it became more rigid under colonial rule. However, our results suggest that many current distinctions among groups are ancient and that strong endogamy must have shaped marriage patterns in India for thousands of years.[81]

Moorjani et al. discerned two waves of admixture in this period, with northern India showing later dates of admixture.[86] GaneshPrasad et al. (2013) studied "12 tribal and 19 non-tribal (caste) endogamous populations from the predominantly Dravidian-speaking Tamil Nadu state in the southernmost part of India." According to this study, southern India was already socially stratified 4,000 to 6,000 years ago, which is best explained by "the emergence of agricultural technology in South Asia." The study concludes that "The social stratification (in Tamil Nadu) was established 4,000 to 6,000 years ago and there was little admixture during the last 3,000 years, implying a minimal genetic impact of the Varna (caste) system from the historically-documented Brahmin migrations into the area."[87]

https://en.wikipedia.org/wiki/Wikipedia:Genetic_research_on_the_origins_of_India%27s_population

http://www.nytimes.com/2010/09/11/world/asia/11caste.html
A crucial factor is the collapse of the caste system over the last half century, a factor that undergirds many of the other reasons that the south has prospered — more stable governments, better infrastructure and a geographic position that gives it closer connections to the global economy.

“The breakdown of caste hierarchy has broken the traditional links between caste and profession, and released enormous entrepreneurial energies in the south,” said Ashutosh Varshney, a professor at Brown University who has studied the role of caste in southern India’s development. This breakdown, he said, goes a long way to explaining “why the south has taken such a lead over the north in the last three decades.”

http://www.livemint.com/Opinion/FLn6TiQPArdQZUN9LE2ZsM/The-impact-of-caste-on-economic-mobility-in-India.html
Caste Is Stunting All of India’s Children: http://foreignpolicy.com/2017/09/15/caste-is-stunting-all-of-indias-children/
Fears of impurity continue to steer Indians away from toilets — and towards deadly fecal germs.

https://twitter.com/MWStory/status/895580461879107584
https://archive.is/AsTwB
These Indian govt funded ads to encourage the wealthy but declining Parsi population to reproduce are quite extraordinary

http://marginalrevolution.com/marginalrevolution/2017/12/india-marriage-markets-everything.html
India’s government has expanded a scheme offering payment incentives to Hindus who marry members of the country’s poorest and most oppressed caste, the Dalits.
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june 2017 by nhaliday
Yale Law Journal - Amazon's Antitrust Paradox
This Note argues that the current framework in antitrust—specifically its pegging competition to “consumer welfare,” defined as short-term price effects—is unequipped to capture the architecture of market power in the modern economy. We cannot cognize the potential harms to competition posed by Amazon’s dominance if we measure competition primarily through price and output. Specifically, current doctrine underappreciates the risk of predatory pricing and how integration across distinct business lines may prove anticompetitive. These concerns are heightened in the context of online platforms for two reasons. First, the economics of platform markets create incentives for a company to pursue growth over profits, a strategy that investors have rewarded. Under these conditions, predatory pricing becomes highly rational—even as existing doctrine treats it as irrational and therefore implausible. Second, because online platforms serve as critical intermediaries, integrating across business lines positions these platforms to control the essential infrastructure on which their rivals depend. This dual role also enables a platform to exploit information collected on companies using its services to undermine them as competitors.

https://www.theatlantic.com/business/archive/2017/06/why-amazon-bought-whole-foods/530652/
https://gnxp.nofe.me/2017/06/17/the-distribution-channel-comes-to-you/
https://www.forbes.com/sites/panosmourdoukoutas/2017/06/18/amazon-whole-foods-deal-is-bad-news-for-store-cashiers-and-the-fight-for-15-minimum-wage/
Amazon Must Be Stopped: https://newrepublic.com/article/119769/amazons-monopoly-must-be-broken-radical-plan-tech-giant

Amazon Will Go To Denver: https://gnxp.nofe.me/2017/09/10/amazon-will-go-to-denver/
https://www.nytimes.com/interactive/2017/09/09/upshot/where-should-amazon-new-headquarters-be.html
http://www.paddypower.com/bet?action=go_event&category=SPECIALS&ev_class_id=45&ev_type_id=22711&ev_id=13023353&force_racing_css=&ev_desc=Where%20will%20Amazon%20build%20their%20Second%20Headquarters?
https://www.seattletimes.com/business/amazon/this-city-hall-brought-to-you-by-amazon/
Real things cities are offering to get Amazon HQ2
*Chicago: Let Amazon keep employees' income tax
*SoCal: Give away $100M in land
*Boston: City employees working just for Amazon
*Fresno: Let Amazon decide how to spend tax dollars

https://www.wsj.com/articles/rules-of-engagement-how-cities-are-courting-amazons-new-headquarters-1522661401
Washington, D.C., might have a leg up, having already hosted Amazon Chief Executive Jeff Bezos for visits when he considered acquiring the Washington Post, which he now owns. Mr. Bezos also purchased the former Textile Museum in Washington’s Kalorama neighborhood for $23 million in 2016 and is currently turning it into a private residence.

28-year-old makes millions buying from Walmart, selling on Amazon: https://www.msn.com/en-us/money/companies/28-year-old-makes-millions-buying-from-walmart-selling-on-amazon/ar-AAupB8i

https://twitter.com/DKThomp/status/954028684788273153
https://twitter.com/hyperplanes/status/954020562262781952
https://archive.is/uNk1p
https://archive.is/phiTA
Thread: Why Amazon’s HQ2 is going to Fairfax County

https://www.bloomberg.com/view/articles/2018-01-19/amazon-is-sure-acting-like-it-s-going-to-pick-the-d-c-area

https://twitter.com/NeonPeonage/status/955436146183561216
https://archive.is/lJeaz
walmart is the only entity that has even a slim chance at preventing jeff bezos from intermediating every commodity exchange in the world, u must respect

https://twitter.com/holerepairer/status/955469951833436160
https://archive.is/ig58T
"I tried to save you, but you didn't listen. Now you'll have to face Him alone..."

What Amazon does to wages: https://www.economist.com/news/united-states/21735020-worlds-largest-retailer-underpaying-its-employees-what-amazon-does-wages
Is the world’s largest retailer underpaying its employees?

Flat or falling industry wages are common in the cities and towns where Amazon opens distribution centres, according to an analysis by The Economist. Government figures show that after Amazon opens a storage depot, local wages for warehouse workers fall by an average of 3%. In places where Amazon operates, such workers earn about 10% less than similar workers employed elsewhere.

What Amazon Does to Poor Cities: https://www.theatlantic.com/business/archive/2018/02/amazon-warehouses-poor-cities/552020/
The debate over Amazon’s HQ2 obscures the company’s rapid expansion of warehouses in low-income areas.

The Facts Behind Trump’s Tweets on Amazon, Taxes and the Postal Service: https://www.nytimes.com/2018/03/29/us/politics/trump-amazon-post-office-fact-check.html

If Workers Slack Off, the Wristband Will Know. (And Amazon Has a Patent for It.): https://www.nytimes.com/2018/02/01/technology/amazon-wristband-tracking-privacy.html
https://www.npr.org/sections/thetwo-way/2018/02/01/582370715/wrist-watching-amazon-patents-system-to-track-guide-employees-hands
https://boingboing.net/2018/02/02/amazon-patent-could-lead-to-do.html
https://www.jwz.org/blog/2018/02/amazon-patents-wristbands-shock-collars-designed-to-steer-employees-movements/

auto-management -> automation dystopia: http://marshallbrain.com/manna.htm

Amazon’s vision for the future: delivery drone beehives in every city: https://www.theverge.com/2017/6/23/15860668/amazon-drone-delivery-patent-city-centers
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june 2017 by nhaliday
Is America Encouraging the Wrong Kind of Entrepreneurship?
Of Baumol’s many contributions to economics, the most famous is cost disease, which explains why high-productivity industries raise costs and therefore prices in low-productivity industries. The insight is particularly relevant now, as economic activity has shifted into low-productivity services like health care and education, where price increases are devouring public and household budgets, and whose continued low productivity has weighed down U.S. productivity growth overall.

But there’s a lesser-known idea of Baumol’s that is equally relevant today and that may help explain America’s productivity slump. Baumol’s writing raises the possibility that U.S. productivity is low because would-be entrepreneurs are focused on the wrong kind of work.
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june 2017 by nhaliday
Double world GDP | Open Borders: The Case
Economics and Emigration: Trillion-Dollar Bills on the Sidewalk?: https://www.aeaweb.org/articles?id=10.1257/jep.25.3.83
https://openborders.info/innovation-case/
https://www.economist.com/news/world-if/21724907-yes-it-would-be-disruptive-potential-gains-are-so-vast-objectors-could-be-bribed
The Openness-Equality Trade-Off in Global Redistribution: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2509305
https://www.wsj.com/articles/opening-our-borders-would-overwhelm-america-1492366053
Immigration, Justice, and Prosperity: http://quillette.com/2017/07/29/immigration-justice-prosperity/

Some Countries Are Much Richer Than Others. Is That Unjust?: http://quillette.com/2017/07/23/countries-much-richer-others-unjust/
But we shouldn’t automatically assume that wealth disparities across the world are unjust and that the developed world owes aid as a matter of justice. This is because the best way to make sense of the Great Divergence is that certain economic and political institutions, namely those that facilitated economic growth, arose in some countries and not others. Thus perhaps the benevolent among us should also try to encourage – by example rather than force – the development of such institutions in places where they do not exist.

An Argument Against Open Borders and Liberal Hubris: http://quillette.com/2017/08/27/argument-open-borders-liberal-hubris/
We do not have open borders but we are experiencing unprecedented demographic change. What progressives should remember is that civilisation is not a science laboratory. The consequences of failed experiments endure. That is the main virtue of gradual change; we can test new waters and not leap into their depths.

A Radical Solution to Global Income Inequality: Make the U.S. More Like Qatar: https://newrepublic.com/article/120179/how-reduce-global-income-inequality-open-immigration-policies

Why nation-states are good: https://aeon.co/essays/capitalists-need-the-nation-state-more-than-it-needs-them
The nation-state remains the best foundation for capitalism, and hyper-globalisation risks destroying it
- Dani Rodrik
Given the non-uniqueness of practices and institutions enabling capitalism, it’s not surprising that nation-states also resolve key social trade-offs differently. The world does not agree on how to balance equality against opportunity, economic security against innovation, health and environmental risks against technological innovation, stability against dynamism, economic outcomes against social and cultural values, and many other consequences of institutional choice. Developing nations have different institutional requirements than rich nations. There are, in short, strong arguments against global institutional harmonisation.
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june 2017 by nhaliday
Enclosure - Wikipedia
Enclosure (sometimes inclosure) was the legal process in England during the 18th century of enclosing a number of small landholdings to create one larger farm.[1] Once enclosed, use of the land became restricted to the owner, and it ceased to be common land for communal use. In England and Wales the term is also used for the process that ended the ancient system of arable farming in open fields. Under enclosure, such land is fenced (enclosed) and deeded or entitled to one or more owners. The process of enclosure began to be a widespread feature of the English agricultural landscape during the 16th century. By the 19th century, unenclosed commons had become largely restricted to rough pasture in mountainous areas and to relatively small parts of the lowlands.

Enclosure could be accomplished by buying the ground rights and all common rights to accomplish exclusive rights of use, which increased the value of the land. The other method was by passing laws causing or forcing enclosure, such as Parliamentary enclosure. The latter process of enclosure was sometimes accompanied by force, resistance, and bloodshed, and remains among the most controversial areas of agricultural and economic history in England. Marxist and neo-Marxist historians argue that rich landowners used their control of state processes to appropriate public land for their private benefit.[2] The process of enclosure created a landless working class that provided the labour required in the new industries developing in the north of England. For example: "In agriculture the years between 1760 and 1820 are the years of wholesale enclosure in which, in village after village, common rights are lost".[3] Thompson argues that "Enclosure (when all the sophistications are allowed for) was a plain enough case of class robbery."[4][5]

Community and Market in England:
Open Fields and Enclosures Revisited: https://www.nuffield.ox.ac.uk/users/allen/community.pdf
Commons Sense: Common Property Rights, Efficiency, and Institutional Change: http://faculty.econ.ucdavis.edu/faculty/gclark/210a/readings/commons1.pdf
Allen’s Enclosure and the Yeoman: the View from Tory Fundamentalism: http://www.deirdremccloskey.com/docs/pdf/Article_52.pdf
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june 2017 by nhaliday
An Economic Analysis of the Protestant Reformation
- Ekelund, Hébert, Tollison

This paper seeks to explain the initial successes and failures of Protestantism on economic grounds. It argues that the medieval Roman Catholic Church, through doctrinal manipulation, the exclusion of rivals, and various forms of price discrimination, ultimately placed members seeking the Z good "spiritual services" on the margin of defection. These monopolistic practices encouraged entry by rival firms, some of which were aligned with civil governments. The paper hypothesizes that Protestant entry was facilitated in emergent entrepreneurial societies characterized by the decline of feudalism and relatively unstable distribution of wealth and repressed in more homogeneous, rent-seeking societies that were mostly dissipating rather than creating wealth. In these societies the Roman Church was more able to continue the practice of price discrimination. Informal tests of this proposition are conducted by considering primogeniture and urban growth as proxies for wealth stability.

Causes and Consequences of the Protestant Reformation: https://pseudoerasmus.files.wordpress.com/2017/01/becker-pfaff-rubin-2016.pdf
- Sascha O. Becker, Steven Pfaff, Jared Rubin

The Protestant Reformation is one of the defining events of the last millennium. Nearly 500 years after the Reformation, its causes and consequences have seen a renewed interest in the social sciences. Research in economics, sociology, and political science increasingly uses detailed individual-level, city-level, and regional-level data to identify drivers of the adoption of the Reformation, its diffusion pattern, and its socioeconomic consequences. We take stock of this research, pointing out what we know and what we do not know and suggesting the most promising areas for future research.

Table 1: Studies of the Supply and Demand-Side Factors of the Reformation
Table 2: Studies on the Consequences of the Reformation: Human Capital
Table 3: Studies on the Consequences of the Reformation: Work and Work Ethic
Table 4: Studies on the Consequences of the Reformation: Economic Development
Table 5: Studies on the Consequences of the Reformation: Governance
Table 6: Studies on the “Dark” Consequences of the Reformation

LUTHER AND SULEYMAN: http://www.jstor.org.sci-hub.tw/stable/40506214
- Murat Iyigun

Various historical accounts have suggested that the Ottomans' rise helped the Protestant Reformation as well as its offshoots, such as Zwinglianism, Anabaptism, and Calvinism, survive their infancy and mature. Utilizing a comprehensive data set on violent confrontations for the interval between 1401 and 1700 CE, I show that the incidence of military engagements between the Protestant Reformers and the Counter-Reformation forces between the 1520s and 1650s depended negatively on the Ottomans' military activities in Europe. Furthermore, I document that the impact of the Ottomans on Europe went beyond suppressing ecclesiastical conflicts only: at the turn of the sixteenth century, Ottoman conquests lowered the number of all newly initiated conflicts among the Europeans roughly by 25 percent, while they dampened all longer-running feuds by more than 15 percent. The Ottomans' military activities influenced the length of intra-European feuds too, with each Ottoman-European military engagement shortening the duration of intra-European conflicts by more than 50 percent. Thus, while the Protestant Reformation might have benefited from - and perhaps even capitalized on - the Ottoman advances in Europe, the latter seems to have played some role in reducing conflicts within Europe more generally.

Religious Competition and Reallocation: The Political Economy of Secularization in the Protestant Reformation: http://www.jeremiahdittmar.com/files/RRR_20170919.pdf
- Davide Cantoni, Jeremiah Dittmar, Noam Yuchtman*

Using novel microdata, we document an unintended, first-order consequence of the Protestant Reformation: a massive reallocation of resources from religious to secular purposes. To understand this process, we propose a conceptual framework in which the introduction of religious competition shifts political markets where religious authorities provide legitimacy to rulers in exchange for control over resources. Consistent with our framework, religious competition changed the balance of power between secular and religious elites: secular authorities acquired enormous amounts of wealth from monasteries closed during the Reformation, particularly in Protestant regions. This transfer of resources had important consequences. First, it shifted the allocation of upper-tail human capital. Graduates of Protestant universities increasingly took secular, especially administrative, occupations. Protestant university students increasingly studied secular subjects, especially degrees that prepared students for public sector jobs, rather than church sector-specific theology. Second, it affected the sectoral composition of fixed investment. Particularly in Protestant regions, new construction from religious toward secular purposes, especially the building of palaces and administrative buildings, which reflected the increased wealth and power of secular lords. Reallocation was not driven by pre-existing economic or cultural differences. Our findings indicate that the Reformation played an important causal role in the secularization of the West.

look at Figure 4, holy shit

History: Science and the Reformation: http://www.nature.com/nature/journal/v550/n7677/full/550454a.html?WT.mc_id=TWT_NatureNews&sf126429621=1
The scientific and religious revolutions that began 500 years ago were not causally related, but were both stimulated by printing, argues David Wootton.
https://twitter.com/whyvert/status/923940525673103360
https://archive.is/JElPv
No, the Reformation did not cause the scientific revolution. Nice brief article. 👍

No RCT = No causal claims, for or against ;)
Though I'm open to a regression discontinuity design! cc: @pseudoerasmus
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may 2017 by nhaliday
Concentration and Growth | Dietrich Vollrath
Ultimately, and this is my impression, not some kind of established fact, concentration likely lowers innovative activity. Put it this way, the null hypothesis should probably be that concentration lowers innovation. An individual industry needs to provide evidence they are on the “right side of the curve” in the first AAH figure to believe concentration would be good for productivity growth in the long run.
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may 2017 by nhaliday
'Capital in the Twenty-First Century' by Thomas Piketty, reviewed | New Republic
by Robert Solow (positive)

The data then exhibit a clear pattern. In France and Great Britain, national capital stood fairly steadily at about seven times national income from 1700 to 1910, then fell sharply from 1910 to 1950, presumably as a result of wars and depression, reaching a low of 2.5 in Britain and a bit less than 3 in France. The capital-income ratio then began to climb in both countries, and reached slightly more than 5 in Britain and slightly less than 6 in France by 2010. The trajectory in the United States was slightly different: it started at just above 3 in 1770, climbed to 5 in 1910, fell slightly in 1920, recovered to a high between 5 and 5.5 in 1930, fell to below 4 in 1950, and was back to 4.5 in 2010.

The wealth-income ratio in the United States has always been lower than in Europe. The main reason in the early years was that land values bulked less in the wide open spaces of North America. There was of course much more land, but it was very cheap. Into the twentieth century and onward, however, the lower capital-income ratio in the United States probably reflects the higher level of productivity: a given amount of capital could support a larger production of output than in Europe. It is no surprise that the two world wars caused much less destruction and dissipation of capital in the United States than in Britain and France. The important observation for Piketty’s argument is that, in all three countries, and elsewhere as well, the wealth-income ratio has been increasing since 1950, and is almost back to nineteenth-century levels. He projects this increase to continue into the current century, with weighty consequences that will be discussed as we go on.

...

Now if you multiply the rate of return on capital by the capital-income ratio, you get the share of capital in the national income. For example, if the rate of return is 5 percent a year and the stock of capital is six years worth of national income, income from capital will be 30 percent of national income, and so income from work will be the remaining 70 percent. At last, after all this preparation, we are beginning to talk about inequality, and in two distinct senses. First, we have arrived at the functional distribution of income—the split between income from work and income from wealth. Second, it is always the case that wealth is more highly concentrated among the rich than income from labor (although recent American history looks rather odd in this respect); and this being so, the larger the share of income from wealth, the more unequal the distribution of income among persons is likely to be. It is this inequality across persons that matters most for good or ill in a society.

...

The data are complicated and not easily comparable across time and space, but here is the flavor of Piketty’s summary picture. Capital is indeed very unequally distributed. Currently in the United States, the top 10 percent own about 70 percent of all the capital, half of that belonging to the top 1 percent; the next 40 percent—who compose the “middle class”—own about a quarter of the total (much of that in the form of housing), and the remaining half of the population owns next to nothing, about 5 percent of total wealth. Even that amount of middle-class property ownership is a new phenomenon in history. The typical European country is a little more egalitarian: the top 1 percent own 25 percent of the total capital, and the middle class 35 percent. (A century ago the European middle class owned essentially no wealth at all.) If the ownership of wealth in fact becomes even more concentrated during the rest of the twenty-first century, the outlook is pretty bleak unless you have a taste for oligarchy.

Income from wealth is probably even more concentrated than wealth itself because, as Piketty notes, large blocks of wealth tend to earn a higher return than small ones. Some of this advantage comes from economies of scale, but more may come from the fact that very big investors have access to a wider range of investment opportunities than smaller investors. Income from work is naturally less concentrated than income from wealth. In Piketty’s stylized picture of the United States today, the top 1 percent earns about 12 percent of all labor income, the next 9 percent earn 23 percent, the middle class gets about 40 percent, and the bottom half about a quarter of income from work. Europe is not very different: the top 10 percent collect somewhat less and the other two groups a little more.

You get the picture: modern capitalism is an unequal society, and the rich-get-richer dynamic strongly suggest that it will get more so. But there is one more loose end to tie up, already hinted at, and it has to do with the advent of very high wage incomes. First, here are some facts about the composition of top incomes. About 60 percent of the income of the top 1 percent in the United States today is labor income. Only when you get to the top tenth of 1 percent does income from capital start to predominate. The income of the top hundredth of 1 percent is 70 percent from capital. The story for France is not very different, though the proportion of labor income is a bit higher at every level. Evidently there are some very high wage incomes, as if you didn’t know.

This is a fairly recent development. In the 1960s, the top 1 percent of wage earners collected a little more than 5 percent of all wage incomes. This fraction has risen pretty steadily until nowadays, when the top 1 percent of wage earners receive 10–12 percent of all wages. This time the story is rather different in France. There the share of total wages going to the top percentile was steady at 6 percent until very recently, when it climbed to 7 percent. The recent surge of extreme inequality at the top of the wage distribution may be primarily an American development. Piketty, who with Emmanuel Saez has made a careful study of high-income tax returns in the United States, attributes this to the rise of what he calls “supermanagers.” The very highest income class consists to a substantial extent of top executives of large corporations, with very rich compensation packages. (A disproportionate number of these, but by no means all of them, come from the financial services industry.) With or without stock options, these large pay packages get converted to wealth and future income from wealth. But the fact remains that much of the increased income (and wealth) inequality in the United States is driven by the rise of these supermanagers.

and Deirdre McCloskey (p critical): https://ejpe.org/journal/article/view/170
nice discussion of empirical economics, economic history, market failures and statism, etc., with several bon mots

Piketty’s great splash will undoubtedly bring many young economically interested scholars to devote their lives to the study of the past. That is good, because economic history is one of the few scientifically quantitative branches of economics. In economic history, as in experimental economics and a few other fields, the economists confront the evidence (as they do not for example in most macroeconomics or industrial organization or international trade theory nowadays).

...

Piketty gives a fine example of how to do it. He does not get entangled as so many economists do in the sole empirical tool they are taught, namely, regression analysis on someone else’s “data” (one of the problems is the word data, meaning “things given”: scientists should deal in capta, “things seized”). Therefore he does not commit one of the two sins of modern economics, the use of meaningless “tests” of statistical significance (he occasionally refers to “statistically insignificant” relations between, say, tax rates and growth rates, but I am hoping he does not suppose that a large coefficient is “insignificant” because R. A. Fisher in 1925 said it was). Piketty constructs or uses statistics of aggregate capital and of inequality and then plots them out for inspection, which is what physicists, for example, also do in dealing with their experiments and observations. Nor does he commit the other sin, which is to waste scientific time on existence theorems. Physicists, again, don’t. If we economists are going to persist in physics envy let us at least learn what physicists actually do. Piketty stays close to the facts, and does not, for example, wander into the pointless worlds of non-cooperative game theory, long demolished by experimental economics. He also does not have recourse to non-computable general equilibrium, which never was of use for quantitative economic science, being a branch of philosophy, and a futile one at that. On both points, bravissimo.

...

Since those founding geniuses of classical economics, a market-tested betterment (a locution to be preferred to “capitalism”, with its erroneous implication that capital accumulation, not innovation, is what made us better off) has enormously enriched large parts of a humanity now seven times larger in population than in 1800, and bids fair in the next fifty years or so to enrich everyone on the planet. [Not SSA or MENA...]

...

Then economists, many on the left but some on the right, in quick succession from 1880 to the present—at the same time that market-tested betterment was driving real wages up and up and up—commenced worrying about, to name a few of the pessimisms concerning “capitalism” they discerned: greed, alienation, racial impurity, workers’ lack of bargaining strength, workers’ bad taste in consumption, immigration of lesser breeds, monopoly, unemployment, business cycles, increasing returns, externalities, under-consumption, monopolistic competition, separation of ownership from control, lack of planning, post-War stagnation, investment spillovers, unbalanced growth, dual labor markets, capital insufficiency (William Easterly calls it “capital fundamentalism”), peasant irrationality, capital-market imperfections, public … [more]
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april 2017 by nhaliday
Managerial state - Wikipedia
Managerial state is a concept used in critiquing modern social democracy in Western countries. The term takes a pejorative context as a manifestation of Western decline. Theorists Samuel T. Francis and Paul Gottfried say this is an ongoing regime that remains in power, regardless of what political party holds a majority. Variations include therapeutic managerial state,[1] welfare-warfare state[2] or polite totalitarianism.[3]

Francis, following James Burnham, said that under this historical process, “law is replaced by administrative decree, federalism is replaced by executive autocracy, and a limited government replaced by an unlimited state.”[4] It acts in the name of abstract goals, such as equality or positive rights, and uses its claim of moral superiority, power of taxation and wealth redistribution to keep itself in power.

Samuel Francis argued that the problems of managerial state extend to issues of crime and justice. In 1992, he introduced the word “anarcho-tyranny” into the paleocon vocabulary.[10] He once defined it this way: “we refuse to control real criminals (that's the anarchy) so we control the innocent (that's the tyranny).”[11] Francis argued that this situation extends across the U.S. and Europe. While the government functions normally, violent crime remains a constant, creating a climate of fear (anarchy). He says that “laws that are supposed to protect ordinary citizens against ordinary criminals” routinely go unenforced, even though the state is “perfectly capable” of doing so. While this problem rages on, government elites concentrate their interests on law-abiding citizens. In fact, Middle America winds up on the receiving end of both anarchy and tyranny.[10]

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=site:www.nationalreview.com+anarcho-tyranny

http://thefederalist.com/2014/07/17/welcome-to-the-pink-police-state-regime-change-in-america/

James Burnham’s Managerial Elite: https://americanaffairsjournal.org/2017/02/james-burnhams-managerial-elite/

James Burnham and The Managerial Revolution / George Orwell: https://ebooks.adelaide.edu.au/o/orwell/george/james_burnham/

Book Review: James Burnham’s Suicide Of The West: https://www.socialmatter.net/2016/12/19/book-review-suicide-west/
- ARTHUR GORDIAN

In 1964, a book was published which described the Puritan Hypothesis, the concept of No Enemies to the Left, the Left’s tactical use of the Overton Window, virtue signaling, out-group preference, the nature/nurture debate, the Corporate-Managerial character of liberalism, and the notion of conservatism as nothing but a pale shadow of liberalism. This book was James Burnham’s Suicide of the West: An Essay on the Meaning and Destiny of Liberalism.

It is one of the latter works of a man made famous by his hypothesis of a Managerial Revolution in the mid-20th century, where the old, bourgeois elites were being displaced by a class of high-verbal IQ specialists, where wealth as a source of status was being replaced with credentialism and political creedalism, and where the accumulation of wealth was becoming a product of political-corporate collaboration and rent-seeking, rather than innovation and production.

...

According to Burnham, liberalism is “a set of unexamined prejudices and conjoined sentiments[9],” which undergird a post-Christian society and which emerge from the high verbal IQ “opinion-makers” which he defines as, “teachers, publishers, writers, Jewish and Mainline clergy, some Catholic bishops, the Civil Service, and the leaders of the monied Foundations[10].” These sentiments and prejudices are largely unspoken and unacknowledged by the liberals which hold them, but form the foundation of their perception of the world and reality, from their idealistic doctrine of Man’s perfectibility to their moral preference for anyone who is not them.

What this means is that the liberal’s notions are not derived from principles but from instinctive, gut-level reactions to situations which are then rationalized post-facto into the categories of Peace, Justice, Freedom, and Liberty[11]. Trying to understand liberal thought by beginning with these principles is working backward, and theorists who attempt to do this create theories which lack in predictive accuracy; in short, it’s bad science. Predicting that the liberal will pursue egalitarianism flies in the face of the reality that liberals do not care about equality for outgroups like poor whites, divorced men, or Christians suffering religious persecution in Islamic countries. What most accurately predicts liberal behavior is the combination (or possibly merger) of the No Enemies to the Left doctrine and the moral asymmetry doctrine. In any conflict between the “less fortunate” and the “oppressor,” the liberal will either side with the “less fortunate” or explain away any atrocities too great to ignore by denying the moral agency of the group due to “oppression,[12]” always defined in accordance with No Enemies to the Left.

...

The source of this sentiment and prejudice according to Burnham is the replacement of Christianity in the West by a bastardized Calvinism incapable of dealing with the human problem of guilt and the psychological need for forgiveness. Christianity provides a solution to the problem of guilt in the person of Christ, who forgives sins through his death on the cross in a way that liberalism cannot[14].

Because forgiveness is not available in liberalism, the liberal elevates the problem of personal guilt to the level of the abstract and institution; the concept of the white race, in Burnham’s account, is a liberal invention in order to create a scapegoat for the personal guilt of the liberal. Likewise, the notion of institutional racism is the other fork of this same motion, to rid the liberal of his personal guilt for sin by placing sin at the level of abstraction and society. One function of this abstraction is that it provides an easy way for the liberal to absolve himself of sin by turning his guilty self-hatred against his neighbors and country. The liberal declares that he is not racist because everyone else is the real racist. DR3 was not a conservative invention but an expression from liberalism itself, which began as YouR3 and USAR3 then continued into Western CivR3. This is one of the reasons that, as Vox Day states, SJWs Always Project; the core of their belief system is the projection of their personal sinfulness onto others and onto abstract concepts.

...

Burnham gives one sliver of hope to a non-liberal future. First, he demonstrates that the various special-interest groups of “less fortunates” are not liberal in any real understanding of the word. These groups, of which he focuses on blacks, Jews, and Catholics, are fundamentally operating at the level of tribal self-interest, to the point of nearly being non-ideological. The “less fortunate” groups are riding liberalism’s moral asymmetry so long as that gravy train holds out and show no evidence of holding any real allegiance to its doctrines. Secondly, he argues that white labor is only superficially liberal and supports the liberal agenda of the Democratic Party only insofar as it provides tangible benefits in the form of higher pay and less hours[16]. Liberalism is a doctrine for the managerial class of the white majority which justifies their prejudices, so it should be no surprise that Burnham believes that blue-collar whites will slowly drift out of liberalism as it becomes increasingly hostile toward their interests.

Why the West Is Suicidal: https://home.isi.org/why-west-suicidal
How do you gauge the health of a civilization? There are geographic and demographic, strategic and economic, social and spiritual measures. By almost all of them, Western civilization appears to be in trouble. Fertility rates in the U.S. and Europe are below replacement levels. America is mired in the longest war in her history—having spent seventeen years in Afghanistan come December—with no glimmer of victory in sight. Indeed, for the West’s greatest military power, one war shades into another in the Middle East: Iraq, ISIS, Syria, Yemen, perhaps soon Iran, none ever quite won.

The West remains rich, but the Great Recession of a decade ago and the sluggish recovery that followed suggest that our prosperity is faltering. Workers and the middle classes fear losing their jobs to automation, immigration, and financial chicanery. The destruction of old party coalitions and the dethronement of liberal elites on both sides of the Atlantic by new congeries of nationalists, populists, and socialists are an index of economic as well as political dissatisfaction. Meanwhile pews continue to empty throughout what was once Christendom. The religious group growing most quickly in the U.S. and Europe are the churchless “nones.”

...

Burnham wrote in a spirit of hope, not despair: his book was intended as a warning against, and corrective to, the path of Western self-destruction. He was heard in time—or perhaps the West just received an unearned reprieve when Soviet Communism imploded at the end of the 1980s. Today, as a post–Cold War liberal world order underwritten by American power unravels, thoughts of suicide have returned. And like Burnham, another National Review mainstay, Jonah Goldberg, has written a book called Suicide of the West.

Goldberg’s Suicide is subtitled How the Rebirth of Populism, Nationalism, and Identity Politics Is Destroying American Democracy. His book is, in some respects, the opposite of Burnham’s earlier Suicide, whose subtitle was An Essay on the Meaning and Destiny of Liberalism. Goldberg can fairly be called a liberal conservative, and his Suicide argues for the preservation of a civilizational patrimony inherited from the Enlightenment. This includes economic liberalism (in the “classical” sense); religious and political pluralism; and faith in democracy, properly understood. Burnham, by contrast, was… [more]
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march 2017 by nhaliday
The Interest Rate is a Price, not a Prediction – spottedtoad
What I sensed was that while the laws of supply and demand governed everything on earth, the easy money was in demand—manufacturing it, manipulating it, sending it forth to multiply, etc. As a rule of thumb (and with some notable exceptions), the profit margins you could achieve selling a good or service were directly correlated to the total idiocy and/or moral bankruptcy of the demand you drummed up for it.
This was easier to grasp if you were in the business of peddling heroin, Internet stocks, or celebrity gossip; journalists, on the other hand, were at a conspicuous disadvantage when it came to understanding their role in this equation…That journalism’s ability to deliver that information—to fill that need—ultimately depended, to an unsettling degree, on the ability to create artificial demand for a lot of stuff that people didn’t actually need—luxury condos, ergonomically correct airplane seats, the latest celebrity-endorsed scent—was an afterthought at best, at least in the newsroom.

https://twitter.com/toad_spotted/status/730030473506885632
https://archive.is/SS3K9
https://archive.is/CDGr2
"part of a bigger, vague theory I have that pop growth leads to more risk taking, entrepreneurship, and innovation..."
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january 2017 by nhaliday
Genetically Capitalist? The Malthusian Era, Institutions and the Formation of Modern Preferences.
The highly capitalistic nature of English society by 1800 – individualism, low time preference rates, long work hours, high levels of human capital – may thus stem from the nature of the Darwinian struggle in a very stable agrarian society in the long run up to the Industrial Revolution. The triumph of capitalism in the modern world thus may lie as much in our genes as in ideology or rationality.

...

key figure:
Figure 8 Surviving Children by Testator’s Assets in £

...

on foragers and farmers:
When we consider forager societies the evidence on rates of return becomes much more indirect, because there is no explicit capital market, or lending may be subject to substantial default risks given the lack of fixed assets with which to secure loans. Anthropologists, however, have devised other ways to measure people’s rate of time preference rates. They can, for example, look at the relative rewards of activities whose benefits occur at different times in the future: digging up wild tubers or fishing with an immediate reward, as opposed to trapping with a reward delayed by days, as opposed to clearing and planting with a reward months in the future, as opposed to animal rearing with a reward years in the future.

A recent study of Mikea forager-farmers in Madagascar found, for example, that the typical Mikea household planted less than half as much land as was needed to feed themselves. Yet the returns from shifting cultivation of maize were enormous. A typical yielded was a minimum of 74,000 kcal. per hour of work. Foraging for tubers, in comparison, yielded an average return of 1,800 kcal. per hour. Despite this the Mikea rely on foraging for a large share of their food, consequently spending most time foraging. This implies extraordinarily high time preference rates.39 James Woodburn claimed that Hadza of Tanzania showed a similar disinterest in distant benefits, “In harvesting berries, entire branches are often cut from the trees to ease the present problems of picking without regard to future loss of yield.”40 Even the near future mattered little. The Pirahã of Brazil are even more indifferent to future benefits. A brief overview of their culture included the summary,
"Most important in understanding Pirahã material culture is their lack of concern with the non-immediate or the abstraction of present action for future benefit, e. g. ‘saving for a rainy day.’" (Everett, 2005, Appendix 5).

...

The real rate of return, r, can be thought of as composed of three elements: a rate of pure time preference, ρ, a default risk premium, d, and a premium that reflects the growth of overall expected incomes year to year, θgy. Thus
r ≈ ρ + d + θgy.

People as economic agents display a basic set of preferences – between consumption now and future consumption, between consumption of leisure or goods – that modern economics has taken as primitives. Time preference is simply the idea that, everything else being equal, people prefer to consume now rather than later. The rate of time preference measures how strong that preference is.

The existence of time preference in consumption cannot be derived from consideration of rational action. Indeed it has been considered by some economists to represent a systematic deviation of human psychology from rational action, where there should be no absolute time preference. Economists have thought of time preference rates as being hard-wired into peoples’ psyches, and as having stemmed from some very early evolutionary process.41

...

on china:
Figure 17 Male total fertility rate for the Qing Imperial
Lineage

In China and Japan also, while richer groups had more
reproductive success in the pre-industrial era, that advantage was
more muted than in England. Figure 17, for example, shows the
total fertility rate for the Qing imperial lineage in China in 1644-1840. This is the number of births per man living to age 45. The royal lineage, which had access to imperial subsidies and allowances that made them wealthy, was more successful reproductively than the average Chinese man. But in most decades the advantage was modest – not anything like as dramatic as in preindustrial England.

But these advantages cumulated in China over millennia perhaps explain why it is no real surprise that China, despite nearly a generation of extreme forms of Communism between 1949 and 1978, emerged unchanged as a society individualist and capitalist to its core. The effects of the thousands of years of operation of a society under the selective pressures of the Malthusian regime could not be uprooted by utopian dreamers.

Review by Allen: http://faculty.econ.ucdavis.edu/faculty/gclark/Farewell%20to%20Alms/Allen_JEL_Review.pdf
The empirical support for these claims is examined, and all are questionable.

Review by Bowles: http://sci-hub.tw/10.1126/science.1149498

The Domestication of Man: The Social Implications of Darwin: http://gredos.usal.es/jspui/bitstream/10366/72715/1/The_Domestication_of_Man_The_Social_Impl.pdf

hmm: https://growthecon.com/blog/Constraints/
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november 2016 by nhaliday
Before the Startup
You can, however, trust your instincts about people. And in fact one of the most common mistakes young founders make is not to do that enough. They get involved with people who seem impressive, but about whom they feel some misgivings personally. Later when things blow up they say "I knew there was something off about him, but I ignored it because he seemed so impressive."

If you're thinking about getting involved with someone—as a cofounder, an employee, an investor, or an acquirer—and you have misgivings about them, trust your gut. If someone seems slippery, or bogus, or a jerk, don't ignore it.

This is one case where it pays to be self-indulgent. Work with people you genuinely like, and you've known long enough to be sure.
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october 2016 by nhaliday
Countdown | The Economist
The entrepreneur’s finances are as jaw-dropping, inventive and combustible as his space rockets
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october 2016 by nhaliday
What You Can't Say
E Pur Si Muove:
http://blog.samaltman.com/e-pur-si-muove
https://archive.is/yE75n

Sam Altman and the fear of political correctness: http://marginalrevolution.com/marginalrevolution/2017/12/sam-altman-fear-political-correctness.html
Earlier this year, I noticed something in China that really surprised me. I realized I felt more comfortable discussing controversial ideas in Beijing than in San Francisco. I didn’t feel completely comfortable—this was China, after all—just more comfortable than at home.

That showed me just how bad things have become, and how much things have changed since I first got started here in 2005.

It seems easier to accidentally speak heresies in San Francisco every year. Debating a controversial idea, even if you 95% agree with the consensus side, seems ill-advised.
--
And so it runs with shadow prices for speech, including rights to say things and to ask questions. Whatever you are free to say in America, you have said many times already, and the marginal value of exercising that freedom yet again doesn’t seem so high. But you show up in China, and wow, your pent-up urges are not forbidden topics any more. Just do be careful with your mentions of Uncle Xi, Taiwan, Tibet, Uighur terrorists, and disappearing generals. That said, in downtown Berkeley you can speculate rather freely on whether China will someday end up as a Christian nation, and hardly anybody will be offended.

For this reason, where we live typically seems especially unfree when it comes to speech. And when I am in China, I usually have so, so many new dishes I want to sample, including chestnuts and pumpkin.

replies: http://www.businessinsider.com/sam-altman-ignites-debate-on-whether-silicon-valley-culture-makes-it-tough-to-innovate-2017-12

https://medium.com/@jasoncrawford/what-people-think-you-cant-say-in-silicon-valley-a6d04f632a00

Baidu's Robin Li is Helping China Win the 21st Century: http://time.com/5107485/baidus-robin-li-helping-china-win-21st-century/
Therein lies the contradiction at the heart of China’s efforts to forge the future: the country has the world’s most severe restrictions on Internet freedom, according to advocacy group Freedom House. China employs a highly sophisticated censorship apparatus, dubbed the Great Firewall, to snuff out any content deemed critical or inappropriate. Google, Facebook and Twitter, as well as news portals like the New York Times, Bloomberg and TIME, are banned. Manned by an army of 2 million online censors, the Great Firewall gives outsiders the impression of deathly silence within.

But in fact, business thrives inside the firewall’s confines–on its guardians’ terms, of course–and the restrictions have not appeared to stymie progress. “It turns out you don’t need to know the truth of what happened in Tiananmen Square to develop a great smartphone app,” says Kaiser Kuo, formerly Baidu’s head of international communications and a co-host of Sinica, an authoritative podcast on China. “There is a deep hubris in the West about this.” The central government in Beijing has a fearsome capacity to get things done and is willing to back its policy priorities with hard cash. The benefits for companies willing or able to go along with its whims are clear. The question for Baidu–and for Li–is how far it is willing to go.

Silicon Valley would be wise to follow China’s lead: https://www.ft.com/content/42daca9e-facc-11e7-9bfc-052cbba03425
The work ethic in Chinese tech companies far outpaces their US rivals
- MICHAEL MORITZ

The declaration by Didi, the Chinese ride-hailing company, that delivery business Meituan’s decision to launch a rival service would spark “the war of the century”, throws the intensive competition between the country’s technology companies into stark relief.

The call to arms will certainly act as a spur for Didi employees, although it is difficult to see how they can work even harder. But what it does reveal is the striking contrast between working life in China’s technology companies and their counterparts in the west.

In California, the blogosphere has been full of chatter about the inequity of life. Some of this, especially for women, is true and for certain individuals their day of reckoning has been long overdue. But many of the soul-sapping discussions seem like unwarranted distractions. In recent months, there have been complaints about the political sensibilities of speakers invited to address a corporate audience; debates over the appropriate length of paternity leave or work-life balances; and grumbling about the need for a space for musical jam sessions. These seem like the concerns of a society that is becoming unhinged.

...

While male chauvinism is still common in the home, women have an easier time gaining recognition and respect in China’s technology workplaces — although they are still seriously under-represented in the senior ranks. Many of these high-flyers only see their children — who are often raised by a grandmother or nanny — for a few minutes a day. There are even examples of husbands, eager to spend time with their wives, who travel with them on business trips as a way to maintain contact.

https://twitter.com/jasonlk/status/954036667777662982
What I learned from 5 weeks in Beijing + Shanghai:

- startup creation + velocity dwarfs anything in SF
- no one in China I met is remotely worried about U.S. or possibly even cares
- access to capital is crazy
- scale feels about 20x of SF
- endless energy
- not SV jaded

https://www.reuters.com/article/us-china-economy-tech-analysis/china-goes-on-tech-hiring-binge-and-wages-soar-closing-gap-with-silicon-valley-idUSKBN1FD37S

https://twitter.com/BDSixsmith/status/953554454967668738
https://archive.is/JpHik
Western values are freeriding on Western innovation.
--
Comparatively unimpeded pursuit of curiosity into innovation is a Western value that pays the carriage fare.
--
True. A lot of values are worthwhile in certain contexts but should never have been scaled.

Diversity, "social mobility", iconoclasm
--
--
but due to military and technological victory over its competitors
--
There's something to be said for Western social trust as well, though that's an institution more than an idea
essay  yc  culture  society  philosophy  reflection  contrarianism  meta:rhetoric  thiel  embedded-cognition  paulg  water  🖥  techtariat  barons  info-dynamics  realness  truth  straussian  open-closed  preference-falsification  individualism-collectivism  courage  orwellian  multi  backup  econotariat  marginal-rev  commentary  links  quotes  hard-tech  skunkworks  enhancement  genetics  biotech  sv  tech  trends  civil-liberty  exit-voice  longevity  environment  innovation  frontier  politics  identity-politics  zeitgeist  china  asia  sinosphere  censorship  news  org:lite  org:biz  debate  twitter  social  social-norms  gender  sex  sexuality  org:med  blowhards  drama  google  poll  descriptive  values  rot  humility  tradeoffs  government  the-great-west-whale  internet  occident  org:rec  org:anglo  venture  vitality  gibbon  competition  investing  martial  discussion  albion  journos-pundits  europe  ideology  free-riding  degrees-of-freedom  land  gnon  peace-violence  diversity  mobility  tradition  reason  curiosity  trust  n-factor  institutions  th 
october 2016 by nhaliday
Overcoming Bias : We Need The Very Rich
Why look at years-to-payback instead of return on investment? A new NBER paper on private vs. public firms makes the answer clear. Unless project gains can be very clearly proven to analysts, or perhaps so small and numerous to allow averaging over them, public firms are basically incapable of taking a loss on earnings this quarter in order to make gains several years later, no matter how big those gains. CEOs are strongly tempted to instead please analysts by grabbing higher short-term quarterly earnings. So we need the very rich to make long-term investments.
hanson  study  economics  micro  investing  finance  econometrics  business  arbitrage  len:short  efficiency  🎩  market-failure  pre-2013  long-short-run  industrial-org  entrepreneurialism  wealth  chart  ratty 
september 2016 by nhaliday

bundles : biznessframefrontier

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