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Javier E

What Can't Tech Money Buy? - The New York Times - 0 views

www.nytimes.com/...what-cant-tech-money-buy.html

rich oligarchy philanthropy tech elite social gospel billionaire politics

shared by Javier E on 29 May 16 - No Cached
  • IT did not take long for the tech industry to become the new establishment, and to assign itself the rights and responsibilities that come with such prosperity.
  • Tech’s elite, lauded for their originality, are influencing media, politics and society at large with a kind of venture philanthropy, much as their industrial predecessors did more than 100 years ago.
  • The robber barons of the 19th and 20th centuries were kings of infrastructure. The people with towering wealth today are kings of information. The rise of Silicon Valley is best understood as a new industrial revolution in this tradition.
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  • In recent years, many of the industry’s elite have pledged financial support to schools, hospitals, police stations and homeless shelters, all while many of the industry’s companies have avoided paying taxes that would fund those same vital public institutions.
  • Any philanthropy seems legitimate when it aligns with your own goals.
  • We did indeed give them this mandate through our politics: loose campaign finance laws and lower tax rates. Through policies that have reinforced exceptional wealth disparities, we have allowed them not just to govern themselves, but us as well.
  • To many of Gawker’s critics, Mr. Thiel is a hero on a charitable crusade for justice. It would be safe to say that this is how his fellow Silicon Valley philanthropists would also define their giving. They are under a presumptive mandate to improve society according to their own values, purely because they have made a lot of money while most everyone else has not. The Gospel of Wealth dictates that this is not only their ability, but their responsibility.
  • the concerned public might take a different, simpler tack.Mr. Thiel told an interviewer in 2012 that he feared the result of this precipitous wealth gap. “In the history of the modern world, inequality has only been ended through Communist revolution, war or deflationary economic collapse,” he said. “It’s a disturbing question which of these three is going to happen today, or if there’s a fourth way out.”
  • If we’re lucky, there may be, but Mr. Thiel isn’t going to like it. Wealth gleaned by way of tax dodges and monopolistic business practices is wealth stolen from the public, even when it is returned in the form of supposed gifts.
  • Philanthropy has the power to do a great deal of good, but so do tax dollars allocated in an equitable democratic system. Perhaps it’s time to adopt a Gospel of Government.
Javier E

A Billionaire Mathematician's Life of Ferocious Curiosity - The New York Times - 0 views

www.nytimes.com/...fe-of-ferocious-curiosity.html

math creativity proof role model

shared by Javier E on 26 Jul 15 - No Cached
  • James H. Simons likes to play against type. He is a billionaire star of mathematics and private investment who often wins praise for his financial gifts to scientific research and programs to get children hooked on math.But in his Manhattan office, high atop a Fifth Avenue building in the Flatiron district, he’s quick to tell of his career failings.He was forgetful. He was demoted. He found out the hard way that he was terrible at programming computers. “I’d keep forgetting the notation,” Dr. Simons said. “I couldn’t write programs to save my life.”After that, he was fired.His message is clearly aimed at young people: If I can do it, so can you.
  • Down one floor from his office complex is Math for America, a foundation he set up to promote math teaching in public schools. Nearby, on Madison Square Park, is the National Museum of Mathematics, or MoMath, an educational center he helped finance. It opened in 2012 and has had a quarter million visitors.
  • Dr. Simons received his doctorate at 23; advanced code breaking for the National Security Agency at 26; led a university math department at 30; won geometry’s top prize at 37; founded Renaissance Technologies, one of the world’s most successful hedge funds, at 44; and began setting up charitable foundations at 56.
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  • With a fortune estimated at $12.5 billion, Dr. Simons now runs a tidy universe of science endeavors, financing not only math teachers but hundreds of the world’s best investigators, even as Washington has reduced its support for scientific research. His favorite topics include gene puzzles, the origins of life, the roots of autism, math and computer frontiers, basic physics and the structure of the early cosmos.
  • In time, his novel approach helped change how the investment world looks at financial markets. The man who “couldn’t write programs” hired a lot of programmers, as well as physicists, cryptographers, computational linguists, and, oh yes, mathematicians. Wall Street experience was frowned on. A flair for science was prized. The techies gathered financial data and used complex formulas to make predictions and trade in global markets.
  • Working closely with his wife, Marilyn, the president of the Simons Foundation and an economist credited with philanthropic savvy, Dr. Simons has pumped more than $1 billion into esoteric projects as well as retail offerings like the World Science Festival and a scientific lecture series at his Fifth Avenue building. Characteristically, it is open to the public.
  • On a wall in Dr. Simons’s office is one of his prides: a framed picture of equations known as Chern-Simons, after a paper he wrote with Shiing-Shen Chern, a prominent geometer. Four decades later, the equations define many esoteric aspects of modern physics, including advanced theories of how invisible fields like those of gravity interact with matter to produce everything from superstrings to black holes.
  • “He’s an individual of enormous talent and accomplishment, yet he’s completely unpretentious,” said Marc Tessier-Lavigne, a neuroscientist who is the president of Rockefeller University. “He manages to blend all these admirable qualities.”
  • Forbes magazine ranks him as the world’s 93rd richest person — ahead of Eric Schmidt of Google and Elon Musk of Tesla Motors, among others — and in 2010, he and his wife were among the first billionaires to sign the Giving Pledge, promising to devote “the great majority” of their wealth to philanthropy.
  • For all his self-deprecations, Dr. Simons does credit himself with a contemplative quality that seems to lie behind many of his accomplishments.“I wasn’t the fastest guy in the world,” Dr. Simons said of his youthful math enthusiasms. “I wouldn’t have done well in an Olympiad or a math contest. But I like to ponder. And pondering things, just sort of thinking about it and thinking about it, turns out to be a pretty good approach.”
Javier E

Education and class: America's new aristocracy | The Economist - 0 views

www.economist.com/...vilege-has-become-increasingly

education class inequality rich

shared by Javier E on 23 Jan 15 - No Cached
  • Because America never had kings or lords, it sometimes seems less inclined to worry about signs that its elite is calcifying.
  • Thomas Jefferson drew a distinction between a natural aristocracy of the virtuous and talented, which was a blessing to a nation, and an artificial aristocracy founded on wealth and birth, which would slowly strangle it.
  • When the robber barons accumulated fortunes that made European princes envious, the combination of their own philanthropy, their children’s extravagance and federal trust-busting meant that Americans never discovered what it would be like to live in a country where the elite could reliably reproduce themselves.
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  • Intellectual capital drives the knowledge economy, so those who have lots of it get a fat slice of the pie. And it is increasingly heritable. Far more than in previous generations, clever, successful men marry clever, successful women.
  • Such “assortative mating” increases inequality by 25%, by one estimate, since two-degree households typically enjoy two large incomes.
  • Power couples conceive bright children and bring them up in stable homes
  • They stimulate them relentlessly: children of professionals hear 32m more words by the age of four than those of parents on welfare. They move to pricey neighbourhoods with good schools, spend a pa
  • The link between parental income and a child’s academic success has grown stronger, as clever people become richer and splash out on their daughter’s Mandarin tutor, and education matters more than it used to, because the demand for brainpower has soared.
  • It is also because its education system favours the well-off more than anywhere else in the rich world. Thanks to hyperlocal funding, America is one of only three advanced countries where the government spends more on schools in rich areas than in poor ones.
  • None of this is peculiar to America, but the trend is most visible there. This is partly because the gap between rich and poor is bigger than anywhere else in the rich world
  • For those at the top of the pile, moving straight from the best universities into the best jobs, the potential rewards are greater than they have ever been.
  • Its university fees have risen 17 times as fast as median incomes since 1980, partly to pay for pointless bureaucracy and flashy buildings. And many universities offer “legacy” preferences, favouring the children of alumni in admissions.
  • There is no substitute for parents who talk and read to their babies, but good nurseries can help, especially for the most struggling families; and America scores poorly by international standards
  • America’s universities need an injection of meritocracy. Only a handful, such as Caltech, admit applicants solely on academic merit. All should.
  • The solution is not to discourage rich people from investing in their children, but to do a lot more to help clever kids who failed to pick posh parents
  • Loosening the link between birth and success would make America richer—far too much talent is currently wasted. It might also make the nation more cohesive. If Americans suspect that the game is rigged, they may be tempted to vote for demagogues
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