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Mr. Housel, 36 years old, is a blogger and venture capitalist who writes beautifully and wisely about a central truth: Money isn’t primarily a store of value. Money is a conduit of emotion and ego, carrying hopes and fears, dreams and heartbreak, confidence and surprise, envy and regret.

Investing isn’t an IQ test; it’s a test of character. Unlike the man who chucked coins into the sea, Mr. Read could defer gratification and had no need to spend big so other people wouldn’t think he was small. From such old-fashioned virtues great fortunes can be built.

Investors think of such volatility as a kind of “fine” for having made a mistake, says Mr. Housel. Instead, they should regard it as a “fee,” the unavoidable cost of participation. You never know how big the fee will be or when you will incur it, but patience can make it bearable.

From watching and participating in debates over the years regarding Reaganomics, patterns of logical fallacies and factual errors repeatedly arise among critics on the Left.  As the troublesome facts demonstrating the failures of Obamanomics accumulate, we find that almost religiously minded supporters of President Barack Obama can't deal with those facts, and exhibit analogous logical fallacies.

Some critics falsely argue that Reagan increased payroll taxes which are paid much more by lower and moderate income workers.  The payroll tax rate increases of the 1980s were adopted under President Carter and the Democratic Congress in 1977.  The Greenspan Commission Social Security rescue plan adopted in 1983 only advanced a couple of these already scheduled payroll tax rate increases by a year or two.  But the ultimate plan for payroll taxes is to phase them out entirely in favor of lower cost personal accounts to finance the benefits currently financed by those taxes, as discussed in previous columns in this space.

sweeping series of measures that pushed the 106-year old central bank deeper into uncharted territory.

central bank said it will buy unlimited amounts of Treasury bonds and mortgage-backed securities to keep borrowing costs at rock-bottom levels -- and to help ensure chaotic markets function properly. It also set up programs to ensure credit flows to corporations as well as state and local governments.

unnerved investors are by the pandemic, the Fed’s moves failed to spark anything beyond a brief rally in stocks and corporate bonds Monday after weeks of staggering losses

In recent years, criticism has been levelled at economics for being insular and unconcerned about real-world problems. But a new study led by MIT scholars finds the field increasingly overlaps with the work of other disciplines, and, in a related development, has become more empirical and data-driven, while producing less work of pure theory.

In psychology journals, for instance, citations of economics papers have more than doubled since 2000. Public health papers now cite economics work twice as often as they did 10 years ago, and citations of economics research in fields from operations research to computer science have risen sharply as well.

As Angrist acknowledges, one impetus for the study was the wave of criticism the economics profession has faced over the last decade, after the banking crisis and the “Great Recession” of 2008-2009, which included the finance-sector crash of 2008. The paper’s title alludes to the film “Inside Job” — whose thesis holds that, as Angrist puts it, “economics scholarship as an academic enterprise was captured somehow by finance, and that academic economists should therefore be blamed for the Great Recession.”

In a brazen example of putting ideology ahead of reality, Senate Republicans seem to have pressured the Congressional Research Service to withdraw a report debunking conservative economic orthodoxy. Cutting tax rates at the top appears “to have little or no relation to the size of the economic pie,” the report said. “However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution.” So charging the rich lower tax rates doesn’t promote economic growth; it merely increases economic inequality.

The CRS is a highly respected, independent agency that prepares reports for members of Congress and routinely issues findings that disappoint or even irritate their clients, who usually just grin and bear it, or at least bear it. But Congressional Republicans seem to think that the CRS should function like Pravda.

Don Stewart, a spokesman for the Senate Republican leader, Mitch McConnell, said Mr. McConnell and other senators “raised concerns about the methodology and other flaws” in the CRS report. Antonia Ferrier, a spokeswoman for the Senate Finance Committee, said the panel had relayed its objections to the CRS. “We had a good discussion,” she said, “Then it was pulled.”

I am a deluded throwback to carefree days, and in my attempt to raise a conscious, creative and socially and environmentally responsible child while lacking the means to also finance her conscious, creative and environmentally and socially responsible lifestyle forever, I’d accidentally gone and raised a hothouse serf. Oops.

Reich’s thesis is that some inequality is inevitable, even necessary, in a free-market system. But what makes an economy stable and prosperous is a strong, vibrant, growing middle class. In the three decades after World War II, a period that Reich calls “the great prosperity,” the G.I. Bill, the expansion of public universities and the rise of labor unions helped create the biggest, best-educated middle class in the world. Reich describes this as an example of a “virtuous circle” in which productivity grows, wages increase, workers buy more, companies hire more, tax revenues increase, government invests more, workers are better educated. On the flip side, when the middle class doesn’t share in the economic gains, it results over time in a downward vicious cycle: Wages stagnate, workers buy less, companies downsize, tax revenues decrease, government cuts programs, workers are less educated, unemployment rises, deficits grow. Since the crash that followed the deregulation of the financial markets, we have struggled to emerge from such a cycle.

What if the kid got it in her head that it was a good idea to go into public service, the helping professions, craftsmanship, scholarship or — God help her — the arts? Wouldn’t a greedier, more back-stabby style of early education be more valuable to the children of the shrinking middle class ­ — one suited to the world they are actually living in?

France’s business ecosystem thrives on contradictions — the country has some of the highest labor costs in Europe and restrictive regulations, and yet its companies regularly make the Fortune 500 list; it has highly skilled graduates and engineers but struggles to compete globally; it has an alphabet-soup of agencies intended to support fledgling businesses, but they are so lacking in coherence that they remain unheard of to many; there is a vibrant investor community ready to commit funds, but only once an entrepreneur has a proven track record; and the French embrace money, but not bling.

the French like entrepreneurs when they remain very discreet and don’t transform into a businessman. That’s where the evil begins. So they like the number two. They don’t like success. They have a problem with wealth and with money.”

French businesses have their wings clipped by onerous social charges paid to the government based on the salary of the employee. Companies need to think twice before hiring and firing, when employees are often due extensive severance benefits. They also need to coax financing from a traditionally risk-averse market and console themselves with the relatively small clout that businesses hold in government.

“The word ‘date’ should almost be stricken from the dictionary,” Ms. Silver said. “Dating culture has evolved to a cycle of text messages, each one requiring the code-breaking skills of a cold war spy to interpret.”

Raised in the age of so-called “hookup culture,” millennials — who are reaching an age where they are starting to think about settling down — are subverting the rules of courtship.

Instead of dinner-and-a-movie, which seems as obsolete as a rotary phone, they rendezvous over phone texts, Facebook posts, instant messages and other “non-dates” that are leaving a generation confused about how to land a boyfriend or girlfriend.

In 2008, Nate Silver correctly predicted the results of all 35 Senate races and the presidential results in 49 out of 50 states. Since then, his website, fivethirtyeight.com (now central to The New York Times’s political coverage), has become an essential source of rigorous, objective analysis of voter surveys to predict the Electoral College outcome of presidential campaigns. 

Political junkies, activists, strategists, and journalists will gain a deeper and more sobering sense of Silver’s methods in The Signal and the Noise: Why So Many Predictions Fail—But Some Don’t (Penguin Press). A brilliant analysis of forecasting in finance, geology, politics, sports, weather, and other domains, Silver’s book is also an original fusion of cognitive psychology and modern statistical theory.

Its most important message is that the first step toward improving our predictions is learning how to live with uncertainty.

Why Economic Models Are Always Wrong

Mr. Derman is perhaps a bit too harsh when he describes EMM—the so-called Efficient Market Model. EMM does not, as he claims, imply that prices are always correct and that price always equals value. Prices are always wrong. What EMM says is that we can never be sure if prices are too high or too low.

The Efficient Market Model does not suggest that any particular model of valuation—such as the Capital Asset Pricing Model—fully accounts for risk and uncertainty or that we should rely on it to predict security returns. EMM does not, as Mr. Derman says, "stubbornly assume that all uncertainty about the future is quantifiable." The basic lesson of EMM is that it is very difficult—well nigh impossible—to beat the market consistently.

Mr. Derman gives an eloquent description of James Clerk Maxwell's electromagnetic theory in a chapter titled "The Sublime." He writes: "The electromagnetic field is not like Maxwell's equations; it is Maxwell's equations."

The world’s wealthiest 1 percent is likely to control over 50 percent of global wealth by next year, according to Monday’s report.

It used to be that the total wealth of the world’s billionaires and of the bottom half of the globe increased at roughly the same rate. That changed in 2010. Total wealth for the poorest 50 percent has actually decreased from what it was in 2009, while wealth at the top has doubled (in nominal terms). Just 80 billionaires now control the same wealth as 3.5 billion people.

Forbes listed 1,645 billionaires in 2014, one-third of whom started their lives wealthy. Ninety percent are male and 85 percent are over age 50. According to Oxfam, the top 80 billionaires have seen their collective wealth grow by $600 billion between 2010 and 2014.

Democratic presidential candidate Hillary Clinton on Thursday offered new details about her plan to make sure all workers can take time off, with pay, in order to care for a newborn or sick relative.

During that time, the worker would be eligible to receive replacement wages, up to two-thirds of his or her salary.

The proposal, if enacted, would patch a major gap in America’s safety net. Workers in every other developed country are entitled to paid leave, in some cases for more than a year.

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.

the method outlined in Kondo’s book. It includes something called a “once-in-a-lifetime tidying marathon,” which means piling five categories of material possessions — clothing, books, papers, miscellaneous items and sentimental items, including photos, in that order — one at a time, surveying how much of each you have, seeing that it’s way too much and then holding each item to see if it sparks joy in your body. The ones that spark joy get to stay. The ones that don’t get a heartfelt and generous goodbye, via actual verbal communication, and are then sent on their way to their next life.

She is often mistaken for someone who thinks you shouldn’t own anything, but that’s wrong. Rather, she thinks you can own as much or as little as you like, as long as every possession brings you true joy.

By the time her book arrived, America had entered a time of peak stuff, when we had accumulated a mountain of disposable goods — from Costco toilet paper to Isaac Mizrahi swimwear by Target — but hadn’t (and still haven’t) learned how to dispose of them. We were caught between an older generation that bought a princess phone in 1970 for $25 that was still working and a generation that bought $600 iPhones, knowing they would have to replace them within two years. We had the princess phone and the iPhone, and we couldn’t dispose of either. We were burdened by our stuff; we were drowning in it.

THE problem is that a math model, like a metaphor, is a simplification. This type of modeling came out of the sciences, where the behavior of particles in a fluid, for example, is predictable according to the laws of physics.

In so many Big Data applications, a math model attaches a crisp number to human behavior, interests and preferences. The peril of that approach, as in finance, was the subject of a recent book by Emanuel Derman, a former quant at Goldman Sachs and now a professor at Columbia University. Its title is “Models. Behaving. Badly.”

A report last year by the McKinsey Global Institute, the research arm of the consulting firm, projected that the United States needed 140,000 to 190,000 more workers with “deep analytical” expertise and 1.5 million more data-literate managers, whether retrained or hired.

his goal was to reshape the direction of psychiatric research to focus on biology, genetics and neuroscience so that scientists can define disorders by their causes, rather than their symptoms.

While the Diagnostic and Statistical Manual of Mental Disorders, or D.S.M., is the best tool now available for clinicians treating patients and should not be tossed out, he said, it does not reflect the complexity of many disorders, and its way of categorizing mental illnesses should not guide research.

senior figures in psychiatry who have challenged not only decisions about specific diagnoses but the scientific basis of the entire enterprise. Basic research into the biology of mental disorders and treatment has stalled, they say, confounded by the labyrinth of the brain.

The coal industry knows that to stop runaway climate change all coal-powered generators need to close Australia joined 174 countries and the European Union in 2015, signing the Paris agreement. In doing so, Australia agreed to do its part in keeping the global temperature rise “well below” 2C.

According to data from the Office of the Chief Economist, the demand for coal-generated electricity has dropped by more than 15% in the past eight years.

Coal is now the most expensive form of new power. According to Bloomberg New Energy Finance, the cost of energy from a new coal power plant would be $134-$203/MWh. That’s more expensive than wind, solar or highly efficient combined-cycle gas (costing $61-$118/MWh, $78-$140/MWh and $74-$90/MWh, respectively).

once famously saying he would find Chechen terrorists sitting in the “outhouse” and “rub them out.”

He and President Trump, notably dismissive of political correctness, would seem to have found common language on fighting terrorism — except on one point of, well, language.

criticized President Obama for declining to use the phrase “radical Islamic terrorism.”