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Javier E

Climatologist Michael E Mann: 'Good people fall victim to doomism. I do too sometimes' | Climate change | The Guardian - 0 views

  • the “inactivists”, as I call them, haven’t given up; they have simply shifted from hard denial to a new array of tactics that I describe in the book as the new climate war.
  • Who is the enemy in the new climate war?It is fossil fuel interests, climate change deniers, conservative media tycoons, working together with petrostate actors like Saudi Arabia and Russia. I call this the coalition of the unwilling.
  • Today Russia uses cyberware – bot armies and trolls – to get climate activists to fight one another and to seed arguments on social media. Russian trolls have attempted to undermine carbon pricing in Canada and Australia, and Russian fingerprints have been detected in the yellow-vest protests in France.
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  • I am optimistic about a favourable shift in the political wind. The youth climate movement has galvanised attention and re-centred the debate on intergenerational ethics. We are seeing a tipping point in public consciousness. That bodes well. There is still a viable way forward to avoid climate catastrophe.
  • You can see from the talking points of inactivists that they are really in retreat. Republican pollsters like Frank Luntz have advised clients in the fossil fuel industry and the politicians who carry water for them that you can’t get away with denying climate change any more.
  • Let’s dig into deniers’ tactics. One that you mention is deflection. What are the telltale signs?Any time you are told a problem is your fault because you are not behaving responsibly, there is a good chance that you are being deflected from systemic solutions and policies
  • Blaming the individual is a tried and trusted playbook that we have seen in the past with other industries. In the 1970s, Coca Cola and the beverage industry did this very effectively to convince us we don’t need regulations on waste disposal. Because of that we now have a global plastic crisis. The same tactics are evident in the gun lobby’s motto, “guns don’t kill people, people kill people”, which is classic deflection
  • look at BP, which gave us the world’s first individual carbon footprint calculator. Why did they do that? Because BP wanted us looking at our carbon footprint not theirs.
  • Of course lifestyle changes are necessary but they alone won’t get us where we need to be. They make us more healthy, save money and set a good example for others.
  • But we can’t allow the forces of inaction to convince us these actions alone are the solution and that we don’t need systemic changes
  • I don’t eat meat. We get power from renewable energy. I have a plug-in hybrid vehicle. I do those things and encourage others to do them. but i don’t think it is helpful to shame people people who are not as far along as you.
  • Instead, let’s help everybody to move in that direction. That is what policy and system change is about: creating incentives so even those who don’t think about their environmental footprint are still led in that direction.
  • Another new front in the new climate war is what you call “doomism”. What do you mean by that?Doom-mongering has overtaken denial as a threat and as a tactic. Inactivists know that if people believe there is nothing you can do, they are led down a path of disengagement
  • They unwittingly do the bidding of fossil fuel interests by giving up.What is so pernicious about this is that it seeks to weaponise environmental progressives who would otherwise be on the frontline demanding change. These are folk of good intentions and good will, but they become disillusioned or depressed and they fall into despair.
  • Many of the prominent doomist narratives – [Jonathan] Franzen, David Wallace-Wells, the Deep Adaptation movement – can be traced back to a false notion that an Arctic methane bomb will cause runaway warming and extinguish all life on earth within 10 years. This is completely wrong. There is no science to support that.
  • Good people fall victim to doomism. I do too sometimes. It can be enabling and empowering as long as you don’t get stuck there. It is up to others to help ensure that experience can be cathartic.
  • the entry of new participants. Bill Gates is perhaps the most prominent. His new book, How to Prevent a Climate Disaster, offers a systems analyst approach to the problem, a kind of operating system upgrade for the planet. What do you make of his take?I want to thank him for using his platform to raise awareness of the climate crisis
  • I disagree with him quite sharply on the prescription. His view is overly technocratic and premised on an underestimate of the role that renewable energy can play in decarbonising our civilisation
  • If you understate that potential, you are forced to make other risky choices, such as geoengineering and carbon capture and sequestration. Investment in those unproven options would crowd out Investment in better solutions.
  • Gates writes that he doesn’t know the political solution to climate change. But the politics are the problem buddy. If you don’t have a prescription of how to solve that, then you don’t have a solution and perhaps your solution might be taking us down the wrong path.
  • What are the prospects for political change with Joe Biden in the White House?Breathtaking. Biden has surprised even the most ardent climate hawks in the boldness of his first 100 day agenda, which goes well beyond any previous president, including Obama when it comes to use of executive actions. He has incorporated climate policy into every single government agency and we have seen massive investments in renewable energy infrastructure, cuts in subsidies for fossil fuels, and the cancellation of the Keystone XL pipeline.
  • On the international front, the appointment of John Kerry, who helped negotiate the Paris Accord, has telegraphed to the rest of the world that the US is back and ready to lead again
  • That is huge and puts pressure on intransigent state actors like [Australian prime minister] Scott Morrison, who has been a friend of the fossil fuel industry in Australia. Morrison has changed his rhetoric dramatically since Biden became president. I think that creates an opportunity like no other.
  • Have the prospects for that been helped or hindered by Covid?I see a perfect storm of climate opportunity. Terrible as the pandemic has been, this tragedy can also provide lessons, particularly on the importance of listening to the word of science when facing risks
  • Out of this crisis can come a collective reconsideration of our priorities. How to live sustainably on a finite planet with finite space, food and water. A year from now, memories and impacts of coronavirus will still feel painful, but the crisis itself will be in the rear-view mirror thanks to vaccines. What will loom larger will be the greater crisis we face – the climate crisis.
jmfinizio

Amazon to invest $2 billion to build affordable housing in these three cities - CNN - 0 views

  • Amazon is pledging to invest more than $2 billion over the next five years toward affordable housing in three cities where it has major operations.
  • Seattle, Nashville and Arlington, Virginia,
  • 5,000 employees each.
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  • "This new $2 billion Housing Equity Fund will create or preserve 20,000 affordable homes in all three of our headquarters regions
  • "It will also help local families achieve long-term stability while building strong, inclusive communities."
  • $567 million will go toward 1,300 affordable apartment
  • $381.9 million in loans
  • 1,300 affordable homes
  • $185.5 million
  • 1,000 affordable homes.
  • But backlash from community leaders and local government officials in Queens ultimately led Amazon to pull out of New York.
  • $125 million in grants to minority-led organizations
  • The fund will also give grants to government partners, like transit agencies and school districts, to help working families in those fields.
  • "Investments like those announced by Amazon that help preserve these existing buildings and maintain moderate rent levels are critical to local efforts that promote economic inclusion and support the stability and economic mobility of moderate- and low-income families."
katherineharron

A fresh wave of coronavirus job losses is about to come crashing down - CNN - 0 views

  • The coronavirus pandemic has quickly thrust the world into recession as bars and restaurants shut down and countries instruct their citizens to hunker down. The question now is just how deep the pain will be, and how long it will last.
  • A picture of the economic devastation in North America and Europe has already started to emerge. A US government report published Thursday showed that 281,000 Americans filed for their first week of unemployment benefits last week — a sudden 33% jump over the week before and the largest percentage increase since 1992.
  • This week is expected to be much worse. Goldman Sachs predicts that a shocking 2.25 million Americans will have filed for their first week of unemployment benefits. That would be eight times the number of people who filed last week and the highest level on record.
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  • Fears about joblessness on this scale could jolt markets again. Investors have priced in a recession by now, but may still be processing the size of the hole the coronavirus has blown into the global economy, Jeffrey Kleintop, chief global investment strategist at Charles Schwab, told me.
  • The Dow Jones Industrial Average is now down 35% from its all-time high in mid-February, erasing all its gains since President Donald Trump's inauguration. Between January 20 and last Thursday, $27 trillion was wiped off global stocks, according to Bank of America.
Javier E

How will humanity endure the climate crisis? I asked an acclaimed sci-fi writer | Daniel Aldana Cohen | The Guardian - 0 views

  • To really grasp the present, we need to imagine the future – then look back from it to better see the now. The angry climate kids do this naturally. The rest of us need to read good science fiction. A great place to start is Kim Stanley Robinson.
  • read 11 of his books, culminating in his instant classic The Ministry for the Future, which imagines several decades of climate politics starting this decade.
  • The first lesson of his books is obvious: climate is the story.
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  • What Ministry and other Robinson books do is make us slow down the apocalyptic highlight reel, letting the story play in human time for years, decades, centuries.
  • he wants leftists to set aside their differences, and put a “time stamp on [their] political view” that recognizes how urgent things are. Looking back from 2050 leaves little room for abstract idealism. Progressives need to form “a united front,” he told me. “It’s an all-hands-on-deck situation; species are going extinct and biomes are dying. The catastrophes are here and now, so we need to make political coalitions.”
  • he does want leftists – and everyone else – to take the climate emergency more seriously. He thinks every big decision, every technological option, every political opportunity, warrants climate-oriented scientific scrutiny. Global justice demands nothing less.
  • He wants to legitimize geoengineering, even in forms as radical as blasting limestone dust into the atmosphere for a few years to temporarily dim the heat of the sun
  • Robinson believes that once progressives internalize the insight that the economy is a social construct just like anything else, they can determine – based on the contemporary balance of political forces, ecological needs, and available tools – the most efficient methods for bringing carbon and capital into closer alignment.
  • We live in a world where capitalist states and giant companies largely control science.
  • Yes, we need to consider technologies with an open mind. That includes a frank assessment of how the interests of the powerful will shape how technologies develop
  • Robinson’s imagined future suggests a short-term solution that fits his dreams of a democratic, scientific politics: planning, of both the economy and planet.
  • it’s borrowed from Robinson’s reading of ecological economics. That field’s premise is that the economy is embedded in nature – that its fundamental rules aren’t supply and demand, but the laws of physics, chemistry, biology.
  • The upshot of Robinson’s science fiction is understanding that grand ecologies and human economies are always interdependent.
  • Robinson seems to be urging all of us to treat every possible technological intervention – from expanding nuclear energy, to pumping meltwater out from under glaciers, to dumping iron filings in the ocean – from a strictly scientific perspective: reject dogma, evaluate the evidence, ignore the profit motive.
  • Robinson’s elegant solution, as rendered in Ministry, is carbon quantitative easing. The idea is that central banks invent a new currency; to earn the carbon coins, institutions must show that they’re sucking excess carbon down from the sky. In his novel, this happens thanks to a series of meetings between United Nations technocrats and central bankers. But the technocrats only win the arguments because there’s enough rage, protest and organizing in the streets to force the bankers’ hand.
  • Seen from Mars, then, the problem of 21st-century climate economics is to sync public and private systems of capital with the ecological system of carbon.
  • Success will snowball; we’ll democratically plan more and more of the eco-economy.
  • Robinson thus gets that climate politics are fundamentally the politics of investment – extremely big investments. As he put it to me, carbon quantitative easing isn’t the “silver bullet solution,” just one of several green investment mechanisms we need to experiment with.
  • Robinson shares the great anarchist dream. “Everybody on the planet has an equal amount of power, and comfort, and wealth,” he said. “It’s an obvious goal” but there’s no shortcut.
  • In his political economy, like his imagined settling of Mars, Robinson tries to think like a bench scientist – an experimentalist, wary of unifying theories, eager for many groups to try many things.
  • there’s something liberating about Robinson’s commitment to the scientific method: reasonable people can shed their prejudices, consider all the options and act strategically.
  • The years ahead will be brutal. In Ministry, tens of millions of people die in disasters – and that’s in a scenario that Robinson portrays as relatively optimistic
  • when things get that bad, people take up arms. In Ministry’s imagined future, the rise of weaponized drones allows shadowy environmentalists to attack and kill fossil capitalists. Many – including myself – have used the phrase “eco-terrorism” to describe that violence. Robinson pushed back when we talked. “What if you call that resistance to capitalism realism?” he asked. “What if you call that, well, ‘Freedom fighters’?”
  • Robinson insists that he doesn’t condone the violence depicted in his book; he simply can’t imagine a realistic account of 21st century climate politics in which it doesn’t occur.
  • Malm writes that it’s shocking how little political violence there has been around climate change so far, given how brutally the harms will be felt in communities of color, especially in the global south, who bear no responsibility for the cataclysm, and where political violence has been historically effective in anticolonial struggles.
  • In Ministry, there’s a lot of violence, but mostly off-stage. We see enough to appreciate Robinson’s consistent vision of most people as basically thoughtful: the armed struggle is vicious, but its leaders are reasonable, strategic.
  • the implications are straightforward: there will be escalating violence, escalating state repression and increasing political instability. We must plan for that too.
  • maybe that’s the tension that is Ministry’s greatest lesson for climate politics today. No document that could win consensus at a UN climate summit will be anywhere near enough to prevent catastrophic warming. We can only keep up with history, and clearly see what needs to be done, by tearing our minds out of the present and imagining more radical future vantage points
  • If millions of people around the world can do that, in an increasingly violent era of climate disasters, those people could generate enough good projects to add up to something like a rational plan – and buy us enough time to stabilize the climate, while wresting power from the 1%.
  • Robinson’s optimistic view is that human nature is fundamentally thoughtful, and that it will save us – that the social process of arguing and politicking, with minds as open as we can manage, is a project older than capitalism, and one that will eventually outlive it
  • It’s a perspective worth thinking about – so long as we’re also organizing.
  • Daniel Aldana Cohen is assistant professor of sociology at the University of California, Berkeley, where he directs the Socio-Spatial Climate Collaborative. He is the co-author of A Planet to Win: Why We Need a Green New Deal
Javier E

Covering politics in a "post-truth" America | Brookings Institution - 0 views

  • The media scandal of 2016 isn’t so much about what reporters failed to tell the American public; it’s about what they did report on, and the fact that it didn’t seem to matter.
  • Facebook and Snapchat and the other social media sites should rightfully be doing a lot of soul-searching about their role as the most efficient distribution network for conspiracy theories, hatred, and outright falsehoods ever invented.
  • I’ve been obsessively looking back over our coverage, too, trying to figure out what we missed along the way to the upset of the century
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  • (An early conclusion: while we were late to understand how angry white voters were, a perhaps even more serious lapse was in failing to recognize how many disaffected Democrats there were who would stay home rather than support their party’s flawed candidate.)
  • Stories that would have killed any other politician—truly worrisome revelations about everything from the federal taxes Trump dodged to the charitable donations he lied about, the women he insulted and allegedly assaulted, and the mob ties that have long dogged him—did not stop Trump from thriving in this election year
  • the Oxford Dictionaries announced that “post-truth” had been chosen as the 2016 word of the year, defining it as a condition “in which objective facts are less influential in shaping public opinion than appeals to emotion and personal belief.”
  • Meantime, Trump personally blacklisted news organizations like Politico and The Washington Post when they published articles he didn’t like during the campaign, has openly mused about rolling back press freedoms enshrined by the U.S. Supreme Court, and has now named Stephen Bannon, until recently the executive chairman of Breitbart—a right-wing fringe website with a penchant for conspiracy theories and anti-Semitic tropes—to serve as one of his top White House advisers.
  • none of this has any modern precedent. And what makes it unique has nothing to do with the outcome of the election. This time, the victor was a right-wing demagogue; next time, it may be a left-wing populist who learns the lessons of Trump’s win.
  • This is no mere academic argument. The election of 2016 showed us that Americans are increasingly choosing to live in a cloud of like-minded spin, surrounded by the partisan political hackery and fake news that poisons their Facebook feeds.
  • To help us understand it all, there were choices, but not that many: three TV networks that mattered, ABC, CBS, and NBC; two papers for serious journalism, The New York Times and The Washington Post; and two giant-circulation weekly newsmagazines, Time and Newsweek. That, plus whatever was your local daily newspaper, pretty much constituted the news.
  • Fake news is thriving In the final three months of the presidential campaign, the 20 top-performing fake election news stories generated more engagement on Facebook than the top stories from major news outlets such as The New York Times.
  • Eventually, I came to think of the major media outlets of that era as something very similar to the big suburban shopping malls we flocked to in the age of shoulder pads and supply-side economics: We could choose among Kmart and Macy’s and Saks Fifth Avenue as our budgets and tastes allowed, but in the end the media were all essentially department stores, selling us sports and stock tables and foreign news alongside our politics, whether we wanted them or not. It may not have been a monopoly, but it was something pretty close.
  • This was still journalism in the scarcity era, and it affected everything from what stories we wrote to how fast we could produce them. Presidents could launch global thermonuclear war with the Russians in a matter of minutes, but news from the American hinterlands often took weeks to reach their sleepy capital. Even information within that capital was virtually unobtainable without a major investment of time and effort. Want to know how much a campaign was raising and spending from the new special-interest PACs that had proliferated? Prepare to spend a day holed up at the Federal Election Commission’s headquarters down on E Street across from the hulking concrete FBI building, and be sure to bring a bunch of quarters for the copy machine.
  • I am writing this in the immediate, shocking aftermath of a 2016 presidential election in which the Pew Research Center found that a higher percentage of Americans got their information about the campaign from late-night TV comedy shows than from a national newspaper. Don Graham sold the Post three years ago and though its online audience has been skyrocketing with new investments from Amazon.com founder Jeff Bezos, it will never be what it was in the ‘80s. That same Pew survey reported that a mere 2 percent of Americans today turned to such newspapers as the “most helpful” guides to the presidential campaign.
  • In 2013, Mark Leibovich wrote a bestselling book called This Town about the party-hopping, lobbyist-enabling nexus between Washington journalists and the political world they cover. A key character was Politico’s Mike Allen, whose morning email newsletter “Playbook” had become a Washington ritual, offering all the news and tidbits a power player might want to read before breakfast—and Politico’s most successful ad franchise to boot. In many ways, even that world of just a few years ago now seems quaint: the notion that anyone could be a single, once-a-day town crier in This Town (or any other) has been utterly exploded by the move to Twitter, Facebook, and all the rest. We are living, as Mark put it to me recently, “in a 24-hour scrolling version of what ‘Playbook’ was.”
  • Whether it was Walter Cronkite or The New York Times, they preached journalistic “objectivity” and spoke with authority when they pronounced on the day’s developments—but not always with the depth and expertise that real competition or deep specialization might have provided. They were great—but they were generalists.
  • I remained convinced that reporting would hold its value, especially as our other advantages—like access to information and the expensive means to distribute it—dwindled. It was all well and good to root for your political team, but when it mattered to your business (or the country, for that matter), I reasoned, you wouldn’t want cheerleading but real reporting about real facts. Besides, the new tools might be coming at us with dizzying speed—remember when that radical new video app Meerkat was going to change absolutely everything about how we cover elections?—but we would still need reporters to find a way inside Washington’s closed doors and back rooms, to figure out what was happening when the cameras weren’t rolling.
  • And if the world was suffering from information overload—well, so much the better for us editors; we would be all the more needed to figure out what to listen to amid the noise.
  • Trump turned out to be more correct than we editors were: the more relevant point of the Access Hollywood tape was not about the censure Trump would now face but the political reality that he, like Bill Clinton, could survive this—or perhaps any scandal. Yes, we were wrong about the Access Hollywood tape, and so much else.
  • These days, Politico has a newsroom of 200-odd journalists, a glossy award-winning magazine, dozens of daily email newsletters, and 16 subscription policy verticals. It’s a major player in coverage not only of Capitol Hill but many other key parts of the capital, and some months during this election year we had well over 30 million unique visitors to our website, a far cry from the controlled congressional circulation of 35,000 that I remember Roll Call touting in our long-ago sales materials.
  • , we journalists were still able to cover the public theater of politics while spending more of our time, resources, and mental energy on really original reporting, on digging up stories you couldn’t read anywhere else. Between Trump’s long and checkered business past, his habit of serial lying, his voluminous and contradictory tweets, and his revision of even his own biography, there was lots to work with. No one can say that Trump was elected without the press telling us all about his checkered past.
  • politics was NEVER more choose-your-own-adventure than in 2016, when entire news ecosystems for partisans existed wholly outside the reach of those who at least aim for truth
  • Pew found that nearly 50 percent of self-described conservatives now rely on a single news source, Fox, for political information they trust.
  • As for the liberals, they trust only that they should never watch Fox, and have MSNBC and Media Matters and the remnants of the big boys to confirm their biases.
  • And then there are the conspiracy-peddling Breitbarts and the overtly fake-news outlets of this overwhelming new world; untethered from even the pretense of fact-based reporting, their version of the campaign got more traffic on Facebook in the race’s final weeks than all the traditional news outlets combined.
  • When we assigned a team of reporters at Politico during the primary season to listen to every single word of Trump’s speeches, we found that he offered a lie, half-truth, or outright exaggeration approximately once every five minutes—for an entire week. And it didn’t hinder him in the least from winning the Republican presidential nomination.
  • when we repeated the exercise this fall, in the midst of the general election campaign, Trump had progressed to fibs of various magnitudes just about once every three minutes!
  • By the time Trump in September issued his half-hearted disavowal of the Obama “birther” whopper he had done so much to create and perpetuate, one national survey found that only 1 in 4 Republicans was sure that Obama was born in the U.S., and various polls found that somewhere between a quarter and a half of Republicans believed he’s Muslim. So not only did Trump think he was entitled to his own facts, so did his supporters. It didn’t stop them at all from voting for him.
  • in part, it’s not just because they disagree with the facts as reporters have presented them but because there’s so damn many reporters, and from such a wide array of outlets, that it’s often impossible to evaluate their standards and practices, biases and preconceptions. Even we journalists are increasingly overwhelmed.
  • So much terrific reporting and writing and digging over the years and … Trump? What happened to consequences? Reporting that matters? Sunlight, they used to tell us, was the best disinfectant for what ails our politics.
  • 2016 suggests a different outcome: We’ve achieved a lot more transparency in today’s Washington—without the accountability that was supposed to come with it.
sissij

Earning a Degree, and Her Daughters' Admiration - The New York Times - 0 views

  • Now Ms. Hopewell, 37, is ebullient, and full of smiles, hugs and laughs. After spending the last three and a half years studying forensic psychology at the John Jay College of Criminal Justice in Midtown, it was official: She was a college graduate, the first in her family.
  • “But at the end of the day I know it’s beneficial for my family and I want bigger and better things, and I have to do it.”
  • I want to leave a legacy for my kids when I leave this earth, and living paycheck to paycheck is not going to get it.
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  • The straight-A student said she hoped to study neuroscience at Harvard one day.
  • She hopes they see from her experiences that education is the best way to avoid repeating her struggles.
  • “This experience showed me that I’m raising well-rounded young ladies who can adapt to any situation and make the best of it,” Ms. Hopewell said. “Their capabilities are endless.”
  •  
    This article is very inspiring. This is an example of how education can get someone to a higher and better place. Education is something that's worth investing. I really like one thing that she said: "I want to leave a legacy for my kids when I leave this earth, and living paycheck to paycheck is not going to get it." Although for many of us here, attending to college is a must-to-do thing, for many other people, attending colleges a dream, an ultimate goal. Many of us go to college and just waste another four years there. But for Ms. Hopewell, the college education polished her and made her a complete new person. I just think it's interesting that why we get completely different outcomes from having college education?  I think it's because we never put much effort in getting a college education as Ms. Hopewell did, so the force effect doesn't give us the pride of commitment. --Sissi (1/23/2017)
Javier E

Sexual Freelancing in the Gig Economy - The New York Times - 0 views

  • We constantly use economic metaphors to describe romantic and sexual relations. Few people today refer to women as “damaged goods” or wonder why a man would “buy the cow when he can get the milk for free,” but we have “friends with benefits” and “invest in relationships.” An ex may be “on” or “off the market.” Online dating makes “shopping around” explicit. Blog after blog strategizes about how to maximize your “return on investment” on OkCupid.
  • he ways that people date — who contacts whom, where they meet and what happens next — have always been tied to the economy. Dating applies the logic of capitalism to courtship. On the dating market, everyone competes for him or herself.
  • If you want to understand why “Netflix and chill” has replaced dinner and a movie, you need to look at how people work.
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  • Today, people are constantly told that we must be flexible and adaptable in order to succeed. Is it surprising that these values are reshaping how many of us approach sex and love?
  • part-timers, contractors and other contingent workers — who constitute some 40 percent of the American work force — are more inclined to text one another “u still up?” than to make plans in advance
  • Smartphones have altered expectations about when we are “on” and “off,” and working from home or from cafes has blurred the lines between labor and leisure.
  • The 2013 and 2014 Work and Education Poll conducted by Gallup found that the average full-time American worker reported working 47 hours per week. Moreover, 21 percent of the people surveyed reported working 50 to 59 hours per week; and another 18 percent said they worked 60 or more hours a week.
  • marriage rates have declined significantly since 1960. The median age of first marriage has risen to a record high: 27 for women and 29 for men.
  • “Knot Yet: The Benefits and Costs of Delayed Marriage in America” observed that young adults have gone from seeing marriage as a “cornerstone” of adult life to its “capstone,” something you enter only after you complete your education and attain professional stability
  • DATING itself is a recent invention. It developed when young people began moving to cities and women began working outside private homes. By 1900, 44 percent of single American women worked. Previously, courtship had taken place under adult supervision, in private places: a parlor, a factory dance or church social. But once women started going out and earning wages, they had more freedom over where and how they met prospective mates. Because men vastly out-earned women, they typically paid for entertainment.
  • In the 1920s and ‘30s, as more and more middle-class women started going to college, parents and faculty panicked over the “rating and dating” culture, which led kids to participate in “petting parties” and take “joy rides” with members of the opposite sex.
  • By the 1950s, a new kind of dating took over: “going steady.
  • by the post-war era of full employment, this form of courtship made perfect sense. The booming economy, which was targeting the newly flush “teen” demographic, dictated that in order for everyone to partake in new consumer pleasures — for everyone to go out for a burger and root beer float on the weekends — young people had to pair off
  • The generation of Americans that came of age around the time of the 2008 financial crisis has been told constantly that we must be “flexible” and “adaptable.” Is it so surprising that we have turned into sexual freelancers? Many of us treat relationships like unpaid internships: We cannot expect them to lead to anything long-term, so we use them to get experience. If we look sharp, we might get a free lunch.
  • this kind of dating isn’t any more transactional than it was back when suitors paid women family-supervised visits or parents sought out a yenta to introduce their children at a synagogue mixer.
  • Courtship has always been dictated by changes in the market. The good news is that dating is not the same thing as love. And as anyone who has ever been in love can attest, the laws of supply and demand do not control our feelings.
Javier E

Minsky's moment | The Economist - 0 views

  • Minsky started with an explanation of investment. It is, in essence, an exchange of money today for money tomorrow. A firm pays now for the construction of a factory; profits from running the facility will, all going well, translate into money for it in coming years.
  • Put crudely, money today can come from one of two sources: the firm’s own cash or that of others (for example, if the firm borrows from a bank). The balance between the two is the key question for the financial system.
  • Minsky distinguished between three kinds of financing. The first, which he called “hedge financing”, is the safest: firms rely on their future cashflow to repay all their borrowings. For this to work, they need to have very limited borrowings and healthy profits. The second, speculative financing, is a bit riskier: firms rely on their cashflow to repay the interest on their borrowings but must roll over their debt to repay the principal. This should be manageable as long as the economy functions smoothly, but a downturn could cause distress. The third, Ponzi financing, is the most dangerous. Cashflow covers neither principal nor interest; firms are betting only that the underlying asset will appreciate by enough to cover their liabilities. If that fails to happen, they will be left exposed.
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  • Economies dominated by hedge financing—that is, those with strong cashflows and low debt levels—are the most stable. When speculative and, especially, Ponzi financing come to the fore, financial systems are more vulnerable. If asset values start to fall, either because of monetary tightening or some external shock, the most overstretched firms will be forced to sell their positions. This further undermines asset values, causing pain for even more firms. They could avoid this trouble by restricting themselves to hedge financing. But over time, particularly when the economy is in fine fettle, the temptation to take on debt is irresistible. When growth looks assured, why not borrow more? Banks add to the dynamic, lowering their credit standards the longer booms last. If defaults are minimal, why not lend more? Minsky’s conclusion was unsettling. Economic stability breeds instability. Periods of prosperity give way to financial fragility.
  • Minsky’s insight might sound obvious. Of course, debt and finance matter. But for decades the study of economics paid little heed to the former and relegated the latter to a sub-discipline, not an essential element in broader theories.
  • Minsky was a maverick. He challenged both the Keynesian backbone of macroeconomics and a prevailing belief in efficient markets.
  • t Messrs Hicks and Hansen largely left the financial sector out of the picture, even though Keynes was keenly aware of the importance of markets. To Minsky, this was an “unfair and naive representation of Keynes’s subtle and sophisticated views”. Minsky’s financial-instability hypothesis helped fill in the holes.
  • His challenge to the prophets of efficient markets was even more acute. Eugene Fama and Robert Lucas, among others, persuaded most of academia and policymaking circles that markets tended towards equilibrium as people digested all available information. The structure of the financial system was treated as almost irrelevant
  • In recent years, behavioural economists have attacked one plank of efficient-market theory: people, far from being rational actors who maximise their gains, are often clueless about what they want and make the wrong decisions.
  • But years earlier Minsky had attacked another: deep-seated forces in financial systems propel them towards trouble, he argued, with stability only ever a fleeting illusion.
  • Investors were faster than professors to latch onto his views. More than anyone else it was Paul McCulley of PIMCO, a fund-management group, who popularised his ideas. He coined the term “Minsky moment” to describe a situation when debt levels reach breaking-point and asset prices across the board start plunging. Mr McCulley initially used the term in explaining the Russian financial crisis of 1998. Since the global turmoil of 2008, it has become ubiquitous. For investment analysts and fund managers, a “Minsky moment” is now virtually synonymous with a financial crisis.
  • it would be a stretch to expect the financial-instability hypothesis to become a new foundation for economic theory. Minsky’s legacy has more to do with focusing on the right things than correctly structuring quantifiable models. It is enough to observe that debt and financial instability, his main preoccupations, have become some of the principal topics of inquiry for economists today
  • As Mr Krugman has quipped: “We are all Minskyites now.”
Javier E

Do Your Friends Actually Like You? - The New York Times - 1 views

  • Recent research indicates that only about half of perceived friendships are mutual. That is, someone you think is your friend might not be so keen on you. Or, vice versa, as when someone you feel you hardly know claims you as a bestie.
  • “The notion of doing nothing but spending time in each other’s company has, in a way, become a lost art,” replaced by volleys of texts and tweets, Mr. Sharp said. “People are so eager to maximize efficiency of relationships that they have lost touch with what it is to be a friend.”
  • It’s a concern because the authenticity of one’s relationships has an enormous impact on one’s health and well-being.
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  • The study analyzed friendship ties among 84 subjects (ages 23 to 38) in a business management class by asking them to rank one another on a five-point continuum of closeness from “I don’t know this person” to “One of my best friends.” The feelings were mutual 53 percent of the time while the expectation of reciprocity was pegged at 94 percent. This is consistent with data from several other friendship studies conducted over the past decade, encompassing more than 92,000 subjects, in which the reciprocity rates ranged from 34 percent to 53 percent.
  • “Friendship is difficult to describe,” said Alexander Nehamas, a professor of philosophy at Princeton, who in his latest book, “On Friendship,” spends almost 300 pages trying to do just that. “It’s easier to say what friendship is not and, foremost, it is not instrumental.”
  • It is not a means to obtain higher status, wangle an invitation to someone’s vacation home or simply escape your own boredom. Rather, Mr. Nehamas said, friendship is more like beauty or art, which kindles something deep within us and is “appreciated for its own sake.
  • “Treating friends like investments or commodities is anathema to the whole idea of friendship,” said Ronald Sharp, a professor of English at Vassar College, who teaches a course on the literature of friendship. “It’s not about what someone can do for you, it’s who and what the two of you become in each other’s presence.”
  • Some blame human beings’ basic optimism, if not egocentrism, for the disconnect between perceived and actual friendships. Others point to a misunderstanding of the very notion of friendship in an age when “friend” is used as a verb, and social inclusion and exclusion are as easy as a swipe or a tap on a smartphone screen.
  • By his definition, friends are people you take the time to understand and allow to understand you.
  • Because time is limited, so, too, is the number of friends you can have, according to the work of the British evolutionary psychologist Robin I.M. Dunbar. He describes layers of friendship, where the topmost layer consists of only one or two people, say a spouse and best friend with whom you are most intimate and interact daily. The next layer can accommodate at most four people for whom you have great affinity, affection and concern and who require weekly attention to maintain. Out from there, the tiers contain more casual friends with whom you invest less time and tend to have a less profound and more tenuous connection. Without consistent contact, they easily fall into the realm of acquaintance. You may be friendly with them but they aren’t friends.
  • “There is a limited amount of time and emotional capital we can distribute, so we only have five slots for the most intense type of relationship,” Mr. Dunbar said. “People may say they have more than five but you can be pretty sure they are not high-quality friendships.
  • Such boasting implies they have soul mates to spare in a culture where we are taught that leaning on someone is a sign of weakness and power is not letting others affect you. But friendship requires the vulnerability of caring as well as revealing things about yourself that don’t match the polished image in your Facebook profile or Instagram feed, said Mr. Nehamas at Princeton. Trusting that your bond will continue, and might even be strengthened, despite your shortcomings and inevitable misfortunes, he said, is a risk many aren’t willing to take.
  • According to medical experts, playing it safe by engaging in shallow, unfulfilling or nonreciprocal relationships has physical repercussions. Not only do the resulting feelings of loneliness and isolation increase the risk of death as much as smoking, alcoholism and obesity; you may also lose tone, or function, in the so-called smart vagus nerve, which brain researchers think allows us to be in intimate, supportive and reciprocal relationships in the first place.
  • In the presence of a true friend, Dr. Banks said, the smart or modulating aspect of the vagus nerve is what makes us feel at ease rather than on guard as when we are with a stranger or someone judgmental. It’s what enables us to feel O.K. about exposing the soft underbelly of our psyche and helps us stay engaged and present in times of conflict. Lacking authentic friendships, the smart vagus nerve is not exercised. It loses tone and one’s anxiety remains high, making abiding, deep connections difficult.
dicindioha

Democrats skeptical about SEC nominee's ties to Wall Street - The Washington Post - 0 views

  • Jay Clayton, on Thursday defended his ability to regulate Wall Street despite spending decades helping big banks weather government scrutiny
  • Clayton said, he would make sure “our markets are fair, open, orderly, and efficient and . . . that investors are protected
  • New York lawyer's deep connections to Wall Street, particularly Goldman Sachs, and inexperience with corporate prosecutions drew skepticism from Democrats
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  • Clayton, who made more than $7 million last year, is among six people with ties to Goldman Sachs chosen by Trump to serve in his administration.
  • He was warmly received by Republicans on the committee, who praised his financial industry experience.
  • It seems a little surprising to me that a person's success in a field in which we are asking them to now lead an agency could be a criticism,” said Sen. Mike Crapo
  • Advising on the deal was Clayton.
  • he said. U.S. markets are “less attractive to business than in the past,” and that should change.
  • It should be easier, and cheaper, for companies to sell stock on the public markets, Clayton told them.
  • In those cases, Warren said, if the rest of SEC's four commissioners vote along partisan lines, the investigations would stall and the firms could escape being held responsible.
  • “I think individual prosecutions, particularly in the white-collar area, have a significant effect on behavior,” Clayton said. “I want to be clear: Companies should be held responsible.”
  • Warren said she wants the SEC chair to look into and “put a stop to” any trading advantages Icahn might reap while serving in his new role.
  •  
    This article talks about Trump's pick for the SEC, who formerly advised on the deal where Warren Buffet salvaged Goldmann and Sachs with a $5 billion dollar investment. The article says some question his ability, then, to make sure that companies are held responsible for mistakes in the market. He wants to ensure our markets are "fair" which we know is not a term associated with efficiency, so it will be interesting to see if this occurs.
Javier E

Coursera Plans to Announce University Partners for Online Classes - NYTimes.com - 0 views

  • John Doerr, a Kleiner investment partner, said via e-mail that he saw a clear business model: “Yes. Even with free courses. From a community of millions of learners some should ‘opt in’ for valuable, premium services. Those revenues should fund investment in tools, technology and royalties to faculty and universities.”
  • Previously he said he had been involved with Stanford’s effort to put academic lectures online for viewing. But he noted that there was evidence that the newer interactive systems provided much more effective learning experiences.
  • Coursera and Udacity are not alone in the rush to offer mostly free online educational alternatives. Start-up companies like Minerva and Udemy, and, separately, the Massachusetts Institute of Technology, have recently announced similar platforms.
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  • Unlike previous video lectures, which offered a “static” learning model, the Coursera system breaks lectures into segments as short as 10 minutes and offers quick online quizzes as part of each segment.
  • Where essays are required, especially in the humanities and social sciences, the system relies on the students themselves to grade their fellow students’ work, in effect turning them into teaching assistants.
  • The Coursera system also offers an online feature that allows students to get support from a global student community. Dr. Ng said an early test of the system found that questions were typically answered within 22 minutes.
  • Dr. Koller said the educational approach was similar to that of the “flipped classroom,” pioneered by the Khan Academy, a creation of the educator Salman Khan. Students watch lectures at home and then work on problem-solving or “homework” in the classroom, either one-on-one with the teacher or in small groups.
Javier E

Welcome, Robot Overlords. Please Don't Fire Us? | Mother Jones - 0 views

  • There will be no place to go but the unemployment line.
  • There will be no place to go but the unemployment line.
  • at this point our tale takes a darker turn. What do we do over the next few decades as robots become steadily more capable and steadily begin taking away all our jobs?
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  • The economics community just hasn't spent much time over the past couple of decades focusing on the effect that machine intelligence is likely to have on the labor marke
  • The Digital Revolution is different because computers can perform cognitive tasks too, and that means machines will eventually be able to run themselves. When that happens, they won't just put individuals out of work temporarily. Entire classes of workers will be out of work permanently. In other words, the Luddites weren't wrong. They were just 200 years too early
  • Slowly but steadily, labor's share of total national income has gone down, while the share going to capital owners has gone up. The most obvious effect of this is the skyrocketing wealth of the top 1 percent, due mostly to huge increases in capital gains and investment income.
  • Robotic pets are growing so popular that Sherry Turkle, an MIT professor who studies the way we interact with technology, is uneasy about it: "The idea of some kind of artificial companionship," she says, "is already becoming the new normal."
  • robots will take over more and more jobs. And guess who will own all these robots? People with money, of course. As this happens, capital will become ever more powerful and labor will become ever more worthless. Those without money—most of us—will live on whatever crumbs the owners of capital allow us.
  • Economist Paul Krugman recently remarked that our long-standing belief in skills and education as the keys to financial success may well be outdated. In a blog post titled "Rise of the Robots," he reviewed some recent economic data and predicted that we're entering an era where the prime cause of income inequality will be something else entirely: capital vs. labor.
  • while it's easy to believe that some jobs can never be done by machines—do the elderly really want to be tended by robots?—that may not be true.
  • Third, as more people compete for fewer jobs, we'd expect to see middle-class incomes flatten in a race to the bottom.
  • The question we want to answer is simple: If CBTC is already happening—not a lot, but just a little bit—what trends would we expect to see? What are the signs of a computer-driven economy?
  • if automation were displacing labor, we'd expect to see a steady decline in the share of the population that's employed.
  • Second, we'd expect to see fewer job openings than in the past.
  • In the economics literature, the increase in the share of income going to capital owners is known as capital-biased technological change
  • Fourth, with consumption stagnant, we'd expect to see corporations stockpile more cash and, fearing weaker sales, invest less in new products and new factories
  • Fifth, as a result of all this, we'd expect to see labor's share of national income decline and capital's share rise.
  • We're already seeing them, and not just because of the crash of 2008. They started showing up in the statistics more than a decade ago. For a while, though, they were masked by the dot-com and housing bubbles, so when the financial crisis hit, years' worth of decline was compressed into 24 months. The trend lines dropped off the cliff.
  • Corporate executives should worry too. For a while, everything will seem great for them: Falling labor costs will produce heftier profits and bigger bonuses. But then it will all come crashing down. After all, robots might be able to produce goods and services, but they can't consume them
  • in another sense, we should be very alarmed. It's one thing to suggest that robots are going to cause mass unemployment starting in 2030 or so. We'd have some time to come to grips with that. But the evidence suggests that—slowly, haltingly—it's happening already, and we're simply not prepared for it.
  • the first jobs to go will be middle-skill jobs. Despite impressive advances, robots still don't have the dexterity to perform many common kinds of manual labor that are simple for humans—digging ditches, changing bedpans. Nor are they any good at jobs that require a lot of cognitive skill—teaching classes, writing magazine articles
  • in the middle you have jobs that are both fairly routine and require no manual dexterity. So that may be where the hollowing out starts: with desk jobs in places like accounting or customer support.
  • In fact, there's even a digital sports writer. It's true that a human being wrote this story—ask my mother if you're not sure—but in a decade or two I might be out of a job too
  • Doctors should probably be worried as well. Remember Watson, the Jeopardy!-playing computer? It's now being fed millions of pages of medical information so that it can help physicians do a better job of diagnosing diseases. In another decade, there's a good chance that Watson will be able to do this without any human help at all.
  • Take driverless cars.
  • The next step might be passenger vehicles on fixed routes, like airport shuttles. Then long-haul trucks. Then buses and taxis. There are 2.5 million workers who drive trucks, buses, and taxis for a living, and there's a good chance that, one by one, all of them will be displaced
  • There will be no place to go but the unemployment lin
  • we'll need to let go of some familiar convictions. Left-leaning observers may continue to think that stagnating incomes can be improved with better education and equality of opportunity. Conservatives will continue to insist that people without jobs are lazy bums who shouldn't be coddled. They'll both be wrong.
  • The modern economy is complex, and most of these trends have multiple causes.
  • we'll probably have only a few options open to us. The simplest, because it's relatively familiar, is to tax capital at high rates and use the money to support displaced workers. In other words, as The Economist's Ryan Avent puts it, "redistribution, and a lot of it."
  • would we be happy in a society that offers real work to a dwindling few and bread and circuses for the rest?
  • Most likely, owners of capital would strongly resist higher taxes, as they always have, while workers would be unhappy with their enforced idleness. Still, the ancient Romans managed to get used to it—with slave labor playing the role of robots—and we might have to, as well.
  •  economist Noah Smith suggests that we might have to fundamentally change the way we think about how we share economic growth. Right now, he points out, everyone is born with an endowment of labor by virtue of having a body and a brain that can be traded for income. But what to do when that endowment is worth a fraction of what it is today? Smith's suggestion: "Why not also an endowment of capital? What if, when each citizen turns 18, the government bought him or her a diversified portfolio of equity?"
  • In simple terms, if owners of capital are capturing an increasing fraction of national income, then that capital needs to be shared more widely if we want to maintain a middle-class society.
  • it's time to start thinking about our automated future in earnest. The history of mass economic displacement isn't encouraging—fascists in the '20s, Nazis in the '30s—and recent high levels of unemployment in Greece and Italy have already produced rioting in the streets and larger followings for right-wing populist parties. And that's after only a few years of misery.
  • When the robot revolution finally starts to happen, it's going to happen fast, and it's going to turn our world upside down. It's easy to joke about our future robot overlords—R2-D2 or the Terminator?—but the challenge that machine intelligence presents really isn't science fiction anymore. Like Lake Michigan with an inch of water in it, it's happening around us right now even if it's hard to see
  • A robotic paradise of leisure and contemplation eventually awaits us, but we have a long and dimly lit tunnel to navigate before we get there.
Javier E

Computers Jump to the Head of the Class - NYTimes.com - 0 views

  • Tokyo University, known as Todai, is Japan’s best. Its exacting entry test requires years of cramming to pass and can defeat even the most erudite. Most current computers, trained in data crunching, fail to understand its natural language tasks altogether. Ms. Arai has set researchers at Japan’s National Institute of Informatics, where she works, the task of developing a machine that can jump the lofty Todai bar by 2021. If they succeed, she said, such a machine should be capable, with appropriate programming, of doing many — perhaps most — jobs now done by university graduates.
  • There is a significant danger, Ms. Arai says, that the widespread adoption of artificial intelligence, if not well managed, could lead to a radical restructuring of economic activity and the job market, outpacing the ability of social and education systems to adjust.
  • Intelligent machines could be used to replace expensive human resources, potentially undermining the economic value of much vocational education, Ms. Arai said.
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  • “Educational investment will not be attractive to those without unique skills,” she said. Graduates, she noted, need to earn a return on their investment in training: “But instead they will lose jobs, replaced by information simulation. They will stay uneducated.” In such a scenario, high-salary jobs would remain for those equipped with problem-solving skills, she predicted. But many common tasks now done by college graduates might vanish.
  • Over the next 10 to 20 years, “10 percent to 20 percent pushed out of work by A.I. will be a catastrophe,” she says. “I can’t begin to think what 50 percent would mean — way beyond a catastrophe and such numbers can’t be ruled out if A.I. performs well in the future.”
  • A recent study published by the Program on the Impacts of Future Technology, at Oxford University’s Oxford Martin School, predicted that nearly half of all jobs in the United States could be replaced by computers over the next two decades.
  • Smart machines will give companies “the opportunity to automate many tasks, redesign jobs, and do things never before possible even with the best human work forces,” according to a report this year by the business consulting firm McKinsey.
  • Advances in speech recognition, translation and pattern recognition threaten employment in the service sectors — call centers, marketing and sales — precisely the sectors that provide most jobs in developed economies.
  • Gartner’s 2013 chief executive survey, published in April, found that 60 percent of executives surveyed dismissed as “‘futurist fantasy” the possibility that smart machines could displace many white-collar employees within 15 years.
  • Kenneth Brant, research director at Gartner, told a conference in October: “Job destruction will happen at a faster pace, with machine-driven job elimination overwhelming the market’s ability to create valuable new ones.”
  • Optimists say this could lead to the ultimate elimination of work — an “Athens without the slaves” — and a possible boom for less vocational-style education. Mr. Brant’s hope is that such disruption might lead to a system where individuals are paid a citizen stipend and be free for education and self-realization. “This optimistic scenario I call Homo Ludens, or ‘Man, the Player,’ because maybe we will not be the smartest thing on the planet after all,” he said. “Maybe our destiny is to create the smartest thing on the planet and use it to follow a course of self-actualization.”
Javier E

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

  • 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.
  • “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.”
  • 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.
  • 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.
  • 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

A Curious Midlife Crisis for a Tech Entrepreneur - The New York Times - 0 views

  • as he approached 40, Fabrice Grinda, a French technology entrepreneur with an estimated net worth of $100 million, couldn’t shake the feeling that something was terribly wrong. Somehow the trappings of his success were weighing him down.
  • “People turn 40 and usually buy a shiny sports car,” Mr. Grinda said during an interview in a penthouse suite at Sixty LES, a downtown boutique hotel. “They don’t say, ‘I’m downsizing my life and giving up all my possessions to focus on experiences and friendships.’
  • He dubbed it “the very big downgrade”: He was going to travel the world, working on the fly while staying with friends and family. He was purposely arranging things so that he would have a chance to focus on what was meaningful in life.
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  • But that is exactly what Mr. Grinda did. He moved out of the Bedford house in December 2012, ditched the city apartment and got rid of the McLaren. He donated clothes, sports equipment and kitchen utensils to the Church of St. Francis Xavier in Lower Manhattan. He gave his furniture to Housing Works and he packed a Tumi carry-on suitcase with 50 items, including two pairs of jeans, a bathing suit and 10 pairs of socks.
  • Once he realized his days as a roving houseguest were numbered, Mr. Grinda decided to shift his approach: He kept traveling, but now he was renting apartments on Airbnb or staying in luxury hotels.
  • Born in suburban Paris in 1974, Mr. Grinda graduated from Princeton in 1996 with a degree in economics. He worked as a consultant at McKinsey & Company for two years before moving back to France to found an online auction start-up funded by the business magnate Bernard Arnault, which Mr. Grinda sold in 2000.He returned to the United States, where he co-founded Zingy, a mobile phone ringtone and game maker, which fetched $80 million in a 2004 sale. After that, he was a founder of OLX, a Craigslist-like service that has become one of the largest global classified websites.Now he is an entrepreneur and angel investor, with more than 200 investments to date, who visits start-ups in Berlin, Paris, New York, San Francisco and other cities.
  • He looks (and acts) something like Sheldon Cooper, the oddball science geek played by Jim Parsons on “The Big Bang Theory,” an observation Mr. Grinda himself has made.“Friends, who knew me in my late teens and early twenties, would tell you I had exactly the same delusional sense of self-worth and condescending and arrogant self-centered worldview,” he wrote in a blog post that noted his similarities to the sitcom character.
  • In all, Mr. Grinda said, he stayed with about 15 friends and family members in the first months of 2013. “Everyone was, like, ‘It’s a great idea. Come over,’ ” Mr. Grinda said. “The problem is, the idea of ‘Great, come over’ and me there 24 hours a day, seven days a week, is very different. Especially when their lives are not in sync with mine.”
  • “When I looked back at the things that mattered the most to me,” he said, “they were experiences, friendships and family — none of which I had invested much in, partly because I was too busy, and partly because I felt anchored by my possessions.”
  • He hatched a new plan: His friends and family members would come to him.“Rather than me going to them and disrupting their routine,” he said, “getting everyone together in a setting of vacation makes more sense.”
  • He invited his parents, his friends, their partners, children and nannies for a two-week stay in Anguilla, an island east of Puerto Rico, where he rented two conjoining houses, at a cost of $240,000, with chefs and full house service (and a total of 19 bedrooms).
  • Mr. Grinda forgot to consider that not everyone lives as he does.For one thing, he had scheduled the Anguilla vacation during the school year, which meant friends with children couldn’t make it. The island’s remoteness, furthermore, meant some guests were forced to endure a tangle of flight connections, leaving some of them exhausted by the time they arrived.And many of the people he invited, who had jobs and other obligations, could stay only for a long weekend.
  • Mr. Grinda said he has learned a lot from his very big downgrade. He reconnected with old friends, even if it meant annoying them a little, and he rekindled his relationship with his father.“We spent time talking about his life,” he said. And he is no longer against the idea of having a fixed address; he said he is now in negotiations to buy a two-bedroom apartment on the Lower East Side, which he plans to rent out when he is not in town.
  • Still, the experiment has taken its toll. “The philosophy is interesting,” he said. “But how do you put it into practice? How do you make it real?”
  • He recently split up with Otilia Aionesei, a former model who works at technology start-up, whom he had been dating, off and on, for two years. The sticking point was their lack of a shared home.“If you want to be his girlfriend, this is the life you have to lead,” Ms. Aionesei said. “I like simple things, to watch movies on the same couch.”Mr. Grinda had a different view. “We went to the Galápagos,” he said. “We went to Tulum. To St. Barts. We have these wonderful experiences and memories together.”
  • “My home is where I am,” he said. “And it doesn’t matter if it is a friend’s place or a couch or the middle of the jungle or a hotel room on the Lower East Side. But I realize that most of humanity, especially women, don’t see it that way.”
Javier E

In Jobless Youth, U.S. Is Said to Pay High Price - NYTimes.com - 0 views

  • “When you have an entire generation of people that are out of work, it’s going to create tremendous costs for taxpayers both now and in the future.”
  • Fifteen percent of workers ages 16 to 24 are unemployed, compared with 7.3 percent of all workers. That does not include young people who are not working because they are in school, who are no longer looking for work or who were too discouraged to begin a job search.
  • The report is the latest in several detailing the disproportionate effect of the recession on young people and their lifetime earnings. The findings have renewed interest in programs that long ago went out of fashion, like apprenticeships and vocational high schools.
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  • youth work programs went out of style in the 1980s, as the baby boom generation stopped needing them.
  • Now, struggles among white, middle-class young people have helped bring the issue back to the fore, he said. “They’re not getting traction,” he added. “The fear that’s the strongest of all is that young people won’t be middle class anymore.”
  • Still, Mr. Carnevale said, “Spending for retirement is crowding out investment in young people, especially human capital investment.”
  • Young Invincibles said that federal youth jobs programs had been cut by $1 billion a year since 2002, and recommended expanding the Labor Department’s registered apprenticeship program and AmeriCorps, a national service program that had more than half a million applicants last year for about 80,000 positions, Mr. O’Sullivan said. It also advocates restoring financing to Youth Opportunity Grants, which were aimed at at-risk youth and were ended in 2005.
Javier E

Technology Imperialism, the Californian Ideology, and the Future of Higher Education - 2 views

  • What I hope to make explicit today is how much California – the place, the concept, “the dream machine” – shapes (wants to shape) the future of technology and the future of education.
  • In an announcement on Facebook – of course – Zuckerberg argued that “connectivity is a human right.”
  • As Zuckerberg frames it at least, the “human right” in this case is participation in the global economy
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  • This is a revealing definition of “human rights,” I’d argue, particularly as it’s one that never addresses things like liberty, equality, or justice. It never addresses freedom of expression or freedom of assembly or freedom of association.
  • in certain countries, a number of people say they do not use the Internet yet they talk about how much time they spend on Facebook. According to one survey, 11% of Indonesians who said they used Facebook also said they did not use the Internet. A survey in Nigeria had similar results:
  • Evgeny Morozov has described this belief as “Internet-centrism,” an ideology he argues permeates the tech industry, its PR wing the tech blogosphere, and increasingly government policy
  • “Internet-centrism” describes the tendency to see “the Internet” – Morozov uses quotations around the phrase – as a new yet unchanging, autonomous, benevolent, and inevitable socio-technological development. “The Internet” is a master framework for how all institutions will supposedly operate moving forward
  • “The opportunity to connect” as a human right assumes that “connectivity” will hasten the advent of these other rights, I suppose – that the Internet will topple dictatorships, for example, that it will extend participation in civic life to everyone and, for our purposes here at this conference, that it will “democratize education.”
  • Empire is not simply an endeavor of the nation-state – we have empire through technology (that’s not new) and now, the technology industry as empire.
  • Facebook is really just synecdochal here, I should add – just one example of the forces I think are at play, politically, economically, technologically, culturally.
  • it matters at the level of ideology. Infrastructure is ideological, of course. The new infrastructure – “the Internet” if you will – has a particular political, economic, and cultural bent to it. It is not neutral.
  • This infrastructure matters. In this case, this is a French satellite company (Eutelsat). This is an American social network (Facebook). Mark Zuckerberg’s altruistic rhetoric aside, this is their plan – an economic plan – to monetize the world’s poor.
  • The content and the form of “connectivity” perpetuate imperialism, and not only in Africa but in all of our lives. Imperialism at the level of infrastructure – not just cultural imperialism but technological imperialism
  • “The Silicon Valley Narrative,” as I call it, is the story that the technology industry tells about the world – not only the world-as-is but the world-as-Silicon-Valley-wants-it-to-be.
  • To better analyze and assess both technology and education technology requires our understanding of these as ideological, argues Neil Selwyn – “‘a site of social struggle’ through which hegemonic positions are developed, legitimated, reproduced and challenged.”
  • This narrative has several commonly used tropes
  • It often features a hero: the technology entrepreneur. Smart. Independent. Bold. Risk-taking. White. Male
  • “The Silicon Valley narrative” invokes themes like “innovation” and “disruption.” It privileges the new; everything else that can be deemed “old” is viewed as obsolete.
  • It contends that its workings are meritocratic: anyone who hustles can make it.
  • “The Silicon Valley narrative” fosters a distrust of institutions – the government, the university. It is neoliberal. It hates paying taxes.
  • “The Silicon Valley narrative” draws from the work of Ayn Rand; it privileges the individual at all costs; it calls this “personalization.”
  • “The Silicon Valley narrative” does not neatly co-exist with public education. We forget this at our peril. This makes education technology, specifically, an incredibly fraught area.
  • Here’s the story I think we like to hear about ed-tech, about distance education, about “connectivity” and learning: Education technology is supportive, not exploitative. Education technology opens, not forecloses, opportunities. Education technology is driven by a rethinking of teaching and learning, not expanding markets or empire. Education technology meets individual and institutional and community goals.
  • That’s not really what the “Silicon Valley narrative” says about education
  • It is interested in data extraction and monetization and standardization and scale. It is interested in markets and return on investment. “Education is broken,” and technology will fix it
  • If “Silicon Valley” isn’t quite accurate, then I must admit that the word “narrative” is probably inadequate too
  • The better term here is “ideology.”
  • Facebook is “the Internet” for a fairly sizable number of people. They know nothing else – conceptually, experientially. And, let’s be honest, Facebook wants to be “the Internet” for everyone.
  • We tend to not see technology as ideological – its connections to libertarianism, neoliberalism, global capitalism, empire.
  • The California ideology ignores race and labor and the water supply; it is sustained by air and fantasy. It is built upon white supremacy and imperialism.
  • As is the technology sector, which has its own history, of course, in warfare and cryptography.
  • So far this year, some $3.76 billion of venture capital has been invested in education technology – a record-setting figure. That money will change the landscape – that’s its intention. That money carries with it a story about the future; it carries with it an ideology.
  • When a venture capitalist says that “software is eating the world,” we can push back on the inevitability implied in that. We can resist – not in the name of clinging to “the old” as those in educational institutions are so often accused of doing – but we can resist in the name of freedom and justice and a future that isn’t dictated by the wealthiest white men in Hollywood or Silicon Valley.
  • We in education would be naive, I think, to think that the designs that venture capitalists and technology entrepreneurs have for us would be any less radical than creating a new state, like Draper’s proposed state of Silicon Valley, that would enormously wealthy and politically powerful.
  • When I hear talk of “unbundling” in education – one of the latest gerunds you’ll hear venture capitalists and ed-tech entrepreneurs invoke, meaning the disassembling of institutions into products and services – I can’t help but think of the “unbundling” that Draper wished to do to my state: carving up land and resources, shifting tax revenue and tax burdens, creating new markets, privatizing public institutions, redistributing power and doing so explicitly not in the service of equity or justice.
  • I want to show you this map, a proposal – a failed proposal, thankfully – by venture capitalist Tim Draper to split the state of California into six separate states: Jefferson, North California, Silicon Valley, Central California, West California, and South California. The proposal, which Draper tried to collect enough signatures to get on the ballot in California, would have created the richest state in the US – Silicon Valley would be first in per-capita income. It would also have created the nation’s poorest state, Central California, which would rank even below Mississippi.
  • that’s not all that Silicon Valley really does.
Javier E

Jordan Peterson Comes to Aspen - The Atlantic - 0 views

  • Peterson is traveling the English-speaking world in order to spread the message of this core conviction: that the way to fix what ails Western societies is a psychological project, targeted at helping individuals to get their lives in order, not a sociological project that seeks to improve society through politics, or popular culture, or by focusing on class, racial, or gender identity.
  • the Aspen Ideas Festival, which is co-sponsored by the Aspen Institute and The Atlantic, was an anomaly in this series of public appearances: a gathering largely populated by people—Democrats and centrist Republicans, corporate leaders, academics, millionaire philanthropists, journalists—invested in the contrary proposition, that the way to fix what ails society is a sociological project, one that effects change by focusing on politics, or changing popular culture, or spurring technological advances, or investing more in diversity and inclusiveness.
  • Many of its attendees, like many journalists, are most interested in Peterson as a political figure at the center of controversies
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  • Peterson deserves a full, appropriately complex accounting of his best and worst arguments; I intend to give him one soon. For now, I can only tell you how the Peterson phenomenon manifested one night in Aspen
  • “For the first time in human history the spoken word has the same reach as the written word, and there are no barriers to entry. That’s a Gutenberg revolution,” he said. “That’s a big deal. This is a game changer. The podcast world is also a Gutenberg moment but it’s even more extensive. The problem with books is that you can’t do anything else while you’re reading. But if you’re listening to a podcast you can be driving a tractor or a long haul truck or doing the dishes. So podcasts free up two hours a day for people to engage in educational activity they otherwise wouldn’t be able to engage in. That’s one-eighth of people’s lives. You’re handing people a lot of time back to engage in high-level intellectual education.
  • that technological revolution has revealed something good that we didn’t know before: “The narrow bandwidth of TV has made us think that we are stupider than we are. And people have a real hunger for deep intellectual dialogue.”
  • I’ve known for years that the university underserved the community, because we assumed that university education is for 18- to 22-year-olds, which is a proposition that’s so absurd it is absolutely mind-boggling that anyone ever conceptualized it. Why wouldn’t you take university courses throughout your entire life? What, you stop searching for wisdom when you’re 22? I don’t think so. You don’t even start until you’re like in your mid 20s. So I knew universities were underserving the broader community a long time ago. But there wasn’t a mechanism whereby that could be rectified.
  • Universities are beyond forgiveness, he argued, because due to the growing ranks of administrators, there’s been a radical increase in tuition. “Unsuspecting students are given free access to student loans that will cripple them through their 30s and their 40s, and the universities are enticing them to extend their carefree adolescence for a four year period at the cost of mortgaging their future in a deal that does not allow for escape through bankruptcy,” he complained. “So it’s essentially a form of indentured servitude. There’s no excuse for that … That cripples the economy because the students become overlaid with debt that they’ll never pay off at the time when they should be at the peak of their ability to take entrepreneurial risks. That’s absolutely appalling.”
  • A critique I frequently hear from Peterson’s critics is that everything he says is either obvious or wrong. I think that critique fails insofar as I sometimes see some critics calling one of his statements obvious even as others insist it is obviously wrong.
  • a reliable difference among men and women cross-culturally is that men are more aggressive than women. Now what's the evidence for that? Here's one piece of evidence: There are 10 times as many men in prison. Now is that a sociocultural construct? It's like, no, it's not a sociocultural construct. Okay?
  • Here's another piece of data. Women try to commit suicide more than men by a lot, and that's because women are more prone to depression and anxiety than men are. And there are reasons for that, and that's cross-cultural as well. Now men are way more likely to actually commit suicide. Why? Because they're more aggressive so they use lethal means. So now the question is how much more aggressive are men than women? The answer is not very much. So the claim that men and women are more the same than different is actually true. This is where you have to know something about statistics to understand the way the world works, instead of just applying your a priori ideological presuppositions to things that are too complex to fit in that rubric.
  • So if you draw two people out of a crowd, one man and one woman, and you had to lay a bet on who was more aggressive, and you bet on the woman, you'd win 40 percent of the time. That's quite a lot. It isn't 50 percent of the time which would be no differences. But it’s a lot. There are lots of women who are more aggressive than lots of men. So the curves overlap a lot. There's way more similarity than difference. And this is along the dimension where there's the most difference. But here's the problem. You can take small differences at the average of a distribution. Then the distributions move off to the side. And then all the action is at the tail. So here's the situation. You don't care about how aggressive the average person is. It's not that relevant. What people care about is who is the most aggressive person out of 100, because that's the person you'd better watch out for.
  • Whenever I'm interviewed by journalists who have the scent of blood in their nose, let's say, they're very willing and able to characterize the situation I find myself in as political. But that's because they can't see the world in any other manner. The political is a tiny fraction of the world. And what I'm doing isn't political. It's psychological or theological. The political element is peripheral. And if people come to the live lectures, let's say, that's absolutely self-evident
  • In a New York Times article titled, “Jordan Peterson, Custodian of the Patriarchy,” the writer Nellie Bowles quoted her subject as follows:
  • Violent attacks are what happens when men do not have partners, Mr. Peterson says, and society needs to work to make sure those men are married. “He was angry at God because women were rejecting him,” Mr. Peterson says of the Toronto killer. “The cure for that is enforced monogamy. That’s actually why monogamy emerges.” Mr. Peterson does not pause when he says this. Enforced monogamy is, to him, simply a rational solution. Otherwise women will all only go for the most high-status men, he explains, and that couldn’t make either gender happy in the end.
  • Ever since, some Peterson critics have claimed that Peterson wants to force women to have sex with male incels, or something similarly dystopian.
  • ...it's an anthropological truism generated primarily through scholars on the left, just so everybody is clear about it, that societies that use monogamy as a social norm, which by the way is virtually every human society that ever existed, do that in an attempt to control the aggression that goes along with polygamy. It's like ‘Oh my God, how contentious can you get.’ Well, how many of you are in monogamous relationships? A majority. How is that enforced?...
  • If everyone you talk to is boring it’s not them! And so if you're rejected by the opposite sex, if you’re heterosexual, then you're wrong, they're not wrong, and you've got some work to do, man. You've got some difficult work to do. And there isn't anything I've been telling young men that's clearer than that … What I've been telling people is take the responsibility for failure onto yourself. That's a hint that you've got work to do. It could also be a hint that you're young and useless and why the hell would anybody have anything to do with you because you don't have anything to offer. And that's rectifiable. Maturity helps to rectify that.
  • And what's the gender? Men. Because if you go two standard deviations out from the mean on two curves that overlap but are disjointed, then you derive an overwhelming preponderance of the overrepresented group. That's why men are about 10 times more likely to be in prison.  
  • Weiss: You are often characterized, at least in the mainstream press, as being transphobic. If you had a student come to you and say, I was born female, I now identify as male, I want you to call me by male pronouns. Would you say yes to that?
  • Peterson: Well, it would depend on the student and the context and why I thought they were asking me and what I believe their demand actually characterized, and all of that. Because that can be done in a way that is genuine and acceptable, and a way that is manipulative and unacceptable. And if it was genuine and acceptable then I would have no problem with it. And if it was manipulative and unacceptable then not a chance. And you might think, ‘Well, who am I to judge?’ Well, first of all, I am a clinical psychologist, I've talked to people for about 25,000 hours. And I'm responsible for judging how I am going to use my words. I'd judge the same way I judge all my interactions with people, which is to the best of my ability, and characterized by all the errors that I'm prone to. I'm not saying that my judgment would be unerring. I live with the consequences and I'm willing to accept the responsibility.
  • But also to be clear about this, it never happened––I never refused to call anyone by anything they had asked me to call them by, although that's been reported multiple times. It's a complete falsehood. And it had nothing to do with the transgender issue as far as I'm concerned.
  • type one and type two error problem
  • note what his avowed position is: that he has never refused to call a transgender person by their preferred pronoun, that he has done so many times, that he would always try to err on the side of believing a request to be earnest, and that he reserves the right to decline a request he believes to be in bad faith. Whether one finds that to be reasonable or needlessly difficult, it seems irresponsible to tell trans people that a prominent intellectual hates them or is deeply antagonistic to them when the only seeming conflict is utterly hypothetical and ostensibly not even directed against people that Peterson believes to be trans, but only against people whom he does not believe to be trans
Javier E

The Navy's USS Gabrielle Giffords and the Future of Work - The Atlantic - 0 views

  • Minimal manning—and with it, the replacement of specialized workers with problem-solving generalists—isn’t a particularly nautical concept. Indeed, it will sound familiar to anyone in an organization who’s been asked to “do more with less”—which, these days, seems to be just about everyone.
  • Ten years from now, the Deloitte consultant Erica Volini projects, 70 to 90 percent of workers will be in so-called hybrid jobs or superjobs—that is, positions combining tasks once performed by people in two or more traditional roles.
  • If you ask Laszlo Bock, Google’s former culture chief and now the head of the HR start-up Humu, what he looks for in a new hire, he’ll tell you “mental agility.
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  • “What companies are looking for,” says Mary Jo King, the president of the National Résumé Writers’ Association, “is someone who can be all, do all, and pivot on a dime to solve any problem.”
  • The phenomenon is sped by automation, which usurps routine tasks, leaving employees to handle the nonroutine and unanticipated—and the continued advance of which throws the skills employers value into flux
  • Or, for that matter, on the relevance of the question What do you want to be when you grow up?
  • By 2020, a 2016 World Economic Forum report predicted, “more than one-third of the desired core skill sets of most occupations” will not have been seen as crucial to the job when the report was published
  • I asked John Sullivan, a prominent Silicon Valley talent adviser, why should anyone take the time to master anything at all? “You shouldn’t!” he replied.
  • Minimal manning—and the evolution of the economy more generally—requires a different kind of worker, with not only different acquired skills but different inherent abilities
  • It has implications for the nature and utility of a college education, for the path of careers, for inequality and employability—even for the generational divide.
  • Then, in 2001, Donald Rumsfeld arrived at the Pentagon. The new secretary of defense carried with him a briefcase full of ideas from the corporate world: downsizing, reengineering, “transformational” technologies. Almost immediately, what had been an experimental concept became an article of faith
  • But once cadets got into actual command environments, which tend to be fluid and full of surprises, a different picture emerged. “Psychological hardiness”—a construct that includes, among other things, a willingness to explore “multiple possible response alternatives,” a tendency to “see all experience as interesting and meaningful,” and a strong sense of self-confidence—was a better predictor of leadership ability in officers after three years in the field.
  • Because there really is no such thing as multitasking—just a rapid switching of attention—I began to feel overstrained, put upon, and finally irked by the impossible set of concurrent demands. Shouldn’t someone be giving me a hand here? This, Hambrick explained, meant I was hitting the limits of working memory—basically, raw processing power—which is an important aspect of “fluid intelligence” and peaks in your early 20s. This is distinct from “crystallized intelligence”—the accumulated facts and know-how on your hard drive—which peaks in your 50
  • Others noticed the change but continued to devote equal attention to all four tasks. Their scores fell. This group, Hambrick found, was high in “conscientiousness”—a trait that’s normally an overwhelming predictor of positive job performance. We like conscientious people because they can be trusted to show up early, double-check the math, fill the gap in the presentation, and return your car gassed up even though the tank was nowhere near empty to begin with. What struck Hambrick as counterintuitive and interesting was that conscientiousness here seemed to correlate with poor performance.
  • he discovered another correlation in his test: The people who did best tended to score high on “openness to new experience”—a personality trait that is normally not a major job-performance predictor and that, in certain contexts, roughly translates to “distractibility.”
  • To borrow the management expert Peter Drucker’s formulation, people with this trait are less focused on doing things right, and more likely to wonder whether they’re doing the right things.
  • High in fluid intelligence, low in experience, not terribly conscientious, open to potential distraction—this is not the classic profile of a winning job candidate. But what if it is the profile of the winning job candidate of the future?
  • One concerns “grit”—a mind-set, much vaunted these days in educational and professional circles, that allows people to commit tenaciously to doing one thing well
  • These ideas are inherently appealing; they suggest that dedication can be more important than raw talent, that the dogged and conscientious will be rewarded in the end.
  • he studied West Point students and graduates.
  • Traditional measures such as SAT scores and high-school class rank “predicted leader performance in the stable, highly regulated environment of West Point” itself.
  • It would be supremely ironic if the advance of the knowledge economy had the effect of devaluing knowledge. But that’s what I heard, recurrentl
  • “Fluid, learning-intensive environments are going to require different traits than classical business environments,” I was told by Frida Polli, a co-founder of an AI-powered hiring platform called Pymetrics. “And they’re going to be things like ability to learn quickly from mistakes, use of trial and error, and comfort with ambiguity.”
  • “We’re starting to see a big shift,” says Guy Halfteck, a people-analytics expert. “Employers are looking less at what you know and more and more at your hidden potential” to learn new things
  • advice to employers? Stop hiring people based on their work experience. Because in these environments, expertise can become an obstacle.
  • “The Curse of Expertise.” The more we invest in building and embellishing a system of knowledge, they found, the more averse we become to unbuilding it.
  • All too often experts, like the mechanic in LePine’s garage, fail to inspect their knowledge structure for signs of decay. “It just didn’t occur to him,” LePine said, “that he was repeating the same mistake over and over.
  • The devaluation of expertise opens up ample room for different sorts of mistakes—and sometimes creates a kind of helplessness.
  • Aboard littoral combat ships, the crew lacks the expertise to carry out some important tasks, and instead has to rely on civilian help
  • Meanwhile, the modular “plug and fight” configuration was not panning out as hoped. Converting a ship from sub-hunter to minesweeper or minesweeper to surface combatant, it turned out, was a logistical nightmare
  • So in 2016 the concept of interchangeability was scuttled for a “one ship, one mission” approach, in which the extra 20-plus sailors became permanent crew members
  • “As equipment breaks, [sailors] are required to fix it without any training,” a Defense Department Test and Evaluation employee told Congress. “Those are not my words. Those are the words of the sailors who were doing the best they could to try to accomplish the missions we gave them in testing.”
  • These results were, perhaps, predictable given the Navy’s initial, full-throttle approach to minimal manning—and are an object lesson on the dangers of embracing any radical concept without thinking hard enough about the downsides
  • a world in which mental agility and raw cognitive speed eclipse hard-won expertise is a world of greater exclusion: of older workers, slower learners, and the less socially adept.
  • if you keep going down this road, you end up with one really expensive ship with just a few people on it who are geniuses … That’s not a future we want to see, because you need a large enough crew to conduct multiple tasks in combat.
  • hat does all this mean for those of us in the workforce, and those of us planning to enter it? It would be wrong to say that the 10,000-hours-of-deliberate-practice idea doesn’t hold up at all. In some situations, it clearly does
  • A spinal surgery will not be performed by a brilliant dermatologist. A criminal-defense team will not be headed by a tax attorney. And in tech, the demand for specialized skills will continue to reward expertise handsomely.
  • But in many fields, the path to success isn’t so clear. The rules keep changing, which means that highly focused practice has a much lower return
  • In uncertain environments, Hambrick told me, “specialization is no longer the coin of the realm.”
  • It leaves us with lifelong learning,
  • I found myself the target of career suggestions. “You need to be a video guy, an audio guy!” the Silicon Valley talent adviser John Sullivan told me, alluding to the demise of print media
  • I found the prospect of starting over just plain exhausting. Building a professional identity takes a lot of resources—money, time, energy. After it’s built, we expect to reap gains from our investment, and—let’s be honest—even do a bit of coasting. Are we equipped to continually return to apprentice mode? Will this burn us out?
  • Everybody I met on the Giffords seemed to share that mentality. They regarded every minute on board—even during a routine transit back to port in San Diego Harbor—as a chance to learn something new.
Javier E

The Disturbing New Facts About American Capitalism - WSJ - 0 views

  • “Let your winners run” is one of the oldest adages in investing. One of the newest ideas is that the winners may be running away with everything.
  • Modern capitalism is built on the idea that as companies get big, they become fat and happy, opening themselves up to lean and hungry competitors that can underprice and overtake them. That cycle of creative destruction may be changing in ways that help explain the seemingly unstoppable rise of the stock market.
  • U.S. companies are moving toward a winner-take-all system in which giants get stronger, not weaker, as they expand.
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  • That’s the latest among several recent studies by economists working independently, all arriving at similar findings: A few “superstar firms” have grown to dominate their industries, crowding out competitors and controlling markets to a degree not seen in many decades.
  • Let’s look beyond such obvious winner-take-all examples as Apple or Alphabet, the parent of Google.
  • Consider real-estate services. In 1997, according to Profs. Grullon, Larkin and Michaely, that sector had 42 publicly traded companies; the four largest generated 49% of the group’s total revenue. By 2014, only 20 public firms were left, and the top four— CBRE Group, Jones Lang LaSalle, Realogy Holdings and Wyndham Worldwide—commanded 78% of the group’s combined revenue.
  • Or look at supermarkets. In 1997, there were 36 publicly traded companies in that industry, with the top four accounting for more than half of total sales. By 2014, only 11 were left. The top four—Kroger, Supervalu, Whole Foods Market and Roundy’s (since acquired by Kroger)—held 89% of the pie.
  • The U.S. had more than 7,000 public companies 20 years ago, the professors say; nowadays, it’s fewer than 4,000.
  • The winners are also grabbing most of the profits
  • At the end of 1996, the 25 companies in the S&P 500 with the highest net profit margins—income as a percentage of revenue—earned a median of just under 21 cents on every dollar of sales. Last year, the top 25 such companies earned a median of 39 cents on the dollar.
  • Two decades ago, the median net margin among all S&P 500 members was 6.7%. By the end of 2016, that had increased to 9.7%.
  • So while companies as a whole became more profitable over the past 20 years, the winners have become vastly more profitable, nearly doubling the gains they got on each dollar of sales.
  • Why might it be easier now for winners to take all? Prof. Michaely suggests two theories. Declining enforcement of antitrust rules has led to bigger mergers, less competition and higher profits.
  • The other is technology. “If you want to compete with Google or Amazon,” he says, “you’ll have to invest not just billions, but tens of billions of dollars.”
  • Still, history offers a warning. Many times in the past, winners have taken all but seldom for long.
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