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Javier E

Opinion | Why Aren't More People Getting Married? Ask Women What Dating Is Like. - The ... - 0 views

www.nytimes.com/...marriage-women-men-dating.html

matchmaking dating marriage men male dysfunction culture crisis

shared by Javier E on 12 Nov 23 - No Cached
  • Brad Wilcox of the Institute for Family Studies, who recently scoffed at “the notion that love, not marriage, makes a family,” has a forthcoming book titled “Get Married: Why Americans Must Defy the Elites, Forge Strong Families, and Save Civilization.” All of these scolds typically rely on the same batch of academic studies, now compiled by economist Melissa Kearney in her new book “The Two-Parent Privilege: How Americans Stopped Getting Married and Started Falling Behind,” which show that kids with two parents fare better on a variety of life outcomes than those raised by single parents, who are overwhelmingly women.
  • harping on people to get married from high up in the ivory tower fails to engage with the reality on the ground that heterosexual women from many walks of life confront: that is, the state of men today.
  • On the rare occasions that women are actually asked about their experiences with relationships, the answers are rarely what anyone wants to hear.
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  • In the late 1990s, the sociologists Kathryn Edin and Maria Kefalas interviewed 162 low-income single mothers in Camden, N.J., and Philadelphia to understand why they had children without being married. “Money is seldom the primary reason” why mothers say they are no longer with their children’s fathers. Instead, mothers point to “far more serious” offenses: “It is the drug and alcohol abuse, the criminal behavior and consequent incarceration, the repeated infidelity, and the patterns of intimate violence that are the villains looming largest in poor mothers’ accounts of relational failure.”
  • But it doesn’t take behavior this harmful to discourage marriage; often, simple compatibility or constancy can be elusive.
  • Ms. Camino, for her part, has dabbled in dating since her partner left, but hasn’t yet met anyone who shares her values, someone who’s funny and — she hesitates to use the word “feminist” — but a man who won’t just roll his eyes and say something about being on her period whenever she voices an opinion.
  • “There are women that are just out here trying, and the men aren’t ready,” she told me. “They don’t care, most of them.” Who, exactly, is Ms. Camino supposed to marry?
  • For as long as people have been promoting marriage, they have also been observing that a good man is hard to find
  • what was once dismissed as the complaint of “picky” women is now supported by a raft of data
  • The same pundits plugging marriage also bemoan the crisis among men and boys, what has come to be known as “male drift” — men turning away from college, dropping out of the work force, or failing to look after their health.
  • even this nod ignores the qualitative aspect of the dating experience — the part that’s hard to cover in surveys, or address with policy.
  • a senior fellow at the American Enterprise Institute who recently surveyed more than 5,000 Americans about dating and relationships, found that nearly half of college-educated women said they were single because they had trouble finding someone who meets their expectations, versus one-third of men.
  • For a variety of reasons — mixed messages from the broader culture about toughness and vulnerability, the activity-oriented nature of male friendships — it seems that by the time men begin dating, they are relatively “limited in their ability and willingness to be fully emotionally present and available,” he said.
  • Navigating interpersonal relationships in a time of evolving gender norms and expectations “requires a level of emotional sensitivity that I think some men probably just lack, or they don’t have the experience,
  • He had recently read about a high school creative writing assignment in which boys and girls were asked to imagine a day from the perspective of the opposite sex. While girls wrote detailed essays showing they had already spent significant time thinking about the subject, many boys simply refused to do the exercise, or did so resentfully
  • Mr. Cox likened that to heterosexual relationships today: “The girls do extra and the boys do little or nothing.”
  • educated women freeze their eggs because they’re unable to find a suitable male partner: Ms. Inhorn points to a large gap in the number of college-educated women versus college-educated men during their reproductive years — on the order of several million.
  • Ms. Inhorn’s book goes beyond these quantitative mismatches to document the qualitative experience of women who are actively searching for partners — the frustration, hurt and disappointment.
  • “Almost without exception,” she writes, “women in this study were ‘trying hard’ to find a loving partner,” mostly through dating sites and apps. Women in their late 30s reported “online ageism,” others described removing their Ph.D from their profiles so as not to intimidate potential dates; still others found that men were often commitment-averse.
  • Ms. Inhorn compiled a sort of taxonomy of cads, such as the “Alpha males” who “want to be challenged by work, not by their partners” or the “Polyamorous men” who claim “that their multiple attachments to women are all ‘committed.’” Her breakdown — table 1.1 in the book — reads like a rigorous academic version of all the complaints you’ve ever heard from your single female friends.
  • to truly address the decline in heterosexual marriage, we must attend to the details — to acknowledge the qualitative aspects of relationship formation
  • in particular, we should listen to the experiences of women who are attempting to find partners. We should care about the interior lives, not just the educational attainment or the employment status, of the men who could be those partners.
  • It requires taking the stories of single women seriously, and not treating them as punchlines — something for which there is little historical precedent, but which a handful of scholars are slowly beginning to do.
Javier E

Why Trump's Drastic Plan to Slash the Government Could Succeed - WSJ - 0 views

www.wsj.com/...ernment-could-succeed-6828ccbe

trump government plan

shared by Javier E on 31 Oct 23 - No Cached
  • In campaign speeches and statements, the former president has promised to eliminate the independence of key federal agencies, reduce protections for civil servants, deny citizenship to tens of thousands of people born in the U.S. and wrest control of some authority over spending from Congress. If implemented, those measures and others Trump has proposed would amount to the most sweeping overhaul of the government in modern times, legal scholars said.
  • Trump’s agenda mirrors the longstanding priorities of prominent conservative groups, which have been working behind the scenes to revamp every corner of the government, agency by agency. The goal, conservative leaders said, isn’t only to shrink the size of the government, but also to snuff out perceived opposition to the president’s agenda within the bureaucratic ranks.
  • “I would hope this is a seminal moment to crush the deep state and the administrative state that has operated with its own set of agendas for a long time,”
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  • In practical terms, that means weakening measures first put in place in the 19th century that turned federal employment from a partisan spoils system into a professional workforce, and setting aside federal laws intended to insulate some areas of policy-making and enforcement from political interference.
  • Underpinning the effort is what is called the unitary executive principle, which draws from a constitutional clause that vests “the executive power” in the president. Conservative leaders argue that the clause gives the president virtually unchecked authority over the executive branch.
  • Conservative justices have signaled support for the unitary executive principle and repeatedly espoused skepticism of federal agencies, signaling they could have sympathy for Trump’s contention that the federal bureaucracy must be reined in. 
  • f he wins in 2024, Trump would find a friendlier court than the one that sometimes frustrated him. Amy Coney Barrett, Trump’s third pick for the high court, was seated just months before Trump left office, expanding its conservative majority and reducing the sway of Chief Justice John Roberts, who had joined the then four-member liberal bloc in finding Trump officials cut legal corners in trying to alter the census and cancel the DACA program.
  • Still, hurdles remain. There were occasions when each of Trump’s Supreme Court appointees joined with liberals or Roberts against conservative objectives.
  • Lawmakers of both parties, protective of their own power, would likely object to efforts by Trump to reassert what is known as the impoundment authority and allow a president to refuse to spend money appropriated by Congress. And former Trump administration officials say his focus can drift from one
  • some people who know him expressed concern that an emboldened Trump could push the limits of the law far beyond what he did in his first term, and would surround himself with advisers who are unwilling to resist his impulses. 
  • “I’m sympathetic to some of the initiatives that are being considered,” said Barr, who has been critical of the former president. “My concern generally is that the president is very imprudent and very excessive in anything he does, and therefore will end up doing things that end up actually curtailing executive power, rather than expanding it.”
  • the Supreme Court could be more open to the president taking more control over independent agencies and limiting protections for civil servants. 
  • “It’s hard to predict how far [the Supreme Court] would go. But I think there’s less judicial restraint and there’s more willingness to allow what were once seen as extreme or fringe constitutional arguments on the right to be entertained,” said Shalev Roisman, a University of Arizona law professor.
  • Trump advisers would seek greater power to hire and fire career federal employees so they can select who carries out presidential policies throughout the government. In 2020, Trump issued an executive order that could have stripped thousands of federal employees of civil service protections and removed competitive exams as a hiring criterion. President Biden rescinded that order, but Trump advisers are planning to resurrect it. 
  • Although the Supreme Court’s conservative majority holds a robust view of the unitary executive theory, it is unlikely there are sufficient votes to fully scrap the merit-based employment that has been part of the federal firmament for 140 years. But the president does have authority to manage the civil service system, and Trump could find a court open to expanding the class of employees that can be hired and fired at the White House’s discretion.
  • Trump advisers also are considering a broader challenge to Supreme Court precedent, hoping to win new authority to replace members of independent commissions at will—a step some justices have signaled they might consider. 
  • Conservative officials involved in the discussions reject the notion that Trump is trying to hoard unchecked authority, arguing that they want to revert to a vision of the presidency outlined in the Constitution. In their view, agencies essentially are extensions of the president and their employees serve at his pleasure. In a second Trump term, Vought said, “the bureaucracy would care more about what the president thinks and what his agenda is.”
  • Biden has ramped up his criticism of Trump, homing in on the former president’s efforts to expand his power. “This MAGA threat is the threat to the brick and mortar of our democratic institutions,”
  • The origins of conservatives’ efforts date back to 1982, when then-President Ronald Reagan established a commission to improve government efficiency, assembling more than 100 private-sector figures with the mandate to “drain the swamp” in Washington. The group, known as the Grace Commission, released a 47-volume report with more than 2,400 recommendations, including proposals to rethink protections for government workers.
  • Many of the recommendations were never implemented.
  • “It’s been hard to make progress on this front,” said ​​Veronique de Rugy, a senior research fellow at George Mason University’s Mercatus Center. “At its core, the incentives within government are for more spending, more growth, more intervention.”
Javier E

We're That Much Likelier to Get Sick Now - The Atlantic - 0 views

www.theatlantic.com/...676173

covid flu RSV infectious season epidemiology

shared by Javier E on 15 Dec 23 - No Cached
  • Although neither RSV nor flu is shaping up to be particularly mild this year, says Caitlin Rivers, an epidemiologist at the Johns Hopkins Center for Health Security, both appear to be behaving more within their normal bounds.
  • But infections are still nowhere near back to their pre-pandemic norm. They never will be again. Adding another disease—COVID—to winter’s repertoire has meant exactly that: adding another disease, and a pretty horrific one at that, to winter’s repertoire.
  • “The probability that someone gets sick over the course of the winter is now increased,” Rivers told me, “because there is yet another germ to encounter.” The math is simple, even mind-numbingly obvious—a pathogenic n+1 that epidemiologists have seen coming since the pandemic’s earliest days. Now we’re living that reality, and its consequences.
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  • ‘Odds are, people are going to get sick this year,’”
  • In typical years, flu hospitalizes an estimated 140,000 to 710,000 people in the United States alone; some years, RSV can add on some 200,000 more. “Our baseline has never been great,” Yvonne Maldonado, a pediatrician at Stanford, told me. “Tens of thousands of people die every year.”
  • this time of year, on top of RSV, flu, and COVID, we also have to contend with a maelstrom of other airway viruses—among them, rhinoviruses, parainfluenza viruses, human metapneumovirus, and common-cold coronaviruses.
  • Illnesses not severe enough to land someone in the hospital could still leave them stuck at home for days or weeks on end, recovering or caring for sick kids—or shuffling back to work
  • “This is a more serious pathogen that is also more infectious,” Ajay Sethi, an epidemiologist at the University of Wisconsin at Madison, told me. In the past year, COVID-19 has killed some 80,000 Americans—a lighter toll than in the three years prior, but one that still dwarfs that of the worst flu seasons in the past decade.
  • Globally, the only infectious killer that rivals it in annual-death count is tuberculosis
  • Rivers also pointed to CDC data that track trends in deaths caused by pneumonia, flu, and COVID-19. Even when SARS-CoV-2 has been at its most muted, Rivers said, more people have been dying—especially during the cooler months—than they were at the pre-pandemic baseline.
  • This year, for the first time, millions of Americans have access to three lifesaving respiratory-virus vaccines, against flu, COVID, and RSV. Uptake for all three remains sleepy and halting; even the flu shot, the most established, is not performing above its pre-pandemic baseline.
  • COVID could now surge in the summer, shading into RSV’s autumn rise, before adding to flu’s winter burden, potentially dragging the misery out into spring. “Based on what I know right now, I am considering the season to be longer,” Rivers said.
  • barring further gargantuan leaps in viral evolution, the disease will continue to slowly mellow out in severity as our collective defenses build; the virus may also pose less of a transmission risk as the period during which people are infectious contracts
  • even if the dangers of COVID-19 are lilting toward an asymptote, experts still can’t say for sure where that asymptote might be relative to other diseases such as the flu—or how long it might take for the population to get there.
  • it seems extraordinarily unlikely to ever disappear. For the foreseeable future, “pretty much all years going forward are going to be worse than what we’ve been used to before,”
  • although a core contingent of Americans might still be more cautious than they were before the pandemic’s start—masking in public, testing before gathering, minding indoor air quality, avoiding others whenever they’re feeling sick—much of the country has readily returned to the pre-COVID mindset.
  • When I asked Hanage what precautions worthy of a respiratory disease with a death count roughly twice that of flu’s would look like, he rattled off a familiar list: better access to and uptake of vaccines and antivirals, with the vulnerable prioritized; improved surveillance systems to offer  people at high risk a better sense of local-transmission trends; improved access to tests and paid sick leave
  • Without those changes, excess disease and death will continue, and “we’re saying we’re going to absorb that into our daily lives,” he said.
  • And that is what is happening.
  • last year, a CDC survey found that more than 3 percent of American adults were suffering from long COVID—millions of people in the United States alone.
  • “We get used to things we could probably fix.” The years since COVID arrived set a horrific precedent of death and disease; after that, this season of n+1 sickness might feel like a reprieve. But compare it with a pre-COVID world, and it looks objectively worse. We’re heading toward a new baseline, but it will still have quite a bit in common with the old one: We’re likely to accept it, and all of its horrors, as a matter of course.
peterconnelly

The U.S. is sending Ukraine advanced rocket systems to battle Russia. Here's why that m... - 0 views

www.nbcnews.com/...long-range-firepower-rcna31016

ukraine u s

shared by peterconnelly on 01 Jun 22 - No Cached
  • Russia is advancing in the east behind a barrage of artillery that has strained Ukrainian defenses and Western unity over support for a protracted war.
  • President Joe Biden announced Wednesday that the U.S. would be sending Ukraine the high mobility artillery rocket system, or HIMARS. "This new package will arm them with new capabilities and advanced weaponry, including HIMARS with battlefield munitions, to defend their territory from Russian advances," he said in a statement.
  • He said that combined with their targeting capacity aided by commercial drones and counter battery radars, the systems would provide a “distinct qualitative and quantitative improvement” to Ukraine’s combat capability.
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  • MLRS missiles typically have a range of up to 40 miles, and can be equipped with GPS-guided missiles.
  • However they are unlikely to arrive in time to save swaths of the country's east from being battered and overrun.
  • saying Wednesday that Russian forces now control around 80 percent of the ruined city.
  • “The combination of artillery barrage, airstrikes and missile strikes is what we expected from Russia from the beginning of the war and they are grinding the Ukrainians down,” said William Alberque
  • “This is an active artillery war. A war in which you need long-range firepower," the official said. “This war is about shooting and moving. Who can shoot the longest and fastest wins.”
  • Biden on Monday told reporters that the U.S. would not “send to Ukraine rocket systems that can strike into Russia." A senior administration official said Ukraine has agreed not to use them to launch rockets into Russia.
  • Moscow's messaging over the long-range weapons systems showed it "knows exactly how to play on the West's doubts and fear of a direct NATO-Russia confrontation,"
  • “But each day the West hesitates is a day Russian artillery rules the battlefield. Russian advances are preceded by massive fire. Each city lost by Ukraine is a city leveled to the ground, making each retreat even more painful,” Horowitz said.
Javier E

What Was Stonehenge For? The Answer Might Be Simpler Than You Thought. - The New York T... - 0 views

www.nytimes.com/...stonehenge-british-museum.html

stone age prehistoric UK monument history culture

shared by Javier E on 20 Feb 22 - No Cached
  • While it was built at roughly the same time as the Sphinx and the Great Pyramid of Giza, we know far more about those Egyptian sites. Incomplete knowledge of Stonehenge has turned it into a riddle that is now part of its identity.
  • a new exhibition at the British Museum, “The World of Stonehenge,” which runs through July 17. The show strives to lessen the mystery around the monument by focusing on recent discoveries and putting them in the context of life in Britain, Ireland and northwestern Europe before, during and after Stonehenge’s construction.
  • He described the site as a mix between a town hall and a cathedral, where people mingled for both religious and social reasons.
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  • a structure that preceded Stonehenge: a stone circle built on the same spot some 500 years earlier, which, according to archaeologists, was a cemetery. It was constructed with large bluestone pillars — each of them transported from Wales, more than 200 miles away
  • Five centuries later, Stonehenge as we know it was built using some of those existing bluestones, as well as more than 80 towering “sarsen” stones, the monument’s vertical pillars, and horizontal lintels, or capping stones.
  • Each sarsen stone needed at least 1,000 people to transport it over a distance of 15 miles. The process took generations, and many were killed and maimed as a result, according to the exhibition wall text.
  • some of the pilgrims who helped build Stonehenge stayed at Durrington Walls, a nearby settlement which, at its peak, contained around 1,000 temporary houses.
  • Stonehenge was built at a time of drastic population decline and dispersal,
  • There were few, if any, villages, and society was “trying to create a sense of unity and collaboration among its members,” he explained.
  • Stonehenge was a “monument of remembrance,” he said, and an “expression of unity” that pulled people together in the pursuit of a common endeavor.
  • writing did not exist in England until the Romans arrived 2,500 years later — so there is no written history of Stonehenge and the people who put it up,
  • Nor did the people of prehistoric England leave any representations of human figures, said Wilkin, the curator. They had “an almost secretive attitude towards their religion,” perhaps with the intention of “excluding others from it,” so their spiritual practices are undocumented as well.
Javier E

The world has become a toxic prison - and a volcanic winter lurks on the horizon | The ... - 0 views

www.spectator.co.uk/...ic-winter-lurks-on-the-horizon

environment history crisis culture global

shared by Javier E on 26 Feb 23 - No Cached
  • Peter Frankopan’s story of our relationship to the world across all planetary space and human time is necessarily vast – 660 pages of text, with footnotes relegated to 212 pages online – in which the grand cycle is enacted again and again
  • The stability and good weather of the 18th century had allowed Qing, Mughal, Bourbon and Hanoverian regimes all to thrive, but China and India, more settled and less anxiously aggressive than Europe, did not take off in the way that the Continent’s empires did.
  • From the very beginning, human beings have been actors in their own drama and responsible for large parts of their fate. Elasticity and inventiveness always win. Rigidity always fails, and so, for example, when the Qing dynasty began to collapse in late 18th-century China, beset by climate-induced crop failures, hunger and massive popular discontent, the contemporary administration in Japan, experiencing the same physical conditions, survived with no such difficulty.
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  • Riding the waves of mutability has always been possible if the frame of mind in government and society is adequately supple and responsive. Reliance on ancient nostrums, and expectations that old solutions will remain good enough, are almost inevitably fatal.
  • Civilisations that become dependent on large, widespread and complex supply networks and reciprocal markets usually generate their own fragilities. If one part of such a network fails, the effects cascade in a series of chain reactions through all apparently powerful participants in the system
  • The end of the Bronze Age c.1200 BC, perhaps triggered by drought in Anatolia, may have precipitated one such domino collapse, as the Hittite empire, the Mycenaeans, the Mesopotamian states and Pharaonic Egypt all either fell apart or shrank to an unrecognisable impotence.
  • Volcanoes are the unexpected killers. Their spewing of ash into an atmosphere whose winds distribute it around the globe has repeatedly destroyed summers, devastated crops, induced famines and collapsed societies
  • In his hands, the triumph of the West, with the unconscionable horrors of the Atlantic slave trade at its heart, takes on the appearance of an alarming fusion of Faust and Midas. For centuries, Europeans felt they could do no wrong. They could use the world, its people and beauties. They could transform it as they wished, shifting its plants, animals and populations where they wanted, and there would be no consequences. Or at least, as in those two myths of the cult of ‘entitlement’ – a word Frankopan repeatedly uses of the transforming empires – the consequences were hidden from the perpetrators.
  • His story of destruction over the past two centuries is one of arrogant myopia which led in the 20th century to ‘a sequence of catastrophes unparalleled both in human history and in that of the natural world. The suffering of the past 100 years has been by far the greatest in recorded history in terms of its scale and its horror’.
  • The assumption that man must conquer nature was allied to the capital and industrialised capacity to bring it about. Humanity became its own climate. Its own actions created the world in which it lived
  • The value of this book is as an act of deep understanding, recognising not only scientifically but culturally and philosophically that we are epiphenomena – not dominators of the Earth but products of it
  • Bleakly and soberingly, Frankopan recognises from the long line of precedents that the prospects are for a world of war and suffering. The destructive changes are already ‘baked in’. Success does not breed success, he says, but more often than not ‘sows the seeds of ruin’.
Javier E

Opinion | Laundered Money Could Be Putin's Achilles' Heel - The New York Times - 0 views

www.nytimes.com/...nctions-offshore-accounts.html

putin wealth corruption illegal politics economics

shared by Javier E on 25 Feb 22 - No Cached
  • Filip Novokmet, Thomas Piketty and Gabriel Zucman have pointed out that Russia has run huge trade surpluses every year since the early 1990s, which should have led to a large accumulation of overseas assets. Yet official statistics show Russia with only moderately more assets than liabilities abroad. How is that possible? The obvious explanation is that wealthy Russians have been skimming off large sums and parking them abroad.
  • The sums involved are mind-boggling. Novokmet et al. estimate that in 2015 the hidden foreign wealth of rich Russians amounted to around 85 percent of Russia’s G.D.P. To give you some perspective, this is as if a U.S. president’s cronies had managed to hide $20 trillion in overseas accounts.
  • , “the vast majority of wealth at the top is held offshore.” As far as I can tell, the overseas exposure of Russia’s elite has no precedent in history — and it creates a huge vulnerability that the West can exploit.
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  • two uncomfortable facts
  • First, a number of influential people, both in business and in politics, are deeply financially enmeshed with Russian kleptocrats. This is especially true in Britain.
  • Second, it will be hard to go after laundered Russian money without making life harder for all money launderers, wherever they come from — and while Russian plutocrats may be the world champions in that sport, they’re hardly unique: Ultrawealthy people all over the world have money hidden in offshore accounts.
Javier E

Russia's Looming Economic Collapse - The Atlantic - 0 views

www.theatlantic.com/...623330

russia collapse sanctions crisis history ukraine

shared by Javier E on 03 Mar 22 - No Cached
  • The first battlefield is geographic
  • The war in Ukraine is being fought on two battlefields
  • The second battlefield is made up not of physical particles, but rather of relationships—contracts and promises between nations, banks, companies, and individuals. This is the economic arena.
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  • the United States and several major European countries have declared a series of financial penalties and sanctions against Russia that are without modern precedent for a major economy. These policies are triggering a financial catastrophe in Russia.
  • Only 12 countries in the world have more total exports. Russia trades oil, gas, and coal to much of Europe and wheat to the Middle East and Africa.
  • The sanctions imposed so far amount to a kind of siege of a country that depends on access to global markets.
  • The country is sealed off—from Western trade, Western travel, and (apart from energy exports) most Western business.
  • Tajikistan, a small Central Asian country north of Afghanistan, relies on remittances from Russia for more than 20 percent of its GDP. That means if workers in Russia stop sending money to their families in Tajikistan, that country’s economy could nose-dive into a depression.
  • Economic crises can spark political revolutions, and Tajikistan shares a border with China’s westernmost province, Xinjiang. Russia’s crisis could, then, become a Central Asian economic crisis, which could become a Chinese political problem. What happens in Russia will not stay in Russia.
lilyrashkind

Don't Start From Scratch: How Innovative Ideas Arise - 0 views

jamesclear.com/dont-start-from-scratch

ideas

shared by lilyrashkind on 25 Mar 22 - No Cached
  • In 2010, Thomas Thwaites decided he wanted to build a toaster from scratch. He walked into a shop, purchased the cheapest toaster he could find, and promptly went home and broke it down piece by piece.
  • He decided to create the steel components first. After discovering that iron ore was required to make steel, Thwaites called up an iron mine in his region and asked if they would let him use some for the project. Surprisingly, they agreed.
  • When it came time to create the plastic case for his toaster, Thwaites realized he would need crude oil to make the plastic. This time, he called up BP and asked if they would fly him out to an oil rig and lend him some oil for the project. They immediately refused. It seems oil companies aren't nearly as generous as iron mines. Thwaites had to settle for collecting plastic scraps and melting them into the shape of his toaster case. This is not as easy as it sounds. The homemade toaster ended up looking more like a melted cake than a kitchen appliance.
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  • Starting from scratch is usually a bad idea. Too often, we assume innovative ideas and meaningful changes require a blank slate. When business projects fail, we say things like, “Let's go back to the drawing board.” When we consider the habits we would like to change, we think, “I just need a fresh start.” However, creative progress is rarely the result of throwing out all previous ideas and innovations and completely re-imagining of the world.
  • Some experts believe the feathers of birds evolved from reptilian scales. Through the forces of evolution, scales gradually became small feathers, which were used for warmth and insulation at first. Eventually, these small fluffs developed into larger feathers capable of flight.
  • The process of human flight followed a similar path. We typically credit Orville and Wilbur Wright as the inventors of modern flight. However, we seldom discuss the aviation pioneers who preceded them like Otto Lilienthal, Samuel Langley, and Octave Chanute. The Wright brothers learned from and built upon the work of these people during their quest to create the world's first flying machine.
  • The Toaster Project is an example of how we often fail to notice the complexity of our modern world. When you buy a toaster, you don't think about everything that has to happen before it appears in the store. You aren't aware of the iron being carved out of the mountain or the oil being drawn up from the earth.
Javier E

China under pressure, a debate | Financial Times - 0 views

www.ft.com/...16-c72c-4579-99da-676aacd48d37

china situation analysis history crisis policy politics economics

shared by Javier E on 24 Mar 22 - No Cached
  • Despite the $300bn mega-bankruptcy of Evergrande, the risk of an immediate 2008-style crisis in China is slight.
  • let us linger over the significance of this point. What China is doing is, after all, staggering. By means of its “three red lines” credit policy, it is stopping in its tracks a gigantic real estate boom. China’s real estate sector, created from scratch since the reforms of 1998, is currently valued at $55tn. That is the most rapid accumulation of wealth in history. It is the financial reflection of the surge in China’s urban population by more than 480mn in a matter of decades.
  • Throughout the history of modern capitalism real estate booms have been associated with credit creation and, as the work of Òscar Jordà, Moritz Schularick and Alan M. Taylor has shown, with major financial crises.
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  • if we are agreed that Beijing looks set to stop the largest property boom in history without unleashing a systemic financial crisis, it is doing something truly remarkable. It is setting a new standard in economic policy.
  • Is this perhaps what policy looks like if it actually takes financial stability seriously? And if we look in the mirror, why aren’t we applauding more loudly?
  • Add to real estate the other domestic factor roiling the Chinese financial markets: Beijing’s remarkable humbling of China’s platform businesses, the second-largest cluster of big tech in the world. That too is without equivalent anywhere else.
  • Beijing’s aim is to ensure that gambling on big tech no longer produces monopolistic rents. Again, as a long-term policy aim, can one really disagree with that?
  • we have two dramatic and deliberate policy-induced shocks of the type for which there is no precedent in the West. Both inflict short-term pain with a view to longer-term social, economic and financial stability.
  • Ultimately political economy determines the conditions for long-run growth. So if you had to bet on a regime, which might actually have what it takes to break a political economy impasse, to humble vested interests and make a “big play” on structural change, which would it be? The United States, the EU or Xi’s China?
  • Beijing’s challenge right now is to manage the fall out from the two most dramatic development policies the world has ever seen, the one-child policy and China’s urbanisation, plus the historic challenge of big tech — less a problem specific to China than the local manifestation of what Shoshana Zuboff calls “surveillance capitalism”.
  • no, Xi’s regime has not yet presented a fully convincing substitute plan. But, as Michael Pettis has forcefully argued, China has options. There is an entire range of policies that Beijing could put in place to substitute for the debt-fuelled infrastructure and housing boom.
  • demography is normally treated as a natural parameter for economic activity. But in China’s case the astonishing fact is that the sudden ageing of its workforce is also a policy-induced challenge. It is a legacy of the one-child policy — the most gigantic and coercive intervention in human reproduction ever undertaken.
  • China needs to spend heavily on renewable energy and power distribution to break its dependence on coal. If it needs more housing, it should be affordable. All of this would generate more balanced growth. 5 per cent? Perhaps not, but certainly healthier and more sustainable.
  • If it has not so far pursued an alternative growth model in a more determined fashion, some of the blame no doubt falls on the prejudices of the Beijing policy elite. But even more significant are surely the entrenched interests of the infrastructure-construction-local government-credit machine, in other words the kind of political economy factors that generally inhibit the implementation of good policy.
  • The problem is only too familiar in the West. In Europe and the US too, such interest group combinations hobble the search for new growth models. In the United States they put in doubt the possibility of the energy transition, the possibility of providing a healthcare system that is fit for purpose and any initiative on trade policy that involves widening market access.
  • First and foremost China needs a welfare state befitting of its economic development.
  • On balance, if you want to be part of history-making economic transformation, China is still the place to be. But it is undeniably shifting gear. And thanks to developments both inside and outside the country, investors will have to reckon with a much more complex picture of opportunity and risk. You are going to need to pick smart and follow the politics and geopolitics closely.
  • If on the other hand you want to invest in the green energy transition — the one big vision of economic development that the world has come up with right now — you simply have to have exposure to China, whether directly or indirectly by way of suppliers to China’s green energy sector. China is where the grand battle over the future of the climate is going to be fought. It will be a huge driver of innovation, capital accumulation and profit, the influence of which will be felt around the world.
  • it is one key area that both the Biden administration and the EU would like to “silo off” from other areas of conflict with China.
  • I worry that we may be too focused on the medium-term. Given the news out of Hong Kong and mainland China, Covid may yet come back to bite us.
  • Here too China is boxed in by its own success. It has successfully pursued a no-Covid policy, but due to the failing of the rest of the world, it has been left to do so in “one country”.
  • Until China finds some way to contain the risks, this is a story to watch. A dramatic Omicron surge across China would upend the entire narrative of the last two years, which is framed by Beijing success in containing the first wave.
Javier E

How Elon Musk spoiled the dream of 'Full Self-Driving' - The Washington Post - 0 views

www.washingtonpost.com/...elon-musk-tesla-driving

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shared by Javier E on 20 Mar 23 - No Cached
  • They said Musk’s erratic leadership style also played a role, forcing them to work at a breakneck pace to develop the technology and to push it out to the public before it was ready. Some said they are worried that, even today, the software is not safe to be used on public roads. Most spoke on the condition of anonymity for fear of retribution.
  • “The system was only progressing very slowly internally” but “the public wanted a product in their hands,” said John Bernal, a former Tesla test operator who worked in its Autopilot department. He was fired in February 2022 when the company alleged improper use of the technology after he had posted videos of Full Self-Driving in action
  • “Elon keeps tweeting, ‘Oh we’re almost there, we’re almost there,’” Bernal said. But “internally, we’re nowhere close, so now we have to work harder and harder and harder.” The team has also bled members in recent months, including senior executives.
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  • “No one believed me that working for Elon was the way it was until they saw how he operated Twitter,” Bernal said, calling Twitter “just the tip of the iceberg on how he operates Tesla.”
  • In April 2019, at a showcase dubbed “Autonomy Investor Day,” Musk made perhaps his boldest prediction as Tesla’s chief executive. “By the middle of next year, we’ll have over a million Tesla cars on the road with full self-driving hardware,” Musk told a roomful of investors. The software updates automatically over the air, and Full Self-Driving would be so reliable, he said, the driver “could go to sleep.”
  • Investors were sold. The following year, Tesla’s stock price soared, making it the most valuable automaker and helping Musk become the world’s richest person
  • To deliver on his promise, Musk assembled a star team of engineers willing to work long hours and problem solve deep into the night. Musk would test the latest software on his own car, then he and other executives would compile “fix-it” requests for their engineers.
  • Those patchwork fixes gave the illusion of relentless progress but masked the lack of a coherent development strategy, former employees said. While competitors such as Alphabet-owned Waymo adopted strict testing protocols that limited where self-driving software could operate, Tesla eventually pushed Full Self-Driving out to 360,000 owners — who paid up to $15,000 to be eligible for the features — and let them activate it at their own discretion.
  • Tesla’s philosophy is simple: The more data (in this case driving) the artificial intelligence guiding the car is exposed to, the faster it learns. But that crude model also means there is a lighter safety net. Tesla has chosen to effectively allow the software to learn on its own, developing sensibilities akin to a brain via technology dubbed “neural nets” with fewer rules, the former employees said. While this has the potential to speed the process, it boils down to essentially a trial and error method of training.
  • Radar originally played a major role in the design of the Tesla vehicles and software, supplementing the cameras by offering a reality check of what was around, particularly if vision might be obscured. Tesla also used ultrasonic sensors, shorter-range devices that detect obstructions within inches of the car. (The company announced last year it was eliminating those as well.)
  • Musk, as the chief tester, also asked for frequent bug fixes to the software, requiring engineers to go in and adjust code. “Nobody comes up with a good idea while being chased by a tiger,” a former senior executive recalled an engineer on the project telling him
  • Toward the end of 2020, Autopilot employees turned on their computers to find in-house workplace monitoring software installed, former employees said. It monitored keystrokes and mouse clicks, and kept track of their image labeling. If the mouse did not move for a period of time, a timer started — and employees could be reprimanded, up to being fired, for periods of inactivity, the former employees said.
  • Some of the people who spoke with The Post said that approach has introduced risks. “I just knew that putting that software out in the streets would not be safe,” said a former Tesla Autopilot engineer who spoke on the condition of anonymity for fear of retaliation. “You can’t predict what the car’s going to do.”
  • Some of the people who spoke with The Post attributed Tesla’s sudden uptick in “phantom braking” reports — where the cars aggressively slow down from high speeds — to the lack of radar. The Post analyzed data from the National Highway Traffic Safety Administration to show incidences surged last year, prompting a federal regulatory investigation.
  • The data showed reports of “phantom braking” rose to 107 complaints over three months, compared to only 34 in the preceding 22 months. After The Post highlighted the problem in a news report, NHTSA received about 250 complaints of the issue in a two-week period. The agency opened an investigation after, it said, it received 354 complaints of the problem spanning a period of nine months.
  • “It’s not the sole reason they’re having [trouble] but it’s big a part of it,” said Missy Cummings, a former senior safety adviser for NHTSA, who has criticized the company’s approach and recused herself on matters related to Tesla. “The radar helped detect objects in the forward field. [For] computer vision which is rife with errors, it serves as a sensor fusion way to check if there is a problem.”
  • Even with radar, Teslas were less sophisticated than the lidar and radar-equipped cars of competitors.“One of the key advantages of lidar is that it will never fail to see a train or truck, even if it doesn’t know what it is,” said Brad Templeton, a longtime self-driving car developer and consultant who worked on Google’s self-driving car. “It knows there is an object in front and the vehicle can stop without knowing more than that.”
  • Musk’s resistance to suggestions led to a culture of deference, former employees said. Tesla fired employees who pushed back on his approach. The company was also pushing out so many updates to its software that in late 2021, NHTSA publicly admonished Tesla for issuing fixes without a formal recall notice.
  • Tesla engineers have been burning out, quitting and looking for opportunities elsewhere. Andrej Karpathy, Tesla’s director of artificial intelligence, took a months-long sabbatical last year before leaving Tesla and taking a position this year at OpenAI, the company behind language-modeling software ChatGPT.
  • One of the former employees said that he left for Waymo. “They weren’t really wondering if their car’s going to run the stop sign,” the engineer said. “They’re just focusing on making the whole thing achievable in the long term, as opposed to hurrying it up.”
Javier E

The Closing of the American Mind: A Summary - 0 views

theclosingoftheamericanmind.com

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shared by Javier E on 02 Apr 23 - No Cached
  • Preface
  • “No teacher can doubt that his real task is to assist his pupil to fulfill human nature against all the deforming forces of convention and prejudice.” p. 20
  • A liberal education is one that helps students to ask themselves and answer the question, “what is man?… In our chronic lack of certainty, this comes down to knowing the alternative answers [to that question] and thinking about them.” p. 21
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  • Introduction: Our Virtue
  • “There is one thing that a professor can be absolutely certain of: almost every student entering the university believes, or says he believes, that truth is relative…. Relativism is necessary to openness; and this is the virtue, the only virtue, which all primary education for more than fifty years has dedicated itself to inculcating.” p. 25
  • Democratic education…wants and needs to produce men and women [who are] supportive of a democratic regime.” p. 26
  • The historical assumption of the human sciences was (and remains) that an objective human nature exists and can be discovered—if not by reason itself, then at least by empirical science guided by reason. Science was a method to allow us to rise beyond the prejudices of our culture in order to discover the truths of human nature. It was a mechanism for opening our minds, an instrument of openness. p. 37-38
  • Liberalism has always tended towards increased freedom—i.e., decreased regulation. But “it was possible to expand the space exempt from legitimate social and political regulation only by contracting the claims to moral and political knowledge…. It begins to appear that full freedom can be attained only when there is no such knowledge at all…[and] of course the result is that…the argument justifying freedom disappears, and…all beliefs begin to have an attenuated character.” p. 28
  • Modern education is concerned mainly with correcting ethnocentrism—showing students that their preferences are merely accidents of their culture and that no single culture is better than any other. The roots of this movement are found in the problems (racism, mistreatment) that arose due to the multicultural nature of American life. p. 29-30
  • The Founders envisioned a society where individuals were bound together by their belief in and adherence to the rights of the Constitution. Minority factions were seen as a bad thing, detracting from social cohesiveness. p. 31
  • However, the provision of equal rights did not guarantee equal treatment, and minority groups suffered. This caused them to retreat into their minority identities and oppose the majority—indeed, “much of the intellectual machinery of twentieth-century American political thought and social science was constructed for the purpose of making an assault on [the] majority…. The very idea of a majority—now understood to be selfish interest—is done away with in order to protect the minorities.” p. 32-35
  • However, its ideas about what this means have changed over time, starting with a faith in the human rights of the U.S. Constitution, but ultimately changing to (now) mean “openness,” i.e., relativism. p. 26-27
  • “Historicism and cultural relativism actually are a means to avoid testing our own prejudices and asking, for example, whether men are really equal or whether that opinion is a democratic prejudice.” p. 40
  • Today, “the human sciences want to make us culture-beings with the instruments [science and reason] that were invented to liberate us from culture…: cultural relativism, historicism, the fact-value distinction—are the suicide of science. Culture, hence closedness, reigns supreme. Openness to closedness is what we teach.” p. 38-39
  • Yet the dogmatic modern assumption is that human nature does not exist, that our ways of being are culturally determined, that our minds are inherently constrained—“closed”—by cultural influences. p. 38
  • “There are two types of openness, the openness of indifference…and the openness that invites us to the quest for knowledge and certitude.” p. 41
  • The openness of indifference advocates the removal of all requirements in education—why should students learn languages or philosophy? But the reality is that, “to be open to knowing, there are certain types of things one must know which most people don’t want to bother to learn and which appear boring and irrelevant…true openness means closedness to all the charms that make us comfortable with the present.” p. 41
  • The Clean Slate
  • On the surface, Americans seems to lack a true culture or set of traditions. But most of them grew up with a shared knowledge of the Bible and the Declaration of Independence, and “contrary to much contemporary wisdom, the United States has one of the longest uninterrupted political [and intellectual] traditions of any nation in the world.” And this tradition is not confused or counterbalanced by a history of monarchy or aristocracy. p. 52-55
  • So we have a culture in which to root education, but we have begun to undermine it. The idealism of the American founding has been explained away as mythical, selfishly-motivated, and racist. And so our culture has been devalued. p. 55-56
  • Religion, too, has been explained away, but this has left us without a standpoint from which to understand our experience as humans. Parents “have nothing to give their children in the way of a vision of the world.” p. 56-57
  • “As it now stands, students have powerful images of what the perfect body is and pursue it incessantly. But deprived of literary guidance, they no longer have any image of a perfect soul, and hence do not long to have one. They do not even imagine that there is such a thing.” p. 67
  • Books
  • “I have begun to wonder whether the experience of the greatest texts from early childhood is not a prerequisite for a concern throughout life for them and for lesser but important literature. The soul’s longing…may well require encouragement at the outset.” p. 62
  • Literature is critical because it presents to young people the range of possibilities of human types—both good and bad. p. 62-64
  • But students are less and less exposed to literature, and as a result, “they have only pop psychology to tell them what people are like, and the range of their motives…. [Therefore,] people become more alike, for want of knowing they can be otherwise. What poor substitutes for real diversity are the wild rainbows of dyed hair and other external differences that tell the observer nothing about what is inside.” p. 64
  • Without exposure to literature, students usually resort to the movies. But movies do not provide the “distance from the contemporary” that students need, and so this only reinforces the belief that the here and now is all there is. p. 64
  • The loss of literature has also meant the loss of heroes. In a “perversion of the democratic principle,” this lack is almost admired, since being oneself is the supposed goal. But whether or not it is seen as desirable, students invariably seek role models. And without literature, they only have those around them (and in the media) to emulate. p. 66-67
  • “Nobody believes that the old books do, or even could, contain the truth…. Tradition has become superfluous.” p. 58
  • We are left with a culture filled with “the intense, changing, crude and immediate, which Tocqueville warned us would be the character of democratic art…. In short, life is made into a nonstop, commercially prepackaged masturbational fantasy. This description may seem exaggerated, but only because some would prefer to regard it as such.” p. 74-75
  • Relationships
  • “In short, after the war, while America was sending out its blue jeans to unite the young of all nations, a concrete form of democratic universalism that has had liberalizing effects on many enslaved nations, it was importing a clothing of German fabrication for its souls, which clashed with all that and cast doubt on the Americanization of the world on which we had embarked, thinking it was good and in conformity with the rights of man
  • “This indeterminate or open-ended future and the lack of a binding past mean that the souls of young people are in a condition like that of the first men in the state of nature—spiritually unclad, unconnected, isolated, with no inherited or unconditional connection with anything or anyone…. Why are we surprised that such unfurnished persons should be preoccupied principally with themselves?” p. 87-88
  • “The one eccentric element in this portrait, the one failure…is the relation between blacks and whites.” Although black students are present on campuses, they “have, by and large, proved indigestible.” p. 91
  • the Black Power movement arrived and the universities conceded to identity politics, which took the form of Black-themed courses, quotas, and an unwillingness to fail black students. p. 94-95
  • “The black student who wants to be just a student and to avoid allegiance to the black group has to pay a terrific price, because he is judged negatively by his black peers and because his behavior is atypical in the eyes of whites. White students have silently and unconsciously adjusted to a group presence of blacks, and they must readjust for a black who does not define himself by the group.” Affirmative action cements this dynamic. p. 95-96
  • The restructuring of the family requires that men subdue their masculine character. “And it is indeed possible to soften men. But to make them ‘care’ is another thing, and the project must inevitably fail…. The old moral order, however imperfect it may have been, at least moved towards the virtues by way of the passions. If men were self-concerned, that order tried to expand the scope of self-concern to include others [i.e., his wife and children], rather than commanding men to cease being concerned with themselves.” p. 129
  • “I am not arguing here that the old family arrangements were good or that we should go back to them. I am only insisting that we not cloud our vision to such an extent that we believe that there are viable substitutes for them just because we want or need them.” p. 130
  • “All of our reforms have helped strip the teeth of our gears, which can therefore no longer mesh. They spin idly, side by side, unable to set the social machine in motion.” p. 131
  • Modern students are lacking the longing that is critical for a full enjoyment of life. They are complacent. And the universities do not see themselves as providing for such a longing. p. 134-136
  • The German Connection
  • Value relativism is the modern replacement for traditional morality, and “constitutes a change in our view of things moral and political as great as the one that took place when Christianity replaced Greek and Roman paganism.” p. 141
  • Value relativism has sunk so far into the American consciousness that its vocabulary has become colloquial: we talk about ‘charisma,’ ‘life-style,’ ‘commitment,’ ‘identity,’ etc. “Although they, and the things to which they refer, would have been incomprehensible to our fathers, not to speak of our Founding Fathers.” p. 147
  • Students today are largely apathetic about any concerns outside of themselves. There isn’t any malice in this self-centeredness; but it has become so entrenched in American culture that it isn’t even recognized as unusual. p. 82-86
  • “We chose [to import] a system of thought that, like some wines, does not travel; we chose a way of looking at things that could never be ours and had its starting point dislike of us and our goals.” p. 153
  • The question isn’t even asked whether the German doctrine of value-creation is contrary to democratic and egalitarian ideals; but it certainly seems to leave room for their opposites and perhaps promote them—i.e., value relativism seems to allow for fascism. p. 154
  • The Self
  • Although a precise definition remains elusive, “the self is the modern substitute for the soul.” p. 173
  • Man used to strive for fulfillment by taming his bodily desires in order to live virtuously. But this changed after Machiavelli (and Hobbes after him) suggested that instead we ignore virtue and follow our desires, which find their root in the state of nature. p. 174-175
  • Following their advice, “our desire becomes a kind of oracle we consult; it is the last word, while in the past it was the questionable and dangerous part of us.” p. 175
  • Locke then replaced the virtuous man with the rationally selfish one. “Beneath his selfishness, of course, lies an expectation that it conduces more to the good of others than does moralism.” p. 175-176
  • “All higher purposiveness in nature, which might have been consulted by men’s reason and used to limit human passion, has disappeared.” p. 176
  • That reason “is unable to rule in culture or in soul…constitutes a crisis of the West…[whose] regimes are founded on reason.” Previous regimes relied on religion, but Enlightenment undermined religion. p. 196
  • Psychology came to us “in order to treat the parts of man which had been so long neglected by liberal society…. Modern psychology has this in common with what was always a popular opinion, fathered by Machiavelli—that selfishness is somehow good. Man is self, and the self must be selfish. What is new is that we are told to look more deeply into the self, that we assumed too easily that we know it and have access to it.” p. 178
  • Prior to this, it was only God who was dignified—not man. And God was dignified in his freedom, his ability to create. If man was to be elevated, he, too, must be free; he, too, must be able to create. p. 180
  • And so, following Rousseau and our dissatisfaction with the Enlightenment, we have elevated creativity above reason as the ultimate virtue, and the artist replaced the philosopher and scientist at the admired human type. p. 181-182
  • Yet those who praise creativity don’t realize why. They admire it without seeing that it is the result of Romantic thought absorbed into democratic public opinion. And it has influenced the whole political spectrum, from Left to Right. p. 181-182
  • The Germans (Nietzsche and Weber) recognized as early as 1919 that the scientific spirit was dead, that reason cannot establish values. But Americans (naïvely, and largely unknowingly) still held onto the rationalist dream, written as they were into our political foundations. p. 194-195
  • When those ideas came to the U.S. (via Weber), “a very dark view of the future was superimposed on our incorrigible optimism. We are children playing with adult toys.” p. 195
  • “The psychology of the self has succeeded so well that it is now the instinct of most of us to turn for a cure for our ills back within ourselves rather than to the nature of things.” p. 179
  • Rousseau and others recognized this. “The very idea of culture was a way of preserving something like religion without talking about it.” But Nietzsche saw this was impossible. p. 196-197
  • We are left with no religion, but we still have religious impulses. p. 197
  • “The disenchantment of God and nature necessitated a new description of good and evil. To adapt a formula of Plato about the gods, we do not love a thing because it is good, it is good because we love it. It [became] our decision to esteem that makes something estimable.” p. 197
  • “Since values are not rational…they must be imposed.” Will, or commitment, is the primary virtue; it is the equivalent of (what used to be) faith. “Nietzsche was not a fascist; but this project inspired fascist rhetoric, which looked to the revitalization of old cultures or the foundation of new ones, as opposed to the rational, rootless cosmopolitanism of the revolutions of the Left.” p. 201-202
  • Nietzsche was a cultural relativist. This meant he anticipated war, because wars are inevitable when values are imposed and unrooted in truth or anything objective. p. 202
  • “Just over the horizon, when Weber wrote, lay Hitler…. He was the mad, horrible parody of the charismatic leader—the demagogue—hoped for by Weber.” Weber was not looking for something so extreme, but “when one ventures out into the vast spaces opened up by Nietzsche, it is hard to set limits.” p. 213-214
  • “Hitler did not cause a rethinking of the politics here or in Europe. All to the contrary—it was while we were fighting him that the thought that had preceded him in Europe conquered here.” And it remains dominant. p. 214
  • The language of values implies that the religious is the source of everything political, social, and personal. It has been facilitated by a softening and blurring of the idea of religion and “the sacred,” which are no longer seen as dangerous.
  • “As an image of our current intellectual condition, I keep being reminded of the newsreel pictures of Frenchmen splashing happily in the water at the seashore, enjoying the paid annual vacations legislated by Leon Blum’s Popular Front government. It was 1936, the same year Hitler was permitted to occupy the Rhineland. All our big causes amount to that kind of vacation.” p. 239
  • This is our educational crisis and opportunity. Western rationalism has culminated in a rejection of reason. Is this result necessary?” p. 240
Javier E

Opinion | America's Irrational Macreconomic Freak Out - The New York Times - 0 views

www.nytimes.com/...ntiment-inflation-anxiety.html

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shared by Javier E on 02 Apr 24 - No Cached
  • The same inflationary forces that pushed these prices higher have also pushed wages to be 22 percent higher than on the eve of the pandemic. Official statistics show that the stuff that a typical American buys now costs 20 percent more over the same period. Some prices rose a little more, some a little less, but they all roughly rose in parallel.
  • It follows that the typical worker can now afford two percent more stuff. That doesn’t sound like a lot, but it’s a faster rate of improvement than the average rate of real wage growth over the past few decades.
  • many folks feel that they’re falling behind, even when a careful analysis of the numbers suggests they’re not.
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  • That’s because real people — and yes, even professional economists — tend to process the parallel rise of prices and wages in quite different ways.
  • In brief, researchers have found that we tend to internalize the gains due to inflation and externalize the losses. These different processes yield different emotional responses.
  • Let’s start with higher prices. Sticker shock hurts. Even as someone who closely studies the inflation statistics, I’m still often surprised by higher prices. They feel unfair. They undermine my spending power, and my sense of control and order.
  • younger folks — anyone under 60 — had never experienced sustained inflation rates greater than 5 percent in their adult lives. And I think this explains why they’re so angry about today’s inflation.
  • Even though wages tend to rise hand-in-hand with prices, we tell ourselves a different story, in which the wage rises we get have nothing to do with price rises that cause them.
  • But then my economist brain took over, and slowly it sunk in that my raise wasn’t a reward for hard work, but rather a cost-of-living adjustment
  • Internalizing the gain and externalizing the cost of inflation protects you from this deflating realization. But it also distorts your sense of reality.
  • The reason so many Americans feel that inflation is stealing their purchasing power is that they give themselves unearned credit for the offsetting wage rises that actually restore it.
  • in reality, higher prices are only the first act of the inflationary play. It’s a play that economists have seen before. In episode after episode, surges in prices have led to — or been preceded by — a proportional surge in wages.
  • While older Americans understood that the pain of inflation is transitory, younger folks aren’t so sure. Inflation is a lot scarier when you fear that today’s price rises will permanently undermine your ability to make ends meet.
  • Perhaps this explains why the recent moderate burst of inflation has created seemingly more anxiety than previous inflationary episodes.
  • More generally, being an economist makes me an optimist. Social media is awash with (false) claims that we’re in a “silent depression,” and those who want to make American great again are certain it was once so much better.
  • in reality, our economy this year is larger, more productive and will yield higher average incomes than in any prior year on record in American history
  • And because the United States is the world’s richest major economy, we can now say that we are almost certainly part of the richest large society in its richest year in the history of humanity.
  • The income of the average American will double approximately every 39 years. And so when my kids are my age, average income will be roughly double what it is today. Far from being fearful for my kids, I’m envious of the extraordinary riches their generation will enjoy.
  • Psychologists describe anxiety disorders as occurring when the panic you feel is out of proportion to the danger you face. By this definition, we’re in the midst of a macroeconomic anxiety attack.
Javier E

Opinion | How Capitalism Went Off the Rails - The New York Times - 0 views

www.nytimes.com/...capitalism-inflation.html

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shared by Javier E on 20 Jun 24 - No Cached
  • Last year the Edelman Trust Barometer found that only 20 percent of people in the G7 countries thought that they and their families would be better off in five years.
  • Another Edelman survey, from 2020, uncovered a broad distrust of capitalism in countries across the world, “driven by a growing sense of inequity and unfairness in the system.”
  • Why the broad dissatisfaction with an economic system that is supposed to offer unsurpassed prosperity?
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  • easy money. In an eye-opening new book, “What Went Wrong With Capitalism,” he makes a convincing case.
  • “When the price of borrowing money is zero,” Sharma told me this week, “the price of everything else goes bonkers.”
  • To take just one example: In 2010, as the era of ultralow and even negative interest rates was getting started, the median sale price for a house in the United States hovered around $220,000. By the start of this year, it was more than $420,000.
  • Nowhere has inflation (in the broad sense of the term) been more evident than in global financial markets. In 1980 they were worth a total of $12 trillion — equal to the size of the global economy at the time. After the pandemic, Sharma noted, those markets were worth $390 trillion, or around four times the world’s total gross domestic product.
  • But the worst hit is to capitalism itself: a pervasive and well-founded sense that the system is broken and rigged, particularly against the poor and the young. “A generation ago, it took the typical young family three years to save up to the down payment on a home,” Sharma observes in the book. “By 2019, thanks to no return on savings, it was taking 19 years.”
  • First, there was inflation in real and financial assets, followed by inflation in consumer prices, followed by higher financing costs as interest rates have risen to fight inflation
  • For wealthier Americans who own assets or had locked in low-interest mortgages, this hasn’t been a bad thing. But for Americans who rely heavily on credit, it’s been devastating.
  • Since investors “can’t make anything on government bonds when those yields are near zero,” he said, “they take bigger risks, buying assets that promise higher returns, from fine art to high-yield debt of zombie firms, which earn too little to make even interest payments and survive by taking on new debt.”
  • The hit to the overall economy comes in other forms, too: inefficient markets that no longer deploy money carefully to their most productive uses, large corporations swallowing smaller competitors and deploying lobbyists to bend government rules in their favor, the collapse of prudential economic practices.
  • “The most successful investment strategy of the 2010s,” Sharma writes, citing the podcaster Joshua Brown, “would have been to buy the most expensive tech stocks and then buy more as they rose in price and valuation.”
  • In theory, easy money should have broad benefits for regular people, from employees with 401(k)s to consumers taking out cheap mortgages. In practice, it has destroyed much of what used to make capitalism an engine of middle-class prosperity in favor of the old and very rich.
  • The social consequence of this is rage; the political consequence is populism.
  • “He promised to deconstruct the administrative state but ended up adding new rules at the same pace as his predecessor — 3,000 a year,” Sharma said of Trump. “His exercise of presidential authority to personal ends shattered historic precedents and did more to expand than restrict the scope of government. For all their policy differences, both leading U.S. candidates are committed and fearless statists, not friends of competitive capitalism.”
  • We are wandering in fog. And the precipice is closer than we think.
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