Children talk in shoulds. The young talk in beliefs. The adult talks in rules. The wise talk in incentives and the institutions that unconsciously perpetuate them over generations without should, belief, or rule.
Source date (UTC): 2015-11-16 06:59:00 UTC
Retweeted Alice Teller (@AliceTeller):
There is a reason Grandma said not to feed wild animals and it wasn’t because she hated wild animals.
Source date (UTC): 2015-11-15 21:21:00 UTC
Masculinity is adapting alright. Following incentives. Men no longer own the commons. They act like it.
Source date (UTC): 2015-11-15 16:49:36 UTC
Original post: https://twitter.com/i/web/status/665934687399989250
Reply addressees: @Noahpinion @RichardvReeves
Replying to: https://twitter.com/i/web/status/665917026465153024
IN REPLY TO:
@Noahpinion
Capitalism + service-based economy = masculinity needs to adapt. A must-read article by @RichardvReeves: https://t.co/xFHLWT0Lim
Original post: https://twitter.com/i/web/status/665917026465153024
The other thing I want to address in the stickiness of prices, is that all that happens when prices increase is that it attracts lots of additional rent seekers within the organization and without. Most people wait for opportunity to demand more and wait for a moment of good fortune to demand it, lest their refusal be considered immoral. Yet when prices reverse they display moral indignation that the previous increase in a time of exception has now become the new minimum that they tolerate.
Source date (UTC): 2015-11-15 14:35:00 UTC
WHY ARE PRICES STICKY?
1) Any change that forces reordering of the PSST (network of production) is a transaction cost that all seek to avoid, and avoid more so when risk increase from declining price pressure. People hold out. The entire chain gets more efficient. And they only switch when it’s no longer possible. This is just what people do. Particularly if relationships are involved. The more complex the relations the worse it is.
2) The individual who lives with little savings and high cashflow demands interprets changing jobs as the highest transaction cost other than divorce or devastating illness.
3) An entire organization can come apart if you reduce pay, because it affects the entire network of responsibilities of each person.
4) As the marginal value of talent has increased, and the marginal value of fixed capital has decreased, the influence of shocks on talent places higher risk to the organization- people are very difficult to replace but the best are the first to leave.
5) Net is that the side effect of little savings and higher consumption at high velocity, is stickier everything and worse adjustment to shocks.
Here in the ‘less advantaged world’ it’s not a problem. Oversupply of labor. Everyone is overqualified for everything. Lack of credit keeps everyone poor. Lack of credit because the government cannot be trusted not to appropriate anything and everything.
-Curt
Source date (UTC): 2015-11-15 12:32:00 UTC
WHAT WOULD YOU TRADE FOR MORE INCOME EQUALITY?
Income inequality is the result of objective inequality of value to others – in other words, income inequality is evidence that you are not valuable to others. So, to make yourself valuable to others, what voluntary exchanges could you enter into that would equalize income without impeding the voluntary organization of invention, risk-taking, capitalization, production, distribution and trade?
(Personally I would love it if the lower classes would do my cooking, housework, laundry, yard, home maintenance, and shopping while I am risking everything I own to create a new business, and paying people well by doing it, and am entirely responsible for the outcome. Moreover, if income were equal I would not be able to risk everything I own – nor would most entrepreneurs like me. America invents the future for the world for this reason and americans live better than the rest of the world – albeit more unequally with each other as a consequence. )
Source date (UTC): 2015-11-15 05:38:00 UTC
*Citations do not reflect important innovations but the usefulness of a paper to the broader community of researchers.*
—“Stephen Stigler, a statistician at the University of Chicago in Illinois and an expert on the history of the field, “these papers are not at all those that have been most important to us statisticians”. Rather, they are the ones that have proved to be most useful to the vastly larger population of practising scientists.”—
Source date (UTC): 2015-11-13 18:09:00 UTC
(worth repeating) [W]ell to be honest, they don’t even know that themselves. I think a better test is the evidence of the volume of insider trading in the stock market, and the manipulation of the market by large houses in order to bait and trap retail investors on momentum plays. Other immoralities are anti-consumer nonsense like penalties for cell phone usage, entrapment into contracts one cannot afford, baiting people into mortgages they can’t manage, the multitude of investment and insurance schemes, and the entirety of the democratic political process which is a race-to-corruption. Most if not all but a few bankers are too ignorant (and from too low in their class rankings) to have any idea what they are really doing. I don’t think most politicians know that they are corrupt.
(worth repeating) [W]ell to be honest, they don’t even know that themselves. I think a better test is the evidence of the volume of insider trading in the stock market, and the manipulation of the market by large houses in order to bait and trap retail investors on momentum plays. Other immoralities are anti-consumer nonsense like penalties for cell phone usage, entrapment into contracts one cannot afford, baiting people into mortgages they can’t manage, the multitude of investment and insurance schemes, and the entirety of the democratic political process which is a race-to-corruption. Most if not all but a few bankers are too ignorant (and from too low in their class rankings) to have any idea what they are really doing. I don’t think most politicians know that they are corrupt.
Sociopathology (acting) is necessary for hostile labor negotiations and unreliable suppliers with asymmetric knowledge.
Source date (UTC): 2015-11-11 10:04:18 UTC
Original post: https://twitter.com/i/web/status/664383138228019200
Reply addressees: @davepell @pmarca
Replying to: https://twitter.com/i/web/status/664200238102667264
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Original post: https://twitter.com/i/web/status/664200238102667264