Joe Stiglitz on Inequality, Wealth, and Growth: Why Capitalism is Failing (video; if you don't have 30m, skip to 20m for discussion of political inequality, wealth, credit and monetary policy) - "If the very rich can use their position to get higher returns, more investment information, more extraction of rents, and if the very rich have equal or higher savings rates, then wealth will become more concentrated... economic inequality inevitably gets translated into political inequality, and political inequality gets translated into more economic inequality. The basic and really important idea here is that markets don't exist in a vacuum, that market economies operate according to certain rules, certain regulations that specify how they work. And those effect the efficiency of those markets, but they also effect how the fruits of the benefits of those markets are distributed and the result of that is there are large numbers of aspects of our basic economic framework that in recent years have worked to increase the inequality of wealth and income in our society... leading to a society which can be better described, increasingly, as an inherited plutocracy." [more inside]
The top 25 hedge fund managers earn more than all kindergarten teachers in U.S. combined. "'Last year turned out to be the worst one for this elite group of investors since the stock market meltdown of 2008,' Institutional Investors' Stephen Taub writes, adding, 'How bad was it?' apparently without irony." [more inside]
The connection between education and occupation is now so firmly ingrained as to seem almost a fact of nature. To get a good job, you get a diploma: at once time a high school diploma stuffed, and then a B.A., but now you're better off with a J.D. or an M.B.A...Yet this familiar system, far from evolving “naturally” or “unconsciously,” is the product of distinct cultural changes in American history. The process that left it in our landscape is less like the slow raising of a mountain range or the growth of oxbows on the Mississippi, and more like the construction of a dam. Three changes, which took place in the past hundred years, produced the system that is now producing M.B.A.s. They were the conversion of jobs into “professions,” the scientific measurement of intelligence, and the use of government power to “channel” people toward certain occupations. James Fallows explains in a 1985 article in The Atlantic. (See also William James 80 years prior on The Ph.D. Octopus).
A short history of gaming in Brazil: "To understand the history of gaming in Brazil dear reader, you must know a little bit about our political and economic history ... In 1991, a small publisher by the name of GSA published a roleplaying game called Tagmar [translation], often lauded as the first Brazilian RPG. ... They also released Desafio dos Bandeirantes, a game set in 17th century colonial Brazil using regional folklore instead of European myths, and a sci-fi game, Millenia [translation] ... In February 1994, the Brazilian authorities set in motion a major economic plan that invigorated the Brazilian economy for the first time since 1973. By March, the currency stabilized enough to assure the population (and companies) that their money would be worth the same by the end of the week ... The happy result for gamers was that companies started buying game licenses right and left." Via. See also History of Brazilian RPGs, History of Brazilian RPG magazines, Role-playing games in education in Brazil: how we do it [PDF], and President Cardoso reflects on Brazil and sociology.
LEMONADE WAR: a short film starring Patton Oswalt, Taylor Buck, Mo Collins and Werner Herzog. View more films here from We The Economy: 20 Short Films You Can’t Afford to Miss.
What is a work of art in the age of $120,000 art degrees? A new report (PDF) by activist collective BFAMFAPhD laments the shrinking job prospects and growing debt burden for art school graduates. [more inside]
Millennials Don't Stand A Chance. A terrific debate from Intelligence Squared: "...spotlight is shown on millennials and their use of revolutionary technology while growing up in a time of recession. Some think they are coddled, narcissistic and lazy. Have we let conventional wisdom blind us to the millennial's openness to change, innovation, and optimism in the face of uncertainty, which, in any generation, are qualities to be admired?" (running time ~50:00) [more inside]
What was the average American college graduate's college-related debt in 2013? What state has the highest rate of poverty in the United States? Answer these and other depressing questions (or submit your own) at How Wrong You Are.
UN Climate Report: We Must Focus On 'Decarbonization', and It Won't Wreck the Economy - "The basic message is simple: We share a planet. Let's start acting like it." [more inside]
American Promise is a PBS documentary (live streaming through March 6) that follows two middle class African-American boys, Idris and Seun, who enter The Dalton School as young children, and follows them for 13 years. [more inside]
On Graduate School and 'Love' is yet another commentary on the economics of academic work. A younger student chimes in on the role of education in life: "much of education is oriented, for better or worse, toward making a living, rather than making a life." [more inside]
Has the Higher Education Bubble Popped? According to the CSM, the boom in demand for bankers, barristers, and bureaucrats is over.
Over the past three weeks, Israel has experienced what may perhaps be the largest, spontaneous / grass roots social protest of the secular middle class that it has witnessed in decades. Thousands of demonstrators in cities and towns throughout the country have been protesting cuts in government funding to health care and education, and massive, exorbitant rises in taxes and housing costs -- and demanding change. Tent cities have sprung up in Tel Aviv, Jerusalem and in public gardens and parks throughout the country. And they may not be going anywhere: polls indicate Israeli support is "exceptionally high". [more inside]
The Economics of Seinfeld strives to illustrate basic economic concepts using scenes from the famous sitcom. "Seinfeld ran for nine seasons on NBC and became famous as a “show about nothing". It is the simplicity of Seinfeld that makes it so appropriate for use in economics courses." [more inside]
"Does Professor Quality Matter? Evidence from Random Assignment of Students to Professors" by Scott Carrell and James West is the title of an interesting new study in this month's Journal of Political Economy, a leading journal in economics. (For a summary of the paper, see this review. An ungated version, too). The authors are interested in determining the role of "professor quality" in student learning. They do this by exploiting an unusual institutional feature of the Air Force Academy whereby all undergraduates are randomly assigned their professors, and all professors use the same syllabus. The authors also have the professor's student evaluations, as well each student's subsequent performance in the follow-up classes. To keep it simple, they focus only on Calculus I and the follow-up courses in Calculus (which are mandatory), though they note that an earlier study that looked at Chemistry and Physics found similar things. [more inside]
Rebuilding Something Better by Barack Obama: "this week, I'll be talking about how we give our workers the skills they need to compete... Part of this goal will be met by helping Americans better afford a college education. But part of it will also be strengthening our network of community colleges..." [more inside]
Search for an Rx - We asked Johns Hopkins administrators, physicians, and researchers about the health of a system Americans rely on to keep them healthy. Afterall, an ounce of prevention... [more inside]
Andy Grove on Our Electric Future - "Energy independence [viz.] is the wrong goal. Here is a plan Americans can stick to." Perhaps some infrastructure spending1,2 is in order? [etc., &c., cf.] [more inside]
The Scholar Ship, an international floating university stewarded by top universities in Morocco, the United Kingdom, China, Australia, Mexico, USA, and Ghana, have temporarily suspended all voyages due to lack of funds - mainly caused by the withdrawal of main sponsor and initiator Royal Caribbean International. The program ran two voyages in 2007 and 2008 before shutdown. Alumni and prospective students on Facebook and Ning are busily sourcing options to revive the organization, while Semester at Sea is offering spaces to students who were accepted for the now-cancelled voyages. [more inside]
Econ 101. A collection of links to videos about economics for those who want to learn more about the dismal science.
Math + test = trouble for US economy For a nation committed to preparing students for 21st century jobs, the results of the first-of-its-kind study of how well teenagers can apply math skills to real-life problems is sobering. American 15-year-olds rank well below those in most other industrialized countries in mathematics literacy and problem solving, according to a survey released Monday
Assistance offered to teachers in Santa Clara, the county with the highest median house price in the US [from fark] See attached flame inside>>>