From deities to data - "For thousands of years humans believed that authority came from the gods. Then, during the modern era, humanism gradually shifted authority from deities to people... Now, a fresh shift is taking place. Just as divine authority was legitimised by religious mythologies, and human authority was legitimised by humanist ideologies, so high-tech gurus and Silicon Valley prophets are creating a new universal narrative that legitimises the authority of algorithms and Big Data." [more inside]
How big data increases inequality and threatens democracy - "A former academic mathematician and ex-hedge fund quant exposes flaws in how information is used to assess everything from creditworthiness to policing tactics, with results that cause damage both financially and to the fabric of society. Programmed biases and a lack of feedback are among the concerns behind the clever and apt title of Cathy O'Neil's book: Weapons of Math Destruction." [more inside]
The Economic Lessons of Star Trek's Money-Free Society - "[Manu Saadia] points to technologies like GPS and the internet as models for how we can set ourselves on the path to a Star Trek future. 'If we decide as a society to make more of these crucial things available to all as public goods, we're probably going to be well on our way to improving the condition of everybody on Earth', he says. But he also warns that technology alone won't create a post-scarcity future... 'This is something that has to be dealt with on a political level, and we have to face that.' " (via) [more inside]
Vitalik Buterin invented the world's hottest new cryptocurrency and inspired a movement — before he'd turned 20 - "I think a large part of the consequence is necessarily going to be disempowering some of these centralized players to some extent because ultimately power is a zero sum game. And if you talk about empowering the little guy, as much as you want to couch it in flowery terminology that makes it sound fluffy and good, you are necessarily disempowering the big guy. And personally I say screw the big guy. They have enough money already." [more inside]
In his follow-up to Sapiens, Yuval Noah Harari envisions what a 'useless class' of humans might look like as AI advances and spreads - "I'm aware that these kinds of forecasts have been around for at least 200 years, from the beginning of the Industrial Revolution, and they never came true so far. It's basically the boy who cried wolf, but in the original story of the boy who cried wolf, in the end, the wolf actually comes, and I think that is true this time." [more inside]
Kennedy was right - "Much that is valuable is neither tangible nor tradable... Gross domestic product (GDP) is increasingly a poor measure of prosperity. It is not even a reliable gauge of production."* [more inside]
World After Capital by Albert Wenger [Work in Progress; GitHub; GitBook; PDF; FAQ] - "Technological progress has shifted scarcity for humanity. When we were foragers, food was scarce. During the agrarian age, it was land. Following the industrial revolution, capital became scarce. With digital technologies scarcity is shifting from capital to attention. World After Capital suggests ways to expand economic, informational and psychological freedom to go from an industrial to a knowledge society." (previously)
Venture capitalist Paul Graham starts 2016 with an essay on Economic Inequality
Since the 1970s, economic inequality in the US has increased dramatically. And in particular, the rich have gotten a lot richer. Some worry this is a sign the country is broken. I'm interested in the topic because I am a manufacturer of economic inequality. I've become an expert on how to increase economic inequality, and I've spent the past decade working hard to do it.[more inside]
Rewrite the rules to benefit everyone, not just the wealthy - "If there's one thing Joseph Stiglitz wants to say about inequality, it's that it has been a choice, not an unexpected, unfortunate economic outcome. That's unnerving, but it also means that citizens and politicians have the opportunity to fix the problem before it gets worse." (via) [more inside]
The Future of (Post)Capitalism - "Paul Mason shows how, from the ashes of the recent financial crisis, we have the chance to create a more socially just and sustainable global economy." (previously; via) [more inside]
FINLAND: New Government Commits to a Basic Income Experiment - "The Finnish government of Juha Sipilä is considering a pilot project that would give everyone of working age a basic income."[1,2,3] (via) [more inside]
Over a decade ago, Sky Captain and the World of Tomorrow laid the foundations for today's effects-driven blockbusters. Why haven't its creators made a film since?
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]
Foundation: Public Goods and Options for the Bottom Billions - "Human beings just don't handle the very long run well" and that's where government increasingly comes in... (via) [more inside]
The End of Banking: Money, Credit, and the Digital Revolution - "Unregulated banking with access to government guarantees is an enticing business model. It offers the profits of excessive risk-taking in good times, and allows passing on the inevitable losses to taxpayers in bad times." [more inside]
The Economic Risks of Climate Change in the United States (PDF); prospectus (PDF); press coverage (YT) - "The signature effects of human-induced climate change—rising seas, increased damage from storm surge, more frequent bouts of extreme heat—all have specific, measurable impacts on our nation's current assets and ongoing economic activity. [The report] uses a standard risk-assessment approach to determine the range of potential consequences for each region of the U.S.—as well as for selected sectors of the economy—if we continue on our current path..." [more inside]
Installed solar capacity is growing by leaps and bounds, led by Walmart and Apple, and helped by bonds backed by solar power payments,[*] which have sent industry stocks soaring, even as molten salt and new battery technologies come on line to generate storage for use when the sun doesn't shine. Of course we could always go to geostationary orbit -- or the moon -- as well we may (if politics allow it) as thirst from the developing world grows beyond the earth's carrying capacity. [more inside]
How The Economic Machine Works by Ray Dalio actually makes a case against austerity and for redistribution, but also for money printing (and, arguably, for bailouts), while stressing the need to keep making productivity-improving public and private investments. However, it could be equally entitled: How The Industrial Age Political-Economy Doesn't Work Anymore, viz. Surviving Progress (2011)... [more inside]
Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
The iEconomy: Apple and Technology Manufacturing. Since January, the New York Times has been running a series of articles "examining the challenges posed by increasingly globalized high-tech industries," with a focus on Apple's business practices. The seventh article in the series was published today: In Technology Wars, Using the Patent as a Sword. Related: For Software, Cracks in the Patent System and Fighters in the Patent War. [more inside]
The Control Revolution And Its Discontents - "the long process of algorithmisation over the last 150 years has also, wherever possible, replaced implicit rules/contracts and principal-agent relationships with explicit processes and rules."
Acclaimed writer Bruce Sterling is back for his annual State of the World interview in The WELL's inkwell conference. It's a must-read. The first question comes from Cory Doctorow who asks him to help him plan for the future now that Cory has a kid, etc. Sterling's answer is hilarious, biting, and brilliant all at the same time. And that's only the beginning...
Hi-Tech's New Day - Since the collapse of the Nasdaq bubble and the dotcom fizzle, the last five years have been particularly hard on technology entrepreneurs. But lately, there's been a bit of a resurgence (what with the Google IPO and Apple's second wind and all). Not that the boom is going to resume, by any means, it's just encouraging that tech innovation continues apace and is again being rewarded in the marketplace! [really i'm just posting this cuz there seems to be a new intarweb celebrity power couple on the block (via a.whole #1) :]