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]
International investors have a private court of appeal even in criminal matters - "A parallel legal universe, open only to corporations and largely invisible to everyone else, helps executives convicted of crimes escape punishment. [ISDS] operates unconstrained by precedent or any significant public oversight, often keeping its proceedings and sometimes even its decisions secret." (via) [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)
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]
China rates its own citizens - including online behaviour: "The Chinese government is currently implementing a nationwide electronic system, called the Social Credit System, attributing to each of its 1,3 billion citizens a score for his or her behavior. The system will be based on various criteria, ranging from financial credibility and criminal record to social media behavior. From 2020 onwards each adult citizen should, besides his identity card, have such a credit code." [more inside]
Trials by Ordeal were a method of determining guilt or innocence by putting the accused through various torturous experiences. Today these approaches are frequently-mocked and banned almost everywhere, though Sassywood remains common in Liberia. However, economist Peter Leeson argues that trial by ordeal may have been a very effective way of dispensing justice, especially when courts and juries were expensive or broken. According to the paper [PDF], a superstitious belief in iudicium Dei, or the justice of God, may have discouraged the guilty from ordeals, while tilting the scales in favor of the innocent - echoes of the practice persist today in swearing on a Bible. Even Sassywood [pdf] may be better than Liberia's broken justice system.
Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
In less than an hour, the Supreme Court will hand down its final judgment in what has become one of the most crucial legal battles of our time: the constitutionality of President Obama's landmark health care reform law. The product of a strict party line vote following a
year century of debate, disinformation, and tense legislative wrangling, the Affordable Care Act would (among other popular reforms) require all Americans to buy insurance coverage by 2014, broadening the risk pool for the benefit of those with pre-existing conditions.
The fate of this "individual mandate," bitterly opposed by Republicans despite its similarity to past plans touted by conservatives (including presidential contender Mitt Romney) is the central question facing the justices today. If the conservative majority takes the dramatic step of striking down the mandate, the law will be toothless, and in danger of wholesale reversal, rendering millions uninsured, dealing a crippling blow to the president's re-election hopes, and possibly endangering the federal regulatory state.
But despite the pessimism of bettors, some believe the Court will demur, wary of damaging its already-fragile reputation with another partisan 5-4 decision. But those who know don't talk, and those who talk don't know. Watch the SCOTUSblog liveblog for updates, Q&A, and analysis as the truth finally comes out shortly after 10 a.m. EST.
This morning marked day two of marathon proceedings in what's likely the most momentous and politically-charged Supreme Court case since Bush v. Gore: the effort to strike down President Obama's landmark health care reform law. While yesterday was a sleepy affair of obscure technical debate, today's hearings targeted the heart of the law -- the individual mandate that requires most Americans to purchase insurance by 2014. With lower courts delivering a split decision before today, administration lawyers held some hope that at least one conservative justice could be persuaded to uphold the provision, which amortizes the risk that makes universal coverage possible. But after a day of deeply skeptical questioning by swing justice Anthony Kennedy and his fellow conservatives [transcript - audio], the mandate looks to be in grave trouble, with CNN legal analyst Jeffrey Toobin going as far as calling the day "a train wreck" for the administration. But it's far from a done deal, with a third day of hearings tomorrow and a final decision not expected until June.
Richard Wilkinson: How economic inequality harms societies (ted/yt) - "We feel instinctively that societies with huge income gaps are somehow going wrong. Richard Wilkinson charts the hard data on economic inequality, and shows what gets worse when rich and poor are too far apart: real effects on health, lifespan, even such basic values as trust." (previously)
The Global Oneness Project is exploring how the radically simple notion of interconnectedness can be lived in our increasingly complex world. They travel the globe gathering stories from creative and courageous people who base their lives and work on the understanding that we bear great responsibility for each other and our shared world. [more inside]