The Champions of the 401k Lament the Revolution They Started “Every great cause begins as a movement, becomes a business, and eventually degenerates into a racket.” --Eric Hoffer. | "The most radical revolutionary will become a conservative the day after the revolution." --Hannah Arendt | "Could you have ruined yourself somehow?" --Hannah and Her Sisters [more inside]
The economic geography of a universal basic income - "An underdiscussed virtue of a universal basic income is that it would counter geographic inequality even more powerfully than it blunts conventional income inequality. By a 'universal basic income', I mean the simple policy of having the Federal government cut periodic checks of identical dollar amounts to every adult citizen, wherever they may live. Importantly, a universal basic income would not be calibrated to the local cost of living. Residents of Manhattan would receive the same dollar amount as residents of Cleveland. But a dollar in Cleveland stretches much farther than the same dollar in Manhattan..." [more inside]
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]
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]
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]
It's Payback Time for Women - "Society is getting a free ride on our unrewarded contributions to the perpetuation of the human race." (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]
“Six figures, right off the bat,” Mr. Minton said. “To me, it was astonishing.” The average class length among the schools is just under 11 weeks, and costs $11,000. [more inside]
The political economy of a universal basic income: "your view of what is feasible should not be backwards looking. The normalization of gay marriage and legalization of marijuana seemed utopian and politically impossible until very recently. Yet in fact those developments are happening, and their expansion is almost inevitable given the demographics of ideology... UBI — defined precisely as periodic transfers of identical fixed dollar amounts to all citizens of the polity — is by far the most probable and politically achievable among policies that might effectively address problems of inequality, socioeconomic fragmentation, and economic stagnation." [more inside]
VC for the people - "It's just that people who have options are much more likely to actually find success than people who don't." [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]
At least 112 workers died in Tazreen garments factory fire in Bangladesh. The reasons of the fire are the subject of investigation, but the firefighters put the blame for the tragedy on the lack of fire exits. Since 2006, over 500 garment factory workers died in Bangladesh fires caused often by poor safety standards and shoddy electrical installations. The garments made in the Tazreen factory were sold by C&A, among others. Clothing makes up 80 percent of the country's $24 billion in annual exports.
Last year saw the 100th anniversary of another such tragedy.
Last year saw the 100th anniversary of another such tragedy.
In Praise of Leisure - "Imagine a world in which most people worked only 15 hours a week. They would be paid as much as, or even more than, they now are, because the fruits of their labor would be distributed more evenly across society. Leisure would occupy far more of their waking hours than work. It was exactly this prospect that John Maynard Keynes conjured up in a little essay published in 1930 called 'Economic Possibilities for Our Grandchildren.' Its thesis was simple. As technological progress made possible an increase in the output of goods per hour worked, people would have to work less and less to satisfy their needs, until in the end they would have to work hardly at all... He thought this condition might be reached in about 100 years — that is, by 2030." (via) [more inside]
"It's the dirty little secret of higher education," says Mr. Williams of the New Faculty Majority. "Many administrators are not aware of the whole extent of the problem. But all it takes is for somebody to run the numbers to see that their faculty is eligible for welfare assistance." [more inside]
"It’s a very ancient idea that the universe runs by the principles of the gift...in fact the purpose for our existence, the reason why we’re here, is to give." Writer Charles Eisenstein speaks on his book Sacred Economics: Money, Gift, and Society in the Age of Transition.
New York Mag presents the balance sheets of an A-List actor for our perusal.
John Hyduk, a middle aged blue collar worker in Cleveland, writes about his daily existence.
Challenging the notion that humans are motivated by monetary reward, Dan Pink presents a variety of studies that test this notion. Inspired by his newest book, Drive
"5 Time management tricks I learned from years of hating Tim Ferriss", author of The 4-Hour Work Week.
The Harvard University Worklife Wizard, created by an international team of journalists, economists, and statisticians, is Barbara Ehrenreich's wet dream. It's also a fantastic resource that has flown pretty much under everyone's radar. The Worklife Survey drives the constantly-revised, constantly-refined Salary Comparison Tool, which is always hungry for more data about employment from around the world. And when they say they want data from everyone, they mean it-- there's even a VIP Salary Checker that pits the wages of the Yankees against those of the Red Sox. (Plus if you take the survey, you can apparently earn a chance to win a trip to South Africa). Personally, I love the Workplace Horror Stories (and there's a competition there too). I can't look at a nail clipper the same way now.