Don’t Want Me to Recline My Airline Seat? You Can Pay Me [New York Times]
"...airline seats are an excellent case study for the Coase Theorem. This is an economic theory holding that it doesn’t matter very much who is initially given a property right; so long as you clearly define it and transaction costs are low, people will trade the right so that it ends up in the hands of whoever values it most. That is, I own the right to recline, and if my reclining bothers you, you can pay me to stop."
"Enrique Martinez didn't like chocolate, but he was eating as many as 10 pieces a day, drinking chocolate protein shakes and rubbing a chocolate-based skin cream on his face. It was expensive chocolate, too. Martinez and his wife, Michelle, were going through $2,000 in chocolate a month."
PAPER BOYS: The Dark World of Debt Collection [New York Times] In the murky world of unpaid bills, a banker and an ex-con can make a fortune — if they don’t run into too many crooks.
"You're a rich white man. You're used to being listened to. But while you're jabbering away, all anyone can see is your garbage shirt that you bought for twenty bucks and have been wearing all year, shoved nastily into your shiny off-the-rack suit. Why would you do this to your brand?" - Shirterate, a clothing consultation service for tech moguls by opinionated homosexuals.
- Welfare economics: an introduction
- The perils of Potential Pareto
- Inequality, production, and technology
- Welfare theorems, distribution priority, and market clearing
- Normative is performative, not positive
"When our donors met the actual people they were helping they often didn’t like them. During our Secret Santa drive, volunteers sometimes refused to drop gifts at houses with TVs inside. They got angry when clients had cell phones or in some other way didn’t match their expectations. Other times, the donations we got were too disgusting to pass along—soup cans that bulged with botulism and diapers so dry rotted they crumbled in our hands. One Thanksgiving, a board member called from the parking lot, requesting help carrying a frozen turkey from her trunk to our office. “Can you find a deserving family?” she asked. I lugged the bird up three flights of stairs. Somewhere near the top, I noticed the expiration date. It was seventeen years old." Anya Groner talks about working for Hudson Outreach in up-state New York and the sobering, chilling effect it had on her idealism.
“Moldbug.” The name sounds like it belongs to a troll who belches from the depths of an Internet rabbit hole. And so it does. (SLTheBaffler) [more inside]
Greenhouse is a browser app for Firefox, Chrome, and Safari that allows you to mouse over any Congressperson's name in your browser to reveal where their campaign money comes from. [more inside]
Poorcraft is on the Web. The acclaimed comic book guide to "living well on less", written by C. Spike "Templar, Arizona" Trotman* and drawn by Diana "Intrepid Girlbot" Nook, after two years in print, is getting a second life as a free webcomic**, publishing a page a day for the next five months. So don't declare insolvency until you've gotten all the moneysaving tips! Recommended by notable MeFites. [more inside]
When the band announced they’d be getting back together in 2000 after a three-year hiatus, people were understandably excited. Here was a band with a cannon of music that included everything from “Say It Ain’t So” to “El Scorcho” getting ready to unleash a new set of works on the world, the way we all wished J.D. Salinger would. Then “The Green Album” came out and although it featured Mikey Welsh instead of Matt Sharp, everything from the artwork to the use of producer Ric Ocasek seemed to indicate a return to form for the celebrated geek rock act. Except it wasn’t. I’d like to think that even the most strident Weezer supporters would admit that a song like “Hash Pipe” would never have fit on the first two albums, not because Cuomo had vastly evolved as a songwriter, but because it completely lacked the spark and character that typified the band’s earlier works. In fact, Weezer reportedly wrote 75 songs for this album yet this was the best collection they could come up with.
The Age of Uncertainty, A Personal View by John Kenneth Galbraith was a 12 (or 15) part documentary mini-series about the fickle art of economics, co-produced by the BBC, CBC, KCET & OECA, and broadcast on television in 1977. Galbraith’s dry Scottish Canadian wit, and the 70’s-style art-direction, are worth viewing for those who like this sort of thing. The parody corporate videos for the Conglomerate UGE anticipated some of the ideas explored later in the 2003 documentary The Corporation. Some parts will seem dated, considering that this series was produced in the thick of The Cold War, before the rise of Reaganomics, Thatcherism, The Fall of the Berlin Wall, the rise of the EU, yuan, electronic transfers, etc. The basic insights about the instability of financial markets are still real, as always. [more inside]
Amos Barshad of Grantland talks to Darcy Frey and the basketball players featured in the classic book The Last Shot 20 years after the book's release.
Rabbi Myer Kripke, of Omaha, dies at 100. The New York Times obituary tells the story of the Kripkes and a couple they played bridge with and became friends with, Susan and Warren Buffett. In 1966, they approached Buffett to manage their savings, and they wound up making $25 million, all of which they gave away. The Times piece also devotes a half a sentence to Rabbi Kripke's son, "Saul Kripke, a Princeton scholar who has been called the world’s greatest living philosopher" (cynics should note that Saul Kripke shot to prominence before his parents were rich).
The Mayday SuperPAC. Yesterday Lawrence Lessig announced the launch of the Mayday SuperPAC, "The SuperPAC to end all SuperPACs." Its ultimate goal is to achieve constitutional campaign finance reform. They've set out specific funding goals--$1 million in 30 days, $5 million in the next 30--which will be matched by Lessig and other (currently) anonymous funders once achieved. Their initial goal is to influence races in five House districts and if successful they hope to expand in 2016.
Introducing Sociology: Tim Kreider's influential 1999 essay (previously) on how Stanley Kubrick's Eyes Wide Shut uses sex and infidelity to cover up a story of greed and murder by the elite gets a brand new afterward by the author to introduce a new site for his non-fiction writing, TimKreider.com
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]
Gilens and Page analyze 1,779 policy outcomes over a period of more than 20 years. They conclude that “economic elites and organized groups representing business interests have substantial independent impacts on U.S. government policy, while mass-based interest groups and average citizens have little or no independent influence.” Average citizens have “little or no independent influence” on the policy-making process? This must be an overstatement of Gilens’s and Page’s findings, no? Alas, no... (pdf)
Ask Polly: Will Our Class Differences Tear Us Apart?
I've been with my current boyfriend for three years. We're really great together—similar interests, senses of humor, great sex. I love him so much—the only issue is that of our respective backgrounds. He grew up in a tony suburb, went to prep school, then to a very prestigious college, and finally the very prestigious graduate school where we met. I went to public school in a bad neighborhood, put myself through a not-so-prestigious college, made a name for myself in my field, then got into that same prestigious grad school. Our families could not be more different. I didn't think it would matter so much, but something happened recently that I can't shake.[more inside]
Out in the field with one of Alberta's few female trappers. Emily the Trapper is smart, loves animals, and thinks your ideas about fur trapping are all wrong. [more inside]
Free Money for Everyone - "A wacky-sounding idea with surprisingly conservative roots may be our best hope for escaping endless, grinding economic stagnation." (via) [more inside]
“It isn’t just the crazy cat ladies, although they’re there in droves. It’s the six year-olds chanting the name of their favourite cats. It’s the hipsters there smoking cigarettes, hip-hop dudes, country dudes… It is the kind of thing where you have to learn to make everybody happy,”
Britain will betray the United States and Ukraine to keep laundering dirty Russian money. "The city has changed. The buses are still dirty, the people are still passive-aggressive, but something about London has changed. You can see signs of it everywhere. The townhouses in the capital’s poshest districts are empty; they have been sold to Russian oligarchs and Qatari princes."
There is much talk today of a financial and economic crisis comparable to the 1930s. With the threat of a currency war and the euro’s collapse looming, the specter of the Great Depression’s bloody aftermath has returned with a vengeance. Several versions of how to make human beings and build society co-existed during the Cold War, when much of the world won independence from colonial empire. Yet, discussion of humanity’s growing interdependence is today limited to a one-world capitalism driven by finance. What have anthropologists to say about that? It would seem very little. But a positive case can be made for the discipline’s contribution to public debate. We make such a case here. We review recent developments in the anthropology of money and finance, listing its achievements, shortcomings and prospects, while referring back to the discipline’s founders a century ago. Economic anthropologists have tended to restrict themselves to niche fields and marginal debates since the 1960s. We hope to reverse this trend by focusing on money’s role in shaping global society and bringing world history into a more active dialogue with ethnography.Money and finance: For an anthropology of globalization by Keith Hart and Horacio Ortiz
The Trickster Prince is academic and historian Matt Houlbrook's blog about the ephemera and little-known stories of the English inter-war period (and before) with a focus on class-jumping, queer narratives, "faking it", and urban society in the 20s and 30s.
The “Government by the People Act”, proposed by N. Pelosi and J. Sarbanes in a WP op-ed, is presented as one of the first concrete steps towards the removal of the influence of quasi-unlimited money in US politics. The act doesn’t limit the amount of money that corporations, PACs, etc can pay but rather takes the opposite approach, by encouraging and subsidizing citizen participation. The influence of money on American politics has exploded since the Citizens United ruling… resulting in often disturbing bias. [more inside]
In 2014, Bitcoin (BTC) has become established as increasingly "real" money with government regulatory interest, law enforcement, and growing acceptance in commerce, but also as the reserve cryptocurrency for hundreds of "altcoins," making them also convertible to legacy money. Foremost among these is Litecoin (LTC), which introduced the scrypt hashing algorithm to cryptocurrency, democratizing coin mining by being best suited to common GPUs rather than Bitcoin's dedicated mining equipment. Recently donated LTC paid for a forest in Madagascar. Peercoin (PPC), next in prominence, introduces "proof of stake" where less energy is spent mining and existing coins pay interest. Dogecoin (DOGE), a fork of Litecoin (previously covered on Metafilter), continues heading to the moon, with more transactions than all other coins combined, thriving markets in digital goods, tipbots, an upcoming party in NYC's Bitcoin Center on Wall Street, much charity, and the recent announcement that new Dogecoins will be generated indefinitely. A selection of other foremost and interesting cryptocurrencies is within. [more inside]
As part of a settlement between the Archdiocese of Chicago and the victims of 30 pedophile priests, a cache of 6000 documents has been made public, detailing the Catholic Church's efforts over many years to cover up sexual abuse and protect accused priests.
Rodrigo Davis of the MIT Center for Civic Media is currently researching crowdfunding for civic and community purposes. Some of the issues he covers includes the ethics of crowdfunding (including Kickstarter's seduction guide debacle and Gawker's attempt to crowdfund a video showing Toronto Mayor Rob Ford smoking crack), a case study of Kansas City's crowdfunding campaign for their bikeshare program, a timeline of online crowdfunding since 2000, and how the Statue of Liberty was made possible via crowdfunding.
In China, there are certain "bad notes" that frighten people and are refused as legal tender. Why?
Ryan Mullen was on the run for over 14 years. Then, a professional skip tracer named Michelle Gomez got on the case.
The waning influence of evangelical Christianity can be seen through the story of Orange County's Crystal Cathedral.
"Mbube", a song that morphed into "The Lion Sleeps Tonight", illustrates the convoluted legalities surrounding music publishing rights and payments.
Esquire's Chris Jones looks at the old techniques used to make the new US $100 bill.
This shift in how companies are governed and raise money is bringing with it a structural change in American capitalism. That should be a matter of great debate. Are these new businesses, with their ability to circumvent rules that apply to conventional public companies, merely adroit exploiters of loopholes for the benefit of a plutocratic few? Or do they reflect the adaptability on which America’s vitality has always been based? - Rise of the distorporation - how changes in the way companies are financed and managed is changing the wealth distribution of America.
The Prophet: Meet Dave Ramsey, the most important personal finance guru in America. There's probably no better way to learn about the financial lives of individual Americans than to spend a few hours listening to The Dave Ramsey Show, which airs in every major media market in the United States...Listen long enough and you realize you are hearing the raw, unfiltered tragedy of the economic plagues facing 21st-century America. [via]
When the announcement had been made that Wimbledon FC would be moved to Milton Keynes, to later be rebranded MK Dons, a meeting was called by Wimbledon fans. Toward the end of a charged meeting in the Wimbledon Community Centre, Kris Stewart, then chair of the Wimbledon Independent Supporters Club, realized that the fans had no chance of hanging on to their club and that no amount of protests would stop the franchise moving to Milton Keynes. In that moment Stewart made his walk through the crowd toward the microphone. “I’m tired of fighting,” he said before issuing a spontaneous rallying cry that has become legendary among fans of AFC Wimbledon. “I just want to watch football.” (SLTheMorningNews)
Ruby-Strauss learned his craft working for the notorious Judith Regan, in whose shadow all lowbrow publishing still operates. In college at the University of California, Santa Cruz, he had been a comp-lit major who scoffed when friends talked up popular sci-fi books. “I was too pretentious,” he says. “I was reading Camus.” (A far way from that to Tucker Max, I noted. “Is it?” he replied.) Under Regan, he came to appreciate the simpler beauty of “books that sell.” He acquired a book by shock-rock star Marilyn Manson and then a series of pro-wrestling books, still his highest-selling titles ever. He once took Regan to a match, where he remembers her looking around the arena and declaring happily of the crowd, “You could sell them blank pages!” (SLNewRepublic) [more inside]
Why People Mistake Good Deals for Rip-Offs. In another experiment, the ventral putamen, a region of the brain that processes reward, was more active when people drank Pepsi than when they drank Coke—except when they were told that they were drinking Pepsi. Coke’s brand appeal is so powerful, and our ability to determine the value of cola so fickle, that our brains respond differently as soon as we learn that what we’re drinking isn’t Coke. The physical experience doesn’t change at all, but we’re unable to peg the value of a brown, caffeinated soda until we know where its life began.
Does Satan worship lower a Las Vegas mansion's value? [latimes.com] How do you determine a price people might pay for such “stigmatized properties?” It’s simple, really. You call Randall Bell.
The Guardian presents an animated video explaining the distribution of wealth in the UK (and how it's getting worse).
Supreme Court to consider lifting campaign contribution limits. Reversing McCutcheon v. Federal Election Commission would allow unlimited individual campaign contributions.
Walter Hickey at Business Insider looks at when you should buy a Powerball ticket and whether to take the lump sum or annuity if you win.
Ask A Native New Yorker: How Guilty Should I Feel About Being A Horrible Gentrifier? Passionate response from a Bushwick native.
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]