An excellent recent episode of the BBC Radio 4 math/current affairs show "More or Less" dramatized "The Parable of the Ox," a short article by John Kay originally published in the Financial Times (paywalled, alas, or I'd link to itavailable from Kay's site). Fans of James Surowiecki's Wisdom of the Crowds will know the first part of this story -- wherein the average of several guesses about the weight of an ox was more accurate than the guesses of any of the experts in the crowd. What this podcast and the article adds is a coda about how the use of "guesses" (or stock trades) as a way of weighing the ox quickly departed from guesses about the weight of the ox (or the value of a firm) and turned into guesses about other peoples' guesses about other peoples' guesses -- a financialized system that soon has no connection to the real economy or the real ox. And it ends, predictably enough, when the ox dies.
2001 Nobel laureate in economics Joseph Stiglitz has a long history of being on the right side of history. For example: pricing the Iraq war at $3T; raising the alarm about sovereign wealth funds acquiring US debt; nailing the double-standard on bailouts for debt crises (and the way that this destabilizes poor countries); sounding the […]
In this 30 minute video, Harry Brignull rounds up his work on cataloging and unpicking “Dark Patterns,” (previously) the super-optimized techniques used by online services to lure their customers into taking actions they would not make otherwise and will later regret.
What to do if you’ve just signed up to work in one of the most expensive real-estate markets in the world, with almost all of your net worth tied up in illiquid shares in your employer’s company? Just ask a Silicon Valley bank for a 100% mortgage, which they’ll cheerfully supply on 24 hours’ notice, […]
Looks like all of your potential employers are hiring candidates with programming skills (which you don’t have). With all of the languages out there today, it’s tough to know where to start.With the Complete Front-End to Back-End Coding Bundle, you can beef your resume up in all the right places, no confusion necessary. This package of […]
Those of us who love music wish we could listen to it 24/7. But it’s impossible when we’re trying to converse with our friends, or when are swimming in the local pool.That is, until now. The KOAR Bone Conduction Bluetooth Headset, now 48% off, has changed the audio game.Made with lightweight titanium memory metal, this headset boasts patented bone conduction technology to transport sound […]
It’s one thing to enjoy dinner at home and a nice glass of Cabernet Sauvignon with your best friend, Netflix, but it’s another thing entirely to make that meal from scratch and get that wine delivered right to your doorstep.But what if we told you there’s a way to make this possible? To keep your social life, […]