If the UK wants access to the EU markets, it's going to have to pay billions of pounds, something that the Brexit Leave campaign conveniently neglected to mention (they also conveniently neglected to mention that even if this wasn't true, the money the UK used to pay to the EU wasn't going to be spent on the NHS). Read the rest
Deji from Access Now writes, "How much does it cost to shut down the internet? A new report by the Brookings Institution assesses costs during a one year period between 2015-2016 and found immense losses. It's just a baseline too -- and doesn't even include things like mobile money or lost tax receipts. The real number is likely much higher." Read the rest
The Economic Innovation Group and Ernst and Young surveyed 1200 millennials and found that, basically, everything sucks. Read the rest
Vancouver has been wracked by a white-hot property bubble driven primarily by offshore speculators, mostly Chinese, who have driven up the price of housing beyond the means of working Vancouverites, crippling the city's daily life as workers, students and families struggle to find somewhere -- anywhere -- to live. Read the rest
The pro-Brexit narrative insisted that the UK was one of Europe's greatest, most vibrant economies, and that, unshackled from European regulation, the country would be able to soar to the heights it deserves. Read the rest
The winner-take-all economy has turned virtually every industry into a cartel (four record labels, two cable companies, two phone operating systems, etc) who operate without fear of competition regulation, allowing representatives of a few companies to gather in closed-door meetings to cook up operating agreements that end up having the force of law. Read the rest
Wang Jianlin made billions speculating on Chinese real-estate; now that he's diversified into buying Hollywood movie studios and chains of movie theaters, the richest man in China is prepared to say what many have known: the Chinese property market is a huge, deadly bubble that's ripe to burst. Read the rest
In Sweden a legislative proposal will let repair shops will charge lower sales-tax, and allow people who repair their appliances and bicycles be to write off their expenditures. Read the rest
A trio of scholars who study the psychology and philosophy of science have written a fantastic paper for Springer's Sythese looking at the way that climate change conspiracy theorists construct their view of the world, and how these conspiracy theories contain self-contradictory theses (like the idea that climate change can't be predicted and the idea that the data shows we're actually headed for an ice-age). Read the rest
Part of the economic argument for free trade deals is that they benefit workers by producing cheaper goods -- even if you lose your manufacturing job, you can buy stuff a lot cheaper with the next job you get. Read the rest
Over at Democracy Journal, my Institute for the Future colleagues Marina Gorbis and Devin Fidler explore the "digital coordination economy" (aka the on-demand economy) and how "it may take deliberate design choices in platform architecture, business models, new civic services, and public policy to prevent this increasingly seamless “coordination economy” from becoming highly inequitable as well." From Democracy Journal:
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As software takes an increasing role on both sides of transactions—ordering and producing—it promises to bring vastly more efficient coordination to these kinds of basic economic functions. This emerging digital coordination economy, with its efficient matching and fulfillment of both human and nonhuman needs, has the potential to generate tremendous economic growth.
However, as software engineers essentially author a growing segment of our economic operating system, it may take deliberate design choices in platform architecture, business models, new civic services, and public policy to prevent this increasingly seamless “coordination economy” from becoming highly inequitable as well. Already the growth of on-demand work has allowed investors and owners in some industrialized regions to reap substantial financial returns while many of the people using platforms to generate income streams are struggling to maintain their standard of living. Uber drivers, for example, have seen a drop in earnings in the United States over the last couple of years, even as the company continues to grow at a dramatic pace.
It is clear that the fundamental technologies driving the coordination economy are neither “good” nor “bad,” but rather offer a heady combination of opportunities and challenges.
The largely tax-free religion industry is one of the biggest in America, worth $1.2 trillion/year, a number that includes religious "healthcare facilities, schools, daycare and charities; media; businesses with faith backgrounds; the kosher and halal food markets; social and philanthropic programmes; and staff and overheads for congregations." Read the rest
"The cost of excess bureaucracy in the U.S. economy amounts to more than $3 trillion in lost economic output, or about 17% of GDP," write Gary Hamel and Michele Zanini in Harvard Business Review. Their recommendation? Cut management in half. The don't specify if that's crosswise or lengthwise. Read the rest
Las Vegas is one of America's most unionized cities, and importantly, the unionization rates are especially high in trades dominated by women, such as cocktail servers and hotel cleaners, making Vegas one of the most equal places in America in terms of wage-parity between women and men, and also between young workers and older workers. Read the rest
Economist Tim Harford writes about holidaying in prosperous Bavaria, where hotels let you run up bills of €1000+ without a credit-card and all room-keys are stored in a cupboard where any guest can get at them, and asks how this can all work without being destroyed by dishonesty? Read the rest