- “Well, I hope the ongoing changes in policy towards the Chinese government, most of which I think are justified as a direct response to Chinese government actions, do not also lead to a general prejudice against ordinary Chinese people or all things Chinese.So far, we haven’t seen that, at least not much.For example, Trump, who’s been utterly shameless in provoking racial and ethnic tensions when it comes to African-Americans, Latinos, Mexicans, Africans — maybe I’m missing something, but I haven’t seen the same sort of thing on China yet.Trump seems to put China mostly into the trade/jobs economic section of his brain, rather than the “chaos/social upheaval/white nationalism” section of his brain. (And that’s one reason why, so far, lots of Democrats and independents have supported his policies, along with the Trumpists.)”
That second paragraph worries me a little bit, although I am unsure of my analysis. Economics and culture (very roughly, that’s how I think about the two concepts mentioned above) aren’t independent. The more I read about economics, the more I think each feeds upon the other, and that too, continuously. Such compartmentalization seems too simplistic. The rest of the interview is also worth reading – and as somebody who appreciates great questions, I loved the very last one.
- “In March 1951, a frustrated Kodak threatened to sue the U.S. government for the “considerable amount of damage to our products resulting from the Nevada tests or from any further atomic energy tests…” Finally the company and the government came to an agreement. The AEC would provide Webb, by now the head of Kodak’s physics division, with schedules and maps of future tests so that Kodak could take the necessary precautions to protect its product. In return, the people of Kodak were to keep everything they knew about the government’s Nevada nuclear testing a secret.”
The world is stranger than you can know, and imagine. It is also scarily stupid in ways one simply couldn’t have contemplated. A sobering read about how Kodak discovered scary stuff about America’s nuclear bomb experiments – and was essentially asked to keep quiet about it.
- “Perhaps because most of us are descendants of immigrants thrust into an artificial construct of a nation, or maybe because we live in a country that is constantly renewing and rebuilding, one of the few tangible things that connects us to the past and our cultural identity is food.”
Ten dishes you might want to try in Singapore, with a little bit of history thrown in. I am sad to report that I haven’t tasted all of them yet.
- “Many local African churches have reached out to Chinese workers, including incorporating Mandarin into services. A number of Chinese, in turn, have welcomed the sense of community and belonging that these Christian churches offer. And a small but growing number of ethnically Chinese missionaries from Taiwan and other countries are specifically targeting Chinese nationals in Africa, preaching to them with a freedom they’d never be allowed in the People’s Republic.”
If the rest of the world is worried about Africa being unduly influenced by neocolonial China… China, it turns out, is worried about being influenced by evangelical Christianity from Africa.
- “If you missed reports of the shenanigans at Canada’s McMaster University last week, then the following article by academic Kevin Carrico is well worth a read. Universities are letting a minority of Chinese students behave in ways that are utterly unacceptable. One speculates that they do this because many universities depend heavily on Chinese students for fee income, because they and their academics fear the Chinese Communist Party, and because university administrations tend to be pretty weak-kneed.”
I had linked a while back to events in Canada, at a university. Joe Studwell, author of the fantastic How Asia Works, links to an article that provides perspective on this issue.
A very short talk on an impossibly complex topic – urbanization, and how to do it right.
- “The canonical source for enforcement is Facebook’s public community guidelines — which consist of two sets of documents: the publicly posted ones, and the longer internal guidelines, which offer more granular detail on complex issues. These documents are further augmented by a 15,000-word secondary document, called “Known Questions,” which offers additional commentary and guidance on thorny questions of moderation — a kind of Talmud to the community guidelines’ Torah. Known Questions used to occupy a single lengthy document that moderators had to cross-reference daily; last year it was incorporated into the internal community guidelines for easier searching.A third major source of truth is the discussions moderators have among themselves. During breaking news events, such as a mass shooting, moderators will try to reach a consensus on whether a graphic image meets the criteria to be deleted or marked as disturbing. But sometimes they reach the wrong consensus, moderators said, and managers have to walk the floor explaining the correct decision.”
The Verge (Casey Newton, specifically), reporting on Facebook moderators – the human ones. This article is about the troubles they go through, and the costs they have to bear while doing so. A sobering read.
- “Our international panel of judges — Pete Souza, Austin Mann, Annet de Graaf, Luísa Dörr, Chen Man, Phil Schiller, Kaiann Drance, Brooks Kraft, Sebastien Marineau-Mes, Jon McCormack and Arem Duplessis — gave some insight on why they loved these shots. ”
Worth it for at least two reasons – make that three. One, how skilled would you have to be, in the not too distant past, to take photographs as good as this? Two, the photographs themselves are quite breathtaking. Three, the commentary after each photograph helps you understand why those photographs are, in the opinion of the judges, so good.
- “India has the potential to be the single largest democratic free market economy in the world. But it needs to simultaneously cut down on its corruption, create jobs for millions of new entrants to the labor economy every year, stand up a new generation of digital-first behemoths, all the while balancing the needs of an incredibly diverse and cacophonous democracy buffeted by global markets and tastes. That’s ultimately a tall order, but if India wants to migrate from a “billionaire raj” to an “entrepreneur raj,” it will have to do all of that — at once.”
The tech website TechCrunch, on India’s challenges in terms of becoming the next – not Silicon Valley – but China. If you want a more in-depth analysis of what is being spoken about here, I’d highly, highly recommend How Asia Works, by Joe Studwell.
- “Econocrats and academic scholars need to take a hard look at the rising implications of intellectual property law, cooperative agreements and proprietary agglomerations of data in stifling competitive behaviour and mobility of new firms. Aggregating more information on firm-level growth narratives and better information dissemination (for researchers) will help analyse firm-level productivity impacts on market growth and overall industrial productivity levels over time.”
Somewhat related to what is linked to above, but also linked to a Twitter thread I linked to this past Saturday by Atif Mian. An interesting, if somewhat complicated read.
- “The National Company Law Appellate Tribunal ordered that no lender can declare its exposure to embattled IL&FS Group as nonperforming without its permission – even if there is a default. The ruling by the bankruptcy court, which is overseeing the government-sponsored $12.8 billion insolvency of the infrastructure financier-operator, undermines the Reserve Bank of India’s powers to make banks and nonbank finance firms present a truthful account of their financial position at all times.”
This isn’t getting quite the coverage it should, but we’re putting a lot of stuff under what is very quickly becoming a very large blanket.
- “Switzerland’s two big banks lead in offshore Asian wealth management partly because of their past troubles elsewhere. UBS and Credit Suisse almost forfeited their operating licenses in the U.S. and several EU countries for abetting tax evaders on both sides of the Atlantic with secret bank accounts in Switzerland.”
There’s supply, and there’s demand. The trouble is, there is also regulation – a lot of it. An article that does a good job of showing you what the UHNW world in China looks like.
- “Note that Amazon is not in the business of forecasting political shifts; nor are they strangers to dealing with challenging bureaucracies (i.e., Seattle). Still, being completely tone deaf to the shifting political winds is a bad strategy. When you have the biggest swing in House seats in since Watergate, one might expect corporate management to take notice. Especially if, say your side gig is also owning the Washington Post.Duh.”
Barry Ritholtz is less than impressed with Amazon’s decision to base their HQ2 out of NY, and then go back on the plan. As he mentions in the article, some things that have been reported as having taken place are difficult to paint as being blatantly illegal – but the problem is more political than economic.
- “We are yet to receive any response to the several requests for comment sent to Colobit and to numerous websites, including Crypto365. The American WhatsApp number stopped answering our questions after two days, and we’ve been blocked by the Twitter user who first approached us.Alas, the foreseen year-end surge to $19,000 did not come to pass.”
FT Alphaville does the tedious job on following up on what was obviously (to everyone), a scam. Yet, there are enough people in the world for whom this isn’t a scam, but perhaps an opportunity – which is why FT Alphaville writes these articles, and which is why I share them!
- “A core part of the urbanism canon. People refer to this book all the time, even if they don’t realize it, so it’s worth having this as a base when coming into a conversation. (Jane Jacobs’ Death and Life also falls into this category, though it’s less propagandistic than Triumph.)
This book is about how “cities magnify humanity’s strengths”. It’s city propaganda at its finest, and I say that lovingly… I clearly fell hard for it! It’s hard to not fall in love with cities after reading this.
Triumph is what started me down the path of thinking about agglomeration economies, which has since been a key model for how I think about cities.”
Devon Zuegel lists out books on urbanization that she has enjoyed reading. I haven’t read all of them, but agree wholeheartedly about Triumph of the City – fantastic book!
- “Just 1 percent of U.S. single-family homes—1.8 million—are equipped with solar, and the real estate industry’s general understanding of TPO systems remains limited. Our real estate agent, a 35-year veteran, had never encountered one. The listing agents for Jug’s property also seemed uncertain. Initially they didn’t mention the system at all. Then they told us it was owned by Sunrun and that if we didn’t want to assume the lease they’d remove it. Then, apparently because they’d learned the full cost of that, they backtracked.”
A less than encouraging story about rooftop solar electricity and TPO – read the article to find out what TPO is.
- “A new transatlantic alliance will require both a U.S. president who recognizes its value and Europeans who are able to overcome their own internal divisions and commit to an equal partnership. The next alliance cannot be only about channeling U.S. contributions to European security; it must also be a global partnership to which each side contributes in order to protect their mutual security and economic interests. That sort of alliance remains possible. It is worth fighting for.”
Not for the optimistic note that it strikes at the end of the article, but rather for the good summary of the history of the alliance between America and Europe, and how it hasn’t always been rocky – but never before as at risk as it is today.
- “I long held the belief that my grandfather felt regret at Pakistan’s creation because of the bloody years of the War on Terror, but now I know that he saw far worse. I wonder whether the regret came to him early, or if it was the last straw, his final impression of the history of a country he was able to witness from birth until his own death. ”
Via The Browser, an article from a Pakistani about Pakistan – ranging from his grandfather and the start of that country, to the sad mess that is has become since.
- “In other words, what matters is not “technological innovation”; what matters is value chains and the point of integration on which a company’s sustainable differentiation is built; stray too far and even the most fearsome companies become also-rans.”
I am teaching a part of the course on Industrial Organization at Gokhale Institute, and every so often, I feel like outsourcing it to Stratechery. This article is one reason why – it helps you not just understand what value chains are, but provides multiple examples of how to think about them, and through them. As almost always with Stratechery, a great read.
- “I think that a lot of people, on some level what they think they’re doing when they sponsor young co-workers is spotting talent—they called it “talent-mapping” in the accounting firm we studied. But a lot of people we talked to were also able to reflect and say, “Part of why I was excited about that person, probably, is because they reminded me of a younger version of myself.” The word we use in sociology is homophily—people like people who are like themselves.”
File this under a variety of things: hiring practices, labor productivity, people compatibility – but more than anything, I’d file it under behavioral economics, and the word homophily.
- “It’s more important than ever to manage your passwords online, and also harder to keep up with them. That’s a bad combination. So the FIDO Alliance—a consortium that develops open source authentication standards—has pushed to expand its secure login protocols to make seamless logins a reality. Now Android’s on board, which means 1 billion devices can say goodbye to passwords in more digital services than seen before”
It didn’t take long to go from unlocking your phone with your fingerprint to unlocking everything online with a fingerprint. How long before the next innovation in security and identity comes along, and will it mean that the phone will become irrelevant? A question worth pondering.
- “Using a neural network trained on widely available weather forecasts and historical turbine data, we configured the DeepMind system to predict wind power output 36 hours ahead of actual generation. Based on these predictions, our model recommends how to make optimal hourly delivery commitments to the power grid a full day in advance. This is important, because energy sources that can be scheduled (i.e. can deliver a set amount of electricity at a set time) are often more valuable to the grid.”
The big problem with renewable energy is its utter unpredictability – which is why we will always struggle to move to a world that uses renewable energy as a primary source. Unless, of course, we figure out how to make great batteries. But in the meantime, anything that helps us predict the pattern of availability of wind and solar power is great news.
- “Still, people do break Google’s protection. CAPTCHAs are an ongoing arms race that neither side will ever win. The AI technology which makes Google’s approach so hard to fool is the same technology that is adapted to fool it.Just wait until that AI is convincing enough to fool you.
Sweet dreams, human.”
Ever clicked on the “I’m a human” button and wondered why it seemed like such a stupid idea. Well, uh, not stupid. Not stupid at all.
- “This further tells us that people are buying and selling homes. It’s just that the builders are not a part of this transaction.”
This is a very short excerpt, but especially for Indians, this article is well worth reading (and Vivek Kaul is well worth following!). Home loans are going up every year, but unsold inventory is also going up every year? What gives?
- “All of economics is meant to be about people’s behavior. So, what is behavioral economics, and how does it differ from the rest of economics?”
An essay about behavioral economics and its many applications, written by two people who are more familiar with the field than almost anybody else. There isn’t much here for people who are already familiar with the field – but if you are new to behavioral economics, this is an excellent introduction.
- “Two landmark events helped pushed along the proliferation of Sichuan cuisine in New York. In 2005, the peppercorn ban was lifted, though imported peppercorns still had to be heat treated and were thus less potent than they might have been. (This restriction was finally lifted in 2018.) ”
I was in New York in 2007, and knew nothing of how to try new food, and it is a major source of regret. Especially when I read articles like these.