Links for 25th April, 2019

  1. “Singapore appreciates the relative strengths and limits of the public and private sectors in health. Often in the United States, we think that one or the other can do it all. That’s not necessarily the case.”
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    It is always a good idea to learn about Singapore’s healthcare system, and this Upshot column from the NYT helps in that regard. Each of the links are also worth reading. If you spend time reading through the article and all the links therein, you might be a while, but it is, I would say, worth it.
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  2. “With Nobel laureate Daniel Kahneman, he collected evidence on happiness that remains my benchmark for social scientists’ ability to shed light on wellbeing. Prof Kahneman once warned me that expert advice can go only so far. Much happiness and sadness is genetically determined: “We shouldn’t expect a depressive person to suddenly become extroverted and leaping with joy.” Those words are much on my mind this week.”
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    Tim Harford remembers Alan Kreuger, and helps us understand a lot about the man, his work, happiness and much else in the process. Entirely worth reading.
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  3. “The Captain Swing riots are thus one more example, an especially vivid one, that new technologies which cause a lot of people to lose a way of earning income can be highly disruptive. The authors write: “The results suggest that in one of the most dramatic cases of labor unrest in recent history, labor-saving technology played a key role. While the past may not be an accurate guide to future upheavals, evidence from the days of Captain Swing serve as a reminder of how disruptive new, labor-saving technologies can be in economic, social and political terms.”
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    One, because reading something you hadn’t read before is always interesting. Two, because unemployment because of automation isn’t new. Three, makes for very relevant reading today (in multiple ways: automation itself, but also untangling causality.)
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  4. “He says he was inspired by the depth of the nun’s commitment to India’s least fortunate—but he was unwilling to emulate her approach, and not simply because of its material sacrifices. Although Shetty often performed free surgeries for the poorest of the poor, he reasoned that the only way to sustainably serve large numbers of people in need was to make it a business. “What Mother Teresa did was not scalable,” he says—perhaps the first time venture capital jargon has been applied to the work of the Angel of Calcutta.”
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    Interested in healthcare, or economics, or both? A lovely read, in that case. Also a good explainer of the challenges in front of Modicare.
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  5. “The argument in favour of having Tribunals is that they offer a specialised and dedicated forum for settling specific categories of disputes which are otherwise likely to get stuck in the regular judicial channels. But this assumption holds only if the regular judiciary exercises restraint and does not insert itself into the proceedings pending before Tribunals. ”
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    The problem with laws in India isn’t their framing – it is their implementation. Read this to find out more.
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Links for 8th April, 2019

  1. “The message of the chart, after all, is the same in both versions. But the takeaway is important: if two series follow each other too closely, it is probably a good idea to have a closer look at the scales.”
    A lovely, lovely read on how even The Economist (gasp!) sometimes gets visualizations wrong. But jokes aside, it is a lovely read on how difficult data visualization is.
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  2. “What I am angry about is our underinvestment in figuring out how to better treat mental health problems. Even with all of the other suffering there is in the world, I believe that suffering from mental health problems is a large part of human suffering. Without referencing his own suffering, Alan did a lot to advance the recognition of the importance of mental health problems—and more broadly, the importance of everything that contributes to a good life—with his research on subjective well-being.”
    Miles Kimball, who was a peer of Alan Krueger’s at Harvard, writes a lovely essay about him, and more besides. Entirely worth a read.
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  3. “Grief is a gift, wrapped in the worst possible package. It shows you who you are, and teaches you lessons you would never have learned otherwise. Your compassion for others is magnified. Your understanding of what motivates people sharpens. You are grateful for small wonders and embrace happy moments as never before, because you know—you are absolutely clear about this—that you must celebrate when you can and while you can. Grief has taught you not to take these moments for granted. You become an open invitation for wonder.”
    I rarely do this, but on this one occasion, it makes sense. From within the essay in 2. above, this essay by Miles Kimball’s wife, Gail. Please make the time to to read it.
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  4. “While studying some of the oldest art in the world found in caves and engraved on animal bones or shells, paleoanthropologist Genevieve von Petzinger has found evidence of a proto-writing system that perhaps developed in Africa and then spread throughout the world.”
    Suggestive or not, accurate or not – it certainly makes for fascinating reading. The chart alone is worth the click. An article about whether there may be a common ancestry to symbols found the world over.
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  5. “Indian fiscal federalism is at a crossroads. The question of how money is to be shared between New Delhi and the states on one hand, and among different states on the other, will continue to resonate. There is a lot of talk about the importance of federalism as well as calls for greater centralization. Decentralization is needed because India is too complex a country to have a uniform approach to development. Centralization is necessary because of the risk that important national public goods, including regional equality, could be underfunded. These tricky questions of federal balance need an institutional mechanism that entails either a more effective NITI Aayog or a permanent Finance Commission.”
    Niranjan Rajadhakshya weighs in on what should replace the NITI Aayog and the Planning Commission,

Links for 5th April, 2019

  1. “And almost invariably, I see the same colleague in our communal kitchen, who asks with delight, “Joe, what are you having for lunch today?” The types of bean and cheese rotate, as does the fruit—which depends on the season—but I do not inform my co-worker of these variations when I laugh off her very clever and funny question.”
    In an article about the comforts of routine and habit when it comes to food, I found this excerpt to be pleasingly meta. You know who should especially read this article? Statisticians – especially aspiring statisticians.
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  2. “Take his celebrated work with David Card on the minimum wage. They looked at how relative hiring patterns changed when one state raised its minimum wage and one right on its border did not. Not much except the minimum wage differed between the two situations, so it was about as close to a controlled experiment as economists will ever get. Alan was a pioneer in the exploitation of such natural experiments. After Alan showed what kind of evidence can be marshaled to study a labor-market intervention, economists have raised their standard of what constitutes convincing evidence. What followed has been called a “credibility revolution” in empirical economics.”
    Unless you are a student of economics, it is unlikely that you will have heard of Alan Krueger. More’s the pity – for as the title of this article will tell you, his work likely has already affected you, no matter where in the world you are reading this.
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  3. “The issue, Statistical Inference in the 21st Century: A World Beyond P<0.05, calls for an end to the practice of using a probability value (p-value) of less than 0.05 as strong evidence against a null hypothesis or a value greater than 0.05 as strong evidence favoring a null hypothesis. Instead, p-values should be reported as continuous quantities and described in language stating what the value means in the scientific context.”
    Statistics is harder, and more confusing than you think. Yet another example is this article – each of the quotes in the article make for thoughtful reading.
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  4. “…Section 230 has proved an “awesome benefit” for the tech platforms. It has encouraged astonishing innovation and accelerated the growth of some of the richest companies on the planet. But it has also allowed billions of people to post anything they like online with almost no constraint. Some of that content is inspirational, much of it trivial, and a small sliver grotesque and harmful. Social networks do not discriminate.”
    The FT on whether Facebook and its ilk are publishers or postmen. The import of section 230 is quite staggering, and I’d like to read the book mentioned in the article for that reason.
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  5. “We ran similar regressions controlling for industry and found that — even after controlling for industry — elite MBAs did not produce positive statistically significant alpha. Elite MBAs did perform relatively well as CEOs in healthcare and consumer staples, but relatively poorly in energy and materials businesses, though those results were not statistically significant. Our study is not the only one to come to this conclusion. A study by economists at the University of Hawaii asked similar questions and found that firm performance is not predicted by the educational background of the CEOs.”
    A regression based exercise (which of course comes with its own set of problems) on whether education (type and quality) and experience matters for CEO performance. Short answer: it doesn’t. I was tempted to excerpt the concluding paragraph, but I’ll leave it to the reader to discover.