Etc: Links for 19th July, 2019

  1. “Almost half of all U.S. rice comes from Arkansas. When a rice farmer who was also a state legislator bought some and tasted it, he decided the label had to be banned. So, during March, Arkansas legislators prohibited the cauliflower rice name from all food labels in the state. Saying that the word rice has to refer to actual rice, the law included a $1000 fine for a “mislabeled” product.”
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    What’s in a name? A rice by any other name, it turns out (forgive the pun), ain’t quite the same thing, legally speaking.
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  2. ““By lowering the barrier to initiate communication, the hidden side effect is that Slack has the quiet capacity to exponentially increase communication overhead. Resulting in much more voluminous, lower quality communication.”In other words, talk is cheap and we’re spending like crazy.”
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    The problem with all these awesome tools that help us communicate better is that they help us communicate better. Folks with GIPE id’s… tried out Hangout Chat on your phone just yet?
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  3. “I kind of have a perfectionist type of mentality. Things kind of irritate me and get more and more irritating over time and it was just really confirmed to me that I couldn’t make it better. So I threw out this problem to the group: “Wouldn’t it be great if customers just gave us a chunk of change at the beginning of the year and we calculated zero for their shipping charges the rest of that year?””
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    The most popular form of the sunk cost fallacy in the world: it’s origins explained. If you’re confused about how this is about the sunk cost fallacy, ask yourself this: how often have you checked the Flipkart app after you became a Prime member?
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  4. “Influencers won’t receive a cut of the sales their posts generate. They will, however, have access to a shared analytics dashboard with robust metrics that the tagged brand can also see. Previously, influencers relied on screenshots and other imperfect methods to communicate engagement numbers with brands, so tying their influence directly to sales was nearly impossible. Having a more streamlined framework and detailed analytics will be incredibly valuable for influencers. “It gives you more leverage when you’re negotiating rates,” says Aimee Song, a fashion influencer.”
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    The evolving economics of Instagram influencers. What do you think will happen next?
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  5. “In his time around Italy, especially in Venice, Ghosh was struck by the fact that the language he heard the most after Italian, is Bengali. He explains, “The people who literally keep Venice going are Bengalis. They are the ones making the pizzas, the hotel beds. They play the accordion even. Bengalis have absolutely become the working class. It is such a striking thing that people don’t seem to notice. The tourists don’t notice. Even the Indians who go there, don’t seem to notice. Venice is like a gigantic stage set. So people only notice the setting. They don’t notice who keeps it going; it is literally the Bengalis.””
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    Just in case you have not read any of Amitav Ghosh’s works, this might get you interested in them. If you are looking for a good place to start, I’d suggest The Hungry Tide.
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Etc: Links for 5th July, 2019

  1. “…in the series, Valery Legasov (Jared Harris), a member of the Academy of Sciences, lives in nearly the same kind of squalor as a fireman in the Ukrainian town of Pripyat. In fact, Legasov would have lived in an entirely different kind of squalor than the fireman did.”
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    This is one of many, of course, but that line above was particularly illuminating. A review of the excellent series, Chernobyl.
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  2. “The productivity equation is a non-linear one, in other words. This accounts for why I am a bad correspondent and why I very rarely accept speaking engagements. If I organize my life in such a way that I get lots of long, consecutive, uninterrupted time-chunks, I can write novels. But as those chunks get separated and fragmented, my productivity as a novelist drops spectacularly. What replaces it? Instead of a novel that will be around for a long time, and that will, with luck, be read by many people, there is a bunch of e-mail messages that I have sent out to individual persons, and a few speeches given at various conferences.”
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    Neal Stephenson (whose books are excellent, and uniformly so) on productivity.
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  3. “Thanos, observing that there were too many people, decided to kill half of them. But this is curiously short-sighted for a man regarded by many as a policy prophet. Any exponential population growth process will soon replace the lost people: that is why exponential growth is such a headache in the first place. For example, if an economy’s resource footprint grows exponentially at a rate of 7 per cent, it doubles in just ten years — meaning that in less time than has elapsed since the first Iron Man movie, we could be back where we started.The only lasting solution is an economy that uses resources at a sustainable rate. Malthus’s qualms notwithstanding, contraception has been a very good start. The world population growth rate is steadily approaching a very sustainable-sounding zero.”
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    Tim Harford analyzes Thanos like only an economist can.
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  4. “Imagine you’re cooking a roast dinner for your family of four. You opt for beef with all the trimmings, safe in the knowledge that it’s a firm family favourite. But just as you’re about to serve up, your daughter announces she’s vegetarian, your partner texts to say they’re running late, and your son tells you he’s invited “a few” friends over for dinner too. Then, your dog runs off with the joint of beef while you’re desperately trying to work out how you are going to meet the needs of all these (quite frankly) very demanding and unruly individuals.”
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    The BBC on the problem of dynamic resource allocation. The excerpt, by the way, has nothing to do with the rest of the article.
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  5. “Because at the end of their pilgrimage, the weary are rewarded with two things: a footbath and a bowl of steaming noodles. The footbath is just a footbath, but the noodles are extraordinary. Su filindeu is—quasi-official designation here—the rarest pasta on the planet. The dish is made specifically for this occasion; its very existence revolves around this trek. So specialized and obscure and mind-bendingly intricate is it that only a few souls can make it. And only those who reach Lula will ever try it.”
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    The rarest pasta on earth. Why wouldn’t you want to read!

Links for 22nd May, 2019

  1. “Perhaps the most typical thing about Bergstrom’s gambling was that for him, as for so many others, the money seemed to signify something else. Gamblers often describe how, when the chips are on the table, money is transformed into a potent symbol for other psychic forces. In Bergstrom’s case, the action on the craps table seemed, like a love affair, to be a referendum on his self-worth.”
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    What are the motivations for gamblers? How do they view money? Is it the means to an end, is it a metaphor, is it symbolic? How might the lessons one gleans from reading something like this be applied elsewhere? For these reasons, a lovely read.
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  2. “Virat Kohli, Mahendra Singh Dhoni, Rohit Sharma, Suresh Raina, Dinesh Karthik, KL Rahul, Kedar Jadhav and Ambati Rayudu are all collectors if you go by their IPL batting. I had mentioned in the copy (which later got edited out) that it is worrisome that the Indian batting lineup ahead of the World Cup has a sort of sameness to it.Fortunately, while they all bat the same way in T20 cricket, they are all different kinds of beasts when it comes to One Day Internationals.”
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    Beware of relying too much upon data, but that being said, the cricket fans among you might want to subscribe to this newsletter, which analyses cricketing data to come up with interesting ideas about the upcoming world cup.
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  3. “Well, you know what Graham understood, I think, better than probably anyone who had written about investing before him is that there’s a big difference between what people should do and what they can do. Another way to think about this is that distinction between what’s optimal, and what’s practical. And we pretty much know how people should invest. Investing is – as Warren Buffett likes to say “It’s simple, but it’s not easy.” And dieting is simple, but not easy. In fact, a lot of things in life are simple, but not easy. And investing is a very good example. I mean, if all you do is diversify, keep your costs low, and minimize trading. That’s pretty much it. It’s like eat less, exercise more. Investing is just about as simple, but it’s not easy. And so Graham understood that people are their own worst enemy, because when they should be cautious, they tend to take on risk.”
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    David Perell interviews Jason Zweig, and it is an interview worth reading, and perhaps even re-reading. I have linked here to the transcript, but if you prefer listening, you should be able to find out the link to the podcast.
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  4. “Any time a central bank – unless it has a completely sealed closed economy – raises or cuts interest rates, it is taking currency and interest rate risk vs. the major reserve currencies, even if it is not directly buying or selling foreign currency.”
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    A short, clear and concise article about the RBI’s rupee-dollar swap.
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  5. “Diets have changed most dramatically in Africa, where 18 countries have diets that have changed by more than 25 percent. Sugar consumption in Congo, for example, has increased 858 percent since 1961.”
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    A truly excellent visualization – worth seeing for a multitude of reasons: data about nutrition, visualization techniques being just two of them. And that statistic about sugar consumption in Congo is just breathtaking.

Links for 6th May, 2019

  1. “Not long ago, the Liverpool away coach uniform was technical mountain climbing apparel, which had its roots in drug dealers in cold northwest England figuring they didn’t need to freeze to death slinging weed in a park. That meant a lot of North Face gear, which became fashionable. One leader at an LFC firm bought so much high-end gear that when he got a stadium ban several years ago, he actually started climbing mountains around the country, unsure of what else to do with all the stuff he’d bought.”
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    A nice long read on Liverpool: the city and the club. Also a fascinating peek into a place in England that isn’t necessarily English.
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  2. “In my view, reform of government economic administration must take priority. As things stand, it is a prerequisite for the success of any other reform. A weak state cannot deliver anything other than grandiloquent statements of intention. This must change. Without a capable State, there can be no transformation.”
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    Rathin Roy explains in the Business Standard why India hasn’t fulfilled its potential so far, and what needs to be done to change the status quo.
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  3. “How much, in all, does Popovich spend annually on food and wine? That’s hard to say. But he reportedly earns $11 million a year, the highest salary in the league for a head coach. Considering the offerings from his private wine label and that he holds thousands of bottles in his cellar, plots out dozens of high-end dinners per year at some of the country’s most high-end restaurants, drops $20,000 on wine alone at some dinners, and routinely leaves exorbitant tips — well, it’s not a stretch to suggest that Popovich might ultimately drop a seven-figure annual investment on food and wine. “He’s spent more on wine and dinners than my whole [NBA] salary,” former NBA coach Don Nelson says. But in San Antonio — where Popovich has won more with his team than any NBA coach has with a single team in history — the investment, apparently, has been worth it.”
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    Is good dining the means to an end? Read this fascinating article to find out one man’s answer.
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  4. “Gorbachev pushes back at the notion that the Soviet Union’s end was somehow a triumph for the other side. “Americans thought they’d won the Cold War, and this went to their heads,” he says. “What victory? It was our joint victory. We all won.” Well, maybe not entirely — Vladimir V. Putin, pointedly absent from most of the film, is glimpsed in footage of Raisa Gorbachev’s funeral — but you come away from the movie agreeing with Herzog’s assessment, and yearning for Gorbachev’s brand of diplomacy.”
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    A short article about Gorbachev – a documentary about the man. He’s 88 this year, but the article is interesting throughout. And the excerpt is a great way to think about whether you have really understood the concept of a zero-sum-game.
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  5. “The Northern states are densely populated. But this density has clearly not provided the economies of scale to promote rapid economic growth. One problem is that the dense population in the Gangetic plains is not clustered in large cities. Prateek Raj of the Indian Institute of Management in Bengaluru has written about the metropolis vacuum in the Hindi speaking states of Uttar Pradesh, Bihar, Jharkhand, Madhya Pradesh and Chhattisgarh, which together have 500 million residents (bit.ly/2UOS2Kv). “The glaring absence of a major metropolitan center in the region has forced young people to migrate away from the small towns and move to other cities in the West and the South,” he argues.”
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    A lovely read from Niranjan Rajadhakshya about what ails Northern India and how one might tackle the issue. The lack of urbanization is a very real problem in Northern India, among others.

Links for 15th April, 2019

  1. “But Bengaluru’s enthusiasm for pubbing as a well-established cultural and social activity pushes things along. Everyone meets over a beer—it is the new coffee. Work meetings are held over beer. Older millennials organize and participate in beer tastings and beer-and-food pairings. Co-working spaces like WeWork offer beer on tap. And most craft-beer lovers drink it not to get drunk, but for the taste and a mild high, as well as the social aspect of hanging out over a beer.”
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    I’ll be visiting Bangalore later on this week, and this couldn’t have come at a better time in Livemint! A long read, but informative in many ways about Bangalore and it’s modern drinking culture.
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  2. “Most people think that now is a terrible time to visit Iran. The renewed US sanctions on the country mean that popular travel websites like Expedia, Airbnb and Booking.com don’t work in Iran. International debit and credit cards can’t be used to make payments or withdraw money from ATMs. Most travel insurance policies don’t cover Iran. And social networks like Twitter and Facebook are technically banned.”
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    The rest of the article explains why, in fact, this is a pretty good time to visit Iran. Stunning photographs – Iran really does seem like it is worth a visit.
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  3. “Gradually, as the demand for Manbeasts increases, more Manbeasts will come forth. That’s supply and demand in action, and it’s a good thing. Manbeasts aren’t blind sloggers. They bring insane skill to the game, and it is glorious to watch. On top of everything else, Andre Russell is a bloody good batsman.”
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    Amit Varma explains T20 cricket using economics, at which he is rather good. Here’s the scary bit: Dre Russell is the start of the crazy hitting phenomenon, per Amit Varma. Read to find out why.
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  4. “Food delivery in India is creating an entirely new market; 70% of our regular users in Kolhapur had never tried food delivery in their life (even over a phone call), and Zomato was the first food delivery experience of their lives. All the marketing investment we made in FY19 will bear fruit in FY20 and beyond — when we realise the LTV (Lifetime Value) of the users that we have acquired.”
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    Zomato is a firm worth following for a variety of reasons: interesting business models, upfront communications, and Akshar Pathak does a great job too. But read the annual report for some fairly impressive statistics and trends about food in India.
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  5. “Great to hear! Check out this page: “Advice for Aspiring Astrophysicists” (and, if you’d like a shorter thread, this Storify). Basically you should learn a lot of math and physics and programming and communication skills, and, if at all possible, try to get involved in some kind of research. See the page for more tips. Good luck!”
    I, along with the rest of the planet, have been reading about astronomy for obvious reasons. This link was informal and informative – which is a very rare combination.

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.

Links for 3rd April, 2019

  1. “There is something touchingly human in the dispersal of these games—in the vision it evokes of travelers packing for long, hard journeys and remembering to take with them something to kill time, something to satisfy their impulse to play. Anthropologists often regard these old games as novelties, Crist told me, but they can narrate plenty about their era. “Games function socially as a way for people to interact with one another,” he said. “People will play games when they vaguely know each other, to get to know one another.”
    Samanth Subramanian on the oldest board game known to us – dates back to around four thousand years ago. Games were, and are, a way to connect socially with people.
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  2. “But even with increasingly powerful computers and more efficient algorithms thrown at the problem, some whole numbers have stubbornly refused to yield any winning tickets. And 33 was an especially stubborn case: Until Booker found his solution, it was one of only two integers left below 100 (excluding the ones for which solutions definitely don’t exist) that still couldn’t be expressed as a sum of three cubes. With 33 out of the way, the only one left is 42.”
    The rest of the article, fascinating in its own rights, contains many more excerpt-able quotes. But if you are a fan, as I am, it had to be an excerpt that ended with that sentence!
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  3. “Nine years after giving grants for youth in Uganda to start businesses, those who didn’t receive grants had caught up on income! Nevertheless, “grants had lasting impacts on assets, skilled work, and possibly child health, but had little effect on mortality, fertility, health or education.”
    Honestly, there’s no particular reason why I chose to go with this quote in particular. David Evans has done yeoman service in putting together extremely brief summaries of I don’t know how many papers presented at the annual Center for the Study of African Economics (CSAE) conference.
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  4. “Take the example of San Francisco; with nicer streets, even more people might want to move there. That would push up rents by an amount roughly equal to the value created — putting the gains from the higher quality of life into the pockets of landowners. In a normal market economy, those higher rents would then induce more construction and, eventually, a corresponding decline in rents. But San Francisco is a “not in my backyard” locale where the amount of new construction just isn’t that high, for legal and regulatory reasons. Again, as both Ricardo and George realized, the incidence of the benefit falls upon the very scarce factor, namely land.”
    What happens when you apply the Ricardian theory of rent to San Francisco? Tyler Cowen provides the answer. Also think about where else, besides land, this argument might apply. Cough *education* cough.
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  5. “As Ansón puts it: “In principle, because of how it started, a tapa is something that you eat with one hand, a cocktail stick, a fork, or a spoon, allowing you to hold a drink in the other. This style of eating creates a kind of harmony between solid and liquid.”
    This will, if you are as big a fan of food as I am, take up a lot of your time – but also, it will be worth it. Also, if you are anything like me, it will make you want to go to Spain! A lovely, interactive website about Spanish gastronomy.