EC101: Links for 10th October, 2019

  1. “Coase’s originality was not in his reasoning, but in recognizing that economic exchange is not the mere trading of physical goods but trading rights to property or rights to engage in certain types of conduct affecting property.”
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    Was Ronald Coase the first to come up with the Coase theorem?
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  2. “However, the joy of this book is less in the big picture than in the detail. And what a lot of it! The mind boggles at Smil’s extensive reading and absorption of information. We get the speed at which marathons are run – over the entire course of human history; the growth rates of piglets and weight of chicekns over time; sales of small non-industrial motors over time; the envelope for the maximum speed of travel; Kuznets cycles; Zipf’s law for city size…. The middle section of chapters offer a fantastic overview of technical progress over long periods in a wide range of technologies. I love all this detail.”
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    Diane Coyle thoroughly approves of Growth and Civilization.
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  3. “When a daughter is married, we do worry about her future. But why should I worry when the government of India is my son-in-law who married my daughter Syndicate Bank,” asked the late Tonse Madhav Ananth Pai in 1969, in the aftermath of the nationalization of the first-generation private-sector banks. Fondly known as “Brahma of Manipal”, Pai was the founding father of Syndicate Bank in 1925.”
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    A lovely read on bank mergers, bank nationalization and banks from a particular part of Karnataka.
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  4. “This is where the popcorn enters the picture. Pricey popcorn makes those lower ticket prices possible, And that is why you should buy popcorn at the movies.”
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    Expensive popcorn? Uh, no, cheap movie tickets. Yes, really. Cheap for whom, you ask? Welcome to microeconomics.
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  5. “This leads to the question: Why try these markets at all? This is quite similar to creation of super highways which help reach destinations much quicker but lead to accidents as well. Should we then not create highways?Policies always raise such trade-offs and hopefully, the regulator will take steps which minimise the negative aspect of creation of these markets.”
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    Amol Agarwal, in Moneycontrol, on securitization in real estate loans in India. Me, I think this is not such a great idea.

Links for 20th March, 2019

  1. “In 1950, cement production was equal to that of steel; in the years since, it has increased 25-fold, more than three times as fast as its metallic construction partner.”
    A mostly negative view of concrete, and how pervasive it has become over the years and across the world, in the Guardian. I wouldn’t necessarily argue the view that concrete is all bad, but the data is worth thinking about. Also keep an eye out for a mention of Vaclav Smil later on in the article – an author worth reading.
  2. “Achieving victory over another man, defeating them, forcing them to submit—it’s not about saying “I’m better than you.” It’s saying “I’m better than I was yesterday.” It’s why almost every competition ends with a hug and a thank you. Because each gave the other something—the opportunity to learn, to progress and to become better. At “Camp Settle This Like Men,” and at MMA gyms around the world, black belt instructors lend their time and expertise to lead classes on kickboxing, jiu jitsu, boxing and self-defense. When we teach others our skills, we make them better, hone our own knowledge, and create stronger opponents, that we can measure ourselves against.”
    An article from the Quillette about “Camp Settle This Like Men”. Interesting on multiple levels – masculine toxicity, respect (the earning and the giving of it), and about the plus side of mixed martial arts.
  3. “You have no idea how hard it is. Yes, there’s a lot of work that goes into getting the teams aligned and getting the right leaders in place who believe in these priorities, and being able to execute on that. And even the process of writing something like this is really helpful, because you can talk about a lot of things in the abstract. But it’s not until you actually put it down on paper and say, “Yeah, here are the trade-offs. We’re going to focus on reducing the permanence of how much data we have around, and that’s going to make these things harder.” Then you get all these teams inside the company that come out of the woodwork with all the issues that that’s going to cause for other things that we really care about.”
    Maybe it is because I was teaching industrial organization this semester – but rather than everything else that everybody focused upon, this is the part of the interview that leaped out for me. Organizing a firm is hard. Organizing teams within a firm is harder. There’s a very long reading list that suggests itself about this – it begins from Coase, and ends at Horowitz – for now.
  4. “Today, we’re celebrating the objects and ideas dreamt up and created by inventors, scientists and dreamers. Thanks to over 110 institutions, including National Council of Science Museums and Tata Institute of Fundamental Research from India, as well as dedicated curators and archivists from 23 countries around the world, you can explore a millennia of human progress in Once Upon a Try, now available on Google Arts & Culture. With over 400 interactive collections, it’s the largest online exhibition about inventions, discoveries, and innovations ever created.”
    What a time to be alive. I haven’t seen a lot on the site, principally because I would get nothing else done – but this is a truly bookmark-able resource. Again, what a time to be alive.
  5. “In India, in my opinion, we ape the West too much, particularly America too much. I lived in Silicon Valley so I know both the strengths and the weaknesses. The weaknesses, the short-termist thinking. Very few companies stay the long haul and we have taken more inspiration from the Japanese on these than from the Americans, in this particular area.”
    Lots and lots of interesting stuff here, and the whole interview is worth listening/reading. But of all of those things, this was the most interesting one to me – the influence of Japanese and American start-up culture on Zoho – a remarkable Indian firm.