I have argued that in order for a mathematical modeling exercise to illuminate its target the following two conditions must be met:(1*) the objects under investigation must plausibly be stable, modular, and quantitative, with no qualitative differences among instantiations of each type; and (2*) the relations between them must be fixed and law-like throughout the […]
economics
The Truth Behind “Self-Made” Billionaires
Why do we glorify “self-made” billionaires?
Well, being “self-made” is a seductive idea —it suggests that anybody can get to the top if they’re willing to work hard enough. It’s what the American Dream is all about.
If Kylie Jenner can become a “self-made” billionaire at age 21, so can you and I!
Even as wages stay stagnant and wealth inequality grows, it’s a comfort to think that we’re all simply one cosmetics company and some elbow grease away from fortune.
The Fed’s Inflation Mistake Continues
The Federal Reserve has been hellbent on raising interest rates to slow the economy. It’s a huge mistake.
You know who bears most of the pain of these rate hikes?
Most of the pain is borne by people who are already struggling to keep up with rising prices: lower-wage workers and the poor.
While the Fed has signaled that its interest rate increases might not be as drastic moving forward, the important thing to remember is that these hikes already fail to address a major driver of inflation — powerful corporations that are ratcheting up prices to pad their profit margins.
Apologies – the recent period of inactivity is caused by a period for me – of what the Americans would call ‘off grid’. For those that follow, the unfortunate details are that my mother, a widow, died at the respectably young age of 102¾… Having informed British Gas, they told me to do nothing (by... Read more
I was rather intrigued by the understanding of The Western Traffic Commissioner’s decision not to fine Stagecoach South West for their utter incompetence in running a bus service. He says (and I’m quoting directly): Without having made a decision, I remarked to the operator that this appeared not to be a case where a formal... Read more
Is riddled with the inconsistency that is the hallmark of this so-called government. We have train fares going up by ‘only’ 5.9% in March – less than the the usual ‘in line with inflation’ increase because actual inflation would dictate a rise of double that. So we have rail workers offered a 4% pay increase... Read more
Merry Christmas from me – and of course from our wonderfully tin-eared, out of touch Prime Minister, who seems to think that people visiting homeless shelters should work in finance:... Read more
A remarkable story has surfaced in yesterday’s Mail on line saying that Civil Servants have been getting shopping vouchers as part of an annual reward: Millions of pounds worth of Greggs, Nandos and Primark vouchers have been handed out to reward Civil Servants this year. The vouchers are , it seems, worth up to £100... Read more
The Independent has already suggested that two thirds of junior doctors are considering leaving the NHS, but the fact that this is also disclosed in the right wing Spectator (previously edited by Boris Johnson) means that personally I am convinced it is true. It provides even more evidence that we have a government that is... Read more
Well, this article by Rachel Reeves in the Telegraph gives me some albeit, fairly folorn, hope. It is a peon of praise for her old school. Because my mum and dad were primary school teachers I respected other teachers and wanted them to like me and have a good impression of me. I do care... Read more