116 results back to index
Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, business process, call centre, collapse of Lehman Brothers, collective bargaining, crony capitalism, desegregation, Donald Trump, Edward Snowden, employer provided health coverage, medical malpractice, Menlo Park, Nate Silver, obamacare, Potemkin village, Ronald Reagan, Saturday Night Live, side project, Silicon Valley, the payments system, young professional
In the next part of the dream, the gurney and I are about to go through the doors to the operating room when off to the left side I see two cheerful women at a card table under a sign that proclaims “Obamacare Enrollment Center. Sign Up Now Before It’s Too Late. Preexisting Conditions Not a Problem.” Actually, on April 4, 2014, the morning of my surgery, it was already four days too late to sign up for insurance under the Affordable Care Act, or Obamacare. Besides, I already had decent insurance. But at least that dream was more on point with what was happening in my real life. The day I found out about the time bomb in my chest, I was finishing reporting for a book about Obamacare and the fight over how to fix America’s healthcare system. In fact, on March 31, 2014, the day I was told about my aneurysm, I was awaiting the results of the final push by the Obama administration to get people to enroll in the insurance exchanges established under Obamacare. WHAT FOLLOWS IS THE roller-coaster story of how Obamacare happened, what it means, what it will fix, what it won’t fix, and what it means to people like me on that gurney consuming the most personal, most fear-inducing products—the ones meant to keep us alive.
“THE PRESIDENT WAS TRULY FURIOUS” While the site was down on October 29, 2013, NBC News delivered another blow—a lead story on its evening newscast and on its website headlined “Obama Administration Knew Millions Could Not Keep Their Health Insurance.” Senior investigative correspondent Lisa Myers reported: President Obama repeatedly assured Americans that after the Affordable Care Act became law, people who liked their health insurance would be able to keep it. But millions of Americans are getting or are about to get cancellation letters for their health insurance under Obamacare, say experts, and the Obama administration has known that for at least three years. Four sources deeply involved in the Affordable Care Act tell NBC News that 50 to 75 percent of the 14 million consumers who buy their insurance individually can expect to receive a “cancellation” letter or the equivalent over the next year because their existing policies don’t meet the standards mandated by the new health care law.
Nor was it easy to tell what hospitals or doctors were in an insurer’s network, much less whether that insurer had negotiated a better deal with a hospital than another insurer (which would mean that even the same co-insurance percentage could produce a lower out-of-pocket cost). So, yes, Obamacare provided more coverage, but its exchanges aren’t doing for healthcare what travel websites did for buying airplane tickets. In fact, while travel agents have been largely pushed aside by travel websites, the Obamacare exchanges create more need for insurance agents. Beyond all that, does the Affordable Care Act really provide affordable care? Yes, for millions of Americans. But not for everyone. Millions of others, particularly in the middle class, will continue to struggle to pay for healthcare. The huge premium increases that some in the industry and the press speculated would come when the 2015 rates were filed mostly did not materialize.
Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, business process, call centre, collapse of Lehman Brothers, collective bargaining, crony capitalism, desegregation, Donald Trump, Edward Snowden, employer provided health coverage, medical malpractice, Menlo Park, Nate Silver, obamacare, Potemkin village, Ronald Reagan, Saturday Night Live, side project, Silicon Valley, the payments system, young professional
In the next part of the dream, the gurney and I are about to go through the doors to the operating room when off to the left side I see two cheerful women at a card table under a sign that proclaims “Obamacare Enrollment Center. Sign Up Now Before It’s Too Late. Preexisting Conditions Not a Problem.” Actually, on April 4, 2014, the morning of my surgery, it was already four days too late to sign up for insurance under the Affordable Care Act, or Obamacare. Besides, I already had decent insurance. But at least that dream was more on point with what was happening in my real life. The day I found out about the time bomb in my chest, I was finishing reporting for a book about Obamacare and the fight over how to fix America’s healthcare system. In fact, on March 31, 2014, the day I was told about my aneurysm, I was awaiting the results of the final push by the Obama administration to get people to enroll in the insurance exchanges established under Obamacare. WHAT FOLLOWS IS THE roller-coaster story of how Obamacare happened, what it means, what it will fix, what it won’t fix, and what it means to people like me on that gurney consuming the most personal, most fear-inducing products—the ones meant to keep us alive.
“THE PRESIDENT WAS TRULY FURIOUS” While the site was down on October 29, 2013, NBC News delivered another blow—a lead story on its evening newscast and on its website headlined “Obama Administration Knew Millions Could Not Keep Their Health Insurance.” Senior investigative correspondent Lisa Myers reported: President Obama repeatedly assured Americans that after the Affordable Care Act became law, people who liked their health insurance would be able to keep it. But millions of Americans are getting or are about to get cancellation letters for their health insurance under Obamacare, say experts, and the Obama administration has known that for at least three years. Four sources deeply involved in the Affordable Care Act tell NBC News that 50 to 75 percent of the 14 million consumers who buy their insurance individually can expect to receive a “cancellation” letter or the equivalent over the next year because their existing policies don’t meet the standards mandated by the new health care law.
Nor was it easy to tell what hospitals or doctors were in an insurer’s network, much less whether that insurer had negotiated a better deal with a hospital than another insurer (which would mean that even the same co-insurance percentage could produce a lower out-of-pocket cost). So, yes, Obamacare provided more coverage, but its exchanges aren’t doing for healthcare what travel websites did for buying airplane tickets. In fact, while travel agents have been largely pushed aside by travel websites, the Obamacare exchanges create more need for insurance agents. Beyond all that, does the Affordable Care Act really provide affordable care? Yes, for millions of Americans. But not for everyone. Millions of others, particularly in the middle class, will continue to struggle to pay for healthcare. The huge premium increases that some in the industry and the press speculated would come when the 2015 rates were filed mostly did not materialize.
The Impulse Society: America in the Age of Instant Gratification by Paul Roberts
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, asset allocation, business process, Cass Sunstein, centre right, choice architecture, collateralized debt obligation, collective bargaining, computerized trading, corporate governance, corporate raider, corporate social responsibility, creative destruction, crony capitalism, David Brooks, delayed gratification, double helix, factory automation, financial deregulation, financial innovation, fixed income, full employment, game design, greed is good, If something cannot go on forever, it will stop - Herbert Stein's Law, impulse control, income inequality, inflation targeting, invisible hand, job automation, John Markoff, Joseph Schumpeter, knowledge worker, late fees, Long Term Capital Management, loss aversion, low skilled workers, mass immigration, new economy, Nicholas Carr, obamacare, Occupy movement, oil shale / tar sands, performance metric, postindustrial economy, profit maximization, Report Card for America’s Infrastructure, reshoring, Richard Thaler, rising living standards, Robert Shiller, Robert Shiller, Rodney Brooks, Ronald Reagan, shareholder value, Silicon Valley, speech recognition, Steve Jobs, technoutopianism, the built environment, The Predators' Ball, the scientific method, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, total factor productivity, Tyler Cowen: Great Stagnation, Walter Mischel, winner-take-all economy
In other words, in our imploding health care system, we’re able to observe the inherent tensions between the ideals of postmaterialism and the impulses of the self and marketplace—tensions that are now driving the entire Impulse Society in a similarly unattractive direction. More to the point, in the effort to fix our dysfunctional health care system, we’re watching the first real attempts to confront these tensions—and to probe the economic, political, and psychological barriers that have made the Impulse Society feel so permanent and impregnable. This is why the saga of Obamacare3 is such a central narrative for our times. For all the flaws in the substance and execution of the Affordable Care Act, it marks one of the first comprehensive attempts to rebalance what is, in essence, postmaterialism run completely amuck. The debate over health care is, fundamentally, the debate over whether the Impulse Society can be turned into something sustainable and human. The struggles we’ve faced in reforming our health care system offer a preview of a much larger struggle up ahead.
That reluctance to accept any disruption, Feder says, is why Democratic lawmakers, once the champions of a single-payer model, now rarely even mention the idea. Consumers, Feder told me, “don’t want that. People with vested interests want to stay where they are.” That’s a big reason that most of the health care measures prior to Obamacare centered not on reforming anything, but on adding benefits—as, for example, the quite popular, and quite expensive, Medicare prescription drug benefit enacted in 2003. This collective reflex of self-preservation helps explain why Barack Obama’s Affordable Care Act (ACA) has provoked such a visceral response—a negative reaction that goes well beyond our antipathy at the botched rollout. Although the ACA leaves intact the basic public-private structure of American health care, the law nonetheless goes after some of the key institutional enablers of bad health care practices.
Jonathan Rowe, “Our Phony Economy,” Harper’s, June 2008, http://harpers.org/print/pid=85583. 16. Interview with author. 17. Jeffrey M. Jones, “Majority in U.S. Favors Healthcare Reform This Year,” Gallup, July 14, 2009, http://www.gallup.com/poll/121664/majority-favors-healthcare-reform-this-year.aspx. 18. Benjamin Zycher, “Obamacare Inhibits Medical Technology,” Washington Times, Jan. 9, 2012, http://www.washingtontimes.com/news/2012/jan/9/obamacare-inhibits-medical-technology/. 19. Thomas B. Edsall, “The Obamacare Crisis,” New York Times, Nov. 19, 2013, http://www.nytimes.com/2013/11/20/opinion/edsall-the-obamacare-crisis.htmlpagewanted=1&_r=2&smid=tw-share&&pagewanted=all. 20. Interview with author. 21. Interview with author. Chapter 8: Forever War 1. Sam Stein, “Robert Draper Book: GOP Anti-Obama Campaign Started Night of Inauguration,” Huffington Post, April 25, 2012, http://www.huffingtonpost.com/2012/04/25/robert-draper-anti-obama-campaign_n_1452899.html. 2.
affirmative action, Affordable Care Act / Obamacare, American Legislative Exchange Council, anti-communist, Bakken shale, bank run, battle of ideas, Berlin Wall, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Climategate, Climatic Research Unit, collective bargaining, corporate raider, crony capitalism, David Brooks, desegregation, diversified portfolio, Donald Trump, energy security, estate planning, Fall of the Berlin Wall, George Gilder, housing crisis, hydraulic fracturing, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, job automation, low skilled workers, mandatory minimum, market fundamentalism, mass incarceration, Mont Pelerin Society, More Guns, Less Crime, Nate Silver, New Journalism, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, oil shock, Plutocrats, plutocrats, Powell Memorandum, Ralph Nader, Renaissance Technologies, road to serfdom, Ronald Reagan, school choice, school vouchers, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, the scientific method, University of East Anglia, Unsafe at Any Speed, War on Poverty, working poor
Reached later, after the implementation of Obama’s Affordable Care Act, Donald Jacobsen, professor of molecular medicine at the Cleveland Clinic Lerner College of Medicine, who cared for Kendrick, recalled her as a generous donor but dismissed as nonsense her argument that Obama’s health-care plan ever threatened treatment of the kind that she received. “I can assure you that ‘Obamacare’ did not diminish our research efforts in any way,” he said. “However, the sequestration efforts of the right-wing conservatives and their Tea Party colleagues have hampered progress in medical research. The National Institutes of Health is suffering greatly, and it is very difficult for all investigators to obtain funding. You can’t blame the Affordable Care Act, but you certainly can blame the Republicans.” Nonetheless, when Kendrick finished her emotional pitch, there was an awkward silence from the Kochs, according to two sources familiar with the meeting.
For months, the post office box otherwise known as the Center to Protect Patient Rights had been filling with fistfuls of secret cash from Randy Kendrick and other members of the Koch network in an uphill battle to stop the passage of the Affordable Care Act. Noble had redirected much of this money into the front groups spending against Coakley in the Massachusetts special election. The hope was that if Republicans could turn one Senate seat, they could block the health-care bill and mortally wound Obama. So when the plan worked, Brown’s win electrified the donors. Many felt that they had personally turned the tide on Obamacare. “We thought we had it won!” the seminar participant recalled. Obama had been so flummoxed by Brown’s election that at a White House senior staff meeting the next morning he had beseeched his staff accusingly, demanding to know, “What’s my narrative?
Freedom Partners: Stolberg and McIntire, “Federal Budget Crisis Months in the Planning,” suggested that Freedom Partners spent $200 million in the fight against health care, but this figure represents other spending by the group as well. News reports reflected: Jenna Portnoy, “In Southwest Va., Health Needs, Poverty Collide with Antipathy to the Affordable Care Act,” Washington Post, June 19, 2004. As part of that effort: The figure of four million uninsured adults blocked by the states refusing to expand Medicaid comes from the Kaiser Family Foundation. Rachel Garfield et al., “The Coverage Gap: Uninsured Poor Adults in States That Do Not Expand Medicaid—an Update,” Kaiser Family Foundation, April 17, 2015. Meanwhile, the Cato Institute: See Alec MacGillis’s profile of the Cato Institute’s Michael Cannon for a revealing look at the think tank’s behind-the-scenes role. MacGillis, “Obamacare’s Single Most Relentless Antagonist,” New Republic, Nov. 12, 2013. This nonetheless formed: See Robert Pear, “Four Words That Imperil Health Care Law Were All a Mistake, Writers Now Say,” New York Times, May 25, 2015.
Equal Is Unfair: America's Misguided Fight Against Income Inequality by Don Watkins, Yaron Brook
3D printing, Affordable Care Act / Obamacare, Apple II, barriers to entry, Berlin Wall, Bernie Madoff, blue-collar work, business process, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, collective bargaining, colonial exploitation, corporate governance, correlation does not imply causation, creative destruction, Credit Default Swap, crony capitalism, David Brooks, deskilling, Edward Glaeser, Elon Musk, en.wikipedia.org, financial deregulation, immigration reform, income inequality, indoor plumbing, inventory management, invisible hand, Isaac Newton, Jeff Bezos, Jony Ive, laissez-faire capitalism, Louis Pasteur, low skilled workers, means of production, minimum wage unemployment, Naomi Klein, new economy, obamacare, Peter Singer: altruism, Peter Thiel, profit motive, rent control, Ronald Reagan, Silicon Valley, Skype, statistical model, Steve Jobs, Steve Wozniak, The Spirit Level, too big to fail, trickle-down economics, Uber for X, urban renewal, War on Poverty, wealth creators, women in the workforce, working poor, zero-sum game
Devon Herrick, “FDA Slow to Approve Medical Devices,” National Center for Policy Analysis, December 1, 2010, http://healthblog.ncpa.org/fda-slow-to-approve-medical-devices/ (accessed May 12, 2015). 48. Michael Tennant, “ObamaCare: Stifling Innovation,” National Center for Policy Analysis, April 9, 2015, http://www.ncpa.org/media/obamacare-stifling-innovation (accessed May 26, 2015). 49. Cato Handbook for Policymakers, 7th Edition (Cato Institute, January 16, 2009), http://object.cato.org/sites/cato.org/files/serials/files/cato-handbook-policymakers/2009/9/hb111-16.pdf (accessed May 26, 2015). See also Rituparna Basu, The Broken State of American Health Insurance Prior to the Affordable Care Act: A Market Rife with Government Distortion, 2013, http://www.pacificresearch.org/fileadmin/templates/pri/images/Studies/PDFs/2013-2015/BasuF2.pdf (accessed May 26, 2015). 50.
Essays on Ayn Rand’s ‘The Fountainhead’ (New York: Lexington, 2007), pp. 270–71. Index The index that appeared in the print version of this title does not match the pages in your e-book. Please use the search function on your e-reading device to search for terms of interest. For your reference, the terms that appear in the print index are listed below. Acemoglu, Daron, 166–7 Adams, James Truslow, 5, 118, 218 Affordable Care Act (Obamacare), 126, 134–7, 180 Ake, Christopher, 206 Alfange, Dean, 70 Allison, John, 37 Altner, Doug, 29 American Dream, 4–5, 10, 203 and economic progress, 83 and egalitarianism, 218 and immigration, 28 and inequality argument, 5–7, 17, 19, 21, 48, 117 introduction of the phrase, 5, 118 and opportunity, 5, 138 saving the, 219–28 threat to the, 14–17, 173–4 anti-poverty programs, 31, 138–44.
See also CEOs Manzi, James, 158, 163 Marconi, Guglielmo, 89 Markkula, Mike, 93–4 Marxism, 215–16 Mazumder, Bhashkar, 123 McCandless, Christopher Johnson, 56–7 McCloskey, Deirdre, 104, 165–6 McElwee, Sean, 125, 211, 213 McLaughlin, Patrick, 36 Mead, Lawrence, 140 Medicaid, 35, 134, 136, 138, 183 Medicare, 35, 70, 127, 134–6, 138, 170, 183, 225 merit, 6, 13–16, 114, 118, 120, 145–53, 179, 223 Micklethwait, John, 32 Microsoft, 92, 131–2, 146, 151–2 mobility, 4–5, 20, 63, 117–23, 222–3 “Money-Makers” and “Money-Appropriators,” 149–54 Munell, Alicia, 181 Munkhammar, Johnny, 113 Murphy, Liam, 203–4 Murray, Charles, 75, 139–40, 239n43 Musk, Elon, 28, 91, 130 Nagel, Thomas, 187, 203–4, 217 Nardelli, Robert, 164 New Deal, 28, 38, 174, 185–6 Newcomen, Thomas, 90 Newman, Katherine, 73, 77–8, 141–2 Newton, Isaac, 90, 100 Noah, Timothy, 4, 8, 121 Nolan, Hamilton, 212 Noyce, Robert, 89 Obama, Barack, 4–6, 9, 117, 119, 151–2, 164, 181, 196–7, 210. See also Affordable Care Act (Obamacare) opportunity and barriers to success, 123–9 demands of, 66–70 and economic advancement, 70–8 “equality of opportunity” ruse, 78–82 ideal of, 10–14 and innovation, 129–38 and mobility, 117–23 pursuit of happiness, 51–6 and success, 56–9 and voluntary trade, 59–66 welfare state vs., 138–44 Page, Larry, 103, 137–8 Pasteur, Louis, 90 Perry, Mark J., 39 Petersen, Susan, 66 Pickett, Kate, 7, 79, 118, 121, 123, 211–12 Piketty, Thomas, 9, 20–1, 23, 38, 42, 45–6, 121, 153, 156, 217, 220 Capital in the Twenty-First Century, 4–5, 7, 165–7, 186 on CEO pay, 158, 160–3 on inequality and growth, 110 on inequality of conditions, 192 on inequality of income, 205 on taxation, 212 Piscione, Deborah Perry, 130 Political Action Committees (PACs), 151, 173 political equality, 16, 80, 100, 114, 203, 250n54 and America’s founding, 12–14, 55 and communism, 52 defined, 12 and economic equality, 178–9, 223–4 and freedom, 103–4 and mobility, 118 poverty, 8, 217, 223, 239n43 absolute and relative poverty, 139 antipoverty programs, 45, 138–44 and Cuba, 52–3 and opportunity, 62–3, 73–5, 81, 129, 223 and progress, 98–9 Powell, Benjamin, 64–5 power, 177–85 private property rights, 6, 12–16, 103, 112 privilege, 145–53, 178–81, 223 progress, 89, 144, 212, 223 conditions of, 83–7 and egalitarianism, 216, 218 and entrepreneurship, 90–1 and finance, 93–4, 154 and freedom, 66, 144, 185 and the Gilded Age, 24–5 and harmony of interests, 95–8 human, 5, 80, 90, 98–101, 110, 130, 132, 174, 199, 205, 225 and inequality, 5–7, 107–14 and innovation, 101–7 and intellectual ability, 87–90 and labor, 94–5 and management, 91–3 medical, 136 and stagnation, 41, 43, 47–8 and taxation, 30 Putnam, Robert, 75 Rand, Ayn on American individualism, 55–6 Atlas Shrugged, 96, 227 on collectivism, 54–6, 200 on equality, 206 Fountainhead, The, 197–8 on genius, 199 “Money-Making Personality, The,” 149 on property rights, 202–3 Pyramid of Ability, 95–6 on rationalization, 215 on social systems, 187 on traders, 60 Rauh, Joshua, 160 Rawls, John, 78–80, 186–93, 198, 202, 204, 211, 217 Reagan, Ronald, 20, 32–3 Reich, Robert, 19, 164 Reisman, George, 62 rent-control laws, 129 responsibility, 67–71, 75–8 Reynolds, Alan, 45 Riley, Jason, 140 risk mitigation, 154–5 Roberts, Russ, 110, 157 Robinson, James A., 166–7 Robinson Crusoe (Defoe), 9, 146, 198 Rockefeller, John D., 106, 228 Roebling, John, 105 Romer, Christina, 128–9 Roosevelt, Franklin D., 68 Rose, Stephen J., 42 Rosenberg, Nathan, 99–100, 103–4 Rousseau, Jean-Jacques, 187, 207, 216 Rowe, Mike, 72 Rowling, J.
Affordable Care Act / Obamacare, back-to-the-land, barriers to entry, basic income, Bernie Sanders, big-box store, blue-collar work, Branko Milanovic, British Empire, Capital in the Twenty-First Century by Thomas Piketty, clean water, cognitive dissonance, collateralized debt obligation, collective bargaining, Community Supported Agriculture, corporate personhood, crony capitalism, deindustrialization, desegregation, Donald Trump, ending welfare as we know it, Frederick Winslow Taylor, full employment, Gini coefficient, income inequality, interchangeable parts, invisible hand, job automation, John Maynard Keynes: technological unemployment, labor-force participation, land reform, land tenure, low skilled workers, low-wage service sector, mandatory minimum, mass incarceration, minimum wage unemployment, moral hazard, moral panic, mortgage debt, New Urbanism, non-tariff barriers, obamacare, occupational segregation, Occupy movement, oil shock, Plutocrats, plutocrats, price discrimination, race to the bottom, rent control, road to serfdom, Ronald Reagan, Scientific racism, Simon Kuznets, single-payer health, strikebreaker, too big to fail, trade route, transcontinental railway, Triangle Shirtwaist Factory, trickle-down economics, universal basic income, Upton Sinclair, upwardly mobile, urban renewal, wage slave, War on Poverty, women in the workforce, working poor, Works Progress Administration
Some states refused to create the competitive insurance exchanges, hoping instead that the Supreme Court would find Obamacare unconstitutional. States with Republican governments refused to expand Medicaid as the ACA intended, thus leaving some of their poorest residents with no health care. Many people who could have benefited from the availability of health insurance under Obamacare, or from subsidies based on income, made the economically irrational decision to reject it rather than to embrace a conflict with economic individualism. The rise of the Tea Party, with its polarizing rhetoric about federal overreach, transformed what should have been a popular policy initiative into a nonstarter. By January 2016, the House of Representatives had taken over 60 votes attempting to repeal the Affordable Care Act.76 Despite all this, it is possible that Obamacare, as feeble a step in the right direction as it may be, will contribute to an equalization of life chances in the United States that has been going on for more than 100 years.
., 98, 101–102 Nat Turner’s Rebellion (1831), 32 National Association for the Advancement of Colored People (NAACP), 53, 72–73, 84 National Industrial Recovery Act (NIRA), 81–82, 89, 94 National Labor Relations Board (NLRB), 90 National Reform Association, 17, 27, 82 National Union of Manufacturers, 74 National War Labor Board, 73 National Welfare Rights Organization (NWRO), 110 Native Americans, 13, 26, 33, 58, 103, 131 Neoliberalism, 117, 124, 133 New Deal, 77–78, 80–84, 95, 108; African Americans and, 82–84; banking, 81, 89; business regulation, 81–82; labor regulation, 83–84, 90; legacy of, 91, 131; opposition to, 89–90; relief programs, 82 New Federalism, 118–120, 122–124 New Nationalism, 60–61 Nixon, Richard M., 108–110, 128 Noble, Robert, 87 Norquist, Grover, 119 North American Free Trade Agreement (NAFTA), 130 Nozick, Robert, 98, 112–114 Obama, Barack, 138, 149–150 Obamacare, 148–150 Office of Economic Opportunity (OEO), 105–106, 116 Occupy Wall Street, 133, 140–142 Office of Faith-Based and Community Initiatives (OFBCI), 134–135 Olney, Richard, 54–55 Omaha Platform (1892), 43–44 Oxley, Lawrence, 84 Paine, Thomas, 6, 11–13, 49, 68 Palmer, A. Mitchell, 74 Panic of 1819, 14 Panic of 1873, 35, 38–40 Panic of 1893, 35, 53–55 Patient Protection and Affordable Care Act (2010), 148–150 People’s Party, 35, 43–44 Piketty, Thomas, 138 Program for Better Jobs and Income (PBJI), 111–112, 116 Progressive Party, 61, 63 Progressivism, 57–67, 76, 153; African Americans, 70–73; education and, 60; government and, 60–62; journalism, 59–60, 67–70; protective legislation, 64–65; racism, 70–72, 95; voluntary organizations, 65–67 Populist movement, 35, 43–44 Pound, Roscoe, 90 Poverty: antebellum, 19–20; elders and, 85, 87–88, 103; Great Recession and, 134, 139; marriage and, 121, 126, 134; post–World War II, 99, 101, 103–104, 121–123; Progressive Era, 65; rates, 106–108; War on, 98, 104–108 Powderly, Terence, 41 Public Works Administration (PWA), 82 Pullman Strike, 55 Racism, 70, 82, 93, 103 Radical Republicans, 36–39 Railway workers, 40, 82 Randolph, A.
Sam Peltzman, “Mortality Inequality,” Journal of Economic Perspectives vol. 23 no. 4 (Fall 2009): 175–190. 74. David K. Jones, Katharine W. V. Bradley, and Jonathan Oberlander, “Pascal’s Wager: Health Insurance Exchanges, Obamacare, and the Republican Dilemma,” Journal of Health Politics, Policy and Law vol. 39, no. 1 (2014): 97–137. 75. James Tobin, “The Case for an Income Guarantee.” The Public Interest vol. 4 (1966): 31–41, at 40. 76. Jones, Bradley, and Oberlander, “Pascal’s Wager,” 127; Deirdre Walsh, “House Sends Obamacare Repeal Bill to White House,” available online at http://www.cnn.com/2016/01/06/politics/house-obamacare-repeal-planned-parenthood/, accessed February 1, 2016. 77. Ron Haskins, “Moynihan Was Right: Now What?” Annals of the American Academy of Political and Social Science vol. 621 no. 1 (January 2009); 281–314, at 306. 78.
affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, Bretton Woods, carried interest, clean water, collateralized debt obligation, collective bargaining, computerized trading, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, desegregation, diversification, diversified portfolio, Donald Trump, financial innovation, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, illegal immigration, interest rate swap, laissez-faire capitalism, London Interbank Offered Rate, Long Term Capital Management, margin call, market bubble, medical malpractice, money market fund, moral hazard, mortgage debt, obamacare, passive investing, Ponzi scheme, prediction markets, quantitative easing, reserve currency, Ronald Reagan, Sergey Aleynikov, short selling, sovereign wealth fund, too big to fail, trickle-down economics, Y2K, Yom Kippur War
No, what the near failure of Obamacare represented instead was a colossally depressing truth about the American political system, which is that our government is so dysfunctional that it can no longer even efficiently sell out to the private interests that actually run things in this country. Taylor was wrong about the bill. But he was right, too. Something was long gone. Obamacare had been designed as a coldly cynical political deal: massive giveaways to Big Pharma in the form of monster subsidies, and an equally lucrative handout to big insurance in the form of an individual mandate granting a few already-wealthy companies 25–30 million new customers who would be forced to buy their products at artificially inflated, federally protected prices. The essence of Obamacare was two ruthless power plays fused at the hip.
The result was a new law that will radically remake the faces of both the federal government and the private economy and also ratify the worst paranoid fears of both ends of the political spectrum. The right-wing teabagger crowd spent all of 2009 protesting Obamacare as a radical socialist redistribution, and you know what? They weren’t all wrong, although the people who wrote this bill were about as far from being socialists as people can be. Meanwhile the castrated left wing, the constituency that worked so hard to get Barack Obama elected in the first place, suddenly perceived Obamacare as a crypto-fascist fusing of state and private power, an absurdly expensive capitulation of democratically elected officials to concentrated private interests. And they weren’t wrong, although whatever negative ideology they thought they were protesting in the bill was mostly in there by accident. Really Obamacare was designed as a straight money trade. The administration meant to deal away those billions in subsidies and the premiums from millions of involuntary customers in exchange for the relevant industries’ campaign contributions for a few election cycles going forward.
The system is designed to give regional insurers the power to coerce and intimidate customers in exactly this manner, and also to force them to pay inflated rates. This is thanks to one of the worst pieces of legislation in American history, a monster called the McCarran-Ferguson Act that just might be a more shameful chapter in our legal history than the Jim Crow laws—and you won’t understand exactly how bad a deal Obamacare is until you can grasp the subtext of the whole so-called health care reform effort, which was to pass a “health care reform bill” without touching McCarran-Ferguson. Almost everyone in America is familiar with the Sherman Antitrust Act, and most people have a fairly good idea of why it was enacted. The law was passed in 1890 (sponsored, ironically, by a predecessor of Max Baucus, a Senate Finance Committee chairman named John Sherman) and was designed to curtail the power of the monopolistic supercompanies that were beginning to dominate American business.
Where Does It Hurt?: An Entrepreneur's Guide to Fixing Health Care by Jonathan Bush, Stephen Baker
Affordable Care Act / Obamacare, Atul Gawande, barriers to entry, Clayton Christensen, commoditize, informal economy, inventory management, job automation, knowledge economy, lifelogging, obamacare, personalized medicine, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, Steve Jobs, web application, women in the workforce, working poor
Our cloud-based service handles much of the paperwork, billing, and electronic patient records for more than fifty thousand medical providers nationwide. Athenahealth thrives because we fulfill the mission we laid out at the very beginning: We handle the busywork that doctors absolutely hate—the stuff they suck at. Through this on-the-job education, I have developed ideas about how to remake health care in America—or at least how to start. The Affordable Care Act—commonly known as Obamacare—is widely referred to as health care “reform.” But it has focused the nation’s attention largely on the demand side of the issue: providing health care for another 30 million or 40 million people. Most of the reforms, however, were watered down by lobbyists protecting the incumbents. So we’re still left with fundamental questions around the supply side, namely how we can ensure affordable, quality care at something less than ruinous cost.
Some of what they bought provides some value. But a lot of it is technology they never really wanted, which they’ll eventually throw out. While I was working on this chapter, I had a chance to talk with Bob Kocher. He’s a doctor and is now a partner at the venture firm Venrock, working on health care tech investments. In 2009, he worked for the Obama administration and wrote most of the original Affordable Care Act. You might be surprised to learn that Bob and I agree broadly about the market reforms needed for health care (though he sees a larger role for government than I do). In any case, I wanted to hear it from Bob: What went wrong? Here are some excerpts of our conversation. Bush: Why does the ACO have to be 75 percent owned by doctors? You’re allowed to build a new entity to disrupt the market, but you have to be 75 percent owned— Kocher: And report sixty-five quality measures, and get paid eighteen months later.
Without Todd, there would be nada. INDEX The page numbers in this index refer to the printed version of this book. The link provided will take you to the beginning of that print page. You may need to scroll forward from that location to find the corresponding reference on your e-reader. Accountable Care Organization (ACO), 71–72, 74–75 Adirondacks, 10, 84, 122–24, 130, 132 Affordable Care Act, 5–6, 74, 78 aging population, 188, 205–6 Aidin, 205 Albany Medical Center, 132 Albuquerque, New Mexico, 38–39, 53 Alderman, Frank, 109 Amazon.com, 29, 89, 154, 161 ambulance service, 1–3, 9, 18–19, 75, 106, 152–53, 160, 205 American College of Emergency Physicians, 110 American College of Obstetricians and Gynecologists, 35–36 American Medical Association, 175 Amgen, 76 antikickback laws, 58, 70–71, 126, 195–97 AOL, 150 Apple Inc., 42, 95, 99, 102, 107, 150, 154–55, 176, 203 apps.
Devil's Bargain: Steve Bannon, Donald Trump, and the Storming of the Presidency by Joshua Green
4chan, Affordable Care Act / Obamacare, Ayatollah Khomeini, Bernie Sanders, business climate, centre right, collateralized debt obligation, conceptual framework, corporate raider, crony capitalism, currency manipulation / currency intervention, Donald Trump, Fractional reserve banking, Goldman Sachs: Vampire Squid, Gordon Gekko, guest worker program, illegal immigration, immigration reform, liberation theology, low skilled workers, Nate Silver, nuclear winter, obamacare, Peace of Westphalia, Peter Thiel, quantitative hedge fund, Renaissance Technologies, Ronald Reagan, Silicon Valley, speech recognition, urban planning
Over the summer, Mark Meadows, a North Carolina representative and founding member of the HFC, filed a motion that would trigger what amounted to a vote of no confidence in Boehner. It was a move that expressed the profound anger and frustration that had been building up in the party since at least the Tea Party wave of 2009. Republican leaders had repeatedly promised voters that if handed power they would unwind the major Obama achievements, from the Affordable Care Act to the Dodd-Frank financial reforms. And although they had gone so far as to shut down the government in 2013 in a failed bid to defund Obamacare, Republicans had controlled the House for almost five years and Obama’s programs remained intact. Republican voters had cynically been promised fast, easy solutions—so when Boehner couldn’t deliver, they were primed to chalk it up to betrayal. As the Summer of Trump carried into the fall, and Republican fascination with the norm-smashing front-runner kept growing, taking down a major party leader came to seem like a measure of the new populist strength.
Conway’s memo read: Heading into his re-election year, New York Governor Andrew Cuomo enjoys robust favorability and job approval ratings, but those belie some electoral vulnerability. Likely voters across New York who are upset with high taxes, poor business and economic climate, and the price tag associated with Medicaid expansion/Obamacare are open to real solutions and a job-creating governor with business leadership experience. Conway noted that while Cuomo’s favorability ratings were high, the percentage of New Yorkers who wanted to see him reelected was “at a dangerous low.” She highlighted his vulnerability on Obamacare and taxes, adding, in bold, underlined text: Cuomo’s re-elect score is positive in New York City (47%) and in the areas surrounding the city (45%), but a hypothetical “new person” wins the rest of the state by twenty points or more. Most voters agree (70%) and a near-majority “strongly agrees” (49%) that New York needs “a Governor who has created jobs, balanced budgets, and run successful businesses in the private sector.”
During the GOP primary, Trump had shrewdly sensed its weak point: Ryan’s desire to finance tax cuts for the rich by cutting programs such as Social Security and Medicaid harmed the party’s white, blue-collar base. Trump told me he’d made this point to Ryan directly: “I said, ‘There’s no way a Republican is going to beat a Democrat when the Republican is saying, “We’re going to cut your Social Security” and the Democrat is saying, “We’re going to keep it and give you more.”’” Yet Trump’s first legislative push was for Ryan’s bill repealing the Affordable Care Act, which would eliminate health insurance coverage for twenty-four million people, cutting Medicaid, which benefits Trump’s working-class voters, to pay for high-end tax cuts. Not only was the bill deeply unpopular—a Quinnipiac poll in March found that only 17 percent of Americans supported it—but it galvanized grassroots Democratic opposition to Trump. Bannon went along because he thought Ryan had become a convert to nationalism, in the belief that it could give the GOP an electoral hammerlock on the upper Midwest.
The Rise of the Outsiders: How Mainstream Politics Lost Its Way by Steve Richards
Affordable Care Act / Obamacare, Airbnb, banking crisis, battle of ideas, Bernie Sanders, call centre, centre right, collapse of Lehman Brothers, David Brooks, Donald Trump, Etonian, eurozone crisis, falling living standards, full employment, housing crisis, low skilled workers, manufacturing employment, Martin Wolf, mass immigration, Neil Kinnock, obamacare, Occupy movement, Ronald Reagan, Silicon Valley
Trump was adamant that Flynn had done nothing wrong, but was compelled to accept his resignation. The following month, in March 2017, Trump was forced to drop his plans to scrap Obamacare – Barack Obama’s attempt to make healthcare more freely available to those on lower incomes. Before his election victory, and in the immediate aftermath, Trump had proclaimed confidently that the scrapping of Obamacare would be ‘easy’ and ‘immediate’. That was when he was an outsider, free to say what he wanted when he wanted. By the spring of 2017 Trump was an insider discovering the powerlessness of power. As a mighty president, he was made powerless because of internal divisions amongst Republicans in Washington. Moderate Republicans feared that Trump’s muddled plans to replace Obamacare would leave many of their constituents without health provision, while right-wing Republicans decided the repeal did not go far enough.
Parties are often divided and must somehow or other be bound together. In addition, proclaiming an aspiration is much easier than putting together a detailed policy that will work, when implemented. Democratic politics is demanding. As The New York Times columnist David Brooks noted in the aftermath of Trump’s failure to secure support from Congress for scrapping Obamacare: ‘The new elite is worse than the old elite – and certainly more vapid.’1 Brooks was not a supporter of Obamacare, but in suggesting that Trump and his entourage were part of the Washington ‘elite’, he has wounded Obama’s successor with a near-fatal blow. Trump the outsider is condemned as being part of an elite that he views with an anti-politics disdain. As an added insult, the columnist suggested that Trump is seen as leading an incompetent elite.
Partly she herself was responsible for the paralysis, in becoming trapped by unfocused detail. But the opposition to the principle of reform was always going to be too great. Obama’s biggest achievement was passing reforms to healthcare, but it took a titanic effort, and compromises that threatened to render the changes next to useless. As it turned out, the reforms were more substantial than Obama’s right-wing opponents had hoped, and some still have their eye on dismantling the Affordable Care Act that was passed in 2010. Trump has his eye on it, too. Republicans, with their newly discovered ideological zeal, never let go, even once the law had passed. ‘Why is there still such a fuss? Well, part of the problem is the fact that a Democratic president named Barack Obama passed the law,’ Obama himself declared, during various speeches towards the end of his second term, conveying a frustration at odds with the perceptions of a US president being the most powerful leader in the world.
Planet Ponzi by Mitch Feierstein
Affordable Care Act / Obamacare, Albert Einstein, Asian financial crisis, asset-backed security, bank run, banking crisis, barriers to entry, Bernie Madoff, break the buck, centre right, collapse of Lehman Brothers, collateralized debt obligation, commoditize, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, disintermediation, diversification, Donald Trump, energy security, eurozone crisis, financial innovation, financial intermediation, fixed income, Flash crash, floating exchange rates, frictionless, frictionless market, high net worth, High speed trading, illegal immigration, income inequality, interest rate swap, invention of agriculture, light touch regulation, Long Term Capital Management, mega-rich, money market fund, moral hazard, mortgage debt, negative equity, Northern Rock, obamacare, offshore financial centre, oil shock, pensions crisis, Plutocrats, plutocrats, Ponzi scheme, price anchoring, price stability, purchasing power parity, quantitative easing, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, too big to fail, trickle-down economics, value at risk, yield curve
The average employer-sponsored family health plan costs almost $14,000 a year, the highest rate in the nation.33 In short, the likely effect of Obamacare, based on the closest statewide model in existence today, is that public costs will be substantially larger than anticipated while private costs will also grow more rapidly. In short, Obamacare has taken the single worst-controlled area of government (and private) spending and severely exacerbated the problem, in the midst of recession and unrelenting funding pressures. It’s insanity cubed. * The themes explored in this chapter—the fantasy figures on which the federal budget is based, the too-low taxes, the colossal waste of the Pentagon, the fearsome costs of Obamacare—these things go a long way to explain why we are currently spending a trillion and a half dollars more per annum than we are raising in tax.
What’s needed is a period of retrenchment. A focus on costs. A reformulation of strategic purposes and priorities. If these things are done right, the result will be a re-energized military. Leaner, stronger, more purposeful, more focused. Better able to carry out the tasks we assign it, less distracted by nonsense. Obamacare The Pentagon, however, is like some kind of budgetary Walmart, some fuel-sipping Japanese mini-car, in comparison with the beast which is health care. Even in those far-off days before Obamacare, the situation was appalling. Over successive administrations, through countless reforms, despite constant legislative attention, health care in the United States failed to deliver. Take, for example, the most basic duty of a healthcare system: that it extends life. Of course we want other things too: we want our healthcare services to reduce pain, to respect our dignity, to discuss clinical choices.
The coming old age of the baby boomers is like a cost tsunami, still a few miles offshore but moving fast and heading straight toward us. Faced with this clear and present danger, the government needed to act. It needed to get a grip on costs first, deal with universal coverage second. What we got was the inverse of that. In Obamacare, we got a plan that aimed to ensure near-universal health coverage for Americans but one in which cost control was nowhere to be seen. It wasn’t even part of the design. In frank comments made after he had left Capitol Hill, David Bowen, the former health staff director of the Senate Health, Education, Labor, and Pensions Committee, said: ‘This [Obamacare] is a coverage bill, not a cost reduction bill. There is stuff here that will begin to address the issue of cost, but this is not a cost reduction bill with a bit of coverage on it—it is really trying to get coverage first.’29 Increasing the scope of health care before tackling the critical question of cost was always bound to be expensive, yet the CBO estimated that the reform would reduce the budget deficit by $119 billion over ten years.30 Now that makes no sense.
3D printing, Affordable Care Act / Obamacare, airline deregulation, airport security, Apple II, barriers to entry, big-box store, blue-collar work, Capital in the Twenty-First Century by Thomas Piketty, clean water, collective bargaining, computer age, creative destruction, deindustrialization, Detroit bankruptcy, discovery of penicillin, Donner party, Downton Abbey, Edward Glaeser, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, feminist movement, financial innovation, full employment, George Akerlof, germ theory of disease, glass ceiling, high net worth, housing crisis, immigration reform, impulse control, income inequality, income per capita, indoor plumbing, industrial robot, inflight wifi, interchangeable parts, invention of agriculture, invention of air conditioning, invention of the telegraph, invention of the telephone, inventory management, James Watt: steam engine, Jeff Bezos, jitney, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, labor-force participation, Loma Prieta earthquake, Louis Daguerre, Louis Pasteur, low skilled workers, manufacturing employment, Mark Zuckerberg, market fragmentation, Mason jar, mass immigration, mass incarceration, McMansion, Menlo Park, minimum wage unemployment, mortgage debt, mortgage tax deduction, new economy, Norbert Wiener, obamacare, occupational segregation, oil shale / tar sands, oil shock, payday loans, Peter Thiel, pink-collar, Productivity paradox, Ralph Nader, Ralph Waldo Emerson, refrigerator car, rent control, Robert X Cringely, Ronald Coase, school choice, Second Machine Age, secular stagnation, Skype, stem cell, Steve Jobs, Steve Wozniak, Steven Pinker, The Market for Lemons, Thomas Malthus, total factor productivity, transaction costs, transcontinental railway, traveling salesman, Triangle Shirtwaist Factory, Unsafe at Any Speed, Upton Sinclair, upwardly mobile, urban decay, urban planning, urban sprawl, washing machines reduced drudgery, Washington Consensus, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, working poor, working-age population, Works Progress Administration, yellow journalism, yield management
Other complaints include ever-changing lists of drugs that are covered, that require high copays, or that are not covered at all.127 The complexity and restrictions of Obamacare contrast notably with the simplicity of Medicare and its single-payer system, from which most doctors and hospitals accept payments. In its effort to obtain passage of the Affordable Care Act in 2010, the Obama administration did not attempt to base the plan on the single-payer model or even to provide a public payer option, apparently fearing an onslaught of opposition from lobbyists for the private insurance industry. Although it is much too soon to gauge the effects of Obamacare on health wellness indicators such as life expectancy, it is encouraging that, as shown in figure 14–7, the long-term increase in the share of medical care spending in GDP appears to have stopped, at least temporarily, during 2010–13, even before Obamacare enrollments began in 2014.
And they agree with Dranove that despite cost savings and no adverse impact on health, “managed care is not very popular.”123 The long evolution of managed care with all its complexity did not change the basic facts that the U.S. medical care system remained by far the most expensive in the world while providing only partial coverage. On the eve of the passage of the Patient Protection and Affordable Care Act of 2010, better known as Obamacare, 16 percent of U.S. citizens lacked health coverage, higher than the 12 percent who had lacked insurance in 1987.124 The burden of lack of coverage has mostly, contrary to the popular narrative, fallen not on the unemployed or extremely poor, but instead on the working poor. Thanks to a steady decline in employment-based health insurance, by the early 2000s about 80 percent of the uninsured were working Americans who were neither poor enough to qualify for Medicaid nor in a position to bargain for a job with health benefits.125 Among those were citizens who needed and were willing to pay for insurance to cover a pre-existing condition but who were denied coverage because of that very condition.
., 196, 414 music, 411; digital media for, 435–38; on phonograph records, 186–90, 204, 411; post-World War II, 427–29, 439; on radio, 192, 195, 196, 421 Myspace (social network), 456 Nader, Ralph, 400 nails, 110 narcotic drugs, 222–23 National Broadcasting Company (NBC), 194, 413 National Bureau of Casualty and Surety Underwriters, 309 National Bureau of Standards, 562 National Cancer Act (1971), 470 National Industrial Recovery Act (1933–1935), 542 National Labor Relations Act (Wagner Act; 1935), 543 natural gas, 634 NBC Symphony, 196 Nelson, Richard, 573 Netflix, 436–37 net investment, 586–87 networks: for cell phones, 430–31; Internet as, 442–43, 453–57; for medical care, 494–95; radio, 194; social, 456–57; television, 416–17, 425–26 Newcomen,, Thomas, 568 New Deal, 15, 18; legislation and programs of, 315–17; Social Security during, 516; wages increased during, 541–43, 548 new molecular entities (NMEs), 479 New Orleans, Battle of, 4 news, 433–35; Internet for, 443; movie newsreels, 200; post-World War II broadcasting of, 411; radio broadcasting of, 196; World War II broadcasts of, 413–14 newspapers, 172, 174–77; in 1870, 49; decline of, 433–35 Newsweek (magazine), 434 New York (New York): air travel between Chicago and, 396–97; air travel between Los Angeles and, 398; bacteriological laboratory in, 218; buses in, 160; early television in, 415–16; elevated trains in, 147; General Slocum disaster in, 239; housing in, 102–3; Ladies’ Protective Health Association in, 221; long-distance telephone service for, 183, 185; omnibus service in, 143–44; rail transport between Chicago and, 133, 135, 136, 140; subways in, 130, 148; tenements in, 97; Triangle Shirtwaist Factory fire in, 272; World’s Fair (1939–1940) in, 356, 363, 413, 592 New York Stock Exchange, 582 nickelodeons, 198–99, 205 Nixon, Richard, 357, 419 nonwhites: life expectancy of, 212; See also blacks Nordhaus, William: on global warming, 634; on Moore’s Law, 446; on price of light, 119; on value of health and life expectancy, 242–44, 323 nursing schools, 230 nutrition. See diet; food Obama, Barack, 628–29 Obamacare (Patient Protection and Affordable Care Act; 2010), 493–95, 496–97 obesity, 345–47, 371, 469 O’Brien, Jeffrey, 479 occupations: from 1870 to 2009, 254–56; distribution of, 52–54; gender differences in, 509–10; licensing of, 649; polarization hypothesis on, 615–16; transformations in, 249 O’Conner, Sandra Day, 505–6 The Official Guide of the Railways, 138 oil changes, for automobiles, 386 old age. See elderly people Oldsmobile, 152 Olney, Martha, 297, 298 omnibus service, 143–44 opium, 222–23 Oregon (Illinois), 151, 164 Osborne, Frank, 429–30 Otto, Nicolaus, 149 outlet substitution bias, 80–81, 343 Pacific Southwest Airlines (PSA), 403–4 paper, 580–81 Parcel Post service, 137, 180 party lines, 184–85 Pasteur, Louis, 232, 590; germ theory of disease of, 21, 207, 213, 218–19, 222, 242, 245 patent medicines, 222 patents, 312–13, 318; for canned foods, 72; as data, 556–57; for frozen foods, 74; history of, in U.S., 570; for individuals, versus for firms, 572–74; for radio, 21, 191; for rubber tires, 150; on software and business methods, 649; for telegraph, 177; for telephone, 181, 183, 204; for television, 413 Patient Protection and Affordable Care Act (Obamacare; 2010), 493–95, 496–97 Patients’ Bill of Rights, 477 paved roads, 157–59 pawnbrokers, 292, 296 peddlers, 78, 88, 295 penicillin, 224, 324, 465–66, 525 Pennsylvania Turnpike, 390 penny arcades, 198 Pension Benefit Guaranty Corporation, 516–17 pensions, 500, 515–18, 521; unfunded, 630 personal computers, 442, 459, 580; history of, 452–54, 572 personal travel, 242, 322, 374, 392 petroleum industry, 560–61, 634; See also gasoline Pfizer (firm), 479, 486 pharmaceutical industry, 594, 643; See also drugs pharmacies, 222–24, 342, 476 Philadelphia (Pennsylvania), 308, 368 phonograph, 173, 187–90, 204; after 1940, 411, 427–28; decline of, 429; invention of, 174, 186–87 photocopying, 451 photography, 197 pianos, 188 Pickford, Mary, 199 Piggly-Wiggly (supermarket chain), 334 Piketty, Thomas, 608, 610–12 Pincus, Gregory, 486 Pinker, Steven, 241, 475–76 Pittsburgh (Pennsylvania), 45, 151; first commercial radio station in, 192; industrial deaths in, 270–71; wages in, 279 Planned Parenthood (organization), 486 plastics, 561, 565 player pianos, 187–88 plows, 263 plumbing fixtures, 124–25; See also indoor plumbing pneumonia, 465–66 polarization hypothesis, 615–16 polio vaccine, 467–68 population: in 1870, 31–36; demographic inequality in, 607; density of, 104, 366; urbanization of, 97–100, 266, 320–21 pork, 39, 66, 334 Post, C.
The Complacent Class: The Self-Defeating Quest for the American Dream by Tyler Cowen
affirmative action, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, assortative mating, Bernie Sanders, Black Swan, business climate, circulation of elites, clean water, David Graeber, declining real wages, deindustrialization, desegregation, Donald Trump, drone strike, East Village, Elon Musk, Ferguson, Missouri, Francis Fukuyama: the end of history, gig economy, Google Glasses, Hyman Minsky, Hyperloop, income inequality, intangible asset, Internet of things, inventory management, knowledge worker, labor-force participation, labour mobility, low skilled workers, Marc Andreessen, Mark Zuckerberg, medical residency, meta analysis, meta-analysis, obamacare, offshore financial centre, Paul Samuelson, Peter Thiel, purchasing power parity, Richard Florida, security theater, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, South China Sea, Steven Pinker, Stuxnet, The Great Moderation, total factor productivity, Tyler Cowen: Great Stagnation, upwardly mobile, Vilfredo Pareto, working-age population, World Values Survey
See also internet dating matching assortative mating and book sellers and choice and class and crime and dating and eBay effects of influence of and jobs and living standards and marketing and music industry and pets and segregation and strivers Medicaid Medicare Mellander, Charlotta Melville, Herman Merkel, Angela Mexico and migration and outsourcing middle class and the Complacent Class and democracy income and wages and mobility Middle East migration African American and education history of interstate as investment and matching and Mexico and Millennial Generation and regional specialization and Texas See also immigration; mobility Millennial Generation and car culture and entrepreneurialism and grand projects and matching Million Man March Minsky, Hyman mobility and African Americans and American South and childrenn cross-generational cross-state and dynamic society and education effects of mobility decline history of American mobility income and innovation labor in media and the arts and politics reasons for migration reasons for mobility decline and segregation symbolism of Tocqueville on See also migration Moby-Dick (Melville) monopolies Moretti, Enrico Morrison, Van Mortensen, Dale multiculturalism Murray, Charles A. music industry Musk, Elon neo-Nazi movement Newton, Huey P. Nigeria NIMBY (Not In My Backyard) mentality North Africa Obama, Barack Obamacare. See Affordable Care Act Occupy Wall Street movement oil industry oil price shock (1973) On the Road (Kerouac) outsourcing pantheism Pareto, Vilfredo patents Patriot Act pets philanthropy Pinker, Steven Pissarides, Christopher play, outdoor polarization policing political science poverty and mobility and segregation Princeton University prison riots productivity and cities diffusion problem firm-specific productivity and innovation and the internet and matching and mobility productivity per worker hour total factor productivity (TFP) worker productivity profiling progress and the Complacent Class and democracy and innovation and mobility model of history and segregation progressivism protests.
On that project we have seen a miserable failure, and with the rise of ISIS and the collapse of Syria, the situation is becoming much worse yet. So the post-1990 era for the United States is scored at one out of two. I don’t, by the way, count Obamacare on this list of grand projects. No matter what you think of it as policy, it provided health insurance to about 10 to 15 million of America’s previously uninsured 40 million–plus population, with the exact number for new coverage still evolving. That helps many of those individuals, but it is hardly a game-changer in terms of a broader social trajectory, especially since many of those people already were receiving partial health care coverage and, furthermore, the Obamacare exchanges are experiencing some serious problems. If anything, Obamacare has locked in the basic features of the previous U.S. health care system rather than revolutionizing them. On the issue of grand projects, it is wrong to think there is nothing to say on behalf of the contemporary world.
The United States has only two major cell phone carriers, and American cell phone markets are less competitive and more expensive than those in most of Western Europe. The American market also has consolidated toward four major airlines, a far cry from the 1980s deregulatory dream of a large number of small budget airlines competing fiercely across most major routes. Pending mergers are likely to bring the number of major health insurance companies, in the aftermath of the Affordable Care Act, from five to three, with hospitals undergoing significant consolidation as well. All of these corporate changes are yet another way of measuring a status quo that is pretty comfortable, stable, and inert.9 Those are only a few examples, and clearly some sectors have become far more competitive. Restaurant or grocery store choice is much better than in the past, and you can choose from many more computer games than ever before, to name just a few examples.
Undoing the Demos: Neoliberalism's Stealth Revolution by Wendy Brown
Affordable Care Act / Obamacare, bitcoin, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, corporate governance, credit crunch, crowdsourcing, David Brooks, Food sovereignty, haute couture, immigration reform, income inequality, invisible hand, labor-force participation, late capitalism, means of production, new economy, obamacare, occupational segregation, Philip Mirowski, Ronald Reagan, sexual politics, shareholder value, sharing economy, The Chicago School, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trickle-down economics, Washington Consensus, Wolfgang Streeck, young professional, zero-sum game
Margaret Thatcher, “Speech to Australian Institute of Directors Lunch,” September 15, 1976, Margaret Thatcher Foundation, http://www. margaretthatcher.org/document/103099. 45. While its critique is supremely important, contemporary prescriptive posthumanism expresses this historical conjuncture and colludes with it. 280 n o t e s Index adjunct teaching, 194, 197–98. Adorno, Theodor, 119–20. Affordable Care Act (Obamacare), 168, 254 n. 2. Agamben, Giorgio, 19, 232 n. 45. Alienation, 38, 65, 77, 96, 209. Allende, Salvadore, 20, 151. Arendt, Hannah, 32, 43, 92, 233 n. 45. See also good life, the; “mere life.” AT&T Mobility LLC v Conception, 152. Austerity politics: as contemporary era of neoliberalism, 49, 71–72, 210, 213, 219; connection to sacrifice, 71–72, 134, 210, 212–13, 216, 232 n. 44, 276 n. 21; in Southern Europe, 38, 212; responsibilization and, 232 n. 44.
Neoliberalism: austerity and, 49, 71–72, 210, 213, 219; best practices and, 131–39; capitalism and, 39, 44, 47, 50, 75, 49, 209, 111, 218–20, 224 n. 6, 232 n. 44; citizenship and, 39–40, 109, 177, 179, 211–12, 218, 220; contradictions of, 47–48; definition of, 20–21; domination and, 75–77, 119; economization and, 33–34; education and, 176, 183, 192, 199–200; Foucault on, 47–48; gender and, 99–107; governance and, 20–35, 47–48, 122–32; homo oeconomicus and, 10, 31–34, 39, 42–44, 65–66, 70, 78–80, 83–85, 109–11, 177, 244 n. 59, 280 n. 43; individual sovereignty and, 42, 78–79, 109–10; inequality and, 28–29, 42, 56, 64–65, 219, 226 n. 22, 260 n. 4; law and, 142–56, 162–67; legal reason and, 148–56, 172–73; political rationality and, 62, 115–16; popular sovereignty and, 35, 39, 44, 49, 65, 79, 108–10, 161, 172–73, 177, 207; sacrifice and, 109–11, 213–16; the good life and, 43–44, 189–90; the public good and, 39, 43, 108, 127, 159, 168–69, 172; variability of, 47–49. Newfield, Christopher, 188, 192, 261 n. 6, 264 n. 20. Nietzsche, Friedrich, 133. Normative order of reason, 117–18. See also political rationality. obama, barack, 49; 2013 State of the Union address, 24–27, 40, 226 n. 13, 226 n. 23; college rating scheme, 178, 225 n. 11; on sacrifice, 276 n. 21. See also sacrifice; austerity. Obamacare, see Affordable Care Act. Occupy Wall Street, 24, 30, 203, 217, 219, 232 n. 40; UC Berkeley and, 250 n. 43. Offe, Claus, 68. “Omnes et singulatim,” 71, 130. See also governmentality; Foucault, Michel. Ordoliberalism, 49, 59, 60, 64, 66; diferences from Chicago School, 59–60; Hayek and, 59; historical inf luences on, 59–60, 213. See also Chicago School. patriotism, 212, 215, 218. Peck, Jamie, 48. Pelosi, Nancy, 276 n. 21.
Graham Burchell (New York: Picador, 2004), p. 163; Terry Flew, “Michel Foucault’s The Birth of Biopolitics and Contemporary Neo-liberalism Debates,” Thesis Eleven 108.1 (2012), p. 60. 2. Jack Jackson notes that this is not an even or consistent process. Obamacare, he argues, was a significant challenge to neoliberalization. Jack Jackson, “Not Yet an End: Neoliberalism and the Jurisprudence of Obamacare,” unpublished paper presented at the 2013 Annual Meeting of the American Political Science Association. Certainly, Jackson has a point, but the neoliberal form of Obamacare as a national health plan can be lost on no one. There is also a question of whether it will survive. 3. Citizens United v. Federal Election Commission, 130 S. Ct. 876, 558 U.S. 310, 175 L. Ed. 2d 753 (2010). 4. AT&T Mobility LLC v. Concepcion, 130 S.
affirmative action, Affordable Care Act / Obamacare, Albert Einstein, anti-communist, back-to-the-land, Bernie Sanders, Bretton Woods, capital controls, centre right, collapse of Lehman Brothers, deindustrialization, desegregation, Donald Trump, eurozone crisis, financial deregulation, first-past-the-post, fixed income, full employment, ghettoisation, glass ceiling, hiring and firing, illegal immigration, immigration reform, income inequality, invisible hand, laissez-faire capitalism, mass immigration, means of production, neoliberal agenda, obamacare, Occupy movement, open borders, Plutocrats, plutocrats, Post-materialism, post-materialism, rolodex, Ronald Reagan, Silicon Valley, War on Poverty, We are the 99%, white flight, Winter of Discontent
They saw themselves as having to pay higher taxes in order to cover for other people’s mistakes in buying mortgages they couldn’t afford. The Tea Party position was summed up in a bumper sticker that read, “You are not entitled to what I have earned.” The Tea Party also viewed the Affordable Care Act that Congress passed in 2010 as a program aimed at getting people who already had insurance to pay higher premiums and co-payments, so that those who didn’t have insurance could afford it. Seniors on Medicare, who had paid for their insurance, would also see their benefits reduced in order to cover the cost of the Affordable Care Act. Emily Ekins, who did extensive interviews with Tea Party members, writes that the Tea Partiers “tended to view the ACA as a redistributive transfer program that they would be disproportionately responsible for funding.” Tea Partiers viewed illegal immigration the same way.
Judis, “America the Liberal,” The New Republic, Nov. 19, 2008. 55prepare the nation for a new age: https://www.whitehouse.gov/blog/2009/01/21/president-barack-obamas-inaugural-address. 55did not prosecute: http://www.g-a-i.org/u/2012/08/DOJ-Report-8-61.pdf. 55shake business confidence: See Noam Scheiber, The Escape Artists: How Obama’s Team Fumbled the Recovery, Simon & Schuster, 2011, pp. 170–8. 55growth of Medicare spending: See Thomas B. Edsall, “The Obamacare Crisis,” The New York Times, November 19, 2013 and “Is Obamacare Destroying the Democratic Party,” The New York Times, December 2, 2014. 56“Chicago Tea Party”: See John B. Judis, “Tea Minus Zero,” The New Republic, May 10, 2010. 56160,000 members: Theda Skocpol and Vanessa Williamson, The Tea Party and the Remaking of Republican Conservatism, Oxford University Press, 2012, p. 22. 57“You are not entitled to what I have earned”: Skocpol and Williamson, p. 66. 57ACA as a redistributive transfer program: Emily Elisabeth Ekins, “Tea Party Fairness: How the Idea of Proportional Justice Explains the Right-Wing Populism of the Obama Era,” UCLA diss., 2015, pp. 74–75. 57services by illegal immigrants: Skocpol and Williamson, p. 71. 57took jobs from native-born Americans: See Kazin, pp. 35–36. 58sending him big checks: John B.
The exact referents of “the people” and “the elite” don’t define populism; what defines it is the conflictual relationship between the two—or in the case of rightwing populism the three. The conflict itself turns on a set of demands that the populists make of the elite. These are not ordinary demands that populists believe will be subject to immediate negotiation. The populists believe the demands are worthy and justified, but they don’t believe the establishment will be willing to grant them. Sanders wants “Medicare for all” and a $15 minimum wage. If he wanted the Affordable Care Act to cover hearing aids, or to raise the minimum wage to $7.75, that wouldn’t define a clash between the people and the establishment. If Trump were to demand an increase in guards along the Mexican border, or if Denmark’s People’s Party campaigned on a reduction in asylum-seekers, these would not open up a gulf between the people and the elite. But promising a wall that the Mexican government will pay for or the total cessation of immigration—that does establish a frontier.
The Vanishing Middle Class: Prejudice and Power in a Dual Economy by Peter Temin
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Legislative Exchange Council, American Society of Civil Engineers: Report Card, anti-communist, Bernie Sanders, Branko Milanovic, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carried interest, clean water, corporate raider, Corrections Corporation of America, crack epidemic, deindustrialization, desegregation, Donald Trump, Edward Glaeser, Ferguson, Missouri, financial innovation, financial intermediation, floating exchange rates, full employment, income inequality, intangible asset, invisible hand, low skilled workers, low-wage service sector, mandatory minimum, manufacturing employment, Mark Zuckerberg, mass immigration, mass incarceration, means of production, mortgage debt, Network effects, New Urbanism, Nixon shock, obamacare, offshore financial centre, oil shock, Plutocrats, plutocrats, Powell Memorandum, price stability, race to the bottom, road to serfdom, Ronald Reagan, secular stagnation, Silicon Valley, Simon Kuznets, the scientific method, War on Poverty, Washington Consensus, white flight, working poor
African Americans and recent Latino immigrants have been denied Medicaid benefits by lack of funds after the 2008 financial crisis and by state politicians objecting to the Affordable Care Act. The Affordable Care Act that President Obama signed into law in 2009 was approved by the Supreme Court in 2012 with the caveat that states could opt out of the part that was run through an expansion of Medicaid. Many states chose to deny the expansion of Medicaid to their residents even though the federal government would pay all the costs for the first few years and most of the costs thereafter. The states that opted out of the free extension of Medicaid were clustered in the South, reflecting again the racecraft involved in such decisions on compensation of care. Part of the anger against the Affordable Care Act, popularly known as “Obamacare,” is because its benefits are seen in racist terms by some critics as gifts from one black man—who happens to be the president—to the black population.
New York Times, May 11. Chyn, Eric. 2016. “The Long-Run Effect of Public Housing Demolition on Labor Market Outcomes of Children.” Economics Department, University of Michigan, Ann Arbor, MI, March 27. Clotfelter, Charles T. 2004. After Brown: The Rise and Retreat of School Segregation. Princeton: Princeton University Press. CNN. DATE. “Poll: ‘Obamacare’ vs. ‘Affordable Care Act.’” CCN Political Unit. http://politicalticker.blogs.cnn.com/2013/09/27/poll-obamacare-vs-affordable-care-act/. Accessed September 22, 2016. Coates, Ta-Nehisi. Between the World and Me. New York: Spiegel and Grau, 2015. Cohen, Patricia. 2015a. “Gasoline-Tax Increase Finds Little Support.” New York Times, January 2. Cohen, Patricia. 2015b. “For-Profit Colleges Accused of Fraud Still Receive U.S. Funds.” New York Times, October 12. Cohen, Patricia. 2016a.
Part of the anger against the Affordable Care Act, popularly known as “Obamacare,” is because its benefits are seen in racist terms by some critics as gifts from one black man—who happens to be the president—to the black population. This factor may be most important to less educated whites. Another reason for the anger is that Obamacare raised taxes on the very rich. In fact, the Obama administration raised taxes in two ways: by letting some tax breaks for people earning over half a million dollars to expire, and by the Affordable Care Act provisions raising taxes on the rich to support healthcare for the poor. Some among the very rich, as noted in chapter 7, do not take well to having their taxes increase.6 Falling ill is something that happens after being born, but there are additional risks in being born. Perhaps the biggest birth risk we take is in the identity of our parents. We do not choose our parents, and John Rawls, the author of A Theory of Justice, suggested that we think of a random process assigning children to parents.
Stress Test: Reflections on Financial Crises by Timothy F. Geithner
Affordable Care Act / Obamacare, asset-backed security, Atul Gawande, bank run, banking crisis, Basel III, Bernie Madoff, Bernie Sanders, break the buck, Buckminster Fuller, Carmen Reinhart, central bank independence, collateralized debt obligation, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, David Brooks, Doomsday Book, eurozone crisis, financial innovation, Flash crash, Goldman Sachs: Vampire Squid, housing crisis, Hyman Minsky, illegal immigration, implied volatility, London Interbank Offered Rate, Long Term Capital Management, margin call, market fundamentalism, Martin Wolf, McMansion, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mortgage debt, Nate Silver, negative equity, Northern Rock, obamacare, paradox of thrift, pets.com, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, RAND corporation, regulatory arbitrage, reserve currency, Saturday Night Live, savings glut, selection bias, short selling, sovereign wealth fund, The Great Moderation, The Signal and the Noise by Nate Silver, Tobin tax, too big to fail, working poor
Of course, nothing could be agreed to until everything was agreed to, and we had no evidence Boehner had the support of his caucus. The Speaker and his staff kept insisting they needed a scalp for the right; at one point, he proposed we scrap Obamacare’s individual mandate for health insurance, an obvious nonstarter. We were getting a bit nervous about our side, too. Harry Reid and Nancy Pelosi had told the President they could support a grand bargain, but the outlines of the deal made the Democratic leaders uncomfortable. It would raise substantially less revenue than Simpson-Bowles or a draft proposal by a bipartisan Senate group known as the Gang of Six. And the entitlement reforms were going to be a tough vote for Democrats, especially with Republicans still insisting on some kind of Obamacare scalp. I remember during one Roosevelt Room prep session before I appeared on the Sunday shows, I objected when Dan Pfeiffer wanted me to say Social Security didn’t contribute to the deficit.
(Data as of June 30, 2008; Government Sponsored Enterprises include only Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, and do not include other GSEs or Ginnie Mae.) I sometimes wondered where this newfound right-wing enthusiasm for fiscal discipline had been during the Bush years, when unfunded wars, tax cuts, and a new Medicare prescription drug benefit had helped turn the Clinton surpluses into deficits. By contrast, Obamacare included reforms aimed at reining in the rising medical costs that threatened our fiscal future, and the Congressional Budget Office estimated that it would reduce future deficits overall despite its subsidies to extend care to the uninsured. Then again, the original Tea Party protested an unelected king who raised taxes, while Obama was an elected president who had lowered taxes, so consistency wasn’t really the point.
The impossibility of achieving true bipartisanship in Congress meant the President had to keep the Democrats with him if he wanted to pass anything. This was especially true in the Senate, where Republicans were using the filibuster with unprecedented regularity, blocking just about anything that didn’t have the sixty votes needed to overcome it. For the second half of 2009, the Democrats had exactly sixty senators, which led to side deals like the “Cornhusker Kickback” that clinched Nebraska Senator Ben Nelson’s vote on Obamacare. But as the President’s policies became less popular, many Democratic senators began keeping their distance. Moderates from Republican states didn’t want to look like big spenders. Liberals thought we were too restrained in our spending and too close to Wall Street. With lockstep opposition from Republicans, it became increasingly difficult to get anything through Congress. The President was often blamed for gridlock in Washington, but I thought he got a remarkable amount done despite a polarized Congress.
Affordable Care Act / Obamacare, Bernie Madoff, big data - Walmart - Pop Tarts, call centre, carried interest, cloud computing, collateralized debt obligation, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, Emanuel Derman, housing crisis, I will remember that I didn’t make the world, and it doesn’t satisfy my equations, illegal immigration, Internet of things, late fees, mass incarceration, medical bankruptcy, Moneyball by Michael Lewis explains big data, new economy, obamacare, Occupy movement, offshore financial centre, payday loans, peer-to-peer lending, Peter Thiel, Ponzi scheme, prediction markets, price discrimination, quantitative hedge fund, Ralph Nader, RAND corporation, recommendation engine, Rubik’s Cube, Sharpe ratio, statistical model, Tim Cook: Apple, too big to fail, Unsafe at Any Speed, Upton Sinclair, Watson beat the top human players on Jeopardy!, working poor
Health Spending Hits $3 Trillion as Obamacare and Rising Drug Costs Kick In,” Los Angeles Times, December 2, 2015, www.latimes.com/business/healthcare/la-fi-health-spending-increase-20151202-story.html. Nearly one dollar of every five: Scott Thomas, “Nation’s Total Personal Income Approaches $13 Trillion,” Business Journals, December 4, 2012, www.bizjournals.com/bizjournals/on-numbers/scott-thomas/2012/12/nations-total-personal-income.html. The Affordable Care Act, or Obamacare: US Department of Labor, “The Affordable Care Act and Wellness Programs,” fact sheet, accessed January 9, 2016, www.dol.gov/ebsa/newsroom/fswellnessprogram.html. as high as 50 percent of the cost of coverage: US Department of Labor, “Affordable Care Act.” more than half of all organizations: Soeren Mattke, Hangsheng Liu, John Caloyeras, Christina Huang, Kristin Van Busum, Dmitry Khodyakov, and Victoria Shier, “Workplace Wellness Programs Study,” Rand Corporation Research Report, 2013, www.rand.org/content/dam/rand/pubs/research_reports/RR200/RR254/RAND_RR254.sum.pdf.
Employers, which have long been nickel and diming workers to lower their costs, now have a new tactic to combat these growing costs. They call it “wellness.” It involves growing surveillance, including lots of data pouring in from the Internet of Things—the Fitbits, Apple Watches, and other sensors that relay updates on how our bodies are functioning. The idea, as we’ve seen so many times, springs from good intentions. In fact, it is encouraged by the government. The Affordable Care Act, or Obamacare, invites companies to engage workers in wellness programs, and even to “incentivize” health. By law, employers can now offer rewards and assess penalties reaching as high as 50 percent of the cost of coverage. Now, according to a study by the Rand Corporation, more than half of all organizations employing fifty people or more have wellness programs up and running, and more are joining the trend every week.
Good credit, they argue, is an attribute of a responsible person, the kind they want to hire. But framing debt as a moral issue is a mistake. Plenty of hardworking and trustworthy people lose jobs every day as companies fail, cut costs, or move jobs offshore. These numbers climb during recessions. And many of the newly unemployed find themselves without health insurance. At that point, all it takes is an accident or an illness for them to miss a payment on a loan. Even with the Affordable Care Act, which reduced the ranks of the uninsured, medical expenses remain the single biggest cause of bankruptcies in America. People with savings, of course, can keep their credit intact during tough times. Those living from paycheck to paycheck are far more vulnerable. Consequently, a sterling credit rating is not just a proxy for responsibility and smart decisions. It is also a proxy for wealth.
activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, AI winter, Airbnb, Atul Gawande, Captain Sullenberger Hudson, Checklist Manifesto, Chuck Templeton: OpenTable, Clayton Christensen, collapse of Lehman Brothers, computer age, creative destruction, crowdsourcing, deskilling, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, Firefox, Frank Levy and Richard Murnane: The New Division of Labor, Google Glasses, Ignaz Semmelweis: hand washing, Internet of things, job satisfaction, Joseph Schumpeter, knowledge worker, lifelogging, medical malpractice, medical residency, Menlo Park, minimum viable product, natural language processing, Network effects, Nicholas Carr, obamacare, pattern recognition, peer-to-peer, personalized medicine, pets.com, Productivity paradox, Ralph Nader, RAND corporation, Second Machine Age, self-driving car, Silicon Valley, Silicon Valley startup, six sigma, Skype, Snapchat, software as a service, Steve Jobs, Steven Levy, the payments system, The Wisdom of Crowds, Thomas Bayes, Toyota Production System, Uber for X, US Airways Flight 1549, Watson beat the top human players on Jeopardy!, Yogi Berra
Reproduced with permission. Index Please note that index links point to page beginnings from the print edition. Locations are approximate in e-readers, and you may need to page down one or more times after clicking a link to get to the indexed material. accountable care organizations, 59, 188 ACOs. See accountable care organizations Adams, Timothy, 231 Adler-Milstein, Julia, 248 Affordable Care Act (ACA), 15, 16, 239 See also Obamacare AI. See artificial intelligence (AI) AI winter, 102, 107 AIDS activists, 195–196 alerts, 134, 143–153, 251 ignoring, 135–137 ways to safely reduce number of alerts, 145–146 Althaus, Deb, 86 Altmann, Erik, 83 American College of Surgeons, 36 APIs, 192–193, 216 application programming interfaces. See APIs Arenson, Ron, 59, 61 Arizona General Hospital, 73 artificial intelligence (AI) AI winter, 102, 107 computers replacing the physician’s brain, 93–104 little AI, 113 See also medical AI athenahealth, 89, 215, 217, 226–231, 233 Augmedix, 180, 240, 241, 242 auscultation, 32, 33 automation hazards of overreliance on, 162–163 irony of, 162 Avrin, David, 50, 51 Bainbridge, Lisanne, 162 Baker, Stephen, 53 bar-coded medication administration (BCMA), 130 Baron, Richard, 68–69, 76–77 Batalden, Paul, 19 Bates, David, 222, 224 Baucus, Max, 16 Bayes, Thomas, 99 Bayes’ theorem, 99 bedside teaching, 35 Bell, Joseph, 97 Benioff, Marc, 233 Berwick, Don, 232 Beth Israel Deaconess Medical Center, 172, 176, 178, 186, 231 big data, 7, 115–123 biometric identifiers, 190 Birkmeyer, John, 79 Blair, Tony, 10, 17 blood tests, 32 bloodletting, 33 Bloom, Paul, 156 Blumenfeld, Barry, 67 Blumenthal, David, 15, 205–208, 235–236, 243–244, 268 Bolten, Josh, 11–12 Boston Children’s Hospital, 144 Brailer, David, 10–14, 18–19, 68, 207, 212 Brigham & Women’s Hospital, 87, 88, 187 Brown, Eric, 103, 118–119, 123 Brynjolfsson, Erik, 94, 250 productivity paradox, 244–245 bundled payments, 59 Burton, Matthew, 1–8, 10, 113 Bush, George W., 9–10, 11–12, 17 Bush, Jonathan, 89, 226–233 Carr, Nicholas, 275 case-mix adjustment, 40 Cedars-Sinai Medical Center, 67–68 CellScope, 240–241, 242 Cerner, 8, 86, 187, 222, 231 Chan, Benjamin, 139–141, 149–153, 155–157 Chang, Paul, 53, 62 the chart, 44–45 The Checklist Manifesto (Gawande), 121–122 Christensen, Clay, 12, 61, 217, 229 clinical research, 263–264 clinical trials, 33 clinicopathologic correlation, 31 Clinton, Hillary, 11 Clinton, William “Bill”, 9, 189 Code Blue, 2–4 Codman, Ernest, 36 cognitive computing, 146 cognitive load, 150–151 complementary innovations, 245 computer systems, replacing the physician’s brain, 93–104 computerized decision support for clinicians, 248, 251, 260 computerized provider order entry (CPOE), 130 “Connecting for Health” initiative, 10, 17 cookbook medicine, 120 Cramer, Jim, 233 creative destruction, 250–251 The Creative Destruction of Medicine (Topol), 250 CT scans, 50–51 quality of images, 52–53 stacking, 53 data.
., 47–48 Milstein, Arnie, 273–274 mismanagement, 249 mode error, 140–141 modern therapeutic distancing, 33 Morgagni, Giovanni, 31 Mosier, Kathleen, 162–163 Mostashari, Farzad, 208, 210–211, 230 motion artifacts, 145 multitasking, 150–151 Murnane, Richard, 94 My Health Manager, 184 MyChart portal, 133 Myers, Bob, 83, 147–149 NEMO syndrome, 127, 128, 165, 166 New England Journal of Medicine, 23–24 nighthawks, 60–61 nondisclosure clauses, 88–90 nonnormal situations, 78 Northwestern Memorial, 71–72 NPs. See nurse practitioners Nuland, Sherwin, 97 numerical method, 33 nurse practitioners, 7–8 Obama, Barack, 7, 9, 15, 247 Obamacare, 188, 207 See also Affordable Care Act (ACA) Occam’s Razor, 98, 102 Office of the National Coordinator for Health Information Technology, 10, 14, 15, 17, 18, 89, 115, 192, 207 budget, 11–12 controversy over Meaningful Use, 208–213 ONC. See Office of the National Coordinator for Health Information Technology ONCHIT. See Office of the National Coordinator for Health Information Technology ONCOCIN, 120 OpenNotes, 176–181 ophthalmoscopes, 32 Ornish, Dean, 185 Osler, William, 23, 35 otoscopes, 32, 240 overdoses, 127–130 See also Pablo Garcia medical error case Pablo Garcia medical error case the alerts, 143–153 the doctor, 135–137 the error, 127–130 the nurse, 159–164 the pharmacist, 139–141 the robot, 155–157 the system, 131–134 PACS, 51 finding old films, 53 quality of images, 52–53 Page, Larry, 186 Palin, Sarah, 15 paper charts, 43–44 “paperless” office, 84–86 Parasuraman, Raja, 163 Park, Todd, 228 patient communication, 178 See also doctor-patient relationships patient communities, 195–201 patient portals, 189–193 MyChart portal, 133 patient privacy, 13–14 See also Health Insurance Portability and Accountability Act (HIPAA) patient safety, Institute of Medicine report, 132 patient summary screens, 8 patients, role of in the future, 264 patients’ rights, and medical records, 171–172 payment systems, 249, 265, 271 Peabody, Francis, 42 Pearl, Raymond, 42 personal health records.
“She was always bashing her head against the wall, saying, ‘Why is Angry Birds so beautifully designed, whereas most healthcare apps are absolutely horrible?’” recalled Gross. In seeking the answer to that question, Gross and Tecco interviewed dozens of venture capitalists and entrepreneurs. Each interview brought them closer to understanding the obstacles to IT innovation in healthcare. They boiled the problem down to three main issues. The first was investor uncertainty: at the time, nobody knew whether the Affordable Care Act would pass and what its real impact on the healthcare marketplace would be. Until things settled out, healthcare’s longstanding market problems, particularly the lack of incentives for patients and clinicians to invest in tools that might improve quality or efficiency, would continue to cast a pall on IT investments large (EHRs) and small (wellness apps). (It should be noted that there were exceptions to this rule.
Power Systems: Conversations on Global Democratic Uprisings and the New Challenges to U.S. Empire by Noam Chomsky, David Barsamian
affirmative action, Affordable Care Act / Obamacare, Albert Einstein, Chelsea Manning, collective bargaining, colonial rule, corporate personhood, David Brooks, discovery of DNA, double helix, drone strike, failed state, Howard Zinn, hydraulic fracturing, income inequality, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), Julian Assange, land reform, Martin Wolf, Mohammed Bouazizi, Naomi Klein, new economy, obamacare, Occupy movement, oil shale / tar sands, pattern recognition, Powell Memorandum, quantitative easing, Ralph Nader, Ralph Waldo Emerson, single-payer health, sovereign wealth fund, The Wealth of Nations by Adam Smith, theory of mind, Tobin tax, union organizing, Upton Sinclair, uranium enrichment, WikiLeaks
The United States is not totally off the spectrum, but it’s close to the edge. Concern in the United States is notably less than in comparable countries. And the drop that Klein is describing is exactly what they report. It’s very hard to doubt that that’s connected with the propaganda campaign that has been quite openly conducted. In fact, a couple of years ago, right after the insurance company victories on the health reform bill, so-called Obamacare, there was a report in the New York Times about leaders of the American Petroleum Institute and other business groups looking to the victory in the health care campaign as a model to undermine concern about global warming.34 In the Republican presidential debates, for example, even to mention global warming would be to commit political suicide. Some of the candidates have remarkable positions on climate change.
., 72, 85, 174–75 consumerism, 36, 37, 80 corporations, 10, 24, 26, 27, 31–32, 38, 41, 76–77, 81, 103, 119, 152, 174 piracy issue, 107–8 Cuba, 4, 160, 161 culture, and language, 138–40 deaf-blind, 134–35 debt, 8, 87, 152, 168 student, 152 decolonization, 5, 46 democracy, 47, 54, 62, 79–81, 84–85, 109, 112, 143–44, 150, 151, 158–59, 172 Democratic Party, 32, 41–42 demonstrations, 29–33, 35, 40–43, 73–77 Arab Spring, 44–55, 60–64, 67, 112–13, 168 civil rights, 24, 30–31, 45, 65–66, 72, 150, 167, 176 Occupy, 47, 65–69, 74–77, 118–21, 146, 168, 177 student, 73–74 Depression, 23, 27, 28 deregulation, 48, 173–74 Dewey, John, 147, 148, 149 Dink, Hrant, 89, 91 dissidents, 144–45 doctrinal system, 8, 10, 36, 38, 158, 159 Dönitz, Karl, 116 Draghi, Mario, 169 drugs, 160–62 Durand Line, 99 Duvalier, Jean-Claude, 17 Economic Policy Institute, 168 economy, 4, 32, 76–78, 97, 121, 168, 171 Arab Spring, 44–55, 60–64, 67 Chinese, 7–10 financial crisis, 23, 48, 86–89, 168–69 global shift of power, 5–13, 58, 76–77 Indian, 7, 10–11, 20–23 stimulus, 33 U.S. decline, 4–10, 56, 59–60 education, 37, 82, 147–56, 165–68 battle over, 147–56 higher, 150–53, 165–68 K-to-12, 153–56 privatization of, 38–39, 156, 167–68 public, 37–39, 147–48, 153–56, 166–68 science, 154–55 Egypt, 35, 51, 53, 61, 67 Arab Spring, 44–49, 54, 60–64, 67, 168 Einstein, Albert, 143 Eisenhower, Dwight, 125 electoral politics, 102–13, 117–19 electronic books, 104 Ellsberg, Daniel, 15, 113 El Salvador, 145 Emerson, Ralph Waldo, 148, 156 Enlightenment, 116, 147, 148 environment, 12, 75, 121–25, 158–59, 163–65, 176 climate change, 75, 121–25, 159 fracking, 164–65 Erdoan, Recep Tayyip, 89, 90, 93 Europe, 5, 6, 9, 47, 51, 58, 161 economic crisis, 47, 86–89, 168–69 European Central Bank (ECB), 86–87, 169 European Union, 87, 89, 92 evolution, 128, 129, 137–38 Facebook, 145, 146 Federal Bureau of Investigation (FBI), 15, 71, 73 Federal Reserve, 86–87 financial crisis, 23, 48, 86–89, 168–69 Financial Times, 66, 76, 78, 123 Finland, 153, 154 Foreign Affairs, 59, 61 fossil fuels, 21, 22, 49–55, 122–24, 164, 165 fracking, 123, 164–65 France, 46, 50, 52, 68, 112–13, 170 Fraser, Doug, 25 Freedom of Information Act, 110 Gadhafi, Mu’ammar, 50, 53 Galileo, 143, 144 Gates, Bill, 11 Gaza, 93 General Motors, 33, 80 genetics, 126–27, 129, 140 Germany, 15, 27, 51, 58, 118, 153 economic policy, 88 Nazism, 28–29, 115–16 Weimar Republic, 25, 27–29 World War II, 115–16 GI bill, 152 Ginsberg, Benjamin, The Fall of the Faculty, 168 globalization, 5, 20–22, 170 financial crisis, 86–89, 168–69 labor, 9–12, 76–77, 169–70 shift of power, 5–13, 58, 76–77 Goldman Sachs, 42 Google, 107 government, 78–85, 150, 158 big, 81, 82 security, 107–13 “Grand Area” planning, 57 Great Britain, 5, 8–9, 16, 17, 21, 35, 50, 52, 61, 79, 107, 139, 172 colonialism, 9, 20 government, 79 slavery, 36 World War II, 115, 116 Greece, 87 Guantánamo, 72–73 Guatemala, 21 gun culture, 162–63 Gwadar, 22 Haiti, 11, 13–14, 17 Hale, Kenneth, 136, 139–41 Hanif, Mohammed, A Case of Exploding Mangoes, 106 Haq, Abdul, 16 Harvard University, Institute of Politics, 158 Havel, Václav, 145 health care, 24, 76, 82, 157 Obamacare, 124 Heilbrunn, Jacob, 111 Hindenburg, Paul von, 27–28 historical amnesia, 97–98 Hitler, Adolf, 28–29, 32, 88 Holder v. Humanitarian Law Project, 70–71 Honduras, 7, 110–11 House of Representatives, U.S., 85 Human Development Index, 13 “Human Intelligence and the Environment” (Chomsky), 42 Humanitarian Law Project, 70–71 human rights, 109, 113 violations, 89–92, 95–96, 145 Humboldt, Wilhelm von, 149 Hume, David, 79, 81 Hussein, Saddam, 17, 71, 95 imperialism, 1–33 saltwater fallacy, 3–4 terminology, 3 India, 7, 9, 10–11, 17–23, 38, 50, 51, 107, 164 Bhopal explosion, 174 British rule, 20 -China relations, 20–22 economic growth, 7, 10–11, 20–23 -Israel relations, 20, 21 natural resources, 17–20 neoliberalism and, 19–22 TAPI pipeline and, 17–18 -U.S. relations, 20–22 war, 20 indignados, 47 Indonesia, 17 intellectual culture, 79, 81, 104–6, 141 intellectual property rights, 107–8 International Energy Association (IEA), 121–22 International Monetary Fund (IMF), 47 International Organization for a Participatory Society, 171 international relations (IR) theory, 8, 63 Internet, 105–13 security, 107–13 iPhone, 145–46 Iran, 18, 60, 62, 63, 90–91, 93, 95–98, 111, 112, 114 nuclear threat, 112 TAPI pipeline and, 18 Iran-Iraq War, 97 Iraq, 16–17, 21, 60, 61 Kurds, 95–96 nationalism, 55–56 U.S. war in, 16–17, 55–56, 62–63, 114–16 Islam, 60 political, 49, 61 radical, 61, 100 Israel, 20, 21, 96, 112 -India relations, 20, 21 -Lebanon relations, 63 Palestinian conflict, 46 -Turkey relations, 92–94 -U.S. relations, 21 Jacob, François, 129 James, William, 130 Japan, 5, 8, 58, 131, 139 Jefferson, Thomas, 3, 172 job creation, 76, 87 Kagan, Elena, 70 Karachi, 22 Keller, Bill, 144 Keller, Helen, 134, 135 Kennan, George, 57 Kennedy, John F., 2–3 Vietnam policy, 2–3, 97 Khadr, Omar, 72–73 King, Martin Luther, 30–31, 66, 105 Klein, Naomi, 123, 124 Kurds, 21, 89–92, 95–96 labor, 38, 81, 87, 169 anti-labor movements, 40 Arab Spring, 44–55, 60–64, 67 Chinese, 9–10, 11–12 collective bargaining, 40–41 demonstrations and strikes, 29, 33, 35, 40–43, 68, 120, 146 Depression-era, 23, 40, 67–68 global, 9–12, 76–77, 169–70 organized, 23–25, 39–41, 67–68, 147, 171 rustbelt, 11–12 solidarity, 39–41 unemployment, 22–23, 38, 66, 76 unions, 24–26, 33, 39–41, 68, 79, 147, 171 language, 126–42 biological acquisition of, 129–36 culture and, 138–40 sensory deprivation and, 134–35 similarity of, 140–41 study of, 137–38, 142 universal grammar, 126–59 Latin America, 4–7, 22, 61, 160–62, 164 drugs, 160–62 integration of, 6–7, 47, 161 U.S. military bases in, 6–7 Laxness, Halldór, 106 Lebanon, 63 Lee, Ching Kwan, 11 Left, 23, 25, 32–33, 59, 117, 147, 149, 150, 151 student, 73–74 Left Forum, 25, 27, 33 libertarianism, 157, 158, 163 Libya, 50–54, 91 no-fly zone, 50–52 Lippmann, Walter, 81 Madison, James, 84, 85 Magna Carta, 59, 72, 116 Mandela, Nelson, 71 Manning, Bradley, 113, 114 Marcos, Ferdinand, 17 market system, 80–81 Marx, Karl, 173, 175 Massachusetts Institute of Technology, 13, 37, 105, 122, 134, 136, 149 mathematics, 137, 138 McCain, John, 103 McCarthyism, 24 McKiernan, Kevin, 95 media, 32, 66, 150, 151 mental slavery, 34–35, 101–25 Mexico, 11, 152–53, 162, 175 Middle East, 17, 44–64, 89–100, 111 Arab Spring, 44–55, 60–64, 67, 112–13, 168 oil, 21, 49–55 Turkish-Israeli relations, 92–94 uprisings, 44–64 military, 5, 98 Arab Spring, 44–55, 60–64 detention, 70–73 police, 119–20 U.S. bases in Latin America, 6–7 Mobutu Sese Seko, 17 Mondragon, 171 Montgomery, David, The Fall of the House of Labor, 23 Morgenthau, Hans, 63–64 The Purpose of American Politics, 64 Morocco, 46 Mubarak, Hosni, 45, 47, 62 Nader, Ralph, 150 NAFTA, 163, 175 Nasser, Gamal Abdel, 61 National Defense Authorization Act, 70 Native Americans, 22 natural gas, 17–18, 164–65 natural resources, 17–22, 164–65 Navy, U.S., 6–7, 14, 52, 116 Nazism, 28–29, 115–16 New Deal, 23, 82 New York, 67, 100, 166 New York Times, 60, 81, 89–91, 124, 144–45, 160 Ngo Dinh Diem, 2, 3 Ngo Dinh Nhu, 2, 3 Nicaragua, 7 9/11 attacks, 14, 15–16, 139 Nixon, Richard, 125, 150 No Child Left Behind, 153 Non-Proliferation Treaty, 18 North Africa, 46–48, 57, 60 North Atlantic Treaty Organization (NATO), 50, 51, 91, 92 Norway, 115 nuclear weapons, 97, 98, 100, 110, 112, 176 Nuremberg Trials, 115–16 Nystrom, Paul, 36 Obama, Barack, 7, 33, 63, 90–91, 93, 110, 111, 114, 153, 162, 164 Afghanistan War and, 14–15 civil liberties and, 70–73 Libya and, 51–52 organized labor and, 41–42 2008 election, 102–3 Obamacare, 124 Occupy movements, 47, 65–69, 74–77, 118–21, 146, 168, 177 oil, 21, 22, 49–55, 124 Orwell, George, 19, 97 Pakistan, 16, 17, 22, 61, 98–100, 110 drone attacks on, 18–19, 98–99 nuclear industry, 98–100, 110 TAPI pipeline and, 18 Palestine, 46, 72 -Israel conflict, 46 Palmer raids, 68 Pamuk, Orhan, 91 Panama, 7 Panetta, Leon, 114 Pashtuns, 99 Patterson, Anne W., 99, 110 Paul, Rand, 157, 162, 163 Paul, Ron, 75, 124–25, 157, 163 pensions, 12, 22, 24, 26 Peres, Shimon, 93 Peshawar, 16 pharmaceutical companies, 107–8 Philippines, 4, 17 Pinochet, Augusto, 61 piracy, 107–8 political Islam, 49, 61 Political Science Quarterly, 82 police repression, 119–20 politics, 32, 41, 57, 59, 121, 142–45, 171 electoral, 102–3, 117–19 labor demonstrations and, 41–43 poverty, 6, 66, 82, 84 Powell, Colin, 115 Powell, Lewis, 150–51 Powell memorandum, 150–51 power systems, 34–35, 69 aristocrats and democrats, 160–78 chains of submission and subservience, 34–43 global shift, 5–13, 58, 76–77 language and education, 126–59 mental slavery, 101–25 new American imperialism, 1–33 uprisings, 44–64 privatization, 11, 38, 39, 40, 156–57, 167 Progressive Labor (PL), 73 propaganda system, 35–40, 66, 80, 82, 102, 119, 122–24 property rights, 84, 85 public, power of the, 78–81 public education, 37–39, 147–48, 153–56, 166–68 public relations, 35, 79–81, 102–3 Qasim, Abd al-Karim, 61 Race to the Top, 153 racism, 3, 31, 92 Ravitch, Diane, 154 Reagan, Ronald, 62, 71, 82, 95, 99 recession, 23, 48, 86–89 Red Scare, 23, 68, 120 Reich, Robert, 170, 172 Reilly, John, 122 Republican Party, 41, 57, 75, 76, 124, 125 Revolutionary Armed Forces of Colombia (FARC), 72 Ribbentrop, Joachim von, 115 Right, 23, 32, 150–51 Riyadh, 52 Romney, Mitt, 57–58, 75 Roosevelt, Franklin D., 14, 23, 54 Roy, Arundhati, 22, 29, 31 Russia, 17–18, 20, 50, 61, 98, 102, 145 rustbelt, 11–12 Saharawi movement, 46 saltwater fallacy, 3–4 Saudi Arabia, 21, 49, 52, 61, 99, 111, 144 science, 142–43, 144 education, 154–55 modern, 143 sectarianism, 73–74 Seib, Gerald, 54 self-destruction, 42–43 Senate, U.S., 63, 85 sensory deprivation, 134–35 Shiites, 52–53 Singh, Manmohan, 19 Sino-Indian War, 20 slavery, 3, 34, 36, 51 end of, 34, 35, 36 mental, 34–35, 101–25 Slim, Carlos, 11 Smith, Adam, 8–9 social Darwinism, 157 social media, 105, 107, 145–47 Social Security, 39, 156–57 solidarity, 38–41, 146–47, 159 South Africa, 21, 50–51 apartheid, 71 South America, 6, 7, 57, 60, 161 Southeast Asia, 4, 60 South Korea, 9, 17 Spain, 4, 6, 33, 87 sports, college, 154–55 Stack, Joseph, 25–26, 29 Stalin, Joseph, 61 Stohl, Bev, 105 Stop Online Piracy Act, 107 strategic hamlets, 2 student activism, 73–74 submission and subservience, chains of, 34–43 Summit of the Americas (2012), 160–61 sunbelt, 11, 12 Sunnis, 52–53 Supreme Court, U.S., 70, 150 Buckley v.
., 6–7, 14, 52, 116 Nazism, 28–29, 115–16 New Deal, 23, 82 New York, 67, 100, 166 New York Times, 60, 81, 89–91, 124, 144–45, 160 Ngo Dinh Diem, 2, 3 Ngo Dinh Nhu, 2, 3 Nicaragua, 7 9/11 attacks, 14, 15–16, 139 Nixon, Richard, 125, 150 No Child Left Behind, 153 Non-Proliferation Treaty, 18 North Africa, 46–48, 57, 60 North Atlantic Treaty Organization (NATO), 50, 51, 91, 92 Norway, 115 nuclear weapons, 97, 98, 100, 110, 112, 176 Nuremberg Trials, 115–16 Nystrom, Paul, 36 Obama, Barack, 7, 33, 63, 90–91, 93, 110, 111, 114, 153, 162, 164 Afghanistan War and, 14–15 civil liberties and, 70–73 Libya and, 51–52 organized labor and, 41–42 2008 election, 102–3 Obamacare, 124 Occupy movements, 47, 65–69, 74–77, 118–21, 146, 168, 177 oil, 21, 22, 49–55, 124 Orwell, George, 19, 97 Pakistan, 16, 17, 22, 61, 98–100, 110 drone attacks on, 18–19, 98–99 nuclear industry, 98–100, 110 TAPI pipeline and, 18 Palestine, 46, 72 -Israel conflict, 46 Palmer raids, 68 Pamuk, Orhan, 91 Panama, 7 Panetta, Leon, 114 Pashtuns, 99 Patterson, Anne W., 99, 110 Paul, Rand, 157, 162, 163 Paul, Ron, 75, 124–25, 157, 163 pensions, 12, 22, 24, 26 Peres, Shimon, 93 Peshawar, 16 pharmaceutical companies, 107–8 Philippines, 4, 17 Pinochet, Augusto, 61 piracy, 107–8 political Islam, 49, 61 Political Science Quarterly, 82 police repression, 119–20 politics, 32, 41, 57, 59, 121, 142–45, 171 electoral, 102–3, 117–19 labor demonstrations and, 41–43 poverty, 6, 66, 82, 84 Powell, Colin, 115 Powell, Lewis, 150–51 Powell memorandum, 150–51 power systems, 34–35, 69 aristocrats and democrats, 160–78 chains of submission and subservience, 34–43 global shift, 5–13, 58, 76–77 language and education, 126–59 mental slavery, 101–25 new American imperialism, 1–33 uprisings, 44–64 privatization, 11, 38, 39, 40, 156–57, 167 Progressive Labor (PL), 73 propaganda system, 35–40, 66, 80, 82, 102, 119, 122–24 property rights, 84, 85 public, power of the, 78–81 public education, 37–39, 147–48, 153–56, 166–68 public relations, 35, 79–81, 102–3 Qasim, Abd al-Karim, 61 Race to the Top, 153 racism, 3, 31, 92 Ravitch, Diane, 154 Reagan, Ronald, 62, 71, 82, 95, 99 recession, 23, 48, 86–89 Red Scare, 23, 68, 120 Reich, Robert, 170, 172 Reilly, John, 122 Republican Party, 41, 57, 75, 76, 124, 125 Revolutionary Armed Forces of Colombia (FARC), 72 Ribbentrop, Joachim von, 115 Right, 23, 32, 150–51 Riyadh, 52 Romney, Mitt, 57–58, 75 Roosevelt, Franklin D., 14, 23, 54 Roy, Arundhati, 22, 29, 31 Russia, 17–18, 20, 50, 61, 98, 102, 145 rustbelt, 11–12 Saharawi movement, 46 saltwater fallacy, 3–4 Saudi Arabia, 21, 49, 52, 61, 99, 111, 144 science, 142–43, 144 education, 154–55 modern, 143 sectarianism, 73–74 Seib, Gerald, 54 self-destruction, 42–43 Senate, U.S., 63, 85 sensory deprivation, 134–35 Shiites, 52–53 Singh, Manmohan, 19 Sino-Indian War, 20 slavery, 3, 34, 36, 51 end of, 34, 35, 36 mental, 34–35, 101–25 Slim, Carlos, 11 Smith, Adam, 8–9 social Darwinism, 157 social media, 105, 107, 145–47 Social Security, 39, 156–57 solidarity, 38–41, 146–47, 159 South Africa, 21, 50–51 apartheid, 71 South America, 6, 7, 57, 60, 161 Southeast Asia, 4, 60 South Korea, 9, 17 Spain, 4, 6, 33, 87 sports, college, 154–55 Stack, Joseph, 25–26, 29 Stalin, Joseph, 61 Stohl, Bev, 105 Stop Online Piracy Act, 107 strategic hamlets, 2 student activism, 73–74 submission and subservience, chains of, 34–43 Summit of the Americas (2012), 160–61 sunbelt, 11, 12 Sunnis, 52–53 Supreme Court, U.S., 70, 150 Buckley v.
Shaky Ground: The Strange Saga of the U.S. Mortgage Giants by Bethany McLean
activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, collateralized debt obligation, housing crisis, mortgage debt, negative equity, obamacare, race to the bottom
The market was crashing, home prices were plummeting, and almost everyone thought Fannie and Freddie would be an endless black hole. Quarter a◊er quarter, they posted stunning multibillion-dollar losses, which required huge draws from Treasury. In early 2009, the Treasury amended its agreement to increase the total amount of funding available for Fannie and Freddie from $200 billion to $400 billion—half the 10-year estimated cost of Obamacare. On Christmas Eve, 2009, the Treasury amended the agreement again to remove any cap on the funding for the next three years. In addition, the Federal Reserve began to buy Fannie and Freddie securities to help the perception that they were safe. According to Paul Willen, a senior economist at the Boston Federal Reserve, between 2008 and 2014 the Fed would purchase $2.8 trillion of agency mortgage-backed securities. 101 SHAKY GROUND 102 CHAPTER EIGHT – THE TOXIC TWINS Employees of Fannie and Freddie, now dubbed the “Toxic Twins,” were demoralized by the flood of criticism, and under the terms of the conservatorship they weren’t allowed to say anything to defend themselves.
“Our investment was predicated on a simple thesis: there are no substitutes. Fannie and Freddie provide services that are absolutely essential to the American way of life,” he wrote in the fund’s annual report. “They help make the popular 30-year fixed-rate mortgage available and a≠ordable. They provide liquidity and stability to the nation’s housing finance system—during good and, especially, in bad times. No one does it better.” He compares housing reform to Obamacare. “Obama can get a do-over when he says ‘You can keep your insurance!’ ‘Oops, you can’t keep your insurance!’” he says. “But you cannot mess up the plumbing of housing finance. If you do, within two weeks, credit will totally dry up. No one will be able to get a mortgage.” There is disagreement among investors on many details of how a plan would work. But there’s a general consensus about this.
America, You Sexy Bitch: A Love Letter to Freedom by Meghan McCain, Michael Black
Affordable Care Act / Obamacare, carbon footprint, Columbine, fear of failure, feminist movement, glass ceiling, income inequality, obamacare, Ronald Reagan, Silicon Valley, Tony Hsieh, too big to fail, white picket fence
They live in a comfortable but creaky townhouse on the south side of London, and every summer they come to the States to summer at an old beach house her family has had since the thirties. I’m curious to hear about the British National Health Service, a single-payer system, which has become a bogeyman here in the United States. The Republicans routinely point to Canada and England as examples of the path on which Obamacare is leading us, and never in a complimentary fashion. They never say, for example, “Obamacare will make our health care system like England’s! And it will be great! Cucumber sandwiches for everybody!” Whether or not we are ultimately headed for a single-payer system I have no idea, but I am curious to hear what Jessica’s experience with it is like, since she’s dealt with both the American and British systems. To the disappointment of my liberal heart, Jessica is quite critical of the NHS.
Depending on which civic organization you choose to believe, the world’s first rodeo was either in Payson, Arizona, in 1884, Pecos, Texas, in 1883, or Deer Trail, Colorado, in 1869. But I’m not going to quibble with the residents of Prescott because I am a guest in their town and because they all have guns. While we’re cleaning up after lunch, the conversation turns to health care, or specifically “Obamacare,” which Jackie hates. Jackie hates Obama generally and his new health care law specifically. Even Jackie, hard ass Jackie, is willing to concede that there are parts of the Obama health care plan she likes. The preexisting condition stuff, for example. But she worries that our health care system, “the finest in the world,” will become like Mexico’s. Or Canada’s. Jackie doesn’t seem to think the people she sees in her ER night after night—the illegals, the meth heads, the wife beaters—are going to purchase health insurance just because the government says they have to.
I’m in no mood, so of course the minute my butt hits the cushiony blue seats, Michael starts spewing some nonsense about health care and we begin the morning by bickering like an old married couple. By now he must be fully aware that health care and national defense are possibly the two issues that I am most conservative and he is most liberal about. Well, even though I’m pretty sure there’s a big brick wall in my future, we start discussing Obamacare on the bus on the way to the swamp tour. Michael’s argument starts with Republicans being heartless, and that we all need “to give a little more for the common good,” and that “health care should be free to every American.” I naturally feel like Uncle Scrooge when I say that universal health care would bankrupt this country if enacted into law. Of course I think all Americans should have access to health care, however, the concept of free health care is unrealistic.
Affordable Care Act / Obamacare, Black Swan, business intelligence, Carmen Reinhart, cognitive bias, correlation does not imply causation, Daniel Kahneman / Amos Tversky, Donald Trump, en.wikipedia.org, Kenneth Rogoff, labor-force participation, lake wobegon effect, Long Term Capital Management, Mercator projection, Mercator projection distort size, especially Greenland and Africa, meta analysis, meta-analysis, Nate Silver, obamacare, p-value, PageRank, pattern recognition, publication bias, QR code, randomized controlled trial, risk-adjusted returns, Ronald Reagan, selection bias, statistical model, The Signal and the Noise by Nate Silver, Thomas Bayes, Tim Cook: Apple, wikimedia commons, Yogi Berra
,” CNBC, accessed August 16, 2015, http://www.cnbc.com/2015/08/13/are-red‑or‑blue-states- better-job-creators.html; “Climate Battle Will Likely Divide Red States and Blue States Down a Green Line,” National Journal, accessed August 15, 2016, http:// www.nationaljournal.com/next-america/newsdesk/c limate-epa-regulation- obama-states-20150803; Steve Benen, “ ‘Obamacare’ Thrives in Nation’s Largest Blue State,” the Maddow Blog, accessed August 16, 2015, http://www.msnbc .com/rachel-maddow-show/obamacare-thrives-nations-largest-blue-state. 4. All maps are from http://w ww-personal.umich.edu/~mejn/election/2012/. Mark Newman, “Maps of the 2012 US Presidential Election Results,” from the personal page associated with the University of Michigan website, updated November 8, 2012, http://w ww-personal.umich.edu/~mejn/election/2012/.
And so Romney got all of Texas’s electoral college votes. The Electoral College is an example of aggregated data—a type of summary statistic that can often be misleading because it can mask variation in the data. You’ve probably seen media reports that analyze all of the supposed differences between red states and blue states, with stories highlighting differences in everything from job creation to environmental regulations to Obamacare.3 But is there really that much of a divide in terms of the way we think, act, and vote? Or will we see a different story as we go deeper into the data? Let’s take a closer look at the voting data, starting with a map of the 2012 election results (figure 3‑1) from Mark Newman at the University of Michigan (note that red is light gray and blue is dark gray in this map).4 When you look at red states versus blue states, you see lots of divisions.
Affordable Care Act / Obamacare, bank run, banking crisis, Bernie Madoff, clean water, collateralized debt obligation, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, disintermediation, fiat currency, financial innovation, Fractional reserve banking, full employment, high net worth, housing crisis, invisible hand, life extension, low skilled workers, market bubble, market clearing, minimum wage unemployment, money market fund, moral hazard, negative equity, obamacare, Paul Samuelson, price mechanism, price stability, profit maximization, quantitative easing, race to the bottom, reserve currency, risk/return, Robert Shiller, Robert Shiller, The Bell Curve by Richard Herrnstein and Charles Murray, too big to fail, transaction costs, yield curve, zero-sum game
Dennis Cauchon, “Federal Workers Earning Double Their Private Counterparts,” USA Today, August 13, 2010, http://www.usatoday.com/money/economy/income/2010-08-10-1Afedpay10_ST_Nhtm. 4. For further analysis and a well-thought-out plan for privatizing social security by two long-term experts, see Peter Ferrara and Michael Tanner, A New Deal for Social Security (Washington, DC: Cato Institute, 1998). 5. For a detailed examination and critique of the Patient Protection and Affordable Care Act (Obamacare), see Michael tanner, Bad Medicine: A Guide to the Real Costs and Consequences of the New Health Care Law (Washington, DC: Cato Institute, 2011). 6. See, for example, Brian Riedl, “A Guide to Fixing Social Security, Medicare, and Medicaid,” Heritage Foundation, Backgrounder #2114, March 2008, http://www.heritage.org/research/reports/2008/03/a-guide-to-fixing-social-security-medicare-and-medicaid. 7.
However, in 20 to 30 years, the increased productivity created by real savings from allowing individuals to invest privately will cover a substantial portion of the existing social security shortfall.4 The real capital from private savings will increase the productivity of American workers and raise our standard of living. Medicare and Medicaid are much bigger problems than social security. Unless there are changes, the cost of Medicare and Medicaid will consume our total GNP by 2050. The system will have to be fixed. The new healthcare program (Obamacare) only aggravates the problems in the system by promoting more healthcare demand and spending while curbing incentives for the providers of healthcare. I will not offer a diagnosis of Obamacare except to state that, as designed, it is mathematically certain to fail.5 It creates massive incentives for private employers to push their employees onto the government program. It will increase, not decrease, cost. We need a new answer. Offering a solution to the Medicare problem is beyond the scope of this book.
Fed Up: An Insider's Take on Why the Federal Reserve Is Bad for America by Danielle Dimartino Booth
Affordable Care Act / Obamacare, asset-backed security, bank run, barriers to entry, Basel III, Bernie Sanders, break the buck, Bretton Woods, central bank independence, collateralized debt obligation, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, financial deregulation, financial innovation, fixed income, Flash crash, forward guidance, full employment, George Akerlof, greed is good, high net worth, housing crisis, income inequality, index fund, inflation targeting, interest rate swap, invisible hand, John Meriwether, Joseph Schumpeter, liquidity trap, London Whale, Long Term Capital Management, margin call, market bubble, Mexican peso crisis / tequila crisis, money market fund, moral hazard, Myron Scholes, natural language processing, negative equity, new economy, Northern Rock, obamacare, price stability, pushing on a string, quantitative easing, regulatory arbitrage, Robert Shiller, Robert Shiller, Ronald Reagan, selection bias, short selling, side project, Silicon Valley, The Great Moderation, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, yield curve
Why, then, had the Texas economy surpassed: FRBD: Richard Fisher, “The Limits of the Powers of Central Banks (With Metaphoric References to Edvard Munch’s Scream and Sir Henry Raeburn’s The Reverend Robert Walker Skating on Duddingston Loch (speech, St. Andrews University, June 5, 2012), www.dallasfed.org/news/speeches/fisher/2012/fs120605.cfm. In addition to businesses: Obamacare bill: The Patient Protection and Affordable Care Act, obamacarefacts.com/obamacarebill/. Even before the August 2012: Jon Hilsenrath, “How Bernanke Pulled the Fed His Way,” Wall Street Journal, September 28, 2012. “They have gone about their usual”: Mamta Badkar, “Stephen Roach: WSJ Report Jon Hilsenrath Is the Chairman of the Fed,” BusinessInsider.com, July 25, 2012. “These leaks are co-opting Fed policy”: Jim Bianco, e-mail to Danielle DiMartino Booth, July 26, 2012, used by permission.
Central bankers have invited politicians to abdicate their leadership authority to an inbred society of PhD academics who are infected to their core with groupthink, or as I prefer to think of it: “groupstink.” Annual borrowing costs for the United States since 2008 have hovered around 1.8 percent, thanks to an overly accommodating Fed, which allowed a dysfunctional Congress and the administration of former President Barack Obama to kick the responsibility down the road. Massive spending programs, however ill conceived, got funded with little opposition. Obamacare, anyone? According to the Congressional Budget Office (CBO), since 2008 federal debt held by the public has nearly doubled and now stands at 75 percent of gross domestic product (GDP). If this lunacy doesn’t end, debt will be 110 percent of GDP by 2036, exceeding the post–World War II peak of 106 percent. And yet feckless politicians get to brag that they’ve cut the deficit, a distinction lost on too many of us.
Oil accounted for some of the effect; but only 2 percent of employment in Texas was directly generated by energy. Fisher credited state and local governments whose tax, spending, and regulatory policies were oriented toward job creation. But the Fed continued to look at the nation’s unemployment metrics as a whole without examining what was working at the state level. In addition to businesses not knowing what the Fed was going to do, Obamacare, signed into law by the president on March 23, 2010, added another level of uncertainty, encouraging businesses to wait until the dust settled. Even before the August 2012 FOMC meeting, Bernanke began making dozens of phone calls to FOMC members to gather support for a proposal he planned to present at the September meeting. To continue downward pressure on long-term rates, Bernanke wanted to extend Operation Twist.
Why America Must Not Follow Europe by Daniel Hannan
The trouble is that eventually, the money runs out. Europe is falling further and further behind, sustaining its living standards by borrowing, dwindling as a force in the world. The U.S., which has expanded its federal government by 30 percent since 2008, seems determined to duplicate that error. REPEALING STATE HEALTH CARE: IF IT WERE DONE WHEN ’TIS DONE, THEN ’TWERE WELL IT WERE DONE QUICKLY Once ObamaCare takes hold, it won’t easily be undone. The moment politicians become responsible for treating the sick, it becomes almost impossible to suggest any significant overhaul of the system – or indeed, any reduction in the budget. I can best demonstrate this phenomenon with a personal recollection. In August 2009, I was asked on Fox News whether I’d recommend the British health care model to Americans.
Doctored: The Disillusionment of an American Physician by Sandeep Jauhar
Affordable Care Act / Obamacare, delayed gratification, illegal immigration, income inequality, Induced demand, medical malpractice, moral hazard, obamacare, profit motive, randomized controlled trial, source of truth, stem cell, The Wealth of Nations by Adam Smith, Yogi Berra
This case, in which expert consultations sprouted with little rhyme, reason, or coordination, reinforced a lesson I learned many times in my first year as an attending: In our health care system, if you have a slew of physicians and a willing patient, almost any sort of terrible excess can occur. There are many downsides to having too many doctors on a case. Specialists’ recommendations are often at cross-purposes. The kidney doctor advises “careful hydration”; the cardiologist, discontinuation of intravenous fluid. Because specialists aren’t paid to confer with one another or coordinate care—at least as of this writing; Obamacare is looking to put into place payment systems that will do just this—they often leave primary attendings without a clear direction as to what to do. More important, patients don’t always require specialists. Patients often have “overlap syndromes” (we used to call it aging), which cannot be compartmentalized into individual problems and are probably best managed by a good general physician. When specialists are called in, they are apt to view each problem through the lens of their specific organ expertise.
Nevertheless, many self-employed doctors recoil at the idea of institutional employment and intrusion on their decision-making authority. Another option is to use bundled payments. A major driver of overutilization is that doctors are paid piecework. There is less of an incentive to increase volume if payments are packaged (e.g., for an entire hospitalization) rather than discrete for every service. Yet another possibility is “accountable care organizations” advanced by Obamacare, in which teams of doctors would be responsible (and paid accordingly) for their patients’ clinical outcomes. Of course, such a scheme would force doctors to work together and to coordinate care. Unfortunately, most doctors, notoriously independent and already smothered in paperwork, have generally performed poorly in this regard. However, if we want to maintain the current fee-for-service system, reforms will have to focus less on payment models and more on education.
A physician recently wrote online: “The reason we are feeling ‘burnout’ is that there does not seem to be any hope for things to get better.” Another said, speaking for many in private practice who stand to lose the most from policy proposals to restrict fee-for-service and encourage greater use of nurse practitioners and physician’s assistants to do what was formerly doctors’ work, “We look forward to a future of a fully implemented Obamacare where physicians are but meaningless pawns in the hands of those who are pushing this absurd social experiment.” Such irrational anger, the almost operatic self-pity, has become commonplace. I encountered it countless times those first few years at LIJ. Colleagues would complain: We are not being allowed to work in a market economy. We are not being allowed to charge what the market will bear, or for what we should be able to charge on the basis of our expenses and our education, thanks to the “price-fixing” that starts with Medicare and trickles down to other insurers.
active measures, Affordable Care Act / Obamacare, barriers to entry, business process, Claude Shannon: information theory, Clayton Christensen, commoditize, conceptual framework, corporate governance, creative destruction, Daniel Kahneman / Amos Tversky, discounted cash flows, diversified portfolio, double entry bookkeeping, Exxon Valdez, financial innovation, fixed income, hydraulic fracturing, index fund, information asymmetry, intangible asset, inventory management, Joseph Schumpeter, Kenneth Arrow, knowledge economy, moral hazard, new economy, obamacare, quantitative easing, quantitative trading / quantitative ﬁnance, QWERTY keyboard, race to the bottom, risk/return, Robert Shiller, Robert Shiller, shareholder value, Steve Jobs, The Great Moderation, value at risk
This, along with our first proposal to avoid the valuation in financial reports of nontraded assets/liabilities, will go a long way to restore the reliability of financial information.30 And now for our third and last proposal. III. MITIGATE ACCOUNTING COMPLEXITY Here is the Lev-Gu law of the dynamics of regulation: Regulatory systems strive to be even more complex than the structures or institutions they were charged to regulate. A race to the bottom, so to speak. If you doubt the universality of our law, think of the 1,990 pages of the original 2009 Affordable Health Care Act (Obamacare), ballooning to about 20,000 pages four years later,31 or the Dodd–Frank Wall Street Reform and Consumer Protection Act, originally at 848 pages, and mushrooming to 13,789 pages as of July 2013 (and still going strong—the length, we mean).32 And not only in America: No regulatory agency rivals the European Union in scope, intrusion, and complexity of regulation. Accounting is no exception. The organization and operations of business enterprises, particularly the global ones, are obviously quite complex, but the regulations concerning the accounting and reporting on these operations exceed even business complexity.
He proposed providing a triple-column income statement: a column informing on fact-based revenues and expenses, a second to summarize the estimates in revenues and expenses, and a “totals” column, identical to today’s income statement (see Yuji Ijiri, Cash Is a Fact, but Income Is a Forecast, working paper (Pittsburgh: Carnegie Mellon University, 2002)). No doubt, such a clear separation of facts from estimates will be highly informative to investors. 31. The 1,990-page number is from Computational Legal Studies, November 8, 2009. Rep. Richard Hudson (R-NC.) speaking on “Fox and Friends” on May 13, 2013, said: “Implementation [of Obamacare] has also become a bureaucratic nightmare, with some 159 new government agencies, boards, and programs busily enforcing the 20,000 pages of rules and regulations already associated with this law.” 32. Joe Mont, “Three Years in, Dodd-Frank Deadlines Missed as Page Count Rises,” Compliance Week (July 22, 2013). 33. A demonstration: Barron’s (July 27, 2015, p. 20) wrote the following about the transportation ticketing company Cubic Corp.: “Earnings are expected to drop 30 percent in the fiscal year ending September . . . .
AARP members, impact 149 Acceleration (operations) 7 Accounting 31–32 advocacy 240 bottom line 116–117 complexity 61 fighting 223–224 mitigation 221–222 reasons 222 complication 61–62 contribution, trivialization 46–47 decline 81 defense 70 estimates domination 95–96 impact 98–100 increase 100–101 problems 79 proliferation, reversal 219–221 reliability, enhancement 98 events 105–107 expenses, breakdown (usage) 175–176 facts 94 absence 79 fairness 35–36 fault 50 fiction 94 graveyards 86 impact, intention 17–18 information (usefulness loss), investor interest 68–70 link, absence 104–105 losses 57–58 procedures, structure (impact) 35 recognition, delay 105–106 records, triggers 79–80 reform agenda 213 regulations, proliferation 56–57 relevance decrease 37, 41, 89f loss 88–90 reporting, direction (change) 214 revitalization 213–214 ROE 22 rules, change (demand) 90 Strategic Resources & Consequences Report issue 197 treatment. See Intangible assets. uncertainty/vagueness, example 94–95 usefulness, quest 62 Accounts receivable 96 Acquired intangibles, certainty 84 Adjusted coefficient of variation (R2 ) 33, 89, 108 Affordable Health Care Act (Obamacare) 221 Agent-driven policies 152 Agents, importance 152–153 All-in sustaining costs (AISC) 204 Allstate advertising campaign 155 Drive Wise car device 152 online customers 156 rate-increasing policy 151 Alphabet (Google) 120 Amazon, patents 78 247 248 Ambiguity, increase 68–69 American Airlines, balance sheet 87 Amgen, Inc. market share data, inconsistency 169 sales 169 Amortization 95 estimate 79 Analyst forecasts 45, 46f performance-related information source 44 release 46–47 Analysts ambiguity, increase 64f guidance 15–17 impact 62 pipeline questions, Pfizer response 200–201 pipeline-related questions, number/percentage 202f questions 114–115 Annual earnings releases 44 Annual report, extensiveness 5 Apple brand, value 234 car streaming market 140 patents 78 problem 90 Arm’s-length transactions 83–84 Assets amortization 216–217 conceptual assets 82 deployment, outcomes 125 fair valuation 37–38 fair values 61 obsolescence 124 real assets 82 recognition 78 treatment (intangible assets) 214–217 write-downs 109 write-offs 37, 97 AstraZeneca 166 Actavis acquisition 164 drug extension 174 stock price loss 104–105 Auden McKenzie 164 SUBJECT INDEX Bad debt expense 220 Bad-debt reserve 79 Balance sheet 4, 5 corporate balance sheets, recognition 78 distortion 37 usage 7 Bayer, brand (value) 234 Berkshire Hathaway 153 Beta tests 105 Biotech, Strategic Resources & Consequences Report 163 Blackberry patents, problem 90 Blue Book 97 Boeing, innovation strategies 85 Book-to-bill ratio 204 Book value impact 31f investor usage 32–33 problems 34–35 regression 89f relevance-loss 34–35 share 35f Book value of equity (BV) 38 Bottom line 116–117 Brands 234 creation 134 development 153 enhancement 175 British Petroleum (BP) household name 180 problems 189 Buffett, Warren 37, 53, 97, 153 Build-to-order business model 232 Businesses enterprises evolution 53 long-term objective 119–120 failure 90 fundamentals 58 organization, change 6–7 processes 78, 83 IT support 122–123 volatility, decrease 71–73 BV.
Affordable Care Act / Obamacare, Airbnb, algorithmic trading, barriers to entry, Berlin Wall, bitcoin, Build a better mousetrap, centralized clearinghouse, Chuck Templeton: OpenTable, commoditize, computer age, computerized markets, crowdsourcing, deferred acceptance, desegregation, experimental economics, first-price auction, Flash crash, High speed trading, income inequality, Internet of things, invention of agriculture, invisible hand, Jean Tirole, law of one price, Lyft, market clearing, market design, medical residency, obamacare, proxy bid, road to serfdom, school choice, sealed-bid auction, second-price auction, second-price sealed-bid, Silicon Valley, spectrum auction, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, The Wealth of Nations by Adam Smith, two-sided market
Under the present rules, it is in many ways harder to finance a clinic that educates diabetes patients on diet and other ways to control their disease than it is to finance the vastly more expensive dialysis and kidney transplants that become necessary when the disease progresses out of control. Changing the market for health care is famously difficult; national political campaigns have been waged over it. More than four decades ago, President Richard Nixon tried and failed to set up a nationwide system that would provide health care for all. Only in the past couple of years has another attempt, the Affordable Care Act, or Obamacare, been enacted, and it is still hotly contested. But if I had to guess where the beginnings of good design might emerge, it would be in the health-care policies of large companies that self-insure their workers. Such companies benefit from keeping their workers healthy, as well as from reducing the costs of caring for them once they become ill. Sitting here in California, another badly designed market whose consequences I see is that for water rights.
.” [>] matching markets: Of course, one of the contributions of market design is to bring into clear focus, as markets, a wider class of things than just commodity markets, in which price does all the work. The English language gives us a head start on that, speaking as it does not only of job markets but also of marriage markets. Index Abdulkadiroğlu, Atila, 35, 107, 153 on school choice, 126–28, 165, 241, 243 activity rules, 187–88 advertising, targeted, 189–92 “Advice to a Young Tradesman, Written by an Old One” (Franklin), 200–201 Affordable Care Act, 224 Airbnb, 99–103, 116 algorithms Boston Public Schools, 122–28 computerized markets and, 225–26 deferred acceptance, 141–44 in Boston Public Schools system, 162–65 in New York school choice program, 155–61 for financial marketplaces, 82–89 Internet dating sites, 176–77 kidney exchange, 35–38, 39–41 for medical residencies, 136–43 Roth-Peranson, 148–49 stable outcomes from, 139–43 Alliance for Paired Donation, 44, 49 Amazon, 20–21, 22 congestion management in, 24 simplicity in, 26 American Economic Association, 174, 175 Android, 21–22 anonymity, in commodity markets, 19–20 antibiotics, 133–34 Apple, 19 iPhone, 21–22, 24 application and selection processes, 5.
See also repugnant markets NEPKE, 8, 37, 38, 42, 44, 49, 50 New England Journal of Medicine, 45 New England Organ Bank, 36 New England Program for Kidney Exchange (NEPKE), 8, 37, 38, 42, 44, 49, 50 New York City school system, 8, 106–10, 112, 122, 153–61 benefits of revised, 160–61 old compared with new, 155–58 preferences in, 153–54, 156–60 New York State attorney general, 86, 88 New York Stock Exchange, 82–83 New York Times, 110 Nguyen, Hai, 38–39 Niederle, Muriel, 75–76, 176–77 Nixon, Richard, 224 nonsimultaneous chains in kidney exchange, 43–46, 49, 51–52, 235 NRMP, 7–8, 146 Obamacare, 224 objectification, 203 Ockenfels, Axel, 118, 120–21 Oklahoma Land Rush, 57–59, 80, 113–14 once-per-second market, 86, 88 OpenTable, 218 operating systems, 21–22 Orange Bowl, 61–62, 66 orthopedic surgeons, 78–80 Ostrovsky, Mike, 86–87 package bidding, 188–89, 225–26 parking decisions, 72–73, 125–26 Pathak, Parag, 107, 126, 149, 153, 165 payment systems credit cards, 23–26 in Internet marketplaces, 24, 104, 117 mobile, 26–27 privacy in, 119 PayPal, 24, 117, 119 Payzant, Tom, 126, 129 peacocks, 177–78 penicillin, 133–34 Peranson, Elliott, 147–48, 157 performance evaluation, 64 political campaign contributions, 203 politics free markets and, 226–28 in kidney exchanges, 49–51 polycystic kidney disease, 38–39 polygamy, 199 Posner, Richard, 91 price and pricing, 9.
23andMe, 3D printing, Affordable Care Act / Obamacare, Anne Wojcicki, Atul Gawande, augmented reality, bioinformatics, call centre, Clayton Christensen, clean water, cloud computing, commoditize, computer vision, conceptual framework, connected car, correlation does not imply causation, creative destruction, crowdsourcing, dark matter, data acquisition, disintermediation, don't be evil, Edward Snowden, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Firefox, global village, Google Glasses, Google X / Alphabet X, Ignaz Semmelweis: hand washing, information asymmetry, interchangeable parts, Internet of things, Isaac Newton, job automation, Joseph Schumpeter, Julian Assange, Kevin Kelly, license plate recognition, lifelogging, Lyft, Mark Zuckerberg, Marshall McLuhan, meta analysis, meta-analysis, microbiome, Nate Silver, natural language processing, Network effects, Nicholas Carr, obamacare, pattern recognition, personalized medicine, phenotype, placebo effect, RAND corporation, randomized controlled trial, Second Machine Age, self-driving car, Silicon Valley, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, Snapchat, social graph, speech recognition, stealth mode startup, Steve Jobs, the scientific method, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, Turing test, Uber for X, Watson beat the top human players on Jeopardy!, X Prize
In 2014, the Institute of Medicine issued a report on medical education, assessing the physician workforce with a key conclusion about the looming shortage: “does not find any credible evidence to support such claims.”106e Echoing this conclusion, a most unlikely bipartisan combination of authors—Scott Gottlieb and Ezekiel Emanuel—representing extreme views of the Republican and Democratic parties, respectively, wrote a pointed piece, “No, There Won’t Be a Doctor Shortage.”107 While acknowledging the aging of the population and the increased demand related to thirty million newly insured Americans via the Affordable Care Act, they declared: “The road to Obamacare has seen its share of speed bumps, as well as big potholes. But a physician shortage is unlikely to be one of its roadblocks.”107 Beyond echoing the use of nurses, pharmacists, dieticians, health aides, and other nonphysicians, and the profound waste in American health care (as reviewed in Chapter 8), they aptly point out: “Innovations, such as sensors that enable remote monitoring of disease and more timely interventions, can help pre-empt the need for inpatient treatment.”107 And that is just the beginning of how innovative technology and unplugged medicine can markedly improve the efficiency of physicians.
So although the AMA has more than 100,000 practicing physicians in its ranks, it represents only 15 percent of practicing physicians in the country.26 This reflects substantial attrition from the 1950s when the AMA had roughly 75 percent of American physicians as members. Despite representing only a minority of physicians in the United States, the AMA has immense lobbying power with the government and a history of exerting this force on health care policy, such as with the Affordable Care Act, the origins of Medicare, and the influence of health maintenance organizations. In the interest of full disclosure, back in 2012, I had a bit of a flap with the AMA after the Wall Street Journal published an interview with me on innovation in medicine, which contained the following: WSJ: What are roadblocks for moving to this new world? DR. TOPOL: But what has really gotten me stirred up is the issue of whether patients should have access to their own health data.
Now we’re ready to move on to the specific types of information that will be increasingly accessible for any individual, and that will irrevocably alter one’s medical future. * She became one of about 250,000 women each year who have such testing. At the time this was done, there was only one company that did sequencing of BRCA genes—Myriad Genetics—and the cost was between $3,000 and $4,500. Health insurance companies would have defrayed this cost because of fulfilling coverage criteria. In 2014, with the implementation of the Affordable Care Act in the United States, insurers are now required to fully reimburse the cost of BRCA sequencing for women with qualifying risk. † And while on the subject of family, it will be important for Jolie’s three biologic children to have BRCA genomic screening. Someday one of them, when having children of their own, could have their eggs or embryos screened for in vitro fertilization to be certain the BRCA mutation is not passed along
Simple Rules: How to Thrive in a Complex World by Donald Sull, Kathleen M. Eisenhardt
Affordable Care Act / Obamacare, Airbnb, asset allocation, Atul Gawande, barriers to entry, Basel III, Berlin Wall, carbon footprint, Checklist Manifesto, complexity theory, Craig Reynolds: boids flock, Credit Default Swap, Daniel Kahneman / Amos Tversky, diversification, drone strike, en.wikipedia.org, European colonialism, Exxon Valdez, facts on the ground, Fall of the Berlin Wall, haute cuisine, invention of the printing press, Isaac Newton, Kickstarter, late fees, Lean Startup, Louis Pasteur, Lyft, Moneyball by Michael Lewis explains big data, Nate Silver, Network effects, obamacare, Paul Graham, performance metric, price anchoring, RAND corporation, risk/return, Saturday Night Live, sharing economy, Silicon Valley, Startup school, statistical model, Steve Jobs, TaskRabbit, The Signal and the Noise by Nate Silver, transportation-network company, two-sided market, Wall-E, web application, Y Combinator, Zipcar
Hetzel, “Henry Thornton: Seminal Monetary Theorist and Father of the Modern Central Bank,” FRB Richmond Economic Review 73, no. 4 (1987): 3–16. [>] “You have to work: Andy Reinhardt, “Steve Jobs on Apple’s Resurgence: ‘Not a One-Man Show,’” Business Week Online, May 12, 1998, http://www.businessweek.com/bwdaily/dnflash/may1998/nf80512d.htm. [>] Much of the complexity: Scott A. Hodge, “Out with the Extenders, In with the New Obamacare Taxes,” Tax Foundation, Tax Policy Blog, December 31, 2013, http://taxfoundation.org/blog/out-extenders-new-obamacare-taxes. [>] A recent study found: Sophie Shive and Margaret Forster, “The Revolving Door for Financial Regulators” (working paper, University of Notre Dame, May 17, 2014), available at Social Science Research Network, http://ssrn.com/abstract=2348968 or http://dx.doi.org/10.2139/ssrn.2348968. [>] Andy Haldane is: John Cassidy, “The Hundred Most Influential People: Andy Haldane,” Time, April 23, 2014, http://time.com/70833/andy-haldane-2014-time-100/. [>] At a recent conference: Andrew G.
Hacking Politics: How Geeks, Progressives, the Tea Party, Gamers, Anarchists and Suits Teamed Up to Defeat SOPA and Save the Internet by David Moon, Patrick Ruffini, David Segal, Aaron Swartz, Lawrence Lessig, Cory Doctorow, Zoe Lofgren, Jamie Laurie, Ron Paul, Mike Masnick, Kim Dotcom, Tiffiniy Cheng, Alexis Ohanian, Nicole Powers, Josh Levy
4chan, Affordable Care Act / Obamacare, Airbnb, Bernie Sanders, Burning Man, call centre, Cass Sunstein, collective bargaining, creative destruction, crony capitalism, crowdsourcing, don't be evil, facts on the ground, Firefox, hive mind, immigration reform, informal economy, jimmy wales, Kickstarter, liquidity trap, Mark Zuckerberg, obamacare, Occupy movement, offshore financial centre, peer-to-peer, Plutocrats, plutocrats, prisoner's dilemma, QR code, rent-seeking, Silicon Valley, Skype, technoutopianism, WikiLeaks, Y Combinator
For example, some Pentagon officials might want to discredit those sharing information about how the American public were misled into believing Saddam Hussein had weapons of mass destruction. Federal Reserve Chairman Ben Bernanke might seek to prevent exposing the role of the Federal Reserve in bailing out up both American and European banks. Some supporters of the Patient Protection and Affordable Care Act (or “Obamacare”) might want the government’s fact checkers to discredit those who expose how the pharmaceutical industry and the insurance lobby provided sought to enrich themselves by supporting the bill. Taxpayers should not be forced to subsidize a propaganda machine designed to keep them from knowing the truth about their government. 276 THE BATTLE FOR INTERNET FREEDOM IS CRITICAL Proposals to use the power of the government to discredit and marginalize those who use the Internet to disseminate information are not the only threat to Internet freedom.
Over the last decade, pharmaceutical interests have spent almost two billion dollars lobbying U.S. government branches to meet commercial goals, such as preventing drug price negotiations and new importation laws to lower domestic prices. Additionally, the Obama administration made a deal with the pharmaceutical industry; the administration would drop its tacit support of drug importation in exchange for industry support of Obamacare and modest price rebates to government health care programs. Had SOPA become law, search engines, domain registrars and registries, credit card companies, payment processors and advertisers would be encouraged to refuse their services to safe online pharmacies. Supporters of SOPA obtusely pointed to the bill’s language on online pharmacies to argue that the bill was not only about protecting intellectual property and copyrights but protecting lives.
Specifically, government guarantees of health care—a Medicare-for-all program, more efficient than the private insurance system—and pensions more robust than Social Security—would give Americans some assurance that they wouldn’t starve. They’d enable entrepreneurship, as health care access is a concern that forces people to scurry towards and hold onto jobs they don’t want 94 L abor S ides w ith the B osses instead of starting their own shops (though this predicament will be somewhat improved under Obamacare). The appropriate societal response to hard economic times and workers’ desires for portable retirement plans isn’t to convert traditional pensions into 401(k)s—rather, it’s to institute a robust federal pension system. A step between here and there would be to adopt the plans most Europeans have access to—much more robust even under austerity than the crumbs we toss at American seniors. Such programs would also relieve employers of the burdens of carrying the cost of benefits and would generate economies of scale from which society doesn’t benefit at present.
#Republic: Divided Democracy in the Age of Social Media by Cass R. Sunstein
A Declaration of the Independence of Cyberspace, affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, Cass Sunstein, choice architecture, Donald Trump, drone strike, Erik Brynjolfsson, Filter Bubble, friendly fire, global village, illegal immigration, immigration reform, income inequality, Jane Jacobs, loss aversion, Mark Zuckerberg, obamacare, prediction markets, road to serfdom, Ronald Reagan, Silicon Valley, Skype, Snapchat, stem cell, The Chicago School, The Death and Life of Great American Cities, The Wisdom of Crowds
An especially interesting line of research explores how members of Congress are using hashtags, often framing issues in their preferred ways and promoting echo chambers that serve their interests.29 A central finding is that while Democrats and Republicans discuss overlapping issues, they use notably different hashtags. Among Democrats, the most popular issues in the relevant period include health care (#ACA, for the Affordable Care Act), student loans (#DontDoubleMyRate), and employment (#JOBS). The Republicans’ top issues are not so different: employment (#4jobs), themselves (#tcot), and health care (#Obamacare). But the two parties do use radically different frames. The term #ACA, preferred by Democrats, has a positive or neutral valence about the Affordable Care Act, whereas #Obamacare and #Fullrepeal, favored by Republicans, are clearly meant to be negative. Like political activists, members of Congress can be seen as hashtag entrepreneurs. They choose a particular frame: #AllLives Matter, #TheSystemIsRigged, or #CorruptHillary.
Those who are most alarmed about climate change might prefer to learn that humanity really is at very serious risk than to learn that the climate change problem is probably not so bad. For them, bad news for humanity and the planet is, in a sense, good news (because it is affirming), and good news for humanity and the planet is, in an important sense, taken as bad news. These findings help explain polarization on many issues, and the role of social media in increasing it. With respect to the Affordable Care Act, for example, people encounter good news, to the effect that it has helped millions of people obtain health insurance, and also bad news, to the effect that health care costs and insurance premiums continue to increase. For the act’s supporters, the good news will have far more impact than the bad; for the opponents, the opposite is true. As the sheer volume of information increases, polarization will be heightened as well.
INDEX ABC, 152, 179, 181, 198 abortion, 66, 81, 90, 191–92, 208–9 accountability, 9, 24, 46, 50, 138–39, 262, 268n19 activists, 80, 82, 178, 234–35, 242 advertising: Facebook and, 4; freedom of speech and, 193, 198, 200–202, 205–6; improving, 224, 229–30; Internet and, 28; Pandora and, 33; polarization and, 63; public forums and, 34; radio and, 28; republicanism and, 257–58; spreading information and, 146, 152–53; television and, 28; V-chip and, 219 Affordable Care Act (ACA), 81, 129 African Americans, 59, 66, 70, 79–80, 100, 109, 135, 154, 163, 259 AIDS, 110 algorithms, 3, 15, 21–22, 28–29, 32, 122–24, 257, 265n2 Alien and Sedition Acts, 203 All Lives Matter movement, 59, 80–82, 259 Al-Qaeda, 236, 238–39, 242, 247 Amazon, 22, 31–33, 150, 188, 222, 229 American Civil War, 51, 211 American Prospect magazine, 184 Anderson, Chris, 149–50 AOL, 171 Apple, 246 Arab Spring, 38–39, 138, 162 architecture of control, 1–2, 4, 6 architecture of serendipity, 5 Aristotle, 46 Arpanet, 182–83 artificial intelligence (AI), 3, 5, 21 AT&T, 183–84 Attention and Effort (Kahneman), 18 Auletta, Ken, 31 authoritarianism, x, 11, 38, 73, 98, 108, 160, 165, 254 automobiles, 8, 26, 186, 267n2 backfiring corrections, 93–97, 111 balkanization, 66, 70, 73, 89, 111, 259 Barlow, John Perry, 178 baselines, 23–24 Beatles, 104 behavior: architecture of serendipity and, 5; behavioral science and, 17–18, 59, 103, 160; browsing habits and, 5, 21–22, 116, 124; Carnegie and, 160; citizens and, 160–62, 167–68; consumers and, 26; cybercascades and, 98–99, 103, 109, 114–18, 123–24, 130; emotion and, 16–17, 82, 96–97, 242; Facebook and, 16; general-interest intermediaries and, 17–18 (see also general-interest intermediaries); group, 5; legal issues and, 220–21; manipulation and, 17, 28–29, 95, 164; mass media and, 19; minimization of effort and, 18; monopolistic, 28–29, 195; online, 22, 65, 83, 98, 116–17, 130, 234–35; polarization and, 59, 61, 65–66, 83; recruitment tactics and, 9, 63, 68, 192, 212, 234, 236, 239–43, 245, 248–50, 255; regulation and, 187, 195; republicanism and, 257, 263; social media and, 22, 65, 83, 98, 116–17, 130, 234–35; special-interest intermediaries and, 20; terrorism and, 234–35 Benkler, Yochai, 153–55 Bergen, Peter, 283n22 Berger, J.
A Fine Mess by T. R. Reid
Affordable Care Act / Obamacare, Bernie Sanders, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Donald Trump, Double Irish / Dutch Sandwich, game design, Gini coefficient, High speed trading, Home mortgage interest deduction, Honoré de Balzac, income inequality, industrial robot, land value tax, loss aversion, mortgage tax deduction, obamacare, Occupy movement, offshore financial centre, oil shock, Plutocrats, plutocrats, race to the bottom, Ronald Reagan, seigniorage, Silicon Valley, Skype, Snapchat, sovereign wealth fund, Tesla Model S, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tobin tax, We are the 99%, WikiLeaks
Members of Congress love to harangue the IRS bureaucrats about lengthy tax forms and unfair rules and complex instructions—but of course the IRS isn’t responsible for the length, the fairness, or the complexity of our tax code. It is Congress that writes the tax laws. It’s Congress that adds hundreds of new exemptions, allowances, credits, and calculations to the tax code every year. It was Congress that decided to give the IRS responsibility for managing the health insurance subsidies flowing to millions of Americans under the Affordable Care Act (ObamaCare)—and then cut the agency’s staff after assigning it this major new task. It was Congress that assigned to the IRS the management of the earned income tax credit (EITC), which has become one of the nation’s largest support programs for low-income Americans. It was Congress that crafted the much-hated alternative minimum tax, which spawned whole new dimensions of complexity, and hours of additional work, for millions of families.
IRS Publication 525, Taxable and Nontaxable Income, 23. Index The page numbers in this index refer to the printed version of this book. The link provided will take you to the beginning of that print page. You may need to scroll forward from that location to find the corresponding reference on your e-reader. Abbott, Tony, 190 AbbVie, 157 accelerated depreciation, 55, 62 Affordable Care Act, 209, 218, 246 Afghanistan, 79, 167 Africa, 152, 201, 228 airline industry, 189–90 Alaska Permanent Fund, 192–93 alcohol tax, 37–38, 40, 105 Alliance Boots, 157–58 allowances, 2, 52–53, 60–61, 70, 72, 74, 165–66, 209. See also depletion/depreciation allowances; tax breaks alternative minimum tax, 210, 255 Amawhe, Achilles, 35, 47 American Jobs Creation Act, 168–69 Americans for Tax Reform, 245 America We Deserve, The (Trump), 98 ancient Rome, 30, 34 Andorra, 194–95 Apple Inc., 145, 148–51, 153–54, 161, 164, 170, 229 appraisers/appraisals, 83–84, 124, 129–30 Argentina, 145, 239 art, 83–84, 124, 133 Asia, 59, 201 audits, 40, 55, 143–44, 161, 163, 211, 223, 255 Austen, Jane, 121 austerity measures, 34, 42, 52, 112, 127, 129 Austin, Texas, 26 Australia and carbon tax, 8, 189–91 tax deductions in, 36, 41, 89–90 tax rates of, 19, 21, 146, 175 tax revenues of, 15, 17 VAT in, 228, 239, 243, 255 Austria, 14, 17, 19–20, 44, 78, 86, 132, 146 automobile industry, 21, 39–40, 71–74, 156, 164.
The whole thing is so complicated that the error rate is 27%, which means one out of four filers, and the IRS, have to spend even more time trying to get it right. This has prompted a mini-industry of tax fraud, with shysters going door-to-door in low-rent neighborhoods offering to fill out the EITC forms (for a fee, of course) whether the client actually qualifies or not. Similarly, the tax credits for people buying health insurance on the ObamaCare exchanges are generally aimed at low-income taxpayers and are also ridiculously complicated. There’s another significant cost as well to all this complexity. A tax code so byzantine that people can’t understand how much they have to pay badly undermines the spirit of voluntary payment that is essential to a successful tax regime. Economists talk about a concept called “tax morale,” which means people’s willingness to pay for the services government provides.
The Unwinding: An Inner History of the New America by George Packer
Affordable Care Act / Obamacare, Apple's 1984 Super Bowl advert, bank run, big-box store, citizen journalism, cleantech, collateralized debt obligation, collective bargaining, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, diversified portfolio, East Village, El Camino Real, Elon Musk, family office, financial independence, financial innovation, fixed income, Flash crash, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, housing crisis, income inequality, informal economy, Jane Jacobs, life extension, Long Term Capital Management, low skilled workers, Marc Andreessen, margin call, Mark Zuckerberg, market bubble, market fundamentalism, Maui Hawaii, Menlo Park, Neil Kinnock, new economy, New Journalism, obamacare, Occupy movement, oil shock, peak oil, Peter Thiel, Ponzi scheme, Richard Florida, Robert Bork, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, side project, Silicon Valley, Silicon Valley startup, single-payer health, smart grid, Steve Jobs, strikebreaker, The Death and Life of Great American Cities, the scientific method, too big to fail, union organizing, urban planning, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, white picket fence, zero-sum game
We had never had a voice and we were starting to create our own voice.” They were people like her—not country club Republicans, just people who felt something was wrong. And she had brought them together. That was the beginning of Karen Jaroch’s life in politics. Summer brought Obamacare and a nationwide rebellion. On August 6, Tampa’s Democratic congresswoman, Kathy Castor, held a town hall meeting in a room that was far too small for the fifteen hundred people trying to get in. Things descended into chaos when members of the 9/12 Project, enraged by Castor, enraged by Obamacare, enraged that the doors to the jammed room had been shut on hundreds of protesters, started shouting, “You work for us! You work for us! Tyranny! Tyranny!” until Castor gave up trying to speak and had to be escorted out. Karen was there, and the next afternoon she received a call from a producer at CNN.
It was a better America back then. If he could have grown up at any time it would have been in the fifties, which was the last great time in America. He hated to say it but it was true. Dean tried to do anything he could for Matt, but after Matt went five months without being able to pay his rent, Dean had to ask him to move out. The Andy Griffith Show was still popular in the region (even after Andy made an ad for Obamacare), with reruns every afternoon, because the original for Mayberry RFD was the town of Mount Airy, up at the Virginia border—now just another hard-hit textile town trying its best keep up a quaint appearance on Main Street for the sake of the tourists, shop windows displaying posters and photos and memorabilia with those goofy, reassuring, all-white faces from the show. At the end of July, a few days after his bankruptcy hearing in Greensboro, Dean made the hour’s drive to Mount Airy to see a woman on the city commission.
That Used to Be Us by Thomas L. Friedman, Michael Mandelbaum
3D printing, Affordable Care Act / Obamacare, Albert Einstein, Amazon Web Services, American Society of Civil Engineers: Report Card, Andy Kessler, Ayatollah Khomeini, bank run, barriers to entry, Berlin Wall, blue-collar work, Bretton Woods, business process, call centre, carbon footprint, Carmen Reinhart, Cass Sunstein, centre right, Climatic Research Unit, cloud computing, collective bargaining, corporate social responsibility, creative destruction, Credit Default Swap, crowdsourcing, delayed gratification, energy security, Fall of the Berlin Wall, fear of failure, full employment, Google Earth, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), job automation, Kenneth Rogoff, knowledge economy, Lean Startup, low skilled workers, Mark Zuckerberg, market design, mass immigration, more computing power than Apollo, Network effects, obamacare, oil shock, pension reform, Report Card for America’s Infrastructure, rising living standards, Ronald Reagan, Rosa Parks, Saturday Night Live, shareholder value, Silicon Valley, Silicon Valley startup, Skype, Steve Jobs, the scientific method, Thomas L Friedman, too big to fail, University of East Anglia, WikiLeaks
The voter sent the following note out to his Christmas card list: “Senator Bennett has been our friend for a long time, and he set the record straight, and I want everybody to know that these are the facts.” The correction had little effect. Repeatedly during the campaign voters came up to him at rallies, Bennett said, and grilled him: “‘You voted for ObamaCare.’ ‘No, I didn’t.’ ‘Yes, you did. I read it on the Internet. ’ ‘You voted for ObamaCare.’ ‘You voted for the stimulus.’ ‘You voted for TARP.’ I said, ‘Look, I am the guy who changed the proposed law from $700 billion to two tranches of $350 billion, because I wanted to see if it worked before I voted for the second, and I voted against the second $350 billion because of the way the first $350 billion was headed.’ ‘No, no, you wasted $700 billion.
Affordable Care Act / Obamacare, asset-backed security, bank run, banking crisis, Basel III, Bernie Madoff, Big bang: deregulation of the City of London, bitcoin, Black Swan, Bonfire of the Vanities, bonus culture, Bretton Woods, call centre, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, cognitive dissonance, corporate governance, Credit Default Swap, cross-subsidies, dematerialisation, diversification, diversified portfolio, Edward Lloyd's coffeehouse, Elon Musk, Eugene Fama: efficient market hypothesis, eurozone crisis, financial innovation, financial intermediation, financial thriller, fixed income, Flash crash, forward guidance, Fractional reserve banking, full employment, George Akerlof, German hyperinflation, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, income inequality, index fund, inflation targeting, information asymmetry, intangible asset, interest rate derivative, interest rate swap, invention of the wheel, Irish property bubble, Isaac Newton, John Meriwether, light touch regulation, London Whale, Long Term Capital Management, loose coupling, low cost carrier, M-Pesa, market design, millennium bug, mittelstand, money market fund, moral hazard, mortgage debt, Myron Scholes, new economy, Nick Leeson, Northern Rock, obamacare, Occupy movement, offshore financial centre, oil shock, passive investing, Paul Samuelson, peer-to-peer lending, performance metric, Peter Thiel, Piper Alpha, Ponzi scheme, price mechanism, purchasing power parity, quantitative easing, quantitative trading / quantitative ﬁnance, railway mania, Ralph Waldo Emerson, random walk, regulatory arbitrage, Renaissance Technologies, rent control, Richard Feynman, risk tolerance, road to serfdom, Robert Shiller, Robert Shiller, Ronald Reagan, Schrödinger's Cat, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, sovereign wealth fund, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, Steve Wozniak, The Great Moderation, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Tobin tax, too big to fail, transaction costs, tulip mania, Upton Sinclair, Vanguard fund, Washington Consensus, We are the 99%, Yom Kippur War
‘No man is an island … therefore never send to know for whom the bell tolls; it tolls for thee.’33 Decent societies do not give people the option of being unable to afford necessary medical treatment, or of finding themselves destitute in old age, even if these options have in some sense been chosen by the individuals themselves. Or at least enough people feel that way to make it impossible, even if it were practicable, to implement solutions to the challenges of everyday risk based exclusively on personal choices and market solutions. ‘Obamacare’ – President Obama’s scheme for universal health provision in the USA – is the last skirmish in the battle to provide universal healthcare throughout the developed world. In other countries this issue is no longer contested, although the precise mechanisms and the levels of provision vary. Private health insurers, where they exist, are generally either social agencies or organisations that pool risks on behalf of employers.
.: Hyperion 220 Loomis, Carol 108 lotteries 65, 66, 68, 72 Lucas, Robert 40 Lynch, Dennios 108 Lynch, Peter 108, 109 M M-Pesa 186 Maastricht Treaty (1993) 243, 250 McCardie, Sir Henry 83, 84, 282, 284 McGowan, Harry 45 Machiavelli, Niccolò 224 McKinley, William 44 McKinsey 115, 126 Macy’s department store 46 Madoff, Bernard 29, 118, 131, 132, 177, 232, 293 Madoff Securities 177 Magnus, King of Sweden 196 Manhattan Island, New York: and Native American sellers 59, 63 Manne, Henry 46 manufacturing companies, rise of 45 Marconi 48 marine insurance 62, 63 mark-to-market accounting 126, 128–9, 320n22 mark-to-model approach 128–9, 320n21 Market Abuse Directive (MAD) 226 market economy 4, 281, 302, 308 ‘market for corporate control, the’ 46 market risk 97, 98, 177, 192 market-makers 25, 28, 30, 31 market-making 49, 109, 118, 136 Markets in Financial Instruments Directive (MIFID) 226 Markkula, Mike 162, 166, 167 Markopolos, Harry 232 Markowitz, Harry 69 Markowitz model of portfolio allocation 68–9 Martin, Felix 323n5 martingale 130, 131, 136, 139, 190 Marx, Groucho 252 Marx, Karl 144, 145 Capital 143 Mary Poppins (film) 11, 12 MasterCard 186 Masters, Brooke 120 maturity transformation 88, 92 Maxwell, Robert 197, 201 Mayan civilisation 277 Meade, James 263 Means, Gardiner 51 Meeker, Mary 40, 167 Melamed, Leo 19 Mercedes 170 merchant banks 25, 30, 33 Meriwether, John 110, 134 Merkel, Angela 231 Merrill Lynch 135, 199, 293, 300 Merton, Robert 110 Metronet 159 Meyer, André 205 MGM 33 Microsoft 29, 167 middleman, role of the 80–87 agency and trading 82–3 analysts 86 bad intermediaries 81–2 from agency to trading 84–5 identifying goods and services required 80, 81 logistics 80, 81 services from financial intermediaries 80–81 supply chain 80, 81 transparency 84 ‘wisdom of crowds’ 86–7 Midland Bank 24 Milken, Michael 46, 292 ‘millennium bug’ 40 Miller, Bill 108, 109 Minuit, Peter 59, 63 Mises, Ludwig von 225 Mittelstand (medium-size business sector) 52, 168, 169, 170, 171, 172 mobile banking apps 181 mobile phone payment transfers 186–7 Modigliani-Miller theorem 318n9 monetarism 241 monetary economics 5 monetary policy 241, 243, 245, 246 money creation 88 money market fund 120–21 Moneyball phenomenon 165 monopolies 45 Monte Carlo casino 123 Monte dei Paschi Bank of Siena 24 Montgomery Securities 167 Moody’s rating agency 21, 248, 249, 313n6 moral hazard 74, 75, 76, 92, 95, 256, 258 Morgan, J.P. 44, 166, 291 Morgan Stanley 25, 40, 130, 135, 167, 268 Morgenthau, District Attorney Robert 232–3 mortality tables 256 mortgage banks 27 mortgage market fluctuation in mortgage costs 148 mechanised assessment 84–5 mortgage-backed securities 20, 21, 40, 85, 90, 100, 128, 130, 150, 151, 152, 168, 176–7, 284 synthetic 152 Mozilo, Angelo 150, 152, 154, 293 MSCI World Bank Index 135 muckraking 44, 54–5, 79 ‘mugus’ 118, 260 multinational companies, and diversification 96–7 Munger, Charlie 127 Munich, Germany 62 Munich Re 62 Musk, Elon 168 mutual funds 27, 108, 202, 206 mutual societies 30 mutualisation 79 mutuality 124, 213 ‘My Way’ (song) 72 N Napoleon Bonaparte 26 Napster 185 NASA 276 NASDAQ 29, 108, 161 National Economic Council (US) 5, 58 National Employment Savings Trust (NEST) 255 National Institutes of Health 167 National Insurance Fund (UK) 254 National Provincial Bank 24 National Science Foundation 167 National Westminster Bank 24, 34 Nationwide 151 Native Americans 59, 63 Nazis 219, 221 neo-liberal economic policies 39, 301 Netjets 107 Netscape 40 Neue Markt 170 New Deal 225 ‘new economy’ bubble (1999) 23, 34, 40, 42, 98, 132, 167, 199, 232, 280 new issue market 112–13 New Orleans, Louisiana: Hurricane Katrina disaster (2005) 79 New Testament 76 New York Stock Exchange 26–7, 28, 29, 31, 49, 292 New York Times 283 News of the World 292, 295 Newton, Isaac 35, 132, 313n18 Niederhoffer, Victor 109 NINJAs (no income, no job, no assets) 222 Nixon, Richard 36 ‘no arbitrage’ condition 69 non-price competition 112, 219 Norman, Montagu 253 Northern Rock 89, 90–91, 92, 150, 152 Norwegian sovereign wealth fund 161, 253 Nostradamus 274 O Obama, Barack 5, 58, 77, 194, 271, 301 ‘Obamacare’ 77 Occidental Petroleum 63 Occupy movement 52, 54, 312n2 ‘Occupy Wall Street’ slogan 305 off-balance-sheet financing 153, 158, 160, 210, 250 Office of Thrift Supervision 152–3 oil shock (1973–4) 14, 36–7, 89 Old Testament 75–6 oligarchy 269, 302–3, 305 oligopoly 118, 188 Olney, Richard 233, 237, 270 open market operations 244 options 19, 22 Organisation for Economic Co-operation and Development (OECD) 263 Osborne, George 328n19 ‘out of the money option’ 102, 103 Overend, Gurney & Co. 31 overseas assets and liabilities 179–80, 179 owner-managed businesses 30 ox parable xi-xii Oxford University 12 P Pacific Gas and Electric 246 Pan Am 238 Paris financial centre 26 Parliamentary Commission on Banking Standards 295 partnerships 30, 49, 50, 234 limited liability 313n14 Partnoy, Frank 268 passive funds 99, 212 passive management 207, 209, 212 Patek Philippe 195, 196 Paulson, Hank 300 Paulson, John 64, 109, 115, 152, 191, 284 ‘payment in kind’ securities 131 payment protection policies 198 payments system 6, 7, 25, 180, 181–8, 247, 259–60, 281, 297, 306 PayPal 167, 168, 187 Pecora, Ferdinand 25 Pecora hearings (1932–34) 218 peer-to-peer lending 81 pension funds 29, 98, 175, 177, 197, 199, 200, 201, 208, 213, 254, 282, 284 pension provision 78, 253–6 pension rights 53, 178 Perkins, Charles 233 perpetual inventory method 321n4 Perrow, Charles 278, 279 personal financial management 6, 7 personal liability 296 ‘petrodollars’ 14, 37 Pfizer 96 Pierpoint Morgan, J. 165 Piper Alpha oil rig disaster (1987) 63 Ponzi, Charles 131, 132 Ponzi schemes 131, 132, 136, 201 pooled investment funds 197 portfolio insurance 38 Potts, Robin, QC 61, 63, 72, 119, 193 PPI, mis-selling of 296 Prebble, Lucy: ENRON 126 price competition 112, 219 price discovery 226 price mechanism 92 Prince, Chuck 34 private equity 27, 98, 166, 210 managers 210, 289 private insurance 76, 77 private sector 78 privatisation 39, 78, 157, 158, 258, 307 probabilistic thinking 67, 71, 79 Procter & Gamble 69, 108 product innovation 13 property and infrastructure 154–60 protectionism 13 Prudential 200 public companies, conversion to 18, 31–2, 49 public debt 252 public sector 78 Q Quandt, Herbert 170 Quandt Foundation 170 quantitative easing 245, 251 quantitative style 110–11 quants 22, 107, 110 Quattrone, Frank 167, 292–3 queuing 92 Quinn, Sean 156 R railroad regulation 237 railway mania (1840s) 35 Raines, Franklin 152 Rajan, Raghuram 56, 58, 79, 102 Rakoff, Judge Jed 233, 294, 295 Ramsey, Frank 67, 68 Rand, Ayn 79, 240 ‘random walk’ 69 Ranieri, Lew 20, 22, 106–7, 134, 152 rating agencies 21, 41, 84–5, 97, 151, 152, 153, 159, 249–50 rationality 66–7, 68 RBS see Royal Bank of Scotland re-insurance 62–3 Reagan, Ronald 18, 23, 54, 59, 240 real economy 7, 18, 57, 143, 172, 190, 213, 226, 239, 271, 280, 288, 292, 298 redundancy 73, 279 Reed, John 33–4, 48, 49, 50, 51, 242, 293, 314n40 reform 270–96 other people’s money 282–5 personal responsibility 292–6 principles of 270–75 the reform of structure 285–92 robust systems and complex structures 276–81 regulation 215, 217–39 the Basel agreements 220–25 and competition 113 the origins of financial regulation 217–19 ‘principle-based’ 224 the regulation industry 229–33 ‘rule-based’ 224 securities regulation 225–9 what went wrong 233–9 ‘Regulation Q’ (US) 13, 14, 20, 28, 120, 121 regulatory agencies 229, 230, 231, 235, 238, 274, 295, 305 regulatory arbitrage 119–24, 164, 223, 250 regulatory capture 237, 248, 262 Reich, Robert 265, 266 Reinhart, C.M. 251 relationship breakdown 74, 79 Rembrandts, genuine/fake 103, 127 Renaissance Technologies 110, 111, 191 ‘repo 105’ arbitrage 122 repo agreement 121–2 repo market 121 Reserve Bank of India 58 Reserve Primary Fund 121 Resolution Trust Corporation 150 retirement pension 78 return on equity (RoE) 136–7, 191 Revelstoke, first Lord 31 risk 6, 7, 55, 56–79 adverse selection and moral hazard 72–9 analysis by ‘ketchup economists’ 64 chasing the dream 65–72 Geithner on 57–8 investment 256 Jackson Hole symposium 56–7 Kohn on 56 laying bets on the interpretation of incomplete information 61 and Lloyd’s 62–3 the LMX spiral 62–3, 64 longevity 256 market 97, 98 mitigation 297 randomness 76 socialisation of individual risks 61 specific 97–8 risk management 67–8, 72, 79, 137, 191, 229, 233, 234, 256 risk premium 208 risk thermostat 74–5 risk weighting 222, 224 risk-pooling 258 RJR Nabisco 46, 204 ‘robber barons’ 44, 45, 51–2 Robertson, Julian 98, 109, 132 Robertson Stephens 167 Rockefeller, John D. 44, 52, 196 Rocket Internet 170 Rogers, Richard 62 Rogoff, K.S. 251 rogue traders 130, 300 Rohatyn, Felix 205 Rolls-Royce 90 Roman empire 277, 278 Rome, Treaty of (1964) 170 Rooney, Wayne 268 Roosevelt, Franklin D. v, 25, 235 Roosevelt, Theodore 43–4, 235, 323n1 Rothschild family 217 Royal Bank of Scotland 11, 12, 14, 24, 26, 34, 78, 91, 103, 124, 129, 135, 138, 139, 211, 231, 293 Rubin, Robert 57 In an Uncertain World 67 Ruskin, John 60, 63 Unto this Last 56 Russia defaults on debts 39 oligarchies 303 Russian Revolution (1917) 3 S Saes 168 St Paul’s Churchyard, City of London 305 Salomon Bros. 20, 22, 27, 34, 110, 133–4 ‘Salomon North’ 110 Salz Review: An Independent Review of Barclays’ Business Practices 217 Samuelson, Paul 208 Samwer, Oliver 170 Sarkozy, Nicolas 248, 249 Savage, L.J. 67 Scholes, Myron 19, 69, 110 Schrödinger’s cat 129 Scottish Parliament 158 Scottish Widows 26, 27, 30 Scottish Widows Fund 26, 197, 201, 212, 256 search 195, 209, 213 defined 144 and the investment bank 197 Second World War 36, 221 secondary markets 85, 170, 210 Securities and Exchange Commission (SEC) 20, 64, 126, 152, 197, 225, 226, 228, 230, 232, 247, 292, 293, 294, 313n6 securities regulation 225–9 securitisation 20–21, 54, 100, 151, 153, 164, 169, 171, 222–3 securitisation boom (1980s) 200 securitised loans 98 See’s Candies 107 Segarra, Carmen 232 self-financing companies 45, 179, 195–6 sell-side analysts 199 Sequoia Capital 166 Shad, John S.R. 225, 228–9 shareholder value 4, 45, 46, 50, 211 Sharpe, William 69, 70 Shell 96 Sherman Act (1891) 44 Shiller, Robert 85 Siemens 196 Siemens, Werner von 196 Silicon Valley, California 166, 167, 168, 171, 172 Simon, Hermann 168 Simons, Jim 23, 27, 110, 111–12, 124 Sinatra, Frank 72 Sinclair, Upton 54, 79, 104, 132–3 The Jungle 44 Sing Sing maximum-security gaol, New York 292 Skilling, Jeff 126, 127, 128, 149, 197, 259 Slim, Carlos 52 Sloan, Alfred 45, 49 Sloan Foundation 49 small and medium-size enterprises (SMEs), financing 165–72, 291 Smith, Adam 31, 51, 60 The Wealth of Nations v, 56, 106 Smith, Greg 283 Smith Barney 34 social security 52, 79, 255 Social Security Trust Fund (US) 254, 255 socialism 4, 225, 301 Société Générale 130 ‘soft commission’ 29 ‘soft’ commodities 17 Soros, George 23, 27, 98, 109, 111–12, 124, 132 South Sea Bubble (18th century) 35, 132, 292 sovereign wealth funds 161, 253 Soviet empire 36 Soviet Union 225 collapse of 23 lack of confidence in supplies 89–90 Spain: property bubble 42 Sparks, D.L. 114, 283, 284 specific risk 97–8 speculation 93 Spitzer, Eliot 232, 292 spread 28, 94 Spread Networks 2 Square 187 Stamp Duty 274 Standard & Poor’s rating agency 21, 99, 248, 249, 313n6 Standard Life 26, 27, 30 standard of living 77 Standard Oil 44, 196, 323n1 Standard Oil of New Jersey (later Exxon) 323n1 Stanford University 167 Stanhope 158 State Street 200, 207 sterling devaluation (1967) 18 stewardship 144, 163, 195–203, 203, 208, 209, 210, 211, 213 Stewart, Jimmy 12 Stigler, George 237 stock exchanges 17 see also individual stock exchanges stock markets change in organisation of 28 as a means of taking money out of companies 162 rise of 38 stock-picking 108 stockbrokers 16, 25, 30, 197, 198 Stoll, Clifford 227–8 stone fei (in Micronesia) 323n5 Stone, Richard 263 Stora Enso 196 strict liability 295–6 Strine, Chancellor Leo 117 structured investment vehicles (SIVs) 158, 223 sub-prime lending 34–5, 75 sub-prime mortgages 63, 75, 109, 149, 150, 169, 244 Summers, Larry 22, 55, 73, 119, 154, 299 criticism of Rajan’s views 57 ‘ketchup economics’ 5, 57, 69 support for financialisation 57 on transformation of investment banking 15 Sunday Times 143 ‘Rich List’ 156 supermarkets: financial services 27 supply chain 80, 81, 83, 89, 92 Surowiecki, James: The Wisdom of Crowds xi swap markets 21 SWIFT clearing system 184 Swiss Re 62 syndication 62 Syriza 306 T Taibbi, Matt 55 tailgating 102, 103, 104, 128, 129, 130, 136, 138, 140, 152, 155, 190–91, 200 Tainter, Joseph 277 Taleb, Nassim Nicholas 125, 183 Fooled by Randomness 133 Tarbell, Ida 44, 54 TARGET2 system 184, 244 TARP programme 138 tax havens 123 Taylor, Martin 185 Taylor Bean and Whitaker 293 Tea Party 306 technological innovation 13, 185, 187 Tel Aviv, Israel 171 telecommunications network 181, 182 Tesla Motors 168 Tetra 168 TfL 159 Thai exchange rate, collapse of (1997) 39 Thain, John 300 Thatcher, Margaret 18, 23, 54, 59, 148, 151, 157 Thiel, Peter 167 Third World debt problem 37, 131 thrifts 25, 149, 150, 151, 154, 174, 290, 292 ticket touts 94–5 Tobin, James 273 Tobin tax 273–4 Tolstoy, Count Leo 97 Tonnies, Ferdinand 17 ‘too big to fail’ 75, 140, 276, 277 Tourre, Fabrice ‘Fabulous Fab’ 63–4, 115, 118, 232, 293, 294 trader model 82, 83 trader, rise of the 16–24 elements of the new trading culture 21–2 factors contributing to the change 17–18 foreign exchange 18–19 from personal relationships to anonymous markets 17 hedge fund managers 23 independent traders 22–3 information technology 19–20 regulation 20 securitisation 20–21 shift from agency to trading 16 trading as a principal source of revenue and remuneration 17 trader model 82, 83 ‘trading book’ 320n20 transparency 29, 84, 205, 210, 212, 226, 260 Travelers Group 33, 34, 48 ‘treasure islands’ 122–3 Treasuries 75 Treasury (UK) 135, 158 troubled assets relief program 135 Truman, Harry S. 230, 325n13 trust 83–4, 85, 182, 213, 218, 260–61 Tuckett, David 43, 71, 79 tulip mania (1630s) 35 Turner, Adair 303 TWA 238 Twain, Mark: Pudd’nhead Wilson’s Calendar 95–6 Twitter 185 U UBS 33, 134 UK Independence Party 306 unemployment 73, 74, 79 unit trusts 202 United States global dominance of the finance industry 218 house prices 41, 43, 149, 174 stock bubble (1929) 201 universal banks 26–7, 33 University of Chicago 19, 69 ‘unknown unknowns’ 67 UPS delivery system 279–80 US Defense Department 167 US Steel 44 US Supreme Court 228, 229, 304 US Treasury 36, 38, 135 utility networks 181–2 V value discovery 226–7 value horizon 109 Van Agtmael, Antoine 39 Vanderbilt, Cornelius 44 Vanguard 200, 207, 213 venture capital 166 firms 27, 168 venture capitalists 171, 172 Vickers Commission 194 Viniar, David 204–5, 233, 282, 283, 284 VISA 186 volatility 85, 93, 98, 103, 131, 255 Volcker, Paul 150, 181 Volcker Rule 194 voluntary agencies 258 W wagers and credit default swaps 119 defined 61 at Lloyd’s coffee house 71–2 lottery tickets 65 Wall Street, New York 1, 16, 312n2 careers in 15 rivalry with London 13 staffing of 217 Wall Street Crash (1929) 20, 25, 27, 36, 127, 201 Wall Street Journal 294 Wallenberg family 108 Walmart 81, 83 Warburg 134 Warren, Elizabeth 237 Washington consensus 39 Washington Mutual 135, 149 Wasserstein, Bruce 204, 205 Watergate affair 240 ‘We are the 99 per cent’ slogan 52, 305 ‘We are Wall Street’ 16, 55, 267–8, 271, 300, 301 Weber, Max 17 Weill, Sandy 33–4, 35, 48–51, 55, 91, 149, 293, 314n40 Weinstock, Arnold 48 Welch, Jack 45–6, 48, 50, 52, 126, 314n40 WestLB 169 Westminster Bank 24 Whitney, Richard 292 Wilson, Harold 18 windfall payments 14, 32, 127, 153, 290 winner’s curse 103, 104, 156, 318n11 Winslow Jones, Alfred 23 Winton Capital 111 Wolfe, Humbert 7 The Uncelestial City 1 Wolfe, Tom 268 The Bonfire of the Vanities 16, 22 women traders 22 Woodford, Neil 108 Woodward, Bob: Maestro 240 World Bank 14, 220 World.Com bonds 197 Wozniak, Steve 162 Wriston, Walter 37 Y Yellen, Janet 230–31 Yom Kippur War (1973) 36 YouTube 185 Z Zurich, Switzerland 62
Who Owns the Future? by Jaron Lanier
3D printing, 4chan, Affordable Care Act / Obamacare, Airbnb, augmented reality, automated trading system, barriers to entry, bitcoin, book scanning, Burning Man, call centre, carbon footprint, cloud computing, commoditize, computer age, crowdsourcing, David Brooks, David Graeber, delayed gratification, digital Maoism, Douglas Engelbart, en.wikipedia.org, Everything should be made as simple as possible, facts on the ground, Filter Bubble, financial deregulation, Fractional reserve banking, Francis Fukuyama: the end of history, George Akerlof, global supply chain, global village, Haight Ashbury, hive mind, if you build it, they will come, income inequality, informal economy, information asymmetry, invisible hand, Jacquard loom, Jaron Lanier, Jeff Bezos, job automation, John Markoff, Kevin Kelly, Khan Academy, Kickstarter, Kodak vs Instagram, life extension, Long Term Capital Management, Marc Andreessen, Mark Zuckerberg, meta analysis, meta-analysis, Metcalfe’s law, moral hazard, mutually assured destruction, Network effects, new economy, Norbert Wiener, obamacare, packet switching, Peter Thiel, place-making, Plutocrats, plutocrats, Ponzi scheme, post-oil, pre–internet, race to the bottom, Ray Kurzweil, rent-seeking, reversible computing, Richard Feynman, Richard Feynman, Ronald Reagan, self-driving car, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, smart meter, stem cell, Steve Jobs, Steve Wozniak, Stewart Brand, Ted Nelson, The Market for Lemons, Thomas Malthus, too big to fail, trickle-down economics, Turing test, Vannevar Bush, WikiLeaks, zero-sum game
The key reason to avoid acknowledging that there’s real skill in doing what robots can’t do—and hiring people for real jobs—will not be to keep the immediate expenses low, but to reduce the amplified liabilities of the network age. So there will be plenty of dead-end jobs without security or benefits.* This will be despite the fact that the humans in the caregiving loop might be absolutely essential to the well-being of those being cared for. *This is being written in America, in advance of the 2012 election. It is possible that “Obamacare” will stand or fall, but in either case, the larger pattern described here will persist unless it is addressed more fundamentally than by health-care finance reform. Meanwhile, the programming of caregiving robots will be utterly dependent on cloud software that in turn will be dependent on observing millions of situations and outcomes. When a nurse who is particularly good at changing a bedpan feeds data to the clouds—such as a video that can be correlated to improved outcomes, even if the nurse never is told about the correlation—that data might be applied to drive a future generation of caregiving robots so that all patients everywhere can benefit.
., 75, 91, 266–67 New York Times, 109 Nobel Prize, 40, 118, 143n nodes, network, 156, 227, 230, 241–43, 350 “no free lunch” principle, 55–56, 59–60 nondeterministic music, 23n nonlinear solutions, 149–50 nonprofit share sites, 59n, 94–95 nostalgia, 129–32 NRO, 199–200 nuclear power, 133 nuclear weapons, 127, 296 nursing, 97–100, 123, 296n nursing homes, 97–100, 269 Obama, Barack, 79, 100 “Obamacare,” 100n obsolescence, 89, 95 oil resources, 43, 133 online stores, 171 Ono, Yoko, 212 ontologies, 124n, 196 open-source applications, 206, 207, 272, 310–11 optical illusions, 121 optimism, 32–35, 45, 130, 138–40, 218, 230n, 295 optimization, 144–47, 148, 153, 154–55, 167, 202, 203 Oracle, 265 Orbitz, 63, 64, 65 organ donors, 190, 191 ouroboros, 154 outcomes, economic, 40–41, 144–45 outsourcing, 177–78, 185 Owens, Buck, 256 packet switching, 228–29 Palmer, Amanda, 186–87 Pandora, 192 panopticons, 308 papacy, 190 paper money, 34n parallel computers, 147–48, 149, 151 paranoia, 309 Parrish, Maxfield, 214 particle interactions, 196 party machines, 202 Pascal, Blaise, 132, 139 Pascal’s Wager, 139 passwords, 307, 309 “past-oriented money,” 29–31, 35, 284–85 patterns, information, 178, 183, 184, 188–89 Paul, Ron, 33n Pauli exclusion principle, 181, 202 PayPal, 60, 93, 326 peasants, 565 pensions, 95, 99 Perestroika (Kushner), 165 “perfect investments,” 59–67, 77–78 performances, musical, 47–48, 51, 186–87, 253 perpetual motion, 55 Persian Gulf, 86 personal computers (PCs), 158, 182n, 214, 223, 229 personal information systems, 110, 312–16, 317 Pfizer, 265 pharmaceuticals industry, 66–67, 100–106, 123, 136, 203 philanthropy, 117 photography, 53, 89n, 92, 94, 309–11, 318, 319, 321 photo-sharing services, 53 physical trades, 292 physicians, 66–67 physics, 88, 153n, 167n Picasso, Pablo, 108 Pinterest, 180–81, 183 Pirate Party, 49, 199, 206, 226, 253, 284, 318 placebos, 112 placement fees, 184 player pianos, 160–61 plutocracy, 48, 291–94, 355 police, 246, 310, 311, 319–21, 335 politics, 13–18, 21, 22–25, 47–48, 85, 122, 124–26, 128, 134–37, 149–51, 155, 167, 199–234, 295–96, 342 see also conservatism; liberalism; libertarianism Ponzi schemes, 48 Popper, Karl, 189n popular culture, 111–12, 130, 137–38, 139, 159 “populating the stack,” 273 population, 17, 34n, 86, 97–100, 123, 125, 132, 133, 269, 296n, 325–26, 346 poverty, 37–38, 42, 44, 53–54, 93–94, 137, 148, 167, 190, 194, 253, 256, 263, 290, 291–92 power, personal, 13–15, 53, 60, 62–63, 86, 114, 116, 120, 122, 158, 166, 172–73, 175, 190, 199, 204, 207, 208, 278–79, 290, 291, 302–3, 308–9, 314, 319, 326, 344, 360 Presley, Elvis, 211 Priceline, 65 pricing strategies, 1–2, 43, 60–66, 72–74, 145, 147–48, 158, 169–74, 226, 261, 272–75, 289, 317–24, 331, 337–38 printers, 90, 99, 154, 162, 212, 269, 310–11, 316, 331, 347, 348, 349 privacy, 1–2, 11, 13–15, 25, 50–51, 64, 99, 108–9, 114–15, 120–21, 152, 177n, 199–200, 201, 204, 206–7, 234–35, 246, 272, 291, 305, 309–13, 314, 315–16, 317, 319–24 privacy rights, 13–15, 25, 204, 305, 312–13, 314, 315–16, 321–22 product design and development, 85–89, 117–20, 128, 136–37, 145, 154, 236 productivity, 7, 56–57, 134–35 profit margins, 59n, 71–72, 76–78, 94–95, 116, 177n, 178, 179, 207, 258, 274–75, 321–22 progress, 9–18, 20, 21, 37, 43, 48, 57, 88, 98, 123, 124–40, 130–37, 256–57, 267, 325–31, 341–42 promotions, 62 property values, 52 proprietary hardware, 172 provenance, 245–46, 247, 338 pseudo-asceticism, 211–12 public libraries, 293 public roads, 79–80 publishers, 62n, 92, 182, 277–78, 281, 347, 352–60 punishing vs. rewarding network effects, 169–74, 182, 183 quants, 75–76 quantum field theory, 167n, 195 QuNeo, 117, 118, 119 Rabois, Keith, 185 “race to the bottom,” 178 radiant risk, 61–63, 118–19, 120, 156, 183–84 Ragnarok, 30 railroads, 43, 172 Rand, Ayn, 167, 204 randomness, 143 rationality, 144 Reagan, Ronald, 149 real estate, 33, 46, 49–52, 61, 78, 95–96, 99, 193, 224, 227, 239, 245, 255, 274n, 289n, 296, 298, 300, 301 reality, 55–56, 59–60, 124n, 127–28, 154–56, 161, 165–68, 194–95, 203–4, 216–17, 295–303, 364–65 see also Virtual Reality (VR) reason, 195–96 recessions, economic, 31, 54, 60, 76–77, 79, 151–52, 167, 204, 311, 336–37 record labels, 347 recycling, 88, 89 Reddit, 118n, 186, 254 reductionism, 184 regulation, economic, 37–38, 44, 45–46, 49–50, 54, 56, 69–70, 77–78, 266n, 274, 299–300, 311, 321–22, 350–51 relativity theory, 167n religion, 124–25, 126, 131, 139, 190, 193–95, 211–17, 293, 300n, 326 remote computers, 11–12 rents, 144 Republican Party, 79, 202 research and development, 40–45, 85–89, 117–20, 128, 136–37, 145, 154, 215, 229–30, 236 retail sector, 69, 70–74, 95–96, 169–74, 272, 349–51, 355–56 retirement, 49, 150 revenue growth plans, 173n revenues, 149, 149, 150, 151, 173n, 225, 234–35, 242, 347–48 reversible computers, 143n revolutions, 199, 291, 331 rhythm, 159–62 Rich Dad, Poor Dad (Kiyosaki), 46 risk, 54, 55, 57, 59–63, 71–72, 85, 117, 118–19, 120, 156, 170–71, 179, 183–84, 188, 242, 277–81, 284, 337, 350 externalization of, 59n, 117, 277–81 risk aversion, 188 risk pools, 277–81, 284 risk radiation, 61–63, 118–19, 120, 156, 183–84 robo call centers, 177n robotic cars, 90–92 robotics, robots, 11, 12, 17, 23, 42, 55, 85–86, 90–92, 97–100, 111, 129, 135–36, 155, 157, 162, 260, 261, 269, 296n, 342, 359–60 Roman Empire, 24–25 root nodes, 241 Rousseau, Jean-Jacques, 129 Rousseau humor, 126, 129, 130–31 routers, 171–72 royalties, 47, 240, 254, 263–64, 323, 338 Rubin, Edgar, 121 rupture, 66–67 salaries, 10, 46–47, 50–54, 152, 178, 270–71, 287–88, 291–94, 338–39, 365 sampling, 71–72, 191, 221, 224–26, 259 San Francisco, University of, 190 satellites, 110 savings, 49, 72–74 scalable solutions, 47 scams, 119–21, 186, 275n, 287–88, 299–300 scanned books, 192, 193 SceneTap, 108n Schmidt, Eric, 305n, 352 Schwartz, Peter, 214 science fiction, 18, 126–27, 136, 137–38, 139, 193, 230n, 309, 356n search engines, 51, 60, 70, 81, 120, 191, 267, 289, 293 Second Life, 270, 343 Secret, The (Byrne), 216 securitization, 76–78, 99, 289n security, 14–15, 175, 239–40, 305–8, 345 self-actualization, 211–17 self-driving vehicles, 90–92, 98, 311, 343, 367 servants, 22 servers, 12n, 15, 31, 53–57, 71–72, 95–96, 143–44, 171, 180, 183, 206, 245, 358 see also Siren Servers “Sexy Sadie,” 213 Shakur, Tupac, 329 Shelley, Mary, 327 Short History of Progress, A (Wright), 132 “shrinking markets,” 66–67 shuttles, 22, 23n, 24 signal-processing algorithms, 76–78, 148 silicon chips, 10, 86–87 Silicon Valley, 12, 13, 14, 21, 34n, 56, 59, 60, 66–67, 70, 71, 75–76, 80, 93, 96–97, 100, 102, 108n, 125n, 132, 136, 154, 157, 162, 170, 179–89, 192, 193, 200, 207, 210, 211–18, 228, 230, 233, 258, 275n, 294, 299–300, 325–31, 345, 349, 352, 354–58 singularity, 22–25, 125, 215, 217, 327–28, 366, 367 Singularity University, 193, 325, 327–28 Sirenic Age, 66n, 354 Siren Servers, 53–57, 59, 61–64, 65, 66n, 69–78, 82, 91–99, 114–19, 143–48, 154–56, 166–89, 191, 200, 201, 203, 210n, 216, 235, 246–50, 258, 259, 269, 271, 272, 280, 285, 289, 293–94, 298, 301, 302–3, 307–10, 314–23, 326, 336–51, 354, 365, 366 Siri, 95 skilled labor, 99–100 Skout, 280n Skype, 95, 129 slavery, 22, 23, 33n Sleeper, 130 small businesses, 173 smartphones, 34n, 39, 162, 172, 192, 269n, 273 Smith, Adam, 121, 126 Smolin, Lee, 148n social contract, 20, 49, 247, 284, 288, 335, 336 social engineering, 112–13, 190–91 socialism, 14, 128, 254, 257, 341n social mobility, 66, 97, 292–94 social networks, 18, 51, 56, 60, 70, 81, 89, 107–9, 113, 114, 129, 167–68, 172–73, 179, 180, 190, 199, 200–201, 202, 204, 227, 241, 242–43, 259, 267, 269n, 274–75, 280n, 286, 307–8, 317, 336, 337, 343, 349, 358, 365–66 see also Facebook social safety nets, 10, 44, 54, 202, 251, 293 Social Security, 251, 345 software, 7, 9, 11, 14, 17, 68, 86, 99, 100–101, 128, 129, 147, 154, 155, 165, 172–73, 177–78, 182, 192, 234, 236, 241–42, 258, 262, 273–74, 283, 331, 347, 357 software-mediated technology, 7, 11, 14, 86, 100–101, 165, 234, 236, 258, 347 South Korea, 133 Soviet Union, 70 “space elevator pitch,” 233, 342, 361 space travel, 233, 266 Spain, 159–60 spam, 178, 275n spending levels, 287–88 spirituality, 126, 211–17, 325–31, 364 spreadsheet programs, 230 “spy data tax,” 234–35 Square, 185 Stalin, Joseph, 125n Stanford Research Institute (SRI), 215 Stanford University, 60, 75, 90, 95, 97, 101, 102, 103, 162, 325 Starr, Ringo, 256 Star Trek, 138, 139, 230n startup companies, 39, 60, 69, 93–94, 108n, 124n, 136, 179–89, 265, 274n, 279–80, 309–10, 326, 341, 343–45, 348, 352, 355 starvation, 123 Star Wars, 137 star (winner-take-all) system, 38–43, 50, 54–55, 204, 243, 256–57, 263, 329–30 statistics, 11, 20, 71–72, 75–78, 90–91, 93, 110n, 114–15, 186, 192 “stickiness,” 170, 171 stimulus, economic, 151–52 stoplights, 90 Strangelove humor, 127 student debt, 92, 95 “Study 27,” 160 “Study 36,” 160 Sumer, 29 supergoop, 85–89 supernatural phenomena, 55, 124–25, 127, 132, 192, 194–95, 300 supply chain, 70–72, 174, 187 Supreme Court, U.S., 104–5 surgery, 11–13, 17, 18, 98, 157–58, 363 surveillance, 1–2, 11, 14, 50–51, 64, 71–72, 99, 108–9, 114–15, 120–21, 152, 177n, 199–200, 201, 206–7, 234–35, 246, 272, 291, 305, 309–11, 315, 316, 317, 319–24 Surviving Progress, 132 sustainable economies, 235–37, 285–87 Sutherland, Ivan, 221 swarms, 99, 109 synthesizers, 160 synthetic biology, 162 tablets, 85, 86, 87, 88, 113, 162, 229 Tahrir Square, 95 Tamagotchis, 98 target ads, 170 taxation, 44, 45, 49, 52, 60, 74–75, 77, 82, 149, 149, 150, 151, 202, 210, 234–35, 263, 273, 289–90 taxis, 44, 91–92, 239, 240, 266–67, 269, 273, 311 Teamsters, 91 TechCrunch, 189 tech fixes, 295–96 technical schools, 96–97 technologists (“techies”), 9–10, 15–16, 45, 47–48, 66–67, 88, 122, 124, 131–32, 134, 139–40, 157–62, 165–66, 178, 193–94, 295–98, 307, 309, 325–31, 341, 342, 356n technology: author’s experience in, 47–48, 62n, 69–72, 93–94, 114, 130, 131–32, 153, 158–62, 178, 206–7, 228, 265, 266–67, 309–10, 325, 328, 343, 352–53, 362n, 364, 365n, 366 bio-, 11–13, 17, 18, 109–10, 162, 330–31 chaos and, 165–66, 273n, 331 collusion in, 65–66, 72, 169–74, 255, 350–51 complexity of, 53–54 costs of, 8, 18, 72–74, 87n, 136–37, 170–71, 176–77, 184–85 creepiness of, 305–24 cultural impact of, 8–9, 21, 23–25, 53, 130, 135–40 development and emergence of, 7–18, 21, 53–54, 60–61, 66–67, 85–86, 87, 97–98, 129–38, 157–58, 182, 188–90, 193–96, 217 digital, 2–3, 7–8, 15–16, 18, 31, 40, 43, 50–51, 132, 208 economic impact of, 1–3, 15–18, 29–30, 37, 40, 53–54, 60–66, 71–74, 79–110, 124, 134–37, 161, 162, 169–77, 181–82, 183, 184–85, 218, 254, 277–78, 298, 335–39, 341–51, 357–58 educational, 92–97 efficiency of, 90, 118, 191 employment in, 56–57, 60, 71–74, 79, 123, 135, 178 engineering for, 113–14, 123–24, 192, 194, 217, 218, 326 essential vs. worthless, 11–12 failure of, 188–89 fear of (technophobia), 129–32, 134–38 freedom as issue in, 32–33, 90–92, 277–78, 336 government influence in, 158, 199, 205–6, 234–35, 240, 246, 248–51, 307, 317, 341, 345–46, 350–51 human agency and, 8–21, 50–52, 85, 88, 91, 124–40, 144, 165–66, 175–78, 191–92, 193, 217, 253–64, 274–75, 283–85, 305–6, 328, 341–51, 358–60, 361, 362, 365–67 ideas for, 123, 124, 158, 188–89, 225, 245–46, 286–87, 299, 358–60 industrial, 49, 83, 85–89, 123, 132, 154, 343 information, 7, 32–35, 49, 66n, 71–72, 109, 110, 116, 120, 125n, 126, 135, 136, 254, 312–16, 317 investment in, 66, 181, 183, 184, 218, 277–78, 298, 348 limitations of, 157–62, 196, 222 monopolies for, 60, 65–66, 169–74, 181–82, 187–88, 190, 202, 326, 350 morality and, 50–51, 72, 73–74, 188, 194–95, 262, 335–36 motivation and, 7–18, 85–86, 97–98, 216 nano-, 11, 12, 17, 162 new vs. old, 20–21 obsolescence of, 89, 97 political impact of, 13–18, 22–25, 85, 122, 124–26, 128, 134–37, 199–234, 295–96, 342 progress in, 9–18, 20, 21, 37, 43, 48, 57, 88, 98, 123, 124–40, 130–37, 256–57, 267, 325–31, 341–42 resources for, 55–56, 157–58 rupture as concept in, 66–67 scams in, 119–21, 186, 275n, 287–88, 299–300 singularity of, 22–25, 125, 215, 217, 327–28, 366, 367 social impact of, 9–21, 124–40, 167n, 187, 280–81, 310–11 software-mediated, 7, 11, 14, 86, 100–101, 165, 234, 236, 258, 347 startup companies in, 39, 60, 69, 93–94, 108n, 124n, 136, 179–89, 265, 274n, 279–80, 309–10, 326, 341, 343–45, 348, 352, 355 utopian, 13–18, 21, 31, 37–38, 45–46, 96, 128, 130, 167, 205, 207, 265, 267, 270, 283, 290, 291, 308–9, 316 see also specific technologies technophobia, 129–32, 134–38 television, 86, 185–86, 191, 216, 267 temperature, 56, 145 Ten Commandments, 300n Terminator, The, 137 terrorism, 133, 200 Tesla, Nikola, 327 Texas, 203 text, 162, 352–60 textile industry, 22, 23n, 24, 135 theocracy, 194–95 Theocracy humor, 124–25 thermodynamics, 88, 143n Thiel, Peter, 60, 93, 326 thought experiments, 55, 139 thought schemas, 13 3D printers, 7, 85–89, 90, 99, 154, 162, 212, 269, 310–11, 316, 331, 347, 348, 349 Thrun, Sebastian, 94 Tibet, 214 Time Machine, The (Wells), 127, 137, 261, 331 topology, network, 241–43, 246 touchscreens, 86 tourism, 79 Toyota Prius, 302 tracking services, 109, 120–21, 122 trade, 29 traffic, 90–92, 314 “tragedy of the commons,” 66n Transformers, 98 translation services, 19–20, 182, 191, 195, 261, 262, 284, 338 transparency, 63–66, 74–78, 118, 176, 190–91, 205–6, 278, 291, 306–9, 316, 336 transportation, 79–80, 87, 90–92, 123, 258 travel agents, 64 Travelocity, 65 travel sites, 63, 64, 65, 181, 279–80 tree-shaped networks, 241–42, 243, 246 tribal dramas, 126 trickle-down effect, 148–49, 204 triumphalism, 128, 157–62 tropes (humors), 124–40, 157, 170, 230 trust, 32–34, 35, 42, 51–52 Turing, Alan, 127–28, 134 Turing’s humor, 127–28, 191–94 Turing Test, 330 Twitter, 128, 173n, 180, 182, 188, 199, 200n, 201, 204, 245, 258, 259, 349, 365n 2001: A Space Odyssey, 137 two-way links, 1–2, 227, 245, 289 underemployment, 257–58 unemployment, 7–8, 22, 79, 85–106, 117, 151–52, 234, 257–58, 321–22, 331, 343 “unintentional manipulation,” 144 United States, 25, 45, 54, 79–80, 86, 138, 199–204 universities, 92–97 upper class, 45, 48 used car market, 118–19 user interface, 362–63, 364 utopianism, 13–18, 21, 30, 31, 37–38, 45–46, 96, 128, 130, 167, 205, 207, 265, 267, 270, 283, 290, 291, 308–9, 316 value, economic, 21, 33–35, 52, 61, 64–67, 73n, 108, 283–90, 299–300, 321–22, 364 value, information, 1–3, 15–16, 20, 210, 235–43, 257–58, 259, 261–63, 271–75, 321–24, 358–60 Values, Attitudes, and Lifestyles (VALS), 215 variables, 149–50 vendors, 71–74 venture capital, 66, 181, 218, 277–78, 298, 348 videos, 60, 100, 162, 185–86, 204, 223, 225, 226, 239, 240, 242, 245, 277, 287, 329, 335–36, 349, 354, 356 Vietnam War, 353n vinyl records, 89 viral videos, 185–86 Virtual Reality (VR), 12, 47–48, 127, 129, 132, 158, 162, 214, 283–85, 312–13, 314, 315, 325, 343, 356, 362n viruses, 132–33 visibility, 184, 185–86, 234, 355 visual cognition, 111–12 VitaBop, 100–106, 284n vitamins, 100–106 Voice, The, 185–86 “voodoo economics,” 149 voting, 122, 202–4, 249 Wachowski, Lana, 165 Wall Street, 49, 70, 76–77, 181, 184, 234, 317, 331, 350 Wal-Mart, 69, 70–74, 89, 174, 187, 201 Warhol, Andy, 108 War of the Worlds, The (Wells), 137 water supplies, 17, 18 Watts, Alan, 211–12 Wave, 189 wealth: aggregate or concentration of, 9, 42–43, 53, 60, 61, 74–75, 96, 97, 108, 115, 148, 157–58, 166, 175, 201, 202, 208, 234, 278–79, 298, 305, 335, 355, 360 creation of, 32, 33–34, 46–47, 50–51, 57, 62–63, 79, 92, 96, 120, 148–49, 210, 241–43, 270–75, 291–94, 338–39, 349 inequalities and redistribution of, 20, 37–45, 65–66, 92, 97, 144, 254, 256–57, 274–75, 286–87, 290–94, 298, 299–300 see also income levels weather forecasting, 110, 120, 150 weaving, 22, 23n, 24 webcams, 99, 245 websites, 80, 170, 200, 201, 343 Wells, H.
Affordable Care Act / Obamacare, Asian financial crisis, asset allocation, Ayatollah Khomeini, bank run, banking crisis, Ben Bernanke: helicopter money, bitcoin, Black Swan, Bretton Woods, BRICs, business climate, capital controls, Carmen Reinhart, central bank independence, centre right, collateralized debt obligation, collective bargaining, complexity theory, computer age, credit crunch, currency peg, David Graeber, debt deflation, Deng Xiaoping, diversification, Edward Snowden, eurozone crisis, fiat currency, financial innovation, financial intermediation, financial repression, fixed income, Flash crash, floating exchange rates, forward guidance, G4S, George Akerlof, global reserve currency, global supply chain, Growth in a Time of Debt, income inequality, inflation targeting, information asymmetry, invisible hand, jitney, John Meriwether, Kenneth Rogoff, labor-force participation, labour mobility, Lao Tzu, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, Long Term Capital Management, mandelbrot fractal, margin call, market bubble, market clearing, market design, money market fund, money: store of value / unit of account / medium of exchange, mutually assured destruction, obamacare, offshore financial centre, oil shale / tar sands, open economy, Plutocrats, plutocrats, Ponzi scheme, price stability, quantitative easing, RAND corporation, reserve currency, risk-adjusted returns, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Satoshi Nakamoto, Silicon Valley, Silicon Valley startup, Skype, sovereign wealth fund, special drawing rights, Stuxnet, The Market for Lemons, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, too big to fail, trade route, uranium enrichment, Washington Consensus, working-age population, yield curve
Loan proceeds remaining after tuition are spent directly by the students. Annual borrowing in all undergraduate and graduate student loan programs surged to over $100 billion per year in 2012, up from about $65 billion per year at the start of the 2007 depression. By August 2013, total student loans backed by the U.S. government exceeded $1 trillion, an amount that has doubled since 2009. A provision contained in the 2010 Obamacare legislation provided the U.S. Treasury with a near monopoly on student loan origination and sidelined most private lenders who formerly participated in this market. This meant that the Treasury could relax lending standards to continue the flow of easy money. The student loan market is politically untouchable because higher education historically produces citizens with added skills who repay the loans and earn higher incomes over time.
., 220 Morgan Stanley, 32–33, 262 Morocco, 152, 153 Mourdock, Richard, 205 M-Subzero, 280, 283–84 Mubarak, Hosni, 156 Mulheren, John, 18–19, 32–33 Mundell, Robert, 125 Mussolini, Benito, 294 Mutual Assured Destruction (MAD), 46, 63 Mutual Assured Financial Destruction, 46 “Myth of Asia’s Miracle, The” (Krugman), 94 M-Zero (M0), 280 Nakamoto, Satoshi, 254 Napoleon Bonaparte, 114 Napoleonic Wars, 115 NASDAQ Stock Market closure, August 22, 2013, 60, 296–97 National Defense University, 59 National Journal, 63 National Security Agency (NSA), 53 negative real interest rates, 183–84 neofascism, 294–95 Netherlands, 233 New Scotland Yard, 37 New York Times, The, 39, 51, 55, 133, 144 9/11 attacks continuity of government operations, failure of, 63 as failure of imagination, 256, 257 9/11 attacks, and insider trading, 17–28, 63 Mulheren’s opinion of, 18 9/11 Commission’s failure to find connection between, 21–22, 23, 25–27 Poteshman’s statistical analysis of, 22–23 signal amplification and, 24, 25, 26, 27 social network analysis of, 19–20, 25 Swiss Finance Institute study of, 23 9/11 Commission, 21–22, 23, 25–27 9/11 Truth Movement, 27 Nitze, Paul, 43 Nixon, Richard, 1, 2, 5, 58, 85, 209, 220, 235, 252, 285 Nolan, Dave, 32–33 numeraire, gold as, 219–20 Obama, Barack, 37, 57, 129, 156, 202–3, 206, 252–53 Obamacare legislation, 247–48 offensive aspects of financial war, 46 Office of Tailored Access Operations (TAO), 53–54 Oman, 152 one-child policy, China, 95, 102 O’Neill, Jim, 139–40, 146, 150 Operation Duplex-Barbara, 59 Otto I, Emperor, 114 Outline of Reform (C-20), 235 Pakistan, 30, 151, 156 panic dynamic, 62 Panic of 1907, 198 Panic of 2008, 46, 47, 52, 76, 77, 170, 188, 196, 201–2, 211, 296 panics, 224 paper gold transactions, 275–76, 284–86 Paulson, Hank, 206 Pei, Minxin, 106 permanent disability, 246 Peterson, Peter G., 51 Petraeus, David, 37 Pettis, Michael, 108–9 phase transitions, 172, 265, 289–90 Ph.D. standard, 177 physical targets, in financial war, 46 piecemeal engineering, 292 piggyback trading, 24 Plaza Accord, 1985, 118–19 Pleines, Günter, 277 Poland, 200, 233 Ponzi scheme, in wealth management products (WMPs), 102–3 Popper, Karl, 292 Portugal, 128, 200 Poteshman, Allen M., 22–23 pound sterling, 157, 161, 209 price discovery, 68 primary deficit sustainability (PDS) framework, 177–83 Project Prophesy, 28–34 Pufeng, Wang, 44, 45 Putin, Vladimir, 151 Qatar, 152 Qiao Liang (Unrestricted Warfare), 44–45 Qin Dynasty, 90 Qing Dynasty, 90, 91 quantitative easing (QE), 159–61 end of, implications of, 297 by Federal Reserve, 184–85 in Japan, 160–61 in United Kingdom, 160 quantity theory of credit (creditism), 168 quantity theory of money (monetarism), 168–69 Quantum Dawn 2, 54 Rajoy, Mariano, 134 Ramo, Joshua Cooper, 120 random numbers, 268–69 Rauf, Rashid, 37 Ray, Chris, 35–36, 38, 40 Raymond, Lenny, 35 Reagan, Ronald, 2, 63, 118, 166, 176–77, 210 Reagan administration, 235 real incomes, decline in, 78–79 regime uncertainty, 84–87, 125–26 regional trade currency blocs, 255–56 regression analyses, 4–5 Reinhart, Carmen, 182, 183 repatriation of gold, 40, 231–34 Republicans, 175–76, 179, 180, 205, 294 Reserve Bank of Australia, 52–53 revolution in military affairs (RMA), 43–44 Rise of the Warrior Cop (Balko), 294 risk financial, 85, 268–70 gold as risk-free asset, 219 investments and, 218–19 systemic, 11–12, 81, 188, 249–50, 251, 259, 270 uncertainty distinguished, 85, 268 Risk, Uncertainty and Profit (Knight), 268 Roett, Riordan, 192 Rogoff, Kenneth, 182 Rollover (film), 1, 3 Roman Empire, fall of, 5 Roosevelt, Franklin D., 85, 295 Rothschild, Nathan, 216 Rouhani, Hassan, 57, 152 Rubin, Robert, 177, 195, 196 rule-of-law society, 166–67 Russia, 139, 151, 152, 233.
The Evolution of Everything: How New Ideas Emerge by Matt Ridley
affirmative action, Affordable Care Act / Obamacare, Albert Einstein, Alfred Russel Wallace, altcoin, anthropic principle, anti-communist, bank run, banking crisis, barriers to entry, bitcoin, blockchain, British Empire, Broken windows theory, Columbian Exchange, computer age, Corn Laws, cosmological constant, creative destruction, Credit Default Swap, crony capitalism, crowdsourcing, cryptocurrency, David Ricardo: comparative advantage, demographic transition, Deng Xiaoping, discovery of DNA, Donald Davies, double helix, Downton Abbey, Edward Glaeser, Edward Lorenz: Chaos theory, Edward Snowden, endogenous growth, epigenetics, ethereum blockchain, facts on the ground, falling living standards, Ferguson, Missouri, financial deregulation, financial innovation, Frederick Winslow Taylor, Geoffrey West, Santa Fe Institute, George Gilder, George Santayana, Gunnar Myrdal, Henri Poincaré, hydraulic fracturing, imperial preference, income per capita, indoor plumbing, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Jane Jacobs, Jeff Bezos, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Khan Academy, knowledge economy, land reform, Lao Tzu, long peace, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, meta analysis, meta-analysis, mobile money, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, Necker cube, obamacare, out of africa, packet switching, peer-to-peer, phenotype, Pierre-Simon Laplace, price mechanism, profit motive, RAND corporation, random walk, Ray Kurzweil, rent-seeking, reserve currency, Richard Feynman, Richard Feynman, rising living standards, road to serfdom, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, sharing economy, smart contracts, South Sea Bubble, Steve Jobs, Steven Pinker, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, women in the workforce
This was the moment, he himself had said in June 2008, when ‘the rise of the oceans began to slow and our planet began to heal’. He was going to ‘heal this nation’, close Guantánamo Bay, reform healthcare, bring peace to the Middle East. He was given the Nobel Peace Prize simply for having been elected. Amid such expectations he could not, poor chap, fail to disappoint. As Andrew Bacevich, a political scientist at Boston University, commented in 2013, amid the disappointments of Obamacare’s launch, ‘Obama himself may have turned out to be something of a dud, but the cult of presidential personality that has dominated American politics for decades now still persists.’ Doomed every four years to disappointment when a demigod turns out to have feet of clay, when the most powerful man in the world turns out not to have much power to change the world, the American people none the less never lose faith in the presidential religion.
The Extreme Centre: A Warning by Tariq Ali
Affordable Care Act / Obamacare, Berlin Wall, bonus culture, BRICs, British Empire, centre right, deindustrialization, Edward Snowden, Fall of the Berlin Wall, financial deregulation, first-past-the-post, full employment, labour market flexibility, land reform, light touch regulation, means of production, Mikhail Gorbachev, Monroe Doctrine, mortgage debt, negative equity, Neil Kinnock, North Sea oil, obamacare, offshore financial centre, popular capitalism, reserve currency, Ronald Reagan, South China Sea, The Chicago School, The Wealth of Nations by Adam Smith, trade route, trickle-down economics, Washington Consensus, Westphalian system, Wolfgang Streeck
And now he has gone off to join the very health care companies that he helped to build up. That is the tragedy. When that bill was going through Parliament to abolish the NHS, many of the peers and many of the MPs had conflicts of interest. They actually had interests in the health care companies that they were establishing. TA: It is outrageous, really. Just like the lawyer of the largest insurance company in the US who drafted the Obamacare Bill. And Alan Milburn is one of them! AP: Yes, it’s a travesty as far as democracy is concerned. It really is, and as a public health doctor it is an absolute catastrophe, because at the moment we know there are people of all ages with serious mental illnesses who cannot get access to health care; people with stroke, people with chronic illnesses, chronic diseases who are increasingly being denied access to health care.
The Rich and the Rest of Us by Tavis Smiley
affirmative action, Affordable Care Act / Obamacare, back-to-the-land, Bernie Madoff, Bernie Sanders, Buckminster Fuller, Corrections Corporation of America, Credit Default Swap, death of newspapers, deindustrialization, ending welfare as we know it, F. W. de Klerk, fixed income, full employment, housing crisis, Howard Zinn, income inequality, job automation, liberation theology, Mahatma Gandhi, mass incarceration, mega-rich, new economy, obamacare, Occupy movement, Plutocrats, plutocrats, profit motive, Ralph Waldo Emerson, Ronald Reagan, shareholder value, Silicon Valley, Steve Jobs, traffic fines, trickle-down economics, War on Poverty, We are the 99%, white flight, women in the workforce, working poor
If you’re not a property owner, you know, I’m sorry but property owners have a little bit more of a vested interest in the community than non-property owners.”52 On the surface it might seem odd that a leader of a so-called populist movement would side with the elite. However, when we peek behind the curtain, we see who’s spiking the tea and the motivations behind their actions. The New Yorker and several other reputable media outlets have already exposed the ultra-conservative moguls and ultra-rich foundations that fund Tea Party candidates, campaigns, and propaganda. The party’s rebel yell against “big government,” “wasteful spending,” “Obamacare,” and other sensationalized issues has been scripted, packaged, and bankrolled by rich moguls like the Koch Brothers and foundations such as Freedom Works—an organization run by former GOP Congressman Dick Armey and funded by the tobacco giant Phillip Morris.53 Writing in the October 14, 2010, edition of Rolling Stone magazine, Matt Taibbi shared interesting insights about the Tea Party and the corporate insiders who created it.
Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It by Richard V. Reeves
affirmative action, Affordable Care Act / Obamacare, assortative mating, Bernie Sanders, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, circulation of elites, cognitive dissonance, desegregation, Donald Trump, Downton Abbey, full employment, ghettoisation, glass ceiling, helicopter parent, Home mortgage interest deduction, housing crisis, income inequality, knowledge economy, land value tax, mortgage tax deduction, obamacare, Occupy movement, Plutocrats, plutocrats, positional goods, race to the bottom, randomized controlled trial, unpaid internship, upwardly mobile, War on Poverty, We are the 99%, working-age population, zero-sum game
The work of organizations like Upstream training providers in states including Ohio, New York, Texas, and Delaware is extremely promising.7 Other steps can be taken to broaden access, including ensuring sufficient supplies in health clinics, simplifying billing procedures, and providing same-day service. It is worth noting, too, that if all states implemented Medicaid expansion—at a cost to the federal government of around $952 billion over ten years—millions more low-income women would be able to access family planning services more easily.8 It is worth noting that Vice President Mike Pence, as governor of Indiana, was one of ten Republican governors accepting Medicaid expansion under Obamacare. Concerns about access to LARCs, especially among conservatives, typically center on moral issues. Many conservatives have authentic, deep, often religiously based views about sex and contraception. But I fear that they are out of step. Most Americans under the age of thirty-five agree with the following statement: “It is all right for unmarried eighteen year olds to have sexual intercourse if they have strong affection for each other.”9 The key is to ensure that the liberalization of attitudes toward sex does not lead to a liberalization of attitudes toward the moral responsibility to plan when, how, and with whom we bring children into the world.
Sleeping Giant: How the New Working Class Will Transform America by Tamara Draut
affirmative action, Affordable Care Act / Obamacare, always be closing, battle of ideas, big-box store, blue-collar work, collective bargaining, creative destruction, David Brooks, declining real wages, deindustrialization, desegregation, Detroit bankruptcy, Donald Trump, Edward Glaeser, ending welfare as we know it, Ferguson, Missouri, financial deregulation, full employment, immigration reform, income inequality, invisible hand, job satisfaction, knowledge economy, knowledge worker, low skilled workers, mass incarceration, minimum wage unemployment, mortgage tax deduction, new economy, obamacare, occupational segregation, payday loans, pink-collar, Plutocrats, plutocrats, Powell Memorandum, profit motive, race to the bottom, Ralph Nader, rent-seeking, rising living standards, Ronald Reagan, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, trickle-down economics, union organizing, upwardly mobile, War on Poverty, white flight, women in the workforce, young professional
She must show up each morning, and if she isn’t going in, she must let C&K know, as if she were an actual employee. “They discipline you if you don’t call in like an employee. If you don’t let them know you’re not coming in, they won’t work you the next day or so when you do come in,” she said. Because Rhonda isn’t considered an official employee, she doesn’t get health insurance from her job. She applied for health insurance through the new exchanges created by the Affordable Care Act and found out she didn’t earn enough money to qualify and needed to apply for Medicaid. She’s still waiting on a return phone call after applying. For now, her whole family is uninsured and must rely on clinics for care, “praying to God” that nothing serious happens. Because Rhonda and her husband can’t afford after-school programs or summer camp, their twelve-year-old son stays home by himself when school is out.
The real power is that through union dues, the labor movement can amass significant resources to engage in voter turnout, agenda setting, and issue advocacy, all on behalf of ordinary Americans. It’s that amassing of political power that is so threatening to conservatives and corporate America. After all, big labor has been responsible for advances in our day-to-day lives that still make conservatives livid: Medicare, Medicaid, and, yes, Obamacare too; unemployment insurance; Social Security; the forty-hour workweek; pensions (what’s left of them, anyway), and the minimum wage. These are just the greatest hits; many other humane advances in our lives owe their existence to labor unions. Power in America might be thought of as being historically represented by two scales. On the left is labor and on the right is capital. When one side loses political clout, the other side gains it.
Affordable Care Act / Obamacare, bank run, big-box store, bonus culture, collateralized debt obligation, collective bargaining, commoditize, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, Deng Xiaoping, financial innovation, housing crisis, invisible hand, money market fund, Naomi Klein, obamacare, payday loans, profit maximization, profit motive, road to serfdom, Robert Bork, Ronald Reagan, shareholder value, strikebreaker, The Chicago School, The Myth of the Rational Market, Thorstein Veblen, too big to fail, union organizing, Washington Consensus, white flight, Works Progress Administration
These are important developments in the grand, historical sense, but to a struggling small-business owner they might seem completely irrelevant. It’s hard to convince a man sweating over a fifty-page income-tax return that the state has gone away or that markets are now in charge. And after 2008 there were some good reasons to believe—to fear—that the regulatory state was back, most obviously the universal health-care law signed by President Obama in 2010. Not only did Obamacare contain a—yes—burdensome provision that would have required businesses to issue 1099 forms for nearly every expenditure they made (it was promptly repealed in early 2011), but it required businesses with fifty or more employees to provide health insurance for workers, possibly stripping away one of the greatest competitive advantages that such firms possess.* If “capitalism” is the system in which you eke out a living installing plumbing or selling farm equipment, it is understandable that you feel that government interferes enough in capitalism already.
Freedom Without Borders by Hoyt L. Barber
accounting loophole / creative accounting, Affordable Care Act / Obamacare, Albert Einstein, banking crisis, diversification, El Camino Real, estate planning, fiat currency, financial independence, fixed income, high net worth, illegal immigration, interest rate swap, money market fund, obamacare, offshore financial centre, passive income, quantitative easing, reserve currency, road to serfdom, selective serotonin reuptake inhibitor (SSRI), too big to fail
Politicians like using cashbasis accounting when talking about the deficit, which reflects only this year’s obligations, rather than accrual accounting, which would disclose the total sum owed by the government, including all monies due to holders of notes, bonds, and bills from the past, as well as our current liabilities and all future commitments. This would include Social Security, representing 40 Freedom Without Borders $63 trillion of the total, and which pays out retiree pensions, and health care benefits to Medicare recipients. These facts are part of why the total figure sounds so high, but imagine what the deficit will look like after Obamacare kicks in? Further, illegal immigrants also contribute to the rising deficit. Should this deficit double again in four years, as it did in the previous four, we’ll be looking at $260 trillion in national debt. What comes after trillion? Europe is in bad shape, as well, with the sovereign debt problems of at least a half a dozen countries threatening the entire European Union, including Europe’s ability to keep it together.
Bureaucracy by David Graeber
3D printing, a long time ago in a galaxy far, far away, Affordable Care Act / Obamacare, airport security, Albert Einstein, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, collateralized debt obligation, Columbine, conceptual framework, Corn Laws, David Graeber, George Gilder, High speed trading, hiring and firing, Kitchen Debate, late capitalism, means of production, music of the spheres, new economy, obamacare, Occupy movement, Parkinson's law, Peter Thiel, planetary scale, price mechanism, Ronald Reagan, self-driving car, Silicon Valley, South Sea Bubble, transcontinental railway, union organizing, urban planning, zero-sum game
In a way, the famous TV character of Archie Bunker, an uneducated longshoreman who can afford a house in the suburbs and a non-working wife, and who is bigoted, sexist, and completely supportive of the status quo that allows him such secure prosperity, is the very quintessence of the corporatist age. 19. Though it is notable that it is precisely this sixties radical equation of communism, fascism, and the bureaucratic welfare state that has been taken up by right-wing populists in America today. The Internet is rife with such rhetoric. One need only consider the way that “Obamacare” is continually equated with socialism and Nazism, often, both at the same time. 20. William Lazonick has done the most work on documenting this shift, noting that it is a shift in business models—the effects of globalization and offshoring really only took off later, in the late nineties and early 2000s. (See, for example, his “Financial Commitment and Economic Performance: Ownership and Control in the American Industrial Corporation,” Business and Economic History, 2nd series, 17 : 115–28; “The New Economy Business Model and the Crisis of U.S.
Big Data: A Revolution That Will Transform How We Live, Work, and Think by Viktor Mayer-Schonberger, Kenneth Cukier
23andMe, Affordable Care Act / Obamacare, airport security, AltaVista, barriers to entry, Berlin Wall, big data - Walmart - Pop Tarts, Black Swan, book scanning, business intelligence, business process, call centre, cloud computing, computer age, correlation does not imply causation, dark matter, double entry bookkeeping, Eratosthenes, Erik Brynjolfsson, game design, IBM and the Holocaust, index card, informal economy, intangible asset, Internet of things, invention of the printing press, Jeff Bezos, lifelogging, Louis Pasteur, Mark Zuckerberg, Menlo Park, Moneyball by Michael Lewis explains big data, Nate Silver, natural language processing, Netflix Prize, Network effects, obamacare, optical character recognition, PageRank, performance metric, Peter Thiel, Post-materialism, post-materialism, random walk, recommendation engine, self-driving car, sentiment analysis, Silicon Valley, Silicon Valley startup, smart grid, smart meter, social graph, speech recognition, Steve Jobs, Steven Levy, the scientific method, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, Turing test, Watson beat the top human players on Jeopardy!
Because of the effort needed to compile and update the dictionary, Microsoft Word’s spell check was available only for the most common languages. It cost the company millions of dollars to create and maintain. Now consider Google. It arguably has the world’s most complete spell checker, in basically every living language. The system is constantly improving and adding new words—the incidental outcome of people using the search engine every day. Mistype “iPad”? It’s in there. “Obamacare”? Got it. Moreover, Google seemingly obtained its spell checker for free, reusing the misspellings that are typed into the company’s search engine among the three billion queries it handles every day. A clever feedback loop instructs the system what word users actually meant to type. Users sometimes explicitly “tell” Google the answer when it poses the question at the top of the results page—“Did you mean epidemiology?”
Affordable Care Act / Obamacare, algorithmic trading, Andrei Shleifer, asset-backed security, availability heuristic, bank run, banking crisis, Black-Scholes formula, bonus culture, break the buck, Bretton Woods, call centre, Carmen Reinhart, cloud computing, collapse of Lehman Brothers, collateralized debt obligation, computerized trading, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, David Graeber, diversification, diversified portfolio, Edmond Halley, Edward Glaeser, endogenous growth, Eugene Fama: efficient market hypothesis, eurozone crisis, family office, financial deregulation, financial innovation, fixed income, Flash crash, Google Glasses, Gordon Gekko, high net worth, housing crisis, Hyman Minsky, implied volatility, income inequality, index fund, information asymmetry, Innovator's Dilemma, interest rate swap, Kenneth Rogoff, Kickstarter, late fees, London Interbank Offered Rate, Long Term Capital Management, loss aversion, margin call, Mark Zuckerberg, McMansion, money market fund, mortgage debt, mortgage tax deduction, Myron Scholes, negative equity, Network effects, Northern Rock, obamacare, payday loans, peer-to-peer lending, Peter Thiel, principal–agent problem, profit maximization, quantitative trading / quantitative ﬁnance, railway mania, randomized controlled trial, Richard Feynman, Richard Feynman, Richard Thaler, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Shiller, short selling, Silicon Valley, Silicon Valley startup, Skype, South Sea Bubble, sovereign wealth fund, statistical model, transaction costs, Tunguska event, unbanked and underbanked, underbanked, Vanguard fund, web application
And before you object that this rise was caused by the need to save the banks and the economies they wrecked, the financial crisis explains only some of this hike: on average, around half of these rises took place before the start of the crisis.2 As populations age, the chunk of public spending that is growing fastest is on such entitlements as pensions and health care. The Congressional Budget Office in the United States reckons that the total cost of entitlements such as Social Security (pensions), Medicare (health care for the elderly), Medicaid (health care for the poor), and the subsidies involved in Obamacare will rise inexorably over the coming years, from 9.8 percent of GDP in 2013 to 13.6 percent by 2035.3 The problem for democratic governments is that cutting back on entitlements is both the most obvious fiscal fix and the least attractive politically. The easier option, as the name suggests, is to try to reduce the pot of money for “discretionary programs,” where the state will not have to renegotiate guaranteed commitments to its citizens.
23andMe, Affordable Care Act / Obamacare, Albert Einstein, big data - Walmart - Pop Tarts, bioinformatics, business intelligence, call centre, cloud computing, computer age, conceptual framework, Credit Default Swap, crowdsourcing, Daniel Kahneman / Amos Tversky, Danny Hillis, data is the new oil, David Brooks, East Village, Edward Snowden, Emanuel Derman, Erik Brynjolfsson, everywhere but in the productivity statistics, Frederick Winslow Taylor, Google Glasses, impulse control, income inequality, indoor plumbing, industrial robot, informal economy, Internet of things, invention of writing, John Markoff, John von Neumann, lifelogging, Mark Zuckerberg, market bubble, meta analysis, meta-analysis, money market fund, natural language processing, obamacare, pattern recognition, payday loans, personalized medicine, precision agriculture, pre–internet, Productivity paradox, RAND corporation, rising living standards, Robert Gordon, Second Machine Age, self-driving car, Silicon Valley, Silicon Valley startup, six sigma, skunkworks, speech recognition, statistical model, Steve Jobs, Steven Levy, The Design of Experiments, the scientific method, Thomas Kuhn: the structure of scientific revolutions, unbanked and underbanked, underbanked, Von Neumann architecture, Watson beat the top human players on Jeopardy!
Take a hypothetical but plausible example: a company’s call-center reports, customer data, and social-media tracking show that single Asian, black, and Hispanic women with urban zip codes are most likely to complain about the quality of products and service. But Asian women whose complaints are resolved become some of your most valuable customers. Should Asians get preferred treatment over black and Hispanic women when resolving complaints? Or a health insurer is seeking to grow by enrolling previously uninsured Americans. Under the Obamacare legislation, an insurer cannot discriminate against people with preexisting conditions. But applying data science to health blogs, browsing habits, social media, and profiles from data brokers can identify people most likely to have diabetes or depression. Do you systematically exclude those people from your marketing? Discrimination, as a legal concept, focuses on the treatment of people in groups, by ethnicity, gender, or age.
But What if We're Wrong? Thinking About the Present as if It Were the Past by Chuck Klosterman
a long time ago in a galaxy far, far away, Affordable Care Act / Obamacare, British Empire, citizen journalism, cosmological constant, dark matter, Edward Snowden, Elon Musk, Francis Fukuyama: the end of history, Frank Gehry, George Santayana, Gerolamo Cardano, ghettoisation, Howard Zinn, Isaac Newton, non-fiction novel, obamacare, pre–internet, Ralph Nader, Ray Kurzweil, Ronald Reagan, Silicon Valley, Stephen Hawking, the medium is the message, the scientific method, Thomas Kuhn: the structure of scientific revolutions, too big to fail, Y2K
I am of the opinion that Barack Obama has been the greatest president of my lifetime, and by a relatively wide margin. This, I realize, is not a universally held position, and not just among the people who still think he was born in Kenya. With a year remaining in Obama’s tenure, New York magazine polled fifty-three historians about his legacy, most of whom gave him lukewarm reviews. Several pointed to his inability to unite the country. Others lauded ObamaCare while criticizing his expansion of the Oval Office itself. But those critiques remind me of someone looking at the career of Hank Aaron and focusing on his throwing arm and base running. It’s not merely that Obama was the first black president. It’s that he broke this barrier with such deftness and sagacity that it instantaneously seemed insane no black person had ever been elected president before.
Hillbilly Elegy: A Memoir of a Family and Culture in Crisis by J. D. Vance
Affordable Care Act / Obamacare, blue-collar work, cognitive dissonance, late fees, medical malpractice, obamacare, payday loans, Peter Thiel, Ronald Reagan, Rubik’s Cube, school vouchers, Silicon Valley, unbiased observer, upwardly mobile, working poor
Many in the white working class believe the worst about their society. Here’s a small sample of emails or messages I’ve seen from friends or family: •From right-wing radio talker Alex Jones on the ten-year anniversary of 9/11, a documentary about the “unanswered question” of the terrorist attacks, suggesting that the U.S. government played a role in the massacre of its own people. •From an email chain, a story that the Obamacare legislation requires microchip implantation in new health care patients. This story carries extra bite because of the religious implications: Many believe that the End Times “mark of the beast” foretold in biblical prophecy will be an electronic device. Multiple friends warned others about this threat via social media. •From the popular website WorldNetDaily, an editorial suggesting that the Newtown gun massacre was engineered by the federal government to turn public opinion on gun control measures.
3D printing, additive manufacturing, Affordable Care Act / Obamacare, AI winter, algorithmic trading, Amazon Mechanical Turk, artificial general intelligence, assortative mating, autonomous vehicles, banking crisis, basic income, Baxter: Rethink Robotics, Bernie Madoff, Bill Joy: nanobots, call centre, Capital in the Twenty-First Century by Thomas Piketty, Chris Urmson, Clayton Christensen, clean water, cloud computing, collateralized debt obligation, commoditize, computer age, creative destruction, debt deflation, deskilling, diversified portfolio, Erik Brynjolfsson, factory automation, financial innovation, Flash crash, Fractional reserve banking, Freestyle chess, full employment, Goldman Sachs: Vampire Squid, Gunnar Myrdal, High speed trading, income inequality, indoor plumbing, industrial robot, informal economy, iterative process, Jaron Lanier, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Kenneth Arrow, Khan Academy, knowledge worker, labor-force participation, labour mobility, liquidity trap, low skilled workers, low-wage service sector, Lyft, manufacturing employment, Marc Andreessen, McJob, moral hazard, Narrative Science, Network effects, new economy, Nicholas Carr, Norbert Wiener, obamacare, optical character recognition, passive income, Paul Samuelson, performance metric, Peter Thiel, Plutocrats, plutocrats, post scarcity, precision agriculture, price mechanism, Ray Kurzweil, rent control, rent-seeking, reshoring, RFID, Richard Feynman, Richard Feynman, Rodney Brooks, secular stagnation, self-driving car, Silicon Valley, Silicon Valley startup, single-payer health, software is eating the world, sovereign wealth fund, speech recognition, Spread Networks laid a new fibre optics cable between New York and Chicago, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Steven Levy, Steven Pinker, strong AI, Stuxnet, technological singularity, telepresence, telepresence robot, The Bell Curve by Richard Herrnstein and Charles Murray, The Coming Technological Singularity, The Future of Employment, Thomas L Friedman, too big to fail, Tyler Cowen: Great Stagnation, union organizing, Vernor Vinge, very high income, Watson beat the top human players on Jeopardy!, women in the workforce
Consolidate the Industry and Treat Health Insurance as a Utility One of the primary messages that leaps out from an analysis of the prices charged by providers is that Medicare—the government-run program for people aged sixty-five and over—is by far the most efficient portion of our health care system. As Brill writes, “Unless you are protected by Medicare, the health care market is not a market at all. It’s a crapshoot.” The implementation of the Affordable Care Act (Obamacare) will certainly improve the situation as far as individuals who previously lacked insurance are concerned, but it does relatively little to actively rein in hospital costs; instead, the inflated costs will be shifted to insurers and then ultimately to taxpayers in the form of the subsidies that were put in place to make health insurance affordable to people with moderate incomes. The fact that Medicare is relatively effective at controlling most patient-related costs, while spending far less than private insurers on administration and overhead, underlies the argument for simply expanding the program to include everyone and, in effect, creating a single-payer system.
This is already the case with the insurance subsidies associated with the Affordable Care Act. In other words, the federal government can force everyone to pay for a single-payer system through taxes, but it cannot prohibit a parallel private system. So there still would likely be additional services available to those willing and able to pay out of pocket, just as there are private schools. This is different from the system in Canada, where most private health care services are prohibited—leading some Canadians to seek health care services in the United States. * Maryland has a special waiver that has been in place for over thirty years and allows it to pay higher Medicare rates. As of 2014, Maryland has moved to a new experimental system that is allowed under the Affordable Care Act. In addition to setting all-payer rates, the new program will enforce explicit caps on per capita hospital spending.
Physicians groups would, of course, be likely to oppose the influx of these less-educated competitors.* However, the reality is that the vast majority of medical school graduates are not especially interested in entering family practice, and they are even less excited about serving rural areas of the country. Various studies predict a shortage of up to 200,000 doctors within the next fifteen years as older doctors retire, the Affordable Care Act plan brings as many as 32 million new patients into the health insurance system, and an aging population requires more care.11 The shortage will be most acute among primary-care physicians as medical school graduates, typically burdened by onerous levels of student debt, choose overwhelmingly to enter more lucrative specialties. These new practitioners, trained to utilize a standardized AI system that encapsulates much of the knowledge that doctors acquire during the course of nearly a decade of intensive training, could handle routine cases, while referring patients who require more specialized care to physicians.
Economists and the Powerful by Norbert Haring, Norbert H. Ring, Niall Douglas
accounting loophole / creative accounting, Affordable Care Act / Obamacare, Albert Einstein, asset allocation, bank run, barriers to entry, Basel III, Bernie Madoff, British Empire, central bank independence, collective bargaining, commodity trading advisor, corporate governance, creative destruction, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, diversified portfolio, financial deregulation, George Akerlof, illegal immigration, income inequality, inflation targeting, information asymmetry, Jean Tirole, job satisfaction, Joseph Schumpeter, Kenneth Arrow, knowledge worker, labour market flexibility, law of one price, light touch regulation, Long Term Capital Management, low skilled workers, mandatory minimum, market bubble, market clearing, market fundamentalism, means of production, minimum wage unemployment, moral hazard, new economy, obamacare, old-boy network, open economy, Pareto efficiency, Paul Samuelson, pension reform, Ponzi scheme, price stability, principal–agent problem, profit maximization, purchasing power parity, Renaissance Technologies, rolodex, Sergey Aleynikov, shareholder value, short selling, Steve Jobs, The Chicago School, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, ultimatum game, union organizing, Vilfredo Pareto, working-age population, World Values Survey
On the other hand, dividing the market between several or many competitors has the disadvantage that administrative and marketing costs per customer rise. As insurance is all about administration and marketing, this can be a very important drawback (Kirchgässner 2007). Many other kinds of insurance, including health insurance, are likely to exhibit similar patterns. Thus there might be good reasons in this particular case for a government endorsed monopoly. Indeed, even though the US Patient Protection and Affordable Care Act 2010 (“Obamacare”) is badly designed, if implemented correctly its fundamental economic principles are sound. Ireland, which is one of the few countries in Europe to have a fully privatized health care system, is introducing compulsory health insurance from 2014 as a means of saving public money and achieving universal coverage, exactly as the US should have. Instead of pouring public subsidies directly into the pockets of hospitals and consultants as was previously the case, the Irish are reallocating the same public expenditure directly to the population in the form of income-dependent insurance subsidies.
Pax Technica: How the Internet of Things May Set Us Free or Lock Us Up by Philip N. Howard
Affordable Care Act / Obamacare, Berlin Wall, bitcoin, blood diamonds, Bretton Woods, Brian Krebs, British Empire, call centre, Chelsea Manning, citizen journalism, clean water, cloud computing, corporate social responsibility, creative destruction, crowdsourcing, digital map, Edward Snowden, en.wikipedia.org, failed state, Fall of the Berlin Wall, feminist movement, Filter Bubble, Firefox, Francis Fukuyama: the end of history, Google Earth, Howard Rheingold, income inequality, informal economy, Internet of things, Julian Assange, Kibera, Kickstarter, land reform, M-Pesa, Marshall McLuhan, megacity, Mikhail Gorbachev, mobile money, Mohammed Bouazizi, national security letter, Network effects, obamacare, Occupy movement, packet switching, pension reform, prediction markets, sentiment analysis, Silicon Valley, Skype, spectrum auction, statistical model, Stuxnet, trade route, uranium enrichment, WikiLeaks, zero day
Incapacitating your opponents’ information infrastructure in the hours before an election has become part of the game, though there have been a few criminal convictions of party officials caught working with hackers to attack call centers, political websites, and campaign headquarters. Republican National Committee official James Tobin was sentenced to ten months in prison for hiring hackers to attack Democratic Party phone banks on Election Day in 2002. Partisans continue to regularly launch denial-of-service attacks; attackers consistently target Affordable Care Act (“Obamacare”) websites, for example. If an aggressive move with technology provides some competitive advantage, some campaign manager will try it. So the question is not whether political parties in democracies will start using bots on one another—and us—but when. They could be unleashed at a strategic moment in the campaign cycle, or let loose by a lobbyist targeting key districts at a sensitive juncture for a piece of legislation.
The Golden Passport: Harvard Business School, the Limits of Capitalism, and the Moral Failure of the MBA Elite by Duff McDonald
activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Albert Einstein, barriers to entry, Bayesian statistics, Bernie Madoff, Bob Noyce, Bonfire of the Vanities, business process, butterfly effect, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collateralized debt obligation, collective bargaining, commoditize, corporate governance, corporate raider, corporate social responsibility, creative destruction, deskilling, discounted cash flows, disintermediation, Donald Trump, family office, financial innovation, Frederick Winslow Taylor, full employment, George Gilder, glass ceiling, Gordon Gekko, hiring and firing, income inequality, invisible hand, Jeff Bezos, job-hopping, John von Neumann, Joseph Schumpeter, Kenneth Arrow, London Whale, Long Term Capital Management, market fundamentalism, Menlo Park, new economy, obamacare, oil shock, pattern recognition, performance metric, Peter Thiel, Plutocrats, plutocrats, profit maximization, profit motive, pushing on a string, Ralph Nader, Ralph Waldo Emerson, RAND corporation, random walk, rent-seeking, Ronald Coase, Ronald Reagan, Sand Hill Road, Saturday Night Live, shareholder value, Silicon Valley, Skype, Steve Jobs, survivorship bias, The Nature of the Firm, the scientific method, Thorstein Veblen, union organizing, urban renewal, Vilfredo Pareto, War on Poverty, William Shockley: the traitorous eight, women in the workforce, Y Combinator
Management engages in continuous problem solving to come to terms with each group in a coherent fashion, consistent with the long run well being of the constituents and the corporation.”1 After acknowledging the emerging squabble between the three systems, he then looked to the future. “Perhaps the easiest coalitions to form will be those that merge parts of the capitalistic and managerial; the most difficult probably will be efforts to bridge between socialism and capitalism.” He was right about that last point—to this day, the tension between capitalism and socialism continues to be a vexing one for the country. Consider the passage of Obamacare. But he was dead wrong about the former—capitalism and managerialism did not form a coalition; capitalism chewed managerialism up and spit out the bones. In defense of Michael Jensen, then, it is somewhat of an overstatement to suggest he participated in the murder of managerialism, because by the time he was spreading his ideas about corporate and managerial purpose, managerialism was already dead.
., 77 Morgan Stanley, 455, 460 Morgens, Howard, 190–93, 195 Moriarty, Rowland, 332 Morison, Elting, 244 Morrison, Roger, 202 Moss, David, 249 Motivation, Productivity, and Satisfaction of Workers, The (Zaleznik et al), 308 Munger, Charlie, 480, 482 Murphy, Kevin, 371, 375 Murphy, Liam, 540 Murphy, Tom, 51, 76, 163, 169, 170–71, 172 “Musings on Management” (Mintzberg), 483 “Myth of the Well-Educated Manager, The” (Livingston), 290–92 My Years with General Motors (Sloan), 194, 245 Nader, Ralph, 523 Nakamura, Kaneo, 153–54, 157 Nanda, Ashish, 235–36, 521–22 Nash, Laura, 436 National Football League (NFL), 403 National Research Council, 80, 83 Nature Conservancy, 561 “Nature of Man, The” (Meckling and Jensen), 368 Networks and Organizations (Nohria), 559 “Never Overestimate the Power of the Computer” (Lewis), 296 Nevin, John, 493–94 “New Capitalism” movement, 87 New Enterprises and Small Business Management (Day and Donham), 326 Newhall, Chuck, 322 New Industrial State, The (Galbraith), 342 New Jersey Bell Telephone, 111 New Yorker, 516–17, 534; article on MBAs in consulting firms, 212 New York Stock Exchange, 469, 476 New York Times: article on Ackman, 480; article on Romney, 507; Bok looking for new dean, 337, 338; on Burke, 526; Cabrera in, 551; Clark quote, 500; conflict-of-interest policies, 404–5; David’s statement, 141; exposé of Amazon, 90; Frei on women MBA students, 569–70; gender equity at HBS, 570, 571; HBS as a golden passport, 1; HBS grading differential, 241; HBS online learning articles, 572–73; on HBS’s TUP, 160; Jensen interview, 381; Khurana in, 550; Kristof report, 166; LeBoutillier editorial, 435; Leonhard’s article, 494–95; on Levitt, 263; Martin article, 461; Material Service bribing of state officials, 346; on MBAs at McKinsey, 210; McArthur cancels interview, 341; Mintzberg interview, 485; Morgens in, 191–92; Porter’s article, 362; Shad op ed, 431–32; Stahlman’s article, 301; Tufano on Enron, 520 New York Times Magazine, 345, 360 Nixon, Richard, 354, 469, 507 Nohria, Nitin (dean), 17, 51, 52, 157–58, 194, 261, 331, 350, 408, 559, 564–74, 577 ; board memberships, 574; case method and, 565–66; digital learning, 571–74; fund-raising, 532, 533, 535, 536; inclusion as goal of, 241; “It’s Time to Make Management a True Profession,” 306, 439, 566; MBA Oath, 565, 567–68; salary of, 532; women at HBS and, 569–71 Norquist, Grover, 505–6 Norton, David S., 44, 444 Noyce, Bob, 320 Obama, Barack, 238; Obamacare, 384 Ochs, Adolph S., 105 O’Donnell, Joseph, 162 Official MBA Handbook, The, 461 “Of Harvard, Elitism, and Amorality” (LeBoutillier), 435 Olsen, Kenneth H., 126 Olsen, R. Paul, 283 O’Neal, Stan, 548 One Market Under God (Frank), 57, 161, 490 Organization Man, The (Whyte), 144, 184, 350 Orth, Charles, 398 Orwell, George, 379–80 Osgood, Mary Elizabeth, 237 O’Toole, James, 224 Overdorf, Michael, 303 Ovitz, Michael, 371 Paine, Lynn Sharp, 437 Palepu, Krishna, 408–9, 521 Palihapitiy, Chamath, 329–30 Palmisano, Sam, 404 Pareto, Vilfredo, 78, 81, 111, 112, 113, 244 Parker, Dorothy, 23 Parks, Sharon, 437 Parsons, Talcott, 356–57, 244 Pascal, Amy, 534 Patton, Arch, 538–39 Paulson, Hank, 74, 466, 475–77, 561; financial crisis of 2007–10 and, 548; Goldman Sachs and, 477–78; HBS given $400 million, 478; Paulson Institute, 561 Paulson, John, 68, 466, 477–79, 531, 533, 535 Pechter, Richard, 468 Peck, Gregory, 186 Pellegrini, Paolo, 478 Perkins, Donald, 106, 332 Perkins, Thomas, 120, 127, 322 Pershing Square Capital Management, 466, 479, 481 Person, Harlow, 38 Pestillo, Peter, 163 Peters, Tom, 417, 513 Petriglieri, Gianpietro and Jennifer, 311, 313 Pfeffer, Jeffrey, 314, 317, 424 Pickens, T.
affirmative action, Affordable Care Act / Obamacare, corporate governance, David Brooks, East Village, friendly fire, haute couture, illegal immigration, immigration reform, liberation theology, medical residency, New Journalism, obamacare, payday loans, postnationalism / post nation state, pre–internet, uranium enrichment, yellow journalism, young professional
An editorial headlined “The Cairo Speech” maintained that eight years of George Bush’s “arrogance and bullying” had made the country unrecognizable. “His vision was of a country racked with fear and bent on vengeance, one that imposed invidious choices on the world and on itself. When we listened to President Obama speak in Cairo on Thursday, we recognized the United States.” The Times’ infatuation with Obama continued in its support for his health care agenda, popularly known as “Obamacare.” To be sure, the Times had its truck with the effort. But its criticism did not focus on the shadowy horse-trading behind the bill, nor on how it would affect the deficit, nor on the constitutional issue of the federal government forcing citizens to buy insurance or face a penalty. Its major criticism came from Obama’s left, especially when he backed away from the so-called “public option,” and seemed to be dragging his feet in using his bully pulpit to lobby lawmakers, particularly Democratic representatives who might lose their seats in the midterm elections.
What's the Matter with White People by Joan Walsh
affirmative action, Affordable Care Act / Obamacare, banking crisis, clean water, collective bargaining, David Brooks, desegregation, Donald Trump, Edward Glaeser, full employment, global village, Golden Gate Park, hiring and firing, impulse control, income inequality, invisible hand, knowledge worker, labor-force participation, mass immigration, new economy, obamacare, Occupy movement, Plutocrats, plutocrats, Ralph Nader, Ronald Reagan, upwardly mobile, urban decay, War on Poverty, We are the 99%, white flight, women in the workforce, zero-sum game
I didn’t know whether my mother or my cousin’s wife was personally prochoice; they were just good Catholics who knew the issue wasn’t as simple, morally, as bullies such as O’Reilly tried to make it seem. She died three weeks later. At her funeral, my cousin told me it was the last phone call she had made. Other than that, no one in my family mentioned the O’Reilly segment at all. • • • The political bullying continued. By August, the Tea Party movement exploded into congressional town halls, where raging protesters shouted down Democrats and Republicans alike, demanding that they block “Obamacare.” Hundreds descended on a Tampa Democrat’s meeting, and a local newspaper described the event as “more like a wrestling cage match than a panel discussion on national policy.” Maryland representative Frank Kratovil was hung in effigy, Long Island representative Tim Bishop needed a police escort from an angry town hall to his car, and North Carolina representative Brad Miller reported death threats.
A Pelican Introduction Economics: A User's Guide by Ha-Joon Chang
Affordable Care Act / Obamacare, Albert Einstein, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, Berlin Wall, bilateral investment treaty, borderless world, Bretton Woods, British Empire, call centre, capital controls, central bank independence, collateralized debt obligation, colonial rule, Corn Laws, corporate governance, corporate raider, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, discovery of the americas, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Akerlof, Gini coefficient, global value chain, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Gunnar Myrdal, Haber-Bosch Process, happiness index / gross national happiness, high net worth, income inequality, income per capita, information asymmetry, intangible asset, interchangeable parts, interest rate swap, inventory management, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, laissez-faire capitalism, land reform, liberation theology, manufacturing employment, Mark Zuckerberg, market clearing, market fundamentalism, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, Northern Rock, obamacare, offshore financial centre, oil shock, open borders, Pareto efficiency, Paul Samuelson, post-industrial society, precariat, principal–agent problem, profit maximization, profit motive, purchasing power parity, quantitative easing, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, Scramble for Africa, shareholder value, Silicon Valley, Simon Kuznets, sovereign wealth fund, spinning jenny, structural adjustment programs, The Great Moderation, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Vilfredo Pareto, Washington Consensus, working-age population, World Values Survey
The ‘one-dollar-one-vote’ rule of the market drastically constrains the ability of those with less money to refuse undesirable options given to them by the underlying distribution of income and wealth (recall my criticism of Paul Krugman on low wages in Chapter 4). Moreover, we can be susceptible to beliefs that go against our own interests (‘false consciousness’ from Chapter 5). This tendency makes many losers from the current system defend it: some of you may have seen American pensioners protesting against ‘Obamacare’ with placards saying ‘Government hands off my medicare’ when medicare is – well, let me put it delicately – a government-funded and -run programme. Acknowledging the difficulties involved in changing the economic status quo should not cause us to give up the fight to create an economy that is more dynamic, more stable, more equitable and more environmentally sustainable than what we have had for the last three decades.
Superforecasting: The Art and Science of Prediction by Philip Tetlock, Dan Gardner
Affordable Care Act / Obamacare, Any sufficiently advanced technology is indistinguishable from magic, availability heuristic, Black Swan, butterfly effect, cloud computing, cuban missile crisis, Daniel Kahneman / Amos Tversky, desegregation, drone strike, Edward Lorenz: Chaos theory, forward guidance, Freestyle chess, fundamental attribution error, germ theory of disease, hindsight bias, index fund, Jane Jacobs, Jeff Bezos, Kenneth Arrow, Mikhail Gorbachev, Mohammed Bouazizi, Nash equilibrium, Nate Silver, obamacare, pattern recognition, performance metric, Pierre-Simon Laplace, place-making, placebo effect, prediction markets, quantitative easing, random walk, randomized controlled trial, Richard Feynman, Richard Feynman, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, Saturday Night Live, Silicon Valley, Skype, statistical model, stem cell, Steve Ballmer, Steve Jobs, Steven Pinker, the scientific method, The Signal and the Noise by Nate Silver, The Wisdom of Crowds, Thomas Bayes, Watson beat the top human players on Jeopardy!
And they always judge the same way: they look at which side of “maybe”—50%—the probability was on. If the forecast said there was a 70% chance of rain and it rains, people think the forecast was right; if it doesn’t rain, they think it was wrong. This simple mistake is extremely common. Even sophisticated thinkers fall for it. In 2012, when the Supreme Court was about to release its long-awaited decision on the constitutionality of Obamacare, prediction markets—markets that let people bet on possible outcomes—pegged the probability of the law being struck down at 75%. When the court upheld the law, the sagacious New York Times reporter David Leonhardt declared that “the market—the wisdom of the crowds—was wrong.”15 The prevalence of this elementary error has a terrible consequence. Consider that if an intelligence agency says there is a 65% chance that an event will happen, it risks being pilloried if it does not—and because the forecast itself says there is a 35% chance it will not happen, that’s a big risk.
The Meritocracy Myth by Stephen J. McNamee
affirmative action, Affordable Care Act / Obamacare, Bernie Madoff, British Empire, collective bargaining, computer age, conceptual framework, corporate governance, deindustrialization, delayed gratification, demographic transition, desegregation, deskilling, equal pay for equal work, estate planning, failed state, fixed income, gender pay gap, Gini coefficient, glass ceiling, helicopter parent, income inequality, informal economy, invisible hand, job automation, joint-stock company, labor-force participation, low-wage service sector, marginal employment, Mark Zuckerberg, mortgage debt, mortgage tax deduction, new economy, New Urbanism, obamacare, occupational segregation, old-boy network, pink-collar, Plutocrats, plutocrats, Ponzi scheme, post-industrial society, prediction markets, profit motive, race to the bottom, random walk, school choice, Scientific racism, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, The Spirit Level, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, upwardly mobile, We are the 99%, white flight, young professional
This may be due in part to higher stress levels among the poor and less control over that stress. Cumulative wear and tear on the body over time occurs under conditions of repeated high stress. Another reason for the health-wealth connection is that the rich have greater access to quality health care. Even with the recent passage of the Patient Protection and Affordable Health Care Act in 2010 (more commonly referred to as Obamacare), access to quality health care in America is still largely for sale to the highest bidder. Under these conditions, prevention and intervention are more widely available to the more affluent. Finally, not only does lack of income lead to poor health, but poor health leads to reduced earnings. That is, if someone is sick or injured, he or she may not be able to work or may have limited earning power.
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Airbnb, American Society of Civil Engineers: Report Card, asset-backed security, Bakken shale, banking crisis, BRICs, British Empire, business process, business process outsourcing, call centre, Carmen Reinhart, clean water, collapse of Lehman Brothers, collateralized debt obligation, commoditize, creative destruction, credit crunch, currency manipulation / currency intervention, demand response, Donald Trump, Frederick Winslow Taylor, high net worth, housing crisis, hydraulic fracturing, If something cannot go on forever, it will stop - Herbert Stein's Law, illegal immigration, index fund, intangible asset, intermodal, inventory management, Kenneth Rogoff, labor-force participation, LNG terminal, low skilled workers, Mark Zuckerberg, Martin Wolf, Maui Hawaii, McMansion, money market fund, mortgage debt, Network effects, new economy, obamacare, oil shale / tar sands, oil shock, peak oil, Plutocrats, plutocrats, price stability, quantitative easing, race to the bottom, reserve currency, reshoring, Richard Florida, rising living standards, risk tolerance, risk/return, Silicon Valley, Silicon Valley startup, six sigma, Skype, sovereign wealth fund, Steve Jobs, superstar cities, the High Line, transit-oriented development, Wall-E, Yogi Berra, zero-sum game, Zipcar
According to the Center for Budget and Policy Priorities, if we pursue the “do-nothing option”—if Washington remains gridlocked over vital policy issues—the Bush-era tax cuts on income, investments, and estates will expire; the payroll tax holiday will end; the alternative minimum tax will hit ever larger numbers of taxpayers; spending cuts in Medicare passed in 1997 will finally take hold; the automatic sequestration of spending for defense and social programs envisioned in the Super Committee gambit will take place; and Obamacare will be implemented. All told, the combination of higher taxes and spending that is now the default, no-action option would reduce deficits by $7.1 trillion over ten years.4 The trade deficit, which peaked in 2006 at $753 billion, shrank to $381 billion in 2009, and started to grow again as the economy recovered, to $500 billion in 2010 and $558 billion in 2011. But here too existing trends contain the seeds of progress.
When to Rob a Bank: ...And 131 More Warped Suggestions and Well-Intended Rants by Steven D. Levitt, Stephen J. Dubner
Affordable Care Act / Obamacare, Airbus A320, airport security, augmented reality, barriers to entry, Bernie Madoff, Black Swan, Broken windows theory, Captain Sullenberger Hudson, creative destruction, Daniel Kahneman / Amos Tversky, deliberate practice, feminist movement, food miles, George Akerlof, information asymmetry, invisible hand, loss aversion, mental accounting, Netflix Prize, obamacare, oil shale / tar sands, Pareto efficiency, peak oil, pre–internet, price anchoring, price discrimination, principal–agent problem, profit maximization, Richard Thaler, security theater, Ted Kaczynski, the built environment, The Chicago School, the High Line, Thorstein Veblen, transaction costs, US Airways Flight 1549
(In a nutshell, we joked with Cameron about applying the same principles he espoused for health care to automobiles; it turns out you don’t joke with prime ministers!) That story has riled up some people, including an economics blogger named Noah Smith, who rails on us and defends the NHS. I should start by saying I have nothing in particular against the NHS, and I also would be the last one to ever defend the U.S. system. Anyone who has ever heard me talk about Obamacare knows I am no fan of it, and I never have been. But it doesn’t take a whole lot of smarts or a whole lot of blind faith in markets to recognize that when you don’t charge people for things (including health care), they will consume too much of it. I guarantee you that if Americans had to pay out of their own pockets the crazy prices that hospitals charge for services, a much smaller share of U.S.
The Vanishing Neighbor: The Transformation of American Community by Marc J. Dunkelman
Affordable Care Act / Obamacare, Albert Einstein, assortative mating, Berlin Wall, big-box store, blue-collar work, Bretton Woods, Broken windows theory, call centre, clean water, cuban missile crisis, dark matter, David Brooks, delayed gratification, double helix, Downton Abbey, Edward Glaeser, Fall of the Berlin Wall, Filter Bubble, Francis Fukuyama: the end of history, George Santayana, Gini coefficient, glass ceiling, global supply chain, global village, helicopter parent, if you build it, they will come, impulse control, income inequality, invention of movable type, Jane Jacobs, John Markoff, Khyber Pass, Louis Pasteur, Marshall McLuhan, Martin Wolf, McMansion, Nate Silver, Nicholas Carr, obamacare, Occupy movement, Peter Thiel, post-industrial society, Richard Florida, rolodex, Saturday Night Live, Silicon Valley, Skype, Steve Jobs, telemarketer, The Chicago School, The Death and Life of Great American Cities, the medium is the message, Thomas L Friedman, Tyler Cowen: Great Stagnation, urban decay, urban planning, Walter Mischel, War on Poverty, women in the workforce, World Values Survey, zero-sum game
Canby, “First Baby Boomers Turn 65, but Are They Ready to Retire?” Metro West Daily News, October 24, 2011. 19Peter Orszag, “Pension Funding Scare Won’t Frighten All States,” Bloomberg View, October 23, 2012. 20Binyamin Appelbaum and Robert Gebeloff, “Even Critics of Safety Net Increasingly Depend on It,” New York Times, February 12, 2012. 21Glenn Kessler, “Sarah Palin, ‘Death Panels’ and ‘Obamacare,’ ” Washington Post, June 27, 2012. 22Christine Montross, “The Woman Who Ate Cutlery,” New York Times, August 3, 2013. Chapter 15: The Marshmallow Test 1Paul Tough, How Children Succeed (New York: Houghton Mifflin Harcourt, 2012), 62. 2Walter Mischel, Yuichi Shoda, and Philip K. Peake, “The Nature of Adolescent Competencies Predicted by Preschool Delay of Gratification,” Journal of Personality and Social Psychology 54, no. 4 (1988): 688–89. 3Yuichi Shoda, Water Mischel, and Philip K.
Lost at Sea by Jon Ronson
Affordable Care Act / Obamacare, Columbine, computer age, credit crunch, Douglas Hofstadter, Downton Abbey, East Village, Etonian, false memory syndrome, Gödel, Escher, Bach, income inequality, Internet Archive, Jeff Bezos, late fees, Louis Pasteur, obamacare, Peter Thiel, Saturday Night Live, Search for Extraterrestrial Intelligence, Skype, telemarketer
I ask them if they feel worse off than they did a few years ago. Rebecca says, “Yes, a little. The cost of everything, like health insurance, gas, and groceries, has been going up by leaps and bounds. Some things have even seemed to double. Versus our income not changing that much.” I tell them about the health system in my native UK—free health care for everyone. I say I remember Glenn Beck trying to scare America by saying that if Obamacare went through, things would end up like Britain, with a savage, failing, socialist health-care system. “But it’s not failing,” I say. “It’s great. And nobody has to pay anything.” (Actually, it’s funded by national taxation, and some parts of it work more efficiently than others, but you’d be hard-pressed to find a Brit who doesn’t feel essentially proud and defensive of the system.) Dennis and Rebecca look at me warily, as if I might be pretending for some nefarious European socialist reason that the UK National Health Service is a functional thing.
Hard Times: The Divisive Toll of the Economic Slump by Tom Clark, Anthony Heath
Affordable Care Act / Obamacare, British Empire, Carmen Reinhart, credit crunch, Daniel Kahneman / Amos Tversky, debt deflation, deindustrialization, Etonian, eurozone crisis, falling living standards, full employment, Gini coefficient, hiring and firing, income inequality, interest rate swap, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Rogoff, labour market flexibility, low skilled workers, mortgage debt, new economy, Northern Rock, obamacare, oil shock, Plutocrats, plutocrats, price stability, quantitative easing, Right to Buy, Ronald Reagan, science of happiness, statistical model, The Wealth of Nations by Adam Smith, unconventional monetary instruments, War on Poverty, We are the 99%, women in the workforce, working poor
On the politicking that compromised the stimulus, see Ryan Lizza, ‘The Obama memos’, New Yorker, 30 January 2012, section 2, at: www.newyorker.com/reporting/2012/01/30/120130fa_fact_lizza?printable=true¤tPage=all For the resulting technical design flaws of the package, see Joseph E. Stiglitz, Freefall: America, free markets, and the sinking of the world economy, Norton, New York, 2010. 24. Table 1 of the Congressional Budget Office's revised and final ‘Estimates for the insurance coverage provisions of the Affordable Care Act [Obamacare] updated for the recent Supreme Court decision’, at: www.cbo.gov/sites/default/files/cbofiles/attachments/43472–07–24–2012-CoverageEstimates.pdf 25. Ryan Lizza, ‘The second term’, New Yorker, 18 June 2012, at: www.newyorker.com/reporting/2012/06/18/120618fa_fact_lizza?printable=true 26. Jack Grovum, ‘States make “disturbing cuts” to unemployment benefits’, USA Today, 11 July 2013, at: www.usatoday.com/story/news/nation/2013/07/11/stateline-unemployment-benefits/2508115/ 27.
The Health Gap: The Challenge of an Unequal World by Michael Marmot
active measures, active transport: walking or cycling, Affordable Care Act / Obamacare, Atul Gawande, Bonfire of the Vanities, Broken windows theory, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, centre right, clean water, congestion charging, correlation does not imply causation, Doha Development Round, epigenetics, financial independence, future of work, Gini coefficient, Growth in a Time of Debt, illegal immigration, income inequality, Indoor air pollution, Kenneth Rogoff, Kibera, labour market flexibility, lump of labour, Mahatma Gandhi, meta analysis, meta-analysis, microcredit, New Urbanism, obamacare, paradox of thrift, race to the bottom, Rana Plaza, RAND corporation, road to serfdom, Simon Kuznets, Socratic dialogue, structural adjustment programs, the built environment, The Spirit Level, trickle-down economics, urban planning, Washington Consensus, Winter of Discontent, working poor
In the US much of the discussion of ‘disparities’ – the American term for health inequalities or health inequity – is indeed about health care. Such concern is hardly surprising given that although the US spends more on health care than any other country, about one-sixth of its population lack health insurance, and hence have had difficulties in access to care. This should change with the Affordable Care Act, Obamacare. Well-meaning US colleagues have urged me not to talk about social determinants of health in the US because it might detract attention from inequities in access to care. An example of why they might be concerned was given to me by a US colleague. Medicaid pays for health care for the poor. Its director in one US state said he was against expansion of Medicaid coverage because insurance was less important than social determinants of health like income, education and housing conditions.18 As the colleague who sent me this remarked wryly: the devil can always quote the scriptures for his purposes.
The Upstarts: How Uber, Airbnb, and the Killer Companies of the New Silicon Valley Are Changing the World by Brad Stone
Affordable Care Act / Obamacare, Airbnb, AltaVista, Amazon Web Services, Andy Kessler, autonomous vehicles, Burning Man, call centre, Chuck Templeton: OpenTable, collaborative consumption, East Village, fixed income, Google X / Alphabet X, housing crisis, inflight wifi, Jeff Bezos, Justin.tv, Kickstarter, Lyft, Marc Andreessen, Mark Zuckerberg, Menlo Park, Necker cube, obamacare, Paul Graham, peer-to-peer, Peter Thiel, race to the bottom, rent control, ride hailing / ride sharing, Ruby on Rails, Sand Hill Road, self-driving car, semantic web, sharing economy, side project, Silicon Valley, Silicon Valley startup, Skype, South of Market, San Francisco, Startup school, Steve Jobs, TaskRabbit, Tony Hsieh, transportation-network company, Uber and Lyft, Uber for X, Y Combinator, Y2K, Zipcar
Three weeks later, Uber invited various media executives and journalists to an off-the-record dinner at Manhattan’s Waverly Inn. Kalanick sat on one side of the long table and, after dinner, gave a short speech and answered questions. Emil Michael sat on the other side, across from New York Daily News publisher Mort Zuckerman and Arianna Huffington. Next to them sat Ben Smith, the editor in chief of BuzzFeed, who asked Kalanick in the Q-and-A session how he felt about the Affordable Care Act, aka Obamacare. When the table returned to private conversations, Michael asked Smith why he had posed a political question, and Smith volunteered that he was hoping that Kalanick would give an answer that revealed libertarian leanings. That led to a broader conversation about the news media and its scruples, the exact content of which would become a topic of blistering controversy. Michael’s recollection of the discussion is that he told Smith that it bothered him when the press made personal accusations without evidence.
Disaster Capitalism: Making a Killing Out of Catastrophe by Antony Loewenstein
activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, American Legislative Exchange Council, anti-communist, Asian financial crisis, British Empire, Capital in the Twenty-First Century by Thomas Piketty, Chelsea Manning, clean water, collective bargaining, colonial rule, corporate social responsibility, Corrections Corporation of America, Edward Snowden, facts on the ground, failed state, falling living standards, Ferguson, Missouri, financial independence, full employment, G4S, Goldman Sachs: Vampire Squid, housing crisis, illegal immigration, immigration reform, income inequality, Julian Assange, mandatory minimum, market fundamentalism, mass incarceration, Naomi Klein, neoliberal agenda, obamacare, Occupy movement, offshore financial centre, open borders, private military company, profit motive, Ralph Nader, Ronald Reagan, Satyajit Das, Scramble for Africa, Slavoj Žižek, stem cell, the medium is the message, trade liberalization, WikiLeaks
Occasionally, mainstream politicians criticized Serco, G4S, and other providers, but they did little to enforce greater accountability.20 Founded in 1929, Serco has been ubiquitous in British life, running ferries, London’s Docklands Light Railway, the National Physical Laboratory, prisons, defense contracts, education authorities, waste management, and a host of other operations. It has over 100,000 employees globally and controls prisons in Australia, New Zealand, and Germany. It operated with a $1.25 billion contract from the Obama administration to implement Obamacare, despite a Serco whistle-blower having alleged that its staff had “hardly any work to do” during a botched program. Both Serco and G4S were complicit in overcharging by tens of millions of pounds for the electronic tagging of prisoners—some of whom were found to have been dead at the time—from the 2000s onwards. The Serious Fraud Office was tasked in 2013 with investigating, and in late 2014 Serco was forced to reimburse the Ministry of Justice to the tune of £68.5 million.
India's Long Road by Vijay Joshi
Affordable Care Act / Obamacare, barriers to entry, Basel III, basic income, blue-collar work, Bretton Woods, business climate, capital controls, central bank independence, clean water, collapse of Lehman Brothers, collective bargaining, colonial rule, congestion charging, corporate governance, creative destruction, crony capitalism, decarbonisation, deindustrialization, demographic dividend, demographic transition, Doha Development Round, eurozone crisis, facts on the ground, failed state, financial intermediation, financial repression, first-past-the-post, floating exchange rates, full employment, germ theory of disease, Gini coefficient, global supply chain, global value chain, hiring and firing, income inequality, Indoor air pollution, Induced demand, inflation targeting, invisible hand, land reform, Mahatma Gandhi, manufacturing employment, Martin Wolf, means of production, microcredit, moral hazard, obamacare, Pareto efficiency, price mechanism, price stability, principal–agent problem, profit maximization, profit motive, purchasing power parity, quantitative easing, race to the bottom, randomized controlled trial, rent-seeking, reserve currency, rising living standards, school choice, school vouchers, secular stagnation, Silicon Valley, smart cities, South China Sea, special drawing rights, The Future of Employment, The Market for Lemons, too big to fail, total factor productivity, trade liberalization, transaction costs, universal basic income, urban sprawl, working-age population
In Canada and many Northern European countries, the choice has been to offer a uniform state health insurance package to all, but to allow public as well as private providers of care; private insurance markets are purely supplementary. In contrast, the United States relies mostly on private insurance markets, which is why there are large numbers of uninsured people, a situation which the recent introduction of ‘Obamacare’ has begun to correct.36 [ 190 ] Stability and Inclusion 191 India has begun to introduce a state insurance system for secondary care, viz. the Rashtriya Swasthya Bima Yojana (RSBY) scheme, which takes roughly a single-payer, Canadian–North European track.37 The scheme covers those below the poverty line (BPL) as defined by the Planning Commission, i.e. around 60 million families (300 million individuals).
Dreamland: The True Tale of America's Opiate Epidemic by Sam Quinones
1960s counterculture, Affordable Care Act / Obamacare, Albert Einstein, British Empire, call centre, centralized clearinghouse, correlation does not imply causation, crack epidemic, deindustrialization, feminist movement, illegal immigration, mass immigration, Maui Hawaii, McMansion, obamacare, zero-sum game
Because tar is a semiprocessed, less-filtered form of heroin, the impurities that remain in the drug clogged addicts’ veins when injected. Unable to find veins, addicts shoot it into muscles. “Muscling” black tar heroin, in turn, leads to infections, rotting skin, botulism, even gangrene.) In the 1970s, East Coast heroin dealers, mostly blacks by then, began printing brands on glassine bags broadcasting the supposed potency of the drug inside, or the headlines of the day: brands like Hell Date, Toxic Waste, Knockout, NFL, Obamacare, Government Shutdown. Over the decade the drug that square America despised became the choice drug of despised America: urban outcasts, wandering con men, homosexuals, pickpockets, artists, and jazz musicians populated the early heroin world. Underground classics such as William Burroughs’s Junky described its nonconformist denizens, and mesmerized later generations intent on rebellion. But heroin was never about the romantic subversion of societal norms.
The Price of Inequality: How Today's Divided Society Endangers Our Future by Joseph E. Stiglitz
affirmative action, Affordable Care Act / Obamacare, airline deregulation, Andrei Shleifer, banking crisis, barriers to entry, Basel III, battle of ideas, Berlin Wall, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, collapse of Lehman Brothers, collective bargaining, colonial rule, corporate governance, Credit Default Swap, Daniel Kahneman / Amos Tversky, Dava Sobel, declining real wages, deskilling, Exxon Valdez, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, framing effect, full employment, George Akerlof, Gini coefficient, income inequality, income per capita, indoor plumbing, inflation targeting, information asymmetry, invisible hand, jobless men, John Harrison: Longitude, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Arrow, Kenneth Rogoff, labour market flexibility, London Interbank Offered Rate, lone genius, low skilled workers, Marc Andreessen, Mark Zuckerberg, market bubble, market fundamentalism, mass incarceration, medical bankruptcy, microcredit, moral hazard, mortgage tax deduction, negative equity, obamacare, offshore financial centre, paper trading, Pareto efficiency, patent troll, Paul Samuelson, payday loans, price stability, profit maximization, profit motive, purchasing power parity, race to the bottom, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, shareholder value, short selling, Silicon Valley, Simon Kuznets, spectrum auction, Steve Jobs, technology bubble, The Chicago School, The Fortune at the Bottom of the Pyramid, The Myth of the Rational Market, The Spirit Level, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, trickle-down economics, ultimatum game, uranium enrichment, very high income, We are the 99%, wealth creators, women in the workforce, zero-sum game
See Suzanne Mettler, “Reconstituting the Submerged State: The Challenges of Social Policy Reform in the Obama Era,” Perspectives on Politics 8, no. 3 (2010): 803–24. This partially accounts for the quandary that states that are the largest recipients of federal assistance tend to be most against government programs. See also the anecdote described below, in the next section, involving the elderly objecting to Obama-care because it threatened to socialize Medicare. 5. See Michael I. Norton and Dan Ariely, “Building a Better America—One Wealth Quintile at a Time,” Perspectives on Psychological Science 6, no. 1 (2011): 9–12. 6. See the survey on the perception of inequality in the world, conducted by the Fondation Jean-Jaurès, available at (in French) http://www.jean-jaures.org/Publications/Dossiers-d-actualite/Enquete-sur-la-perception-des-inegalites-dans-le-monde (accessed March 4, 2012). 7.
23andMe, 3D printing, active measures, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, algorithmic trading, artificial general intelligence, Asilomar, Asilomar Conference on Recombinant DNA, augmented reality, autonomous vehicles, Baxter: Rethink Robotics, Bill Joy: nanobots, bitcoin, Black Swan, blockchain, borderless world, Brian Krebs, business process, butterfly effect, call centre, Chelsea Manning, cloud computing, cognitive dissonance, computer vision, connected car, corporate governance, crowdsourcing, cryptocurrency, data acquisition, data is the new oil, Dean Kamen, disintermediation, don't be evil, double helix, Downton Abbey, drone strike, Edward Snowden, Elon Musk, Erik Brynjolfsson, Filter Bubble, Firefox, Flash crash, future of work, game design, Google Chrome, Google Earth, Google Glasses, Gordon Gekko, high net worth, High speed trading, hive mind, Howard Rheingold, hypertext link, illegal immigration, impulse control, industrial robot, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jaron Lanier, Jeff Bezos, job automation, John Harrison: Longitude, John Markoff, Jony Ive, Julian Assange, Kevin Kelly, Khan Academy, Kickstarter, knowledge worker, Kuwabatake Sanjuro: assassination market, Law of Accelerating Returns, Lean Startup, license plate recognition, lifelogging, litecoin, M-Pesa, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Metcalfe’s law, mobile money, more computing power than Apollo, move fast and break things, move fast and break things, Nate Silver, national security letter, natural language processing, obamacare, Occupy movement, Oculus Rift, off grid, offshore financial centre, optical character recognition, Parag Khanna, pattern recognition, peer-to-peer, personalized medicine, Peter H. Diamandis: Planetary Resources, Peter Thiel, pre–internet, RAND corporation, ransomware, Ray Kurzweil, refrigerator car, RFID, ride hailing / ride sharing, Rodney Brooks, Satoshi Nakamoto, Second Machine Age, security theater, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart grid, smart meter, Snapchat, social graph, software as a service, speech recognition, stealth mode startup, Stephen Hawking, Steve Jobs, Steve Wozniak, strong AI, Stuxnet, supply-chain management, technological singularity, telepresence, telepresence robot, Tesla Model S, The Future of Employment, The Wisdom of Crowds, Tim Cook: Apple, trade route, uranium enrichment, Wall-E, Watson beat the top human players on Jeopardy!, Wave and Pay, We are Anonymous. We are Legion, web application, Westphalian system, WikiLeaks, Y Combinator, zero day
In the future, would-be bio-assassins need only recover some genetic material left behind on a fork or spoon at a restaurant, perhaps from a high-profile politician or celebrity, to create a bespoke weaponized virus. Though one might think such scenarios are relegated solely to the realm of science fiction, news broke as part of the WikiLeaks scandal that the U.S. government had allegedly sent diplomatic cables to its embassies overseas instructing personnel to attempt to collect the DNA of world leaders—presumably not to enroll them in Obamacare. While most bio-hackers today are hacking for good, among the masses will undoubtedly be a number of bad apples and even criminal elements. Over time, there will be biological equivalents for all major categories of computer crime today. For example, hacking your genetic information may well be the identity theft of tomorrow—especially as DNA becomes widely used for authentication. Indeed, the ultimate form of identity theft is human cloning, and the number of technical barriers to making it a reality are falling quickly, an eventuality for which police and society are entirely unprepared.
Free Speech: Ten Principles for a Connected World by Timothy Garton Ash
A Declaration of the Independence of Cyberspace, Affordable Care Act / Obamacare, Andrew Keen, Apple II, Ayatollah Khomeini, battle of ideas, Berlin Wall, bitcoin, British Empire, Cass Sunstein, Chelsea Manning, citizen journalism, Clapham omnibus, colonial rule, crowdsourcing, David Attenborough, don't be evil, Donald Davies, Douglas Engelbart, Edward Snowden, Etonian, European colonialism, eurozone crisis, failed state, Fall of the Berlin Wall, Ferguson, Missouri, Filter Bubble, financial independence, Firefox, Galaxy Zoo, George Santayana, global village, index card, Internet Archive, invention of movable type, invention of writing, Jaron Lanier, jimmy wales, John Markoff, Julian Assange, Mark Zuckerberg, Marshall McLuhan, mass immigration, megacity, mutually assured destruction, national security letter, Netflix Prize, Nicholas Carr, obamacare, Peace of Westphalia, Peter Thiel, pre–internet, profit motive, RAND corporation, Ray Kurzweil, Ronald Reagan, semantic web, Silicon Valley, Simon Singh, Snapchat, social graph, Stephen Hawking, Steve Jobs, Steve Wozniak, The Death and Life of Great American Cities, The Wisdom of Crowds, Turing test, We are Anonymous. We are Legion, WikiLeaks, World Values Survey, Yom Kippur War
Rather it was the private power of a handful of big cable and phone companies, including Comcast, Verizon and AT&T, which had spent hundreds of millions of dollars in lobbying, so that they could make hundreds of millions more dollars by charging other big companies, such as Netflix, for speeding their content down a fast lane.29 These companies, their lobbyists and their supporters in the US Congress argued that the profits made would help companies provide better internet access for all Americans. They also invoked the freedom of the market against some leftist, egalitarian version of free speech. (Republican senator Ted Cruz called net neutrality ‘Obamacare for the internet’.30) But this was not persuasive. The whole history of information and communications businesses, especially in the United States, suggested a tendency towards monopoly, or at least oligopoly, with a concentration of economic power in the paws of a few big cats. What was needed was actually more effective freedom of the market: that is, a well-regulated level playing field, so that new, agile entrants could sharpen the competition.
What Went Wrong: How the 1% Hijacked the American Middle Class . . . And What Other Countries Got Right by George R. Tyler
8-hour work day, active measures, activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, bank run, banking crisis, Basel III, Black Swan, blood diamonds, blue-collar work, Bolshevik threat, bonus culture, British Empire, business process, capital controls, Carmen Reinhart, carried interest, cognitive dissonance, collateralized debt obligation, collective bargaining, commoditize, corporate governance, corporate personhood, corporate raider, corporate social responsibility, creative destruction, credit crunch, crony capitalism, crowdsourcing, currency manipulation / currency intervention, David Brooks, David Graeber, David Ricardo: comparative advantage, declining real wages, deindustrialization, Diane Coyle, Double Irish / Dutch Sandwich, eurozone crisis, financial deregulation, financial innovation, fixed income, Francis Fukuyama: the end of history, full employment, George Akerlof, George Gilder, Gini coefficient, Gordon Gekko, hiring and firing, income inequality, invisible hand, job satisfaction, John Markoff, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, labor-force participation, labour market flexibility, laissez-faire capitalism, lake wobegon effect, light touch regulation, Long Term Capital Management, manufacturing employment, market clearing, market fundamentalism, Martin Wolf, minimum wage unemployment, mittelstand, moral hazard, Myron Scholes, Naomi Klein, Northern Rock, obamacare, offshore financial centre, Paul Samuelson, pension reform, performance metric, pirate software, Plutocrats, plutocrats, Ponzi scheme, precariat, price stability, profit maximization, profit motive, purchasing power parity, race to the bottom, Ralph Nader, rent-seeking, reshoring, Richard Thaler, rising living standards, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, Sand Hill Road, shareholder value, Silicon Valley, South Sea Bubble, sovereign wealth fund, Steve Ballmer, Steve Jobs, The Chicago School, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transcontinental railway, transfer pricing, trickle-down economics, tulip mania, Tyler Cowen: Great Stagnation, union organizing, Upton Sinclair, upwardly mobile, women in the workforce, working poor, zero-sum game
Jeffrey Smith, “DeLay Trial a Window Into Influence,” Washington Post, Dec. 1, 2010. 17 Justin Fox, “What the Founding Fathers Really Thought about Corporations,” HBR Blog Network, Harvard Business Review, e-mail exchange between Justin Fox and Brian Murphy, April 1, 2010, http://blogs.hbr.org/fox/2010/04/what-the-founding-fathers-real.html 18 John Kay, “Beware the Bailout Kings and Backbench Barons,” Financial Times, May 20, 2009. 19 Luke Mitchell, “Understanding Obamacare,” Harper’s Magazine, December 2009. 20 Hedrick Smith, Who Stole the American Dream (New York: Random House, 2012). 21 Charles Morris, “A Recession Can Clear the Air,” Washington Post, Nov. 16, 2008. 22 Northeast Public Power Association (NEPPA), “Deregulation Continues to Impact Retail Electric Prices in Region,” NEPPA News Line, vol. 43, no. 12, December 2007. David Cay Johnston, “Unregulated Electricity Costs More, Studies Say,” NewYork Times, Nov. 6, 2007.
Powerhouse: The Untold Story of Hollywood's Creative Artists Agency by James Andrew Miller
Affordable Care Act / Obamacare, Airbnb, Albert Einstein, Bonfire of the Vanities, business process, collective bargaining, corporate governance, Donald Trump, family office, interchangeable parts, obamacare, out of africa, rolodex, Ronald Reagan, Saturday Night Live, Silicon Valley, Skype, stem cell, Steve Jobs, traveling salesman, union organizing
If I were to give it a headline, I would say we invest in change. We find companies or industries going through a moment of evolution, and we put our capital and creativity to work to help them through that period of time. This theme runs through a whole series of different types of investments—from Uber to turning around Continental Airlines, to our investments in health care after the passage of Obamacare. And it’s this idea of change that was one of the governing principles in our appearance as an investor in CAA. DAVID BONDERMAN, Co-Chairman, TPG Capital: The long and short of it is, the entertainment industry has been totally dislocated by what’s going on around it, and any time you have dislocation like that, you have opportunity. We’ve been in and out of the media business since the mid-’80s.
Eastern USA by Lonely Planet
1960s counterculture, active transport: walking or cycling, Affordable Care Act / Obamacare, Albert Einstein, Berlin Wall, bike sharing scheme, Bretton Woods, British Empire, car-free, carbon footprint, centre right, collective bargaining, cuban missile crisis, desegregation, Donald Trump, East Village, Fall of the Berlin Wall, Frank Gehry, glass ceiling, Guggenheim Bilbao, haute cuisine, Hernando de Soto, illegal immigration, immigration reform, information trail, interchangeable parts, jitney, license plate recognition, Mason jar, mass immigration, McMansion, megacity, Menlo Park, new economy, New Urbanism, obamacare, Ralph Waldo Emerson, Ronald Reagan, Rosa Parks, Saturday Night Live, Silicon Valley, Skype, the built environment, the High Line, the payments system, transcontinental railway, union organizing, Upton Sinclair, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, walkable city, white flight, Works Progress Administration, young professional
Political Fraction With lost jobs, overvalued mortgages and little relief in sight, the conditions were ripe for the Tea Party. Named after the infamous 1773 event in Boston, during which patriots dumped British tea to protest the government’s tax on it, today’s Tea Party is a populist movement of politically conservative republicans who decry high taxes and federal spending. Government bailouts (the banking and auto industries) and President Obama’s healthcare reform (derisively named Obamacare) particularly capture their ire. »Household income New Hampshire (2008-2010): $66,300 »Household income Mississippi (2008-2010): $36,850 »Population density New York City: 27,530 per sq mi »Population density Maine: 43 per sq mi »Cheese produced annually Wisconsin: 2.4 billion pounds »Number of vacant homes in Florida (2010): 1.5 million The Tea Party and fellow republicans have made inroads into traditionally liberal regions of the East.
USA Travel Guide by Lonely, Planet
1960s counterculture, active transport: walking or cycling, Affordable Care Act / Obamacare, Albert Einstein, Asilomar, Bay Area Rapid Transit, Berlin Wall, Big bang: deregulation of the City of London, big-box store, bike sharing scheme, Bretton Woods, British Empire, Burning Man, California gold rush, call centre, car-free, carbon footprint, centre right, Chuck Templeton: OpenTable, cuban missile crisis, desegregation, Donald Trump, Donner party, East Village, edge city, El Camino Real, Fall of the Berlin Wall, feminist movement, Frank Gehry, glass ceiling, global village, Golden Gate Park, Guggenheim Bilbao, Haight Ashbury, haute couture, haute cuisine, Hernando de Soto, Howard Zinn, illegal immigration, immigration reform, information trail, interchangeable parts, intermodal, jitney, license plate recognition, Mars Rover, Mason jar, mass immigration, Maui Hawaii, McMansion, Menlo Park, Monroe Doctrine, new economy, New Urbanism, obamacare, off grid, Ralph Nader, Ralph Waldo Emerson, RFID, ride hailing / ride sharing, Ronald Reagan, Rosa Parks, Saturday Night Live, Silicon Valley, South of Market, San Francisco, stealth mode startup, stem cell, supervolcano, the built environment, The Chicago School, the High Line, the payments system, trade route, transcontinental railway, union organizing, Upton Sinclair, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, walkable city, white flight, working poor, Works Progress Administration, young professional, Zipcar
People were upset and gathered in big numbers to voice their anger. This in turn gave birth to the Tea Party (www.teapartypatriots.org), a wing of political conservatives who believed that Obama was leaning too far to the left, and that government handouts would destroy the economy and thus America. High federal spending, government bailouts (the banking and auto industries) and especially Obama’s healthcare reform (‘Obamacare’) particularly captured their ire. Healthcare for All For democrats, however, Obama’s healthcare bill, which became law in 2010, was a victory in bringing healthcare coverage to more Americans, lowering the cost of healthcare and closing loopholes that allowed insurance companies to deny coverage to individuals. Critics from both sides reined down blows – from the right: ‘this is socialism!’
Financial Independence by John J. Vento
Affordable Care Act / Obamacare, Albert Einstein, asset allocation, diversification, diversified portfolio, estate planning, financial independence, fixed income, high net worth, Home mortgage interest deduction, money market fund, mortgage debt, mortgage tax deduction, oil shock, Own Your Own Home, passive income, risk tolerance, the rule of 72, time value of money, transaction costs, young professional, zero day
Each state regulates its own workers’ compensation insurance program, and details vary from state to state; however, normal benefits include medical and rehab expenses, disability income, and lump-sum payments for death and certain severe injuries. c05.indd 107 26/02/13 11:09 AM 108 Financial Independence (Getting to Point X ) The Patient Protection and Affordable Care Act On March 23, 2010, President Barack Obama signed the Patient Protection and Affordable Care Act of 2010, the central piece of legislation that overhauled the American healthcare system. A week later, on March 30, 2010, the President also signed the Healthcare and Education Reconciliation Act of 2010, a shorter piece of legislation that amended several provisions in the initial Patient Protection Act. Taken together, these two pieces of legislation provided for massive healthcare reform and include an estimated $437 billion in new taxes and fees.
c05.indd 129 26/02/13 11:09 AM 130 Financial Independence (Getting to Point X ) $ TAX FACTS AND STRATEGIES2 FOR INSURING YOUR HEALTH AND LIFE • Take full advantage of medical insurance premiums paid by your employer on your behalf. This is considered a tax-free fringe beneﬁt. These medical insurance premiums are 100 percent deductible by your employer and tax free to you. All payments made by the medical insurance company to cover your medical expenses are also tax-free payments made for your beneﬁt. • Under the Affordable Care Act plan: You have limited opportunities to deduct medical costs (including self-paid medical insurance premiums) for you and your family. Starting in 2013, your deduction may be limited to only the amount that exceeds 10 percent (7.5 percent for taxpayers over 65 through 2016) of your AGI. This is why having medical insurance through your employer and a Health Savings Account (HSA) is so important, because this allows you to pay for these costs in pretax dollars. • If your health insurance qualiﬁes as a high-deductible plan, you should establish an HSA, and fully fund tax-deductible contributions to cover future medical expenses.
(iii) The taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. c09.indd 247 26/02/13 2:51 PM 248 Financial Independence (Getting to Point X ) • • • • • • • • • c09.indd 248 pay the 15 percent rate except those with higher incomes subject to the new 39.6% income tax bracket, who will pay 20 percent. Under The Patient Protection and Affordable Care Act, starting in 2013 there is a 3.8 percent Medicare tax on net investment income if your modiﬁed adjusted gross income is above $250,000 for married ﬁling jointly and qualifying widow(er), above $125,000 for married ﬁling separately, and $200,000 for single and head of household. When evaluating different investment choices, you must consider the overall rate of return after taxes, which may make a tax favored type of investment more attractive.
Affordable Care Act / Obamacare, algorithmic trading, Amazon Mechanical Turk, American Legislative Exchange Council, asset-backed security, Atul Gawande, bank run, barriers to entry, basic income, Berlin Wall, Bernie Madoff, Black Swan, bonus culture, Brian Krebs, call centre, Capital in the Twenty-First Century by Thomas Piketty, Chelsea Manning, Chuck Templeton: OpenTable, cloud computing, collateralized debt obligation, computerized markets, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, cryptocurrency, Debian, don't be evil, drone strike, Edward Snowden, en.wikipedia.org, Fall of the Berlin Wall, Filter Bubble, financial innovation, financial thriller, fixed income, Flash crash, full employment, Goldman Sachs: Vampire Squid, Google Earth, Hernando de Soto, High speed trading, hiring and firing, housing crisis, informal economy, information asymmetry, information retrieval, interest rate swap, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, Julian Assange, Kevin Kelly, knowledge worker, Kodak vs Instagram, kremlinology, late fees, London Interbank Offered Rate, London Whale, Marc Andreessen, Mark Zuckerberg, mobile money, moral hazard, new economy, Nicholas Carr, offshore financial centre, PageRank, pattern recognition, Philip Mirowski, precariat, profit maximization, profit motive, quantitative easing, race to the bottom, recommendation engine, regulatory arbitrage, risk-adjusted returns, Satyajit Das, search engine result page, shareholder value, Silicon Valley, Snapchat, Spread Networks laid a new fibre optics cable between New York and Chicago, statistical arbitrage, statistical model, Steven Levy, the scientific method, too big to fail, transaction costs, two-sided market, universal basic income, Upton Sinclair, value at risk, WikiLeaks, zero-sum game
Ironically, this kind of data was originally gathered to help patients in emergency care settings—to assure access to a record of their medications. But when that plan failed, the records were quietly repurposed as a means of discriminating against the sick. If there’s one thing Wall Street loves, it’s a quick pivot to a winning business strategy. From Medical Record to Medical Reputation. Given the passage of the Affordable Care Act (ACA), those with a long history of prescriptions do not have quite as much to worry about in the health insurance market: insurers cannot discriminate on the basis of pre-existing conditions now.53 But other opportunities may be foreclosed. Moreover, the ACA also includes provisions promoting insurance discounts in exchange for participation in “wellness programs.” Verifying that participation (in activities ranging from meditation to 28 THE BLACK BOX SOCIETY running) can only expand the market for bodily surveillance and quantified selves.
The first step in approaching them is awareness, especially since the black box aspect of Internet infrastructure has been so notably successful in keeping its economic arrangements out of the public eye.153 There are two intertwined issues here. One has to do with concern about appropriate levels of compensation for executives, intermediaries, and investors. These questions do not apply uniquely to search firms; on the contrary, they are very common in other fields. They were central, for instance, in the struggle over the Affordable Care Act, which aimed to keep insurance premiums from being siphoned disproportionately out of health care proper and into insurer profits and CEO compensation. They will come up acutely in the next chapter, on Wall Street. They haunt other corners of the THE HIDDEN LOGICS OF SEARCH 85 information world—for instance, the cable and telephone companies that benefit along with Silicon Valley firms from the massive increase in traffic engendered by the world of search.
In 2004, Fisher estimated that a fee of $6 per month on broadband subscribers would cover all the music and movie industry revenue allegedly lost due to piracy.49 Of course, given extreme and rising inequality, such fees will need to be capped and, hopefully, progressively keyed to income TOWARD AN INTELLIGIBLE SOCIETY 203 and wealth. They are probably best collected as a sliding-scale user fee. A small tax on the unearned investment income of wealthy households would also help here, just like the one imposed to help fund the Affordable Care Act. Like health care, culture has positive externalities. It deserves more support from those best able to pay for society’s common needs.50 Unfortunately, the Recording Industry Association of America and the Motion Picture Association of America appear about as enthusiastic for a public option in entertainment as private insurers have been about it in health care. Thanks to that opposition, some might dismiss Fisher’s idea as a pipe dream—nothing even remotely resembling a new tax could pass through our political system, right?
Why Nudge?: The Politics of Libertarian Paternalism by Cass R. Sunstein
Affordable Care Act / Obamacare, Andrei Shleifer, availability heuristic, Cass Sunstein, choice architecture, clean water, Daniel Kahneman / Amos Tversky, Edward Glaeser, endowment effect, energy security, framing effect, invisible hand, late fees, libertarian paternalism, loss aversion, nudge unit, randomized controlled trial, Richard Thaler
To be sure, the paternalism is mild, and it is not coming from the government. But if it is paternalistic, is it really objectionable as such? Would things be different, or worse, if governments adopted Simply 600 menus at their own cafeterias? Are things different, or worse, if government seeks to promote more healthful eating by requiring menus to contain calorie information, as indeed the Affordable Care Act does for chain restaurants and similar retail food establishments? What if the government embarks on an aggressive, even graphic educational campaign designed to promote healthful eating—or taxes unhealthful foods, as France, Finland, Denmark, Britain, Hungary, Ireland, and Romania have either done or seriously considered? Paternalism stirs strong emotions. Many people abhor it. They think that human beings should be able to go their own way, even if they end up in a ditch.
The Simply 600 menu has not provoked much controversy, but if government tried to require or even to encourage it, a public outcry would be inevitable. In the United States, public debates have erupted over apparently sensible (and life-saving) laws requiring people to buckle their seatbelts or to wear helmets while riding motorcycles. Many people believe that the “individual mandate” in the Affordable Care Act, which requires all adults to have health insurance, is a form of unacceptable paternalism.5 The specific content of the disputes changes over time, but the fundamental issues endure. And in this domain, there are no simple partisan divisions. Paternalism is sometimes favored by those on the political left (perhaps seeking to improve people’s diets) and sometimes by those on the right (perhaps seeking to encourage chastity or marriage).
An earlier version was published as “The Storrs Lectures: Behavioral Economics and Paternalism,” 113 Yale L.J. 1826 (2013), and I am grateful to the editors of the Yale Law Journal for immensely valuable editorial suggestions and for permission to reprint material here. Some portions of the original lectures also appeared in Simpler: The Future of Government (Simon and Schuster, 2012), and I am grateful to Thomas LeBien for editorial help on that occasion. Index active choosing, 95, 100, 115, 125, 133, 138, 140 affect heuristic, 32–33 affective forecasting errors, 110 affective taxes/subsidies, 32–33 Affordable Care Act, 2, 167(n5). See also health insurance antipaternalism. See autonomy (freedom of choice); Harm Principle; impermissible motivations; Mill, John Stuart; rule-consequentialism; welfarist objections to paternalism attention, and salience, 39–44. See also salience automatic cognition. See System 1 thinking automatic enrollment, 54, 71(t), 133, 148. See also default rules autonomy (freedom of choice), 123–42; antipaternalism and, 20–22, 88–89, 123–24, 164; choice architecture and, 17–18, 130–33, 137–38, 151–54, 184(n16); intrinsic value, 127–28, 133; vs. mandates or bans, 28–29; and reversibility, 151–54; thick version, 127–28, 133–38; thin version, 124–26, 128–32; and welfare, 123–29, 134, 136–38.
What Kind of Creatures Are We? (Columbia Themes in Philosophy) by Noam Chomsky
Affordable Care Act / Obamacare, Albert Einstein, Arthur Eddington, Brownian motion, conceptual framework, en.wikipedia.org, failed state, Henri Poincaré, Isaac Newton, Jacques de Vaucanson, liberation theology, mass incarceration, means of production, phenotype, Ronald Reagan, The Wealth of Nations by Adam Smith, theory of mind, Turing test, wage slave
A review of the health-care fiasco in the New York Times observes that the United States “is fundamentally handicapped in its quest for cheaper health care: All other developed countries rely on a large degree of direct government intervention, negotiation or rate-setting to achieve lower-priced medical treatment for all citizens. That is not politically acceptable here.” An expert is quoted as tracing the complexity of the Affordable Care Act to “the political need in the U.S. to rely on the private market to provide health care access.” One consequence is “Kafkaesque” bills because “even Medicare is not allowed to negotiate drug prices for its tens of millions of beneficiaries.” The problem of “political impossibility” has been noted before. Thus in the 2004 presidential campaign, the New York Times reported, candidate John Kerry “took pains… to say that his plan for expanding access to health insurance would not create a new government program,” because “there is so little political support for government intervention in the health care market in the United States.”10 Why is government intervention, even negotiation to set drug prices, “not politically acceptable here”?
abduction, Peirce on, xv, 27–28, 55–56 acquisition of language: and innate cognoscitive powers, 47; MMM Thesis of, 47–48; as mystery-for-humans, 52. See also origin of language action at a distance, apparent absurdity of: ignoring of, by post-Newtonian physicists, xvii, 34, 98–99, 108; Locke on, 33; Newton on, xvi, 33–34, 83, 85, 86, 87–88, 98; parallel of, with consciousness arising from matter, 86–87; Russell on, 90 aesthetic theory, relation of scope and limits in, 56–57 Affordable Care Act, complexity of, as symptom of broken U.S. health system, 68–69 African Americans, exclusion of from U.S. personhood, 46 aitiational semantics, 43 Albert, David, 55 Albert, Michael, 72 Alperovitz, Gar, 72 American tradition, roots of anarchism in, 72–73 Analysis of Matter (Russell), 90, 99–100 anarchism: anarcho-syndicalism as goal of, 62; balance of socialist and libertarian elements in, xxiii; federations of self-governing communities under, 66–67, 72; and freedom from domination, 66–67; and freedom from economic exploitation, 64; and freedom from guardianship, 64–65, 80; as heir to principles of classical liberalism, 62, 63, 71; and human development, xxi; on necessity of state power to defend oppressed, 67; political goals of, 62, 64, 70; principles of, xxi; roots of, in American tradition, 72–73; as term, 63; and unjustified coercion, dismantling of, xxiii, 63–64, 66; workers’ ownership of means of production in, 71–72 anarcho-syndicalism: Rocker on, 62; of Spanish Civil War, xxi, 63 animal signals: causative link of, to external objects, xviii–xix, 41–42, 126; vs. human language, xviii–xix, 41–43, 48; as unlikely evolutionary source of human language, xviii–xix, 48 apes: global nature of association in, 42–43; and language as computational procedure, x–xi, 13 Aristotle: on democracy, 79; on form, 50; on nature of language, xi, xviii, 4, 6, 14; on words as mind-dependent concepts, 44, 45 atomic elements of computation: complex nature of, 126; lack of causative link of, to external objects, xix, 42, 126; lack of referential properties in, xviii, 43–46, 126; necessity of accounting for, in model of language origin, 41; origin of, as mystery, 125–26; parallels of, with phonetic elements, 43; as prior to words or lexical items, xviii, 41; questionable value of literature on, 41; as unique to humans, 59, 125 Bakunin, Mikhail, xxi, 64, 68 Basic Property of Language, viii, 4; and computational procedure, ix, 4; and early definitions of language, 5–7; formulation of, 3–4; issues exposed by clear formulation of, 9–12; Merge as optimal computational procedure for, 24; origin of, requirements for credible account of, 40; and principle of simplicity, 16–17; reformulation of, 13 Bernays, Edward, 76 Bilgrami, Akeel, 43 biolinguistic framework, 5; and mid-twentieth-century turn to generative grammar, 9 biological basis of I-language, ix, xiv, 5, 59; importance of investigating vs. computed objects, 8–9; provisional abstraction from, ix, 129n3.
See mysterianism Newton, Isaac: efforts of, to unify chemistry and physics, 107; and evaporation of mind-body problem, 104; Hume on, 37, 81, 86–87; Kant on, 97, 141n32; Kuhn on, 87–88; and limits on human cognition, xvi–xvii, xx, 33–34, 52, 53, 92, 104–5; and motion without contact, struggle to conceptualize, xvi, 33–34, 83, 85, 86, 87–88, 98; and physical, redefinition of, 125; and pragmatic approach to science, xx, 53, 88–89, 99, 107; on will, 95 AND CARTESIAN DUALISM: destruction of, xvi–xvii, 30, 33–34, 35, 52, 85, 111–12, 113–14; general adherence to, xvi, 33–34, 83, 85, 86, 87–88, 98–99 Newtonian physics, delay of in supplanting Cartesian physics, 88 New York Times, 68, 69 NIM project, 42–43 nonexperiential truths: existence of, as issue, 124; supervenience of experiential truth on, as issue, 123–24 No-Radical Emergence Thesis (Strawson), 115–16, 121 noun phrases, and object status, 49, 118 null subject languages, 23 Obama, Barack, and Affordable Care Act, 69 Objections (Gassendi), 106 Objections to the Meditations (Descartes), 144n50 objects: mind-independent, troubled status of concept, 48–52; noun phrases and object status, 49, 118. See also referential properties On Liberty (Mill), 60–61 Opticks (Newton), 83, 107 origin of language: animal signals as unlikely source of, xviii–xix, 48; and appearance of Merge, xiii; vs. communication, 40; Darwin on, 2–3; focus on communication, as misguided, 14–15, 40; gradual evolution model, unlikelihood of, xviii–xix, 48; Jespersen on, 8; lack of detectable evidence on, 40; Lewontin on, xix, 39–40, 52; as mystery-for-humans, xix, 39–40, 52, 59; origin of atomic elements, as issue, 125–26; origin of infinite range of interpretable hierarchical expressions, as issue, 125; and phenotype, necessity of defining, xix, 6, 40, 41, 59; requirements for credible account of, 40–41; and SMT hypothesis, 25; as sudden, recent leap, xiii, 3, 25, 40; Tattersall on, 3, 25 other minds, as issue, and creative use of language, 93 Pannekoek, Anton, 63 panpsychism: Priestley’s rejection of, 116, 117; and Strawson, 115–16, 120–21 parliamentary tradition: as instrument of class rule, 68; in seventeenth-century England, xxii passivization, and communication vs. semantic interpretation, 22 Pauling, Linus, 109 Peirce, Charles Sanders: on abduction, xv, 27–28, 55–56; on limits on human cognition, xix, 28, 53, 105; and mysteries as roadblocks to inquiry, xx; on sign-object reference, 126 people, as guardians of public interest, 79–80 percepts as physical events, Russell on, 100–101, 102 Perrin, Jean Baptise, 23 person, as complex concept, 45–46 Peterloo massacre, 73 Petitto, Laura-Ann, 42–43 Petty, Sir William, 96–97 philosophy, contemporary: denial of mysteries by, xix; Stoljar on central problem of, 122–23; Strawson on hyperdualist intuitions of, 124, 127 philosophy, naturalization of in Hume, 106 philosophy of mind: and limits on human cognition, xvi–xvii; and mind-body problem, reengagement with, 111–12; questionable foundational assumptions of, 36; Stoljar on epistemological terms of, 122–23 phonetics, limited success of, 44 physicalism, Jackson on limitations of, 102 physics: and human perception, necessity of continuity between, 100, 102; Newtonian, delay of in supplanting Cartesian physics, 88; Russell on limits of, 100–103.
The Lucky Years: How to Thrive in the Brave New World of Health by David B. Agus
3D printing, active transport: walking or cycling, Affordable Care Act / Obamacare, Albert Einstein, butterfly effect, clean water, cognitive dissonance, crowdsourcing, Danny Hillis, Drosophila, Edward Lorenz: Chaos theory, en.wikipedia.org, epigenetics, Kickstarter, medical residency, meta analysis, meta-analysis, microbiome, microcredit, mouse model, Murray Gell-Mann, New Journalism, pattern recognition, personalized medicine, phenotype, placebo effect, publish or perish, randomized controlled trial, risk tolerance, statistical model, stem cell, Steve Jobs, Thomas Malthus, wikimedia commons
Most of us ignore the health care system in America until we have a problem with it, be it fighting a claim, dealing with poor service, or addressing a misdiagnosis. The passage of the Affordable Care Act left many wondering just how much it would improve the system and at the same time lower costs. The law is supposed to “put consumers back in charge of their health care,” but I know that many don’t feel this has been realized yet, at least not in the way they imagined when the law was being initially discussed and drafted. The problem is that unless we as individuals help change the system, we won’t see a vast improvement in our system. I’m not here to dissect the Affordable Care Act or offer advice on which plan to choose. What I do want to do, however, is show you how to participate in the system like never before so you can rest assured that your doctor’s visit a decade from now will be what it should be.
Index A note about the index: The pages referenced in this index refer to the page numbers in the print edition. Clicking on a page number will take you to the ebook location that corresponds to the beginning of that page in the print edition. For a comprehensive list of locations of any word or phrase, use your reading system’s search function. Page numbers in italics refer to illustrations. acute lymphoblastic leukemia, 115 adenocarcinomas, 216 Advil, 66 “Aequanimitas” (Osler), 75 Affordable Care Act, 69–70 aflibercept (Zaltrap), 117 Africa, 76–77, 78, 163, 186 age: biological, 45–48, 46, 232 chronological, 45, 46, 46, 47, 135–36, 232 aging, 175, 201 coarse-graining in, 231–32 context and, 45 diseases of, 41, 128, 136 feebleness and, 43 fertility and, 43 genetics and, 20, 41 immune system and, 44 in males vs. females, 63–64 mortality rates and, 42–43 muscle loss in, 195–96 in other species, 41–45 parabiosis experiments on, 1–4, 3, 21 plasma transfusions and, 4–5 senility and, 44 telomeres and, 64–65 theories of, 40–41 AIDS, see HIV/AIDS airport noise, cardiovascular disease and, 92 Alabama, 47 alcohol abuse, 22 ALK, 51, 53–54 Alzheimer’s disease, 5, 8, 10, 91, 108, 113, 118, 129, 163, 175, 203–4, 215 diet and, 163 American College of Cardiology, 218 American Heart Association, 183, 218 American Institute for Cancer Research, 190 American Journal of Clinical Nutrition, 194 amino acids, 194 Amsterdam, University of, 41 amyotrophic lateral scleroris (ALS), 119–20 Angell, Marcia, 178 Annals of Internal Medicine, 181 Anopheles mosquito, 77 Antarctica, 94 antiaging drugs, 201 antiaging hoaxes, 200–201 antibiotics, 145 appendicitis and, 94 resistance to, 67–69, 68 antibodies, 84–85 antidepressants, 145 antioxidants, 208 antivaccine movement, 155–56 anxiety, 122 apoptosis, 59 appendicitis, 93–94 Apple, 23, 26 Archives of Internal Medicine, 142, 143, 192, 196 Arizona State University, 134 arthritis, 24, 215 artificial sweeteners, 85–86, 120 Asia, 77 aspirin, 76, 93, 136, 215–17 anticancer qualities of, 216–17 Associated Press, 21 asthma, 59 Athens, 226 atherosclerosis, 183 ATP (adenosine triphosphate), 107 Auckland, University of, 181 Aurora shooting, 81 Australia, 41, 124, 164, 197–98 Autier, Philippe, 180–81 autism spectrum disorders, 108, 112 vaccines and, 18, 153, 155–56 autoimmune diseases, 85, 125, 175 Avastin (bevacizumab), 11 Ayurveda, 113 bacteria: antibiotic-resistant, 67–69, 68 beneficial, 33–34 as earth’s first inhabitants, 124 bacterial genes, 107, 119 bacterial sepsis, 222 balance, 45 Baltimore, David, 102, 103 Baltimore, Md., 74 Bang, Hans Olaf, 182–83 Bangladesh, 232–35 Beaverton, Oreg., 109 Benda, Carl, 107 Berlin, 232, 233 Bernardi, Edward, 104–5 Bernardi, Neil, 104, 105–6 Bernardi, Sharon, 104–6, 108–9, 111 bevacizumab (Avastin), 11 Big Data, see databases, medical; data mining Big Pharma, see pharmaceutical industry Bill & Melinda Gates Foundation, 87 Bills of Mortality, 96, 97–99, 98, 99, 100 “biological age,” 45–48, 46, 232 biomarkers, 45, 47 biopsies, blood-based, 61 Black Death, 95–101, 98, 99, 100 bladder cancer, 54–55, 54 blastocysts, 109 Blink: The Power of Thinking Without Thinking (Gladwell), 225 blood-brain barrier, 54 blood clotting, 187 blood pressure, 22, 47, 188, 195, 218 home measurement of, 135, 136 range of, 136 blood sugar levels, 151 body: as complex organism, 20, 48, 135 as emergent system, 48, 130–31 listening to, 26, 150, 163 resilience of, 49 “self” vs.
., 84 emotions, touch and, 214 emulsifiers, microbiome and, 121–22 “end of history illusion,” 38–40, 39 End of Illness, The (Agus), 18 endoplasmic reticulum, 40 endorphins, 211 energy levels, 149 England, see Great Britain environment, see context epidemics: global spread of, 103 prediction of, 103–4 epigenetics, 20–21 esomeprazole (Nexium), 86 esophageal cancer, 217 estrogen, 64 ethics: genome editing and, 24–25 medical advances and, 10, 24 technology and, 25–26 Europe, 77 European Journal of Immunology, 34 exercise, 21, 114, 140, 185–201 chemotherapy and, 191, 192 honesty about, 133–34 ideal amount of, 196–200 intensity of, 197–98 life expectancy and, 189–90 mortality rates and, 148 Exeter, University of, 157 “Experimental Prolongation of the Life Span” (McCay, Lunsford, and Pope), 2 experimental treatments, quicker access to, 56 Facebook, 27 fasting lipid profile, 150 feebleness, aging and, 43 fertility, aging and, 43 Field, Tiffany, 214 financial industry, information technology and, 89 Finland, 220 fish oil, 182–83 Florida, 103 flu vaccine: misinformation about, 157–58 public distrust of, 160 FODMAPs (fermentable oligo-di-monosaccharides and polyols), 164 Fodor, George, 183 food, safety of, 11 Food and Drug Administration, US (FDA), 2, 18, 51, 55, 56, 86, 111, 112, 127–28, 146, 182, 201 Accelerated Approval provisions of, 128 Foundation Medicine, 50 Framingham Heart Study, 47, 118 Fred Hutchinson Cancer Research Center, 169 free radicals, 208 fruit flies, eating pattern studies with, 138–40 fungi, 119 gait, 45 galvanic skin response (GSR), 230–31 gastroesophageal reflux disease (GERD), 86 Gates, Bill, 2 Genentech, 56 genes, genome, 45, 83–84 aging and, 20, 41 bacterial, 107, 119 context and, 14, 20–21, 118 DNA mismatch repair and, 32 expression of, 20–21, 125, 139 mitochondrial, see mitochondrial DNA sequencing of, 20, 23, 49–52, 112 SNPs in, 113–14 as switches, 41 viruses and, 119–20 genes, genome, editing of, 24–25, 45 ethics of, 102–5 genetically modified foods (GMOs), 18 genetic markers, 22, 113–14, 127 genetic mutations: aging and, 41 cancer and, 14, 21–22, 50 disease risk and, 9, 12 genetic screening, 103, 117, 137 flawed results in, 8–10 of newborns, 11–12 Georgia State University, 121 Gewirtz, Andrew, 121 Gibson, Peter, 164 Gilbert, Daniel, 38, 39, 40 Gillray, James, 161 Gladwell, Malcolm, 225, 227, 228 Gleevec (imatinib), 55 glial cells, 209 glioblastoma, 30 “Global Recommendations on Physical Activity for Health” (WHO), 187 gluten, debate over, 163–65 Goldstein, Irwin, 211 Google, 87, 88, 101 Google Flu Trends, 101 Grameen Bank, 232, 233–34, 235 Grameen Danone, 235 Graunt, John, 100 Great Britain, 96, 97, 100, 110, 155 Black Death in, 95–101, 98, 99, 100 Greatist.com, 200 Greenland, 182 Grove, Andy, 7, 7 growth factors, 59 gun violence, 91 gut: inflammation of, 120, 122 microbiome of, see microbiome H2 blockers, 86 habits and routines, 136, 137–41, 228, 237–38 see also diet; lifestyle choices Harlow, Harry, 213 Harvard Medical School, 84 Harvard School of Public Health, 142–43 Harvard University, 3, 23, 24, 37, 178, 186, 196, 212, 213, 216 hash tables, health care and, 87–88 Hawaii, 47 HDL cholesterol, 150 health: biological age and, 47 context and, 48, 76–78, 84, 89–90, 91–94, 101, 113, 114–15, 117, 124–25 family history of, 136–37 honesty about, 131–34 inflection point in, 8 lifestyle and, see lifestyle choices optimism and, 65–69 personal baselines for, 150 retirement and, 91–92 technology and, 37–70 health and fitness apps, 200 Health and Human Services Department, US, 103 health care: Affordable Care Act and, 69–70 hash tables and, 87–88 individual’s responsibility in, 12–13, 26, 70, 75, 78, 131–32 misinformation about, 14–15, 18, 19, 154, 157–58 politics and, 11–12 portable electronic devices and, 79, 90–91 Health Professionals Follow-up Study, 142–43, 217 health threats, prediction of, 103–4 heart: biological age of, 47–48 health of, 48 heart attacks, 76, 86, 182, 217, 218 heart disease, 59, 128, 150, 166, 175, 183, 186, 187, 215, 217, 221 context and, 22 diet and, 163 eating patterns and, 138–40 lifestyle choices and, 22 muscle mass and, 195 heart rates, 231 heart rate variability (HRV), 230 Heathrow Airport, 92 “hedonic reactions,” 38–40 heel sticks, 11–12 hemoglobin A1C test, 151 hepatitis B, 175 hepatitis C, 175 Herceptin (trastuzumab), 55 high blood pressure, 22, 188, 195 high-sensitivity C-reactive protein (CRP) test, 151 hippocampus, 214 Hippocrates, 71, 113, 122, 216 HIV/AIDS, 18, 24, 25, 59, 84, 127–28, 131, 159 Hoffmann, Felix, 215, 216 Holland, 41 Homeland Security Department, US, 103 homeostasis, 137–38, 140 Homo sapiens, evolution of, 107 honesty: about health, 131–34 nutritional studies and, 162 hormones, 219 hormone therapy, 201 Horton, Richard, 178 Hospital for the Ruptured and Crippled (Hospital for Special Surgery), 28 house calls, 80 Houston Methodist, 86 “how do you feel” question, 231 hugs, 214 Human Genome Project, 113, 120 human growth hormone, 200 Human Molecular Genetics, 65 human papilloma virus (HPV), 161, 175 Hurricane Sandy, 84 Huxley, Aldous, viii, 6, 159, 238 Hydra magnipapillata, 42, 42 hyperglycemia, 122 hypertension, 125, 195, 203 IBM, 88–89 imatinib (Gleevec), 55 immune reactions, 5 immune system, 175, 190, 209, 211 aging and, 44 impact of hugs on, 214 immunotherapy, 28–33 polio virus and, 30, 31 incentives, 235–36 Indiana University Bloomington School of Informatics and Computing’s Center for Complex Networks and Systems Research, 94–95 infant mortality, 87, 97 infants: genetic screening of, 11–12 premature, 87 infections, 175–76 infectious diseases, 129 antibiotic-resistant, 67–69, 68 data mining and, 100–101 inflammation, 34, 151, 174–77, 181, 187, 190, 195, 215–22 inflammatory bowel disease, 121 inflection points, 7–8, 7 influenza, 161 risks from, 157 vaccine for, see flu vaccine information, sorting good from bad, 19–20 information technology, financial industry and, 89 inherited disorders, newborn genetic screening and, 12 insomnia, 122 Institute for Sexual Medicine, 211 insulin, 56, 190 insulin sensitivity, 5, 87, 120, 122, 151, 195 insurance companies, off-label drugs and, 55 Intel, 7 International Agency for Research on Cancer, 170 International Prevention Research Institute, 180 intuition, 224–29 Inuits, 182–83 in vitro fertilization (IVF), three-person, 109–12, 110 Ioannidis, John, 178 IRBs (institutional review boards), 52 iron deficiency, 231 irritable bowel syndrome (IBS), 164 Islam, 234 Italy, 183 ivacaftor (Kalydeco), 115–16 JAMA Internal Medicine, 142, 143, 192, 196 Jenner, Edward, 160, 161 Jobs, Steve, 2, 23–24, 26, 49 Johns Hopkins Hospital, 71, 72, 128 Hurd Hall at, 74 Osler Medical Housestaff Training Program at, 73–75, 74 Johns Hopkins Sidney Kimmel Comprehensive Cancer Center, 32 Johns Hopkins University, 23, 169, 170, 171, 173, 174, 175, 176, 215 Jolie, Angelina, 21 Jones, Owen, 43 Journal of Sexual Medicine, 211 Journal of the American Medical Association (JAMA), 72, 114–15, 173, 201, 220, 221 Journal of the American Osteopathic Association, 154 Journal of the National Cancer Institute, 169 Journal of Urology, 168 journals, medical, misinformation in, 154, 179 J.
Getting Back to Full Employment: A Better Bargain for Working People by Dean Baker, Jared Bernstein
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Asian financial crisis, collective bargaining, declining real wages, full employment, George Akerlof, income inequality, inflation targeting, mass immigration, minimum wage unemployment, new economy, price stability, publication bias, quantitative easing, Report Card for America’s Infrastructure, rising living standards, selection bias, War on Poverty
The United States spends more than twice as much per person on health care than do other wealthy countries, with too little to show for it in the way of outcomes relative to these other advanced economies. Out-of-control health care spending is a burden on the economy whether or not the government is picking up the tab. In other words, the long-term projection of spiraling spending is a health care cost problem, not a budget problem. If the recent slowdown in cost growth continues, and the cost control measures in the Affordable Care Act prove effective, then our longer-term budget problems are likely to be manageable. If health care costs again start to grow rapidly, then we will have to revisit the issue and figure out a more effective way to control costs. The second point about long-term projections is that they are long-term projections, and as such they must be kept in perspective. We have an immediate problem --millions cannot find any or enough work—and we can address this problem with measures that will lead to higher deficits.
In these situations, the expense of an insurance policy is independent of the number of hours worked, and so an employer might naturally prefer to work its existing workforce more hours, often paying an overtime premium, rather than hire additional workers and have to buy additional health insurance policies. The result is a reluctance to reduce the standard workweek or work year. But the health care cost environment is changing rapidly, and, with the implementation of the Affordable Care Act (ACA), more changes are coming. Many employers now prorate the cost of a policy so that workers who work less than full time get only a portion of the cost of their policy covered. Family coverage is becoming rarer, as is employer-provided coverage more generally. However, even if the importance of employer-provided insurance is reduced as a force for pushing employers and workers to take productivity gains as income rather leisure, its influence will not go away overnight.
Private Island: Why Britain Now Belongs to Someone Else by James Meek
Affordable Care Act / Obamacare, Berlin Wall, business continuity plan, call centre, clean water, Deng Xiaoping, Etonian, HESCO bastion, housing crisis, illegal immigration, Martin Wolf, medical bankruptcy, Mikhail Gorbachev, post-industrial society, pre–internet, price mechanism, Right to Buy, risk tolerance, road to serfdom, Ronald Reagan, Rubik’s Cube, Skype, sovereign wealth fund, Washington Consensus, working poor
The two foreign systems with which it is most often compared, the American and the French, are more expensive, are coming to be seen as unaffordable in their own countries and contain elements that it would be hard for Britons to accept. Kaiser works well and is cheaper than traditional American healthcare. But it reflects the US model. Although that model is being changed by the introduction of President Obama’s Affordable Care Act, it remains idiosyncratic. Most people over sixty-five are eligible for Medicare, a kind of gold-plated American NHS for the elderly, but otherwise, if you have no insurance, you have no guaranteed access to medical facilities, including Kaiser’s. If you fall seriously ill in the US, aren’t insured and aren’t rich, you have two main options: to go to a hospital’s accident and emergency unit, where they’re obliged to treat you, or to try to get Medicaid, a government programme to help the poor and disadvantaged run on a state by state basis.
If you fall seriously ill in the US, aren’t insured and aren’t rich, you have two main options: to go to a hospital’s accident and emergency unit, where they’re obliged to treat you, or to try to get Medicaid, a government programme to help the poor and disadvantaged run on a state by state basis. But the hospital will charge the full rate for treating you, which it will then try to recover against any assets you have, while Medicaid is means-tested. In other words, being uninsured and having a serious car accident in the United States is hard to make compatible with owning a house. The Affordable Care Act (ACA) is a giant step towards equality of opportunity in America, though it falls short of a revolution. The new law proposes that all fifty states accept a more generous means test for households trying to enrol in Medicaid. The threshold depends on household size; in most states, a family of four could be earning up to $32,500 a year and still qualify. In many parts of the US, where the current threshold is less than $12,000, this is a massive increase, and should enable proper health care for the first time to millions of low-paid working Americans whose employers are too mean to cover them.
Among the common ailments were neurological conditions like multiple sclerosis, which left households $34,000 out of pocket on average, diabetes ($26,000) and stroke ($23,000). In his paper ‘Sick and (Still) Broke’, the lawyer Ryan Sugden points out that while the ACA puts a helpful cap on copayments, it doesn’t eliminate them, and does little to help people who have to quit work through their or a child’s illness. ‘While the Affordable Care Act will reduce the overall number of bankruptcies, and arguably eliminate the most morally objectionable causes of medical bankruptcy, in a system based on market principles there will – and must – be consumers whose own bad choices spell financial trouble,’ he writes. ‘For society to “win” and receive the benefits of a consumer-driven system, there must be some who “lose”.’ Latest figures from the OECD and the World Health Organisation suggest that the US spends 2.4 times more on health per person than Britain, yet Britons live slightly longer, on average, than Americans.
$2.00 A Day: Living on Almost Nothing in America by Kathryn Edin, H. Luke Shaefer
Affordable Care Act / Obamacare, clean water, ending welfare as we know it, future of work, Home mortgage interest deduction, housing crisis, impulse control, indoor plumbing, informal economy, low-wage service sector, mass incarceration, race to the bottom, randomized controlled trial, Ronald Reagan, The Future of Employment, War on Poverty, working poor, Works Progress Administration
But also unnoticed by many has been the expansion of other types of help for the poor. Thanks in part to changes made by the George W. Bush administration, more poor individuals claim SNAP than ever before. The State Children’s Health Insurance Program (now called CHIP, minus the “State”) was created in 1997 to expand the availability of public health insurance to millions of lower-income children. More recently, the Affordable Care Act has made health care coverage even more accessible to lower-income adults with and without children. Perhaps most important, a system of tax credits aimed at the working poor, especially those with dependent children, has grown considerably. The most important of these is the Earned Income Tax Credit (EITC). The EITC is refundable, which means that if the amount for which low-income workers are eligible is more than they owe in taxes, they will get a refund for the difference.
In 2009, he had been diagnosed with diabetes, and his bum leg (which caused chronic back problems) had grown too unsteady to support him for any length of time. Qualifying for disability ensured him access to public health insurance via Medicaid. But when Sarah was diagnosed with cancer in 2011, she had to undergo a year of treatment before she managed to get Medicare (a problem she wouldn’t face now, following the expansion of Medicaid in Ohio after passage of the Affordable Care Act). The medical bills accumulated. Paul keeps these bills stacked alongside his computer on his desk. They are nearly a foot high. Little did Paul know that their trials were just beginning. In the spring of 2013, one son-in-law landed in jail. His pregnant wife (Paul and Sarah’s daughter) and their kids moved in with them. Their other daughter was evicted from her home after her husband lost his job at a muffler store.
. [>] erode political participation: Suzanne Mettler, The Submerged State: How Invisible Government Policies Undermine American Democracy (Chicago: University of Chicago Press, 2011); Joe Soss, “Lessons of Welfare: Policy Design, Political Learning, and Political Action,” American Political Science Review 93, no. 2 (1999): 363–80. Index adverse childhood experiences (ACEs), 78–80, 87–90, 89–90 AFDC. See Aid to Families with Dependent Children (AFDC) Affordable Care Act, 8, 121 after-school programs, 36, 70, 154, 161 agriculture, xxii, 129–30, 133 Aid to Dependent Children (ADC), 11 Aid to Families with Dependent Children (AFDC), xv cash cushion provided by, xix Clinton reforms to, 21–22 Ellwood on, 19–20 ended, 27–28 growth of, 13–14 in the Mississippi Delta, 132 racial stereotypes about, 15–16 rise of poverty without, 158 Appalachia, xx, xxi–xxiii.
Frugal Innovation: How to Do Better With Less by Jaideep Prabhu Navi Radjou
3D printing, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, Albert Einstein, barriers to entry, Baxter: Rethink Robotics, Bretton Woods, business climate, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, cloud computing, collaborative consumption, collaborative economy, Computer Numeric Control, connected car, corporate social responsibility, creative destruction, crowdsourcing, Elon Musk, financial exclusion, financial innovation, global supply chain, income inequality, industrial robot, intangible asset, Internet of things, job satisfaction, Khan Academy, Kickstarter, late fees, Lean Startup, low cost carrier, M-Pesa, Mahatma Gandhi, megacity, minimum viable product, more computing power than Apollo, new economy, payday loans, peer-to-peer lending, Peter H. Diamandis: Planetary Resources, precision agriculture, race to the bottom, reshoring, ride hailing / ride sharing, risk tolerance, Ronald Coase, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley startup, six sigma, smart grid, smart meter, software as a service, Steve Jobs, supply-chain management, TaskRabbit, The Fortune at the Bottom of the Pyramid, The Nature of the Firm, transaction costs, unbanked and underbanked, underbanked, women in the workforce, X Prize, yield management, Zipcar
We have the support of the top but we need to embed this in the organisation’s middle management. CASE STUDY 7 Aetna’s frugal health-care strategy In March 2010, President Barack Obama signed into law the Patient Protection and Affordable Care Act (PPACA). His goal was to rein in rocketing US health-care costs, which were expected to reach $4.6 trillion, or 20% of US GDP, by 2020. The president wanted to give “hard-working, middle-class families the health-care security they deserve” and bring affordable medical insurance to 50 million uninsured American citizens.34 Mark Bertolini, chairman and CEO of Aetna, one of the US’s largest and oldest health insurers, is unconvinced. He believes that the Affordable Care Act, which could cost $1.3 trillion to implement, is putting the cart before the horse. It tackles the question of “how we pay for health insurance” without asking “what we pay for”.
., “Unilever’s CEO has a green thumb”, Fortune, May 23rd 2013. 30Cofino, J., “Unilever’s Paul Polman: challenging the corporate status quo”, Guardian, April 24th 2012. 31Ibid. 32Delabroy, O., head of R&D, and Olocco, G., head of i-Lab, Air Liquide, interviews with Navi Radjou, January 28th 2014. 33Radjou, Prabhu and Ahuja, op. cit. 34“Statement by the President on the Anniversary of the Affordable Care Act,” White House press release, March 23rd 2013. 35Bertolini, M., CEO, Aetna, interview with Navi Radjou, July 16th 2014. 36Berwick, D.M. and Hackbarth, A.D., “Eliminating Waste in US Health Care”, Journal of the American Medical Association, April 11th 2012. 37Latkovic, T., “Claiming the $1 trillion prize in US health care”, McKinsey & Company Insights & Publications, September 2013. 38Accountable care organisation, Wikipedia.org. 39Saunders, C., CEO, Healthagen, an Aetna company, interview with Navi Radjou, August 6th 2014. 40Palmer, M., chief innovation and digital officer, Aetna, and head of Aetna Innovation Labs, interview with Navi Radjou, August 1st 2014.
Girls & Sex: Navigating the Complicated New Landscape by Peggy Orenstein
That money, of course, could easily disappear under another, less progressive commander in chief, and probably will: for instance, a clause buried in the Student Success Act, a Republican rewrite of No Child Left Behind that passed the House in the summer of 2015, zeros out any funding for programs that “normalize teen sexual activity as an expected behavior, implicitly or explicitly, whether homosexual or heterosexual.” Meanwhile, $75 million in abstinence-only funds continued to be doled out each year through the Affordable Care Act. While substantially less than under President Bush, that’s still an awful lot to blow on the sex ed equivalent of a tinfoil hat. What this means for parents is that you never know what your child’s “sex education” class may entail. Only fourteen states require that sex ed be medically accurate. Yet even that is no guarantee. Mine is supposed to be one of them. Yet it wasn’t until the spring of 2015 that a judge ruled for the first time against a public school system that was actively teaching misinformation: students in the city of Clovis, California, had for years been made to watch videos that compared an unmarried woman who had intercourse to a “dirty shoe” and were encouraged to chant the antigay motto “One man, one woman, one life.”
., “Impacts of Four Title V, Section 510 Abstinence Education Programs.” 211They are, however, a lot more likely to become: Kohler, Manhart, and Lafferty, “Abstinence-Only and Comprehensive Sex Education and the Initiation of Sexual Activity and Teen Pregnancy.” 211otherwise they would have given it up long ago for: Amanda Peterson Beadle, “Teen Pregnancies Highest in States with Abstinence-Only Policies,” ThinkProgress, April 10, 2012; Rebecca Wind, “Sex Education Linked to Delay in First Sex,” Media Center, Guttmacher Institute, March 8, 2012; Advocates for Youth, “Comprehensive Sex Education”; and “What Research Says About Comprehensive Sex Education.” 211$185 million earmarked for research and programs that: This discretionary funding stream includes $110 million for the president’s Teen Pregnancy Prevention Initiative (TPPI), which is under the jurisdiction of the Office of Adolescent Health, and $75 million for the Personal Responsibility Education Program (PREP), which was part of the Affordable Care Act. See “A Brief History of Federal Funding for Sex Education and Related Programs.” 212Meanwhile, $75 million in abstinence-only funds: “Senate Passes Compromise Bill Increasing Federal Funding for Abstinence-Only Sex Education,” Feminist Majority Foundation: Feminist Newswire (blog), April 17, 2015. 212What this means for parents is that you never know: For information on individual state requirements as of 2015, see Guttmacher Institute, “Sex and HIV Education.” 212a judge ruled for the first time against: Bob Egeiko, “Abstinence-Only Curriculum Not Sex Education, Judge Rules,” San Francisco Chronicle, May 14, 2015.
To locate a specific entry, please use your e-book reader’s search tools. ABCD model for raising sexually healthy children, 235 abortion, 208, 209, 219, 221 abstinence, 78, 83, 85, 91–92, 206, 207, 230 Purity Balls and, 84–85, 86–87, 90–91, 93–95 vows of, 86, 88–90, 92, 211 see also virginity abstinence-only sex education, 52, 75, 76–77, 89, 210–12, 221 Adolescent Health Services and Pregnancy Prevention and Care Act, 209 Affordable Care Act, 212 Agdal, Nina, 38 AIDS, 52, 157, 210–11 alcohol, see drinking Ali, Russlynn, 177–78 Amazon, 164 American Academy of Facial Plastic and Reconstructive Surgery, 21 American Enterprise Institute, 172 American Psychological Association, 180 American Society of Aesthetic Plastic Surgeons (ASAPS), 69 anal sex, 33–34, 70–71 pain and, 70 porn and, 33–34 virginity pledges and, 89 Andrews, Arin, 162 Anheuser-Busch, 200 Antioch College, 173, 199 Armstrong, Elizabeth, 104, 106, 107, 131 asexual orientation, 142 Association of American Universities (AAU), 176 Atlantic, 118, 186 Azalea, Iggy, 25, 27 Baby Boom generation, 104 bases, 47–48, 227 Bauer, Jill, 34 BDSM, 145 Bearman, Peter, 88 Bechdel, Alison, 148 Beckham, Victoria, 68–69 Bell, Leslie, 37, 107–8, 140 Beverly Hills 90210, 173–74 Beyoncé, 24, 26, 27, 41, 65 birth control, 88, 89, 208, 209, 210–11, 212, 221, 222 condoms, 89, 208, 210–11, 212, 224, 232 birth rate, teen, 209, 219 bisexuality, 152–53, 159, 162 blow jobs, see fellatio blue balls, 174 body parts, 61–62, 66 body pride, 113–14 Body Project, The (Brumberg), 17 Booty Pop, 25 Boston College, 13 Brittan, Deb, 85, 86, 91, 94 Brown, Tina, 42–43 Brown University, 170 Brückner, Hannah, 88 Brumberg, Joan Jacobs, 17 Bud Light, 200 bullying and harassment, 86 cyberbullying, 146 see also sexual harassment Burns, April, 55 Bush, George W., 210, 212 butt, booty, 24–27, 33 augmentation, 25 selfies, 25 Calderone, Mary, 209 California Polytechnic, 115 Calogero, Rachel, 39 Campus Climate Survey, 176 Campus Rape: When No Means No, 170 Carl’s Jr., 38 Carpenter, Laura, 82–83 casual sex, 104 friends with benefits, 105, 106, 138–39 see also hookup culture; hookups “catching feelings,” 47 Catfish, 150 Census Bureau, 176 Centers for Disease Control and Prevention, 50, 117 cervical cancer, 100 chastity: vows of, 86, 88–90, 92, 211 see also abstinence; virginity Children’s Digital Media Center, 19 Christians, evangelical, 88, 89–90 cis-gender, 163 City University of New York, 55 civil court, 178 Clery, Jeanne, 177 Clinton, Bill, 49, 50, 52, 210 clitoris, 205, 206, 234 clothing, 7–9, 11–12, 14–16 “college experience,” 118 colleges and universities, 2, 81, 112 fraternities at, 113–17, 125, 133, 188, 193, 204 investigation of sexual assault cases at, 179–80 party culture at, 129–136, 185 rape at, 168, 170–73, 176–83, 185, 187–88, 192–95, 198, 199, 201 sororities at, 113–16, 133 Title IX and, 170, 177–78 CollegiateACB, 193 Colorado Springs, Colo., 76, 77, 84 Columbia University, 179 Graduate School of Journalism, 193–94 coming out, 156–57, 158 average age of, 148, 156 videos about, 155–56 condoms, 89, 208, 210–11, 212, 224, 232 consent, 58, 132–33, 134, 168, 171, 185, 188, 189, 195–96, 201–4, 226–27 affirmative, 173, 199, 201 sexual manipulation and, 195–97, 223 “yes means yes” law and, 199, 201 contraception, 88, 89, 208, 209, 210–11, 212, 221, 222 condoms, 89, 208, 210–11, 212, 224, 232 Cox, Laverne, 161, 164 Crisis Pregnancy Center, 85 cross-gender identification, 165 cunnilingus, 48, 49, 56, 62–63, 64, 66, 224–25 in hookups, 106 as passive activity, 56 redirection and, 65 cyberbullying, 146 Cyrus, Miley, 27, 28–32, 65 Daily Mail, 186 “dating,” use of term, 47 DeGeneres, Ellen, 148 Denison, Charis, 205–7, 208, 213–19, 222, 223–33 Department of Education, 177, 178 depression, 86, 157 Details, 65 Devine, Jennifer, 234 divorce, 92 Doherty, Shannen, 173 Don Jon, 38 Dorf, Michael, 178 Drake, 65–66 Dreger, Alice, 212–13 dress, 7–9, 11–12, 14–16 drinking, 131, 132, 133, 135, 187, 217, 225, 226, 230 alcohol poisoning and, 187 amounts consumed, 117 binge, 116, 117, 186, 187, 188 eating and, 118 energy drinks and, 129, 189 hookup culture and, 116–19, 188, 201, 202, 230 rape and, 171, 172–73, 177, 185–89, 192–93 roofies and, 188 drugs, 157, 226 Duke University, 13, 115 Dunham, Lena, 25–26, 40 Dutch, 219–23, 232, 235 Edwards, Michael, 69 either/or thinking, 23 emotions, 140 “catching feelings,” 47 England, Paula, 176–77 Enlighten Communications, 76 Epifano, Angie, 178 Etheridge, Melissa, 148 evangelicals, 88, 89–90 Facebook, 18, 19, 20 fallbacks, 214–15, 216, 217 Family Acceptance Project, 148 fan fiction, 144–45 Farley, Chris, 173 FBI, 176, 194 fellatio, 48–61, 63, 66, 70, 224–25 as active activity, 56 coerced or forced, 59 in hookups, 105, 127–28 rainbow parties and, 51 shoulder push and, 59, 61, 65 Female Chauvinist Pigs (Levy), 13–14 Feminine Mystique, The (Friedan), 208 femininity, 162, 163, 165 Feministing, 186 Fergie, 65 Fifty Shades of Grey (James), 144 Flanagan, Caitlin, 118 Fleischman, Sasha, 162–63 Forbes, 41 Ford, Jessie, 176–77 Forgetting Sarah Marshall, 64 Fortenberry, Dennis, 93, 101 Fox TV, 170 fraternities, 113–17, 125, 133, 188, 193, 204 friends with benefits, 105, 106, 138–39 Frozen, 95 Fun Home, 148 Gay, Lesbian, and Straight Education Network, 146 gezelligheid, 222 gender, 210 gender binary, 163 genderqueer, 162, 165 genital warts, 67 Girls, 25–26 Glee, 40 Glen Ridge, N.J., 168, 169–70, 180, 182 Go Ask Alice!
Because We Say So by Noam Chomsky
Affordable Care Act / Obamacare, American Legislative Exchange Council, Chelsea Manning, cuban missile crisis, David Brooks, drone strike, Edward Snowden, Intergovernmental Panel on Climate Change (IPCC), Julian Assange, Malacca Straits, Martin Wolf, means of production, Monroe Doctrine, Occupy movement, oil shale / tar sands, Powell Memorandum, Ralph Waldo Emerson, RAND corporation, Slavoj Žižek, Stanislav Petrov, Thorstein Veblen, too big to fail, uranium enrichment, WikiLeaks
The Republican establishment and its business sponsors had expected to use them as a battering ram in the neoliberal assault against the population—to privatize, to deregulate and to limit government, while retaining those parts that serve wealth and power, like the military. The Republican establishment has had some success, but now finds that it can no longer control its base, much to its dismay. The impact on American society thus becomes even more severe. A case in point: the virulent reaction against the Affordable Care Act and the near-shutdown of the government. The Chinese commentator’s observation is not entirely novel. In 1999, political analyst Samuel P. Huntington warned that for much of the world, the United States is “becoming the rogue superpower,” seen as “the single greatest external threat to their societies.” A few months into the Bush term, Robert Jervis, president of the American Political Science Association, warned that “in the eyes of much of the world, in fact, the prime rogue state today is the United States.”
The glacier is now melting and revealing “thousands of empty artillery shells, empty fuel drums, ice axes, old boots, tents and every other kind of waste that thousands of warring human beings generate” in meaningless conflict. And as the glaciers melt, India and Pakistan face indescribable disaster. Sad species. Poor Owl. Index Abrams, Elliott, 87 Abu Muamar, Mustafa, 27 Abu Muamar, Osama, 27 Acheson, Dean, 138 Adamsky, Dmitry, 164 Affordable Care Act, 136 Afghanistan, 33, 84, 116, 154, 160, 178 Africa, 26, 86, 155, 176, 180 African National Congress, 32 African Union (A.U.), 25–26, 179–180 AFRICOM, 25 Ageel, Ghada, 101 Ahmed, Akbar, 160 al-Khawaja, Abdulhadi, 48 Allende, Salvador, 111 al-Libi, Abu Anas, 137 Allison, Graham, 55–57 Al-Muslimi, Farea, 105, 106 Alperovitz, Gar, 93 al-Qaida, 178 American Enterprise Institute, 135 American Legislative Exchange Council (ALEC), 95 American Newspaper Publishers Association, 29 Anaya, James, 47 Anglosphere, 100 Angola, 156 Arab League, 26 Araboushim, 74 Arafat, Yasser, 125 Aristotle, 150 Asia, 171, 176, 191 Assad, Bashar, 190 Assange, Julian, 61 Atwan, Abdel Bari, 178 Australia, 100, 118 Austria, 122 Baghdad, 189 Bagram, 32 Bahrain Center for Human Rights, 48 Baker, Peter, 169 Barsamian, David, 89 Baskin, Gershon, 79 Basque region of Spain, 93, 147 Batniji, Rajaie, 74 Becker, Jo, 52 Bedouin, 27 Belgian Congo, 180 Belloc, Hilaire, 165 Ben-Gurion, David, 100 Benn, Aluf, 79 Besikci, Ismail, 49 Bill of Rights, 31 bin Laden, Osama, 105, 106 Birol, Fatih, 23 Blackstone, William, 51 Blair, Tony, 189 Bolender, Keith, 56 Bolivia, 54, 123 Boron, Atilio, 121 Bosch, Orlando, 124 Bosnian enclave of Srebrenica, 46 Boston, 105, 107, 109 Brandeis, Louis, 62 Branfman, Fred, 107 Brazil, 25, 42, 140, 153 BRICS countries, 25 Britain, 25, 36–37, 116, 174 Brookings Institution, 160 Brooks, David, 131, 132 Brzezinski, Zbigniew, 143 Burchinal, David, 55 Bush, George H.
The Internet of Us: Knowing More and Understanding Less in the Age of Big Data by Michael P. Lynch
Affordable Care Act / Obamacare, Amazon Mechanical Turk, big data - Walmart - Pop Tarts, bitcoin, Cass Sunstein, Claude Shannon: information theory, crowdsourcing, Edward Snowden, Firefox, Google Glasses, hive mind, income inequality, Internet of things, John von Neumann, meta analysis, meta-analysis, Nate Silver, new economy, patient HM, prediction markets, RFID, sharing economy, Steve Jobs, Steven Levy, the scientific method, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, WikiLeaks
Prediction markets don’t average the views of their participants, rather they work in the same way other markets work: the more confident buyers are that a given candidate will win, the higher his or her “stock” goes—the more value is attached to it, no matter how many people may own that stock. But prediction markets also have their limits. A well-known example, noted by David Leonhardt of the New York Times, was the 2012 Supreme Court decision on the Affordable Care Act.9 Right up to the last minute, Intrade was indicating a 75 percent chance that the Act’s mandate would be declared unconstitutional. That was wrong—and, in fact, as Leonhardt noted, many insiders had been going the other way. Arguably the insiders’ information was better, and their take on it more legally sophisticated, than that of the larger crowd. In this sort of case, the larger crowd is not the one you want to listen to.
Index Page numbers listed correspond to the print edition of this book. You can use your device’s search function to locate particular terms in the text. Page numbers in italics refer to illustrations. Page numbers beginning with 191 refer to endnotes. Academia.edu, 135 accuracy, 14, 27–31, 39–40, 44–45, 130 of data searches, 163 sacrificed for a “noble lie,” 78–80, 82 Achilles, 13 actionable information, defined, 14 Affordable Care Act, 122–23 Afghanistan War, 137 Agarwal, Anant, 150 Agony and the Ecstasy of Steve Jobs, The, 77 “aha” moments, 175, 176 AIDS, 198 airport body scans, 108, 109 Alexandria, library of, 8 Amazing Stories, 41 Amazon, 9, 80–81, 136, 141 tracking by, 90, 97, 105 Amherst University, 152 Anderson, Chris, 156–60, 182 “animal” knowledge, 131 answer “cards,” 66 AnswersinGenesis.org, 48 anterograde amnesia, 168–69 Apple, 77 a priori beliefs, 47 Arabic language, 81 Arab Spring, 66 architecture, as analogy for structure of knowledge, 126–28 “Are We Living in a Computer Simulation?”
Affordable Care Act / Obamacare, Amazon Web Services, asset allocation, autonomous vehicles, bank run, bitcoin, Bob Noyce, Brian Krebs, buy low sell high, Capital in the Twenty-First Century by Thomas Piketty, combinatorial explosion, computer vision, corporate governance, crowdsourcing, en.wikipedia.org, Erik Brynjolfsson, estate planning, Flash crash, Gini coefficient, Goldman Sachs: Vampire Squid, haute couture, hiring and firing, income inequality, index card, industrial robot, information asymmetry, invention of agriculture, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, Loebner Prize, Mark Zuckerberg, mortgage debt, natural language processing, Own Your Own Home, pattern recognition, Satoshi Nakamoto, school choice, Schrödinger's Cat, Second Machine Age, self-driving car, sentiment analysis, Silicon Valley, Silicon Valley startup, Skype, software as a service, The Chicago School, The Future of Employment, Turing test, Watson beat the top human players on Jeopardy!, winner-take-all economy, women in the workforce, working poor, Works Progress Administration
The French phrase laissez-faire literally translates as “Let it be” or “Let them do it,” meaning to permit the market to operate freely, without government interference. 7. This effect is meticulously detailed in Jaron Lanier, Who Owns the Future? (New York: Simon and Schuster, 2013). 8. Kaiser Permanente, my health maintenance organization, has taken this to its logical extreme: it won’t even tell you what your medications cost until after it has shipped them to you. As a result of plan changes required by the Affordable Care Act, Kaiser Permanente actually charged me $2,431.85 for a refill that a month earlier had cost only $40.95. Far from contrite, the company refused to accept a return or refund my money until I filed an appeal! 9. John Pries (May 20, 2011), in response to a question by David Burnia (April 8, 2009), Amazon, http://www.amazon.com/Why-does-price-change-come/forum/Fx1UM3LW4UCKBO2/TxG5MA6XN349AN/2?
For an excellent in-depth analysis of this problem, see Nick Bostrom, Superintelligence (Oxford: Oxford University Press, 2014). 20. http://en.wikipedia.org/wiki/Anti-lock_braking_system, last modified December 30, 2014. Index Absolute Sound (magazine), 193 Accenture stock price, 63 accident avoidance. See safety Adamson Act (1916), 171 advertising, online, 64–72, 136 “impression” display, 64 individual surveillance data, 64–68 response models, 68, 70 affinity group, 67 Affordable Care Act (2010), 214n8 agent: definition of, 83–84 synthetic intellect as, 91–92. See also moral agency agriculture. See farmworkers Agrobot, 143 AI. See artificial intelligence air pollution, 168 “AI theater,” 36–37 Allen, Paul, 114 Amazon, 16, 31, 96–106, 142 average revenue-per-employee of, 139 competitive advantage of, 102 initial idea for, 96 naming of, 96, 103 pricing practices of, 97–105 replacement of physical stores by, 16, 48, 97, 139 shipping practices of, 100, 101 synthetic intellects and, 103–5, 134–35 valuation of, 102, 103 Amazon Cloud, 43, 92 Amazon Prime, 101 Amazon River, 103 American Association for the Advancement of Science, 114 American Automobile Association, 196 American Bar Association, 145 America’s Cup (yacht race), 115 analog recordings, 193 anthropomorphism, 11, 24, 36–37, 87 antilock brakes (ABS), 204–5 antitrust litigation, 88 Apple computers, 28, 101 Apple iPhone, 198 Apple stock price, 62–63 apprenticeship, 156 Armageddon (fictional robot), 201 artificial intelligence (AI), 3–13, 19–31, 194–208 advanced technologies and, 29–30, 38–45, 132–33, 191–92 anthropomorphic bias and, 11, 24, 36–37, 87 coining of term, x–xii, 19 contractual and property rights to, 91 early research approach to, 20–24 human intelligence compared with, artificial intelligence (AI) 3 IBM conference (1956) on, 19–20, 30 as machine learning (see machine learning); popular conception of, 11–12 projected applications of, 13–14, 46, 47, 141–52, 207–8 recognition process of, 39, 55 speed of, 36, 52–53, 103–4 sub-fields of, 152 trends in, 35–48 Turing Test implication and, 197–98.
Affordable Care Act / Obamacare, Bernie Madoff, Black Swan, British Empire, carbon footprint, corporate governance, credit crunch, double entry bookkeeping, full employment, Gordon Gekko, income inequality, invention of movable type, invention of writing, Islamic Golden Age, Johann Wolfgang von Goethe, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, means of production, Naomi Klein, Ponzi scheme, shareholder value, Silicon Valley, Simon Kuznets, source of truth, spice trade, spinning jenny, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, traveling salesman, upwardly mobile
A United States Senate Committee discussed the GDP’s failure to measure environmental damage, poverty, income inequality, health and the quality of life, as well as the danger of using the GDP to express national wellbeing. At the time of the Senate hearing, there was no US legislation to accommodate a possible revision to US national accounting. But two years later, on 23 March 2010, President Barack Obama signed into law the Patient Protection and Affordable Care Act which contains one small section—section 5605—which requires that Congress help fund and oversee the creation of a new ‘key national indicators system’. The ‘State of the USA’, a set of measurements independently created by its president and CEO Chris Hoenig, will become that system. Founded as a tax-exempt organisation in 2007, the State of the USA contains several hundred new measures—for health, education, ageing, families and children, crime and justice, arts and culture, the environment, the economy—which will be freely accessible online.
Crusades 16, 17, 18 currencies 100 da Gama, Vasco 29 da Pisa, Leonardo see Fibonacci da Vinci, Leonardo 7, 27, 32, 47, 60, 65, 80–2, 84, 87–8 Dafforne, Richard 120–3 Dandolo, Enrico 52 Dark Ages dark arts 35, 83 Darwin, Charles 139, 165 Das Kapital (Marx) 165 Dasgupta, Sir Partha 231–2, 237, 238, 239 Datini, Francesco 23–6, 52, 96 de’ Barbari, Jacopo 79 de’ Belfolci, Folco 34, 44 De divina proportione (Pacioli) 66, 82, 84, 85–6 De ludo scacchorum (Pacioli) 87–8 De pictura (Alberti) 60, 117 De quinque corporibus (Piero) 66 De viribus quantitatis (Pacioli) 83 Dean, Graeme W. 203 debit and credit entries 13, 55, 93–4, 100 difficulties 101–2, 122–3 The Decline of the West (Spengler) 167 Defoe, Daniel 127–8 della Francesca, Piero 7, 32, 34, 44–5, 46, 47 mathematical treatises 45, 66, 75 perspective painting 60, 64, 76–7 della Rovere, Giuliano 59 Deloitte, William 145 Deloitte Touche Tohmatsu 217 demand management 185 democracy 15 depreciation 148, 149, 231 Der moderne Kapitalismus (Sombart) 161–2, 171 derivatives market 198, 200 Descartes, René 40 d’Este, Isabella 83, 84, 88 dividends 144, 146, 147, 148, 149, 202 Doge’s Palace 50, 56 Domenici, Pete V. 191 domestic accounts 15–16 double-entry bookkeeping 8, 115, 120, 166 Badoer’s system 55 and capitalism 159–60, 161–75 and decision-making 126–7 earliest surviving 20–1 to improve the mind 125 link with rhetoric 172–3 in modern era 135–6, 249 origins 6–7, 16, 21–2 Pacioli’s definition 92–3 six essential features 20–1 texts on 117, 136 use by Datini 24, 26 Venetian 55, 67, 97–100, 123–7, 131 see also Particularis de computis et scripturis du Pont, Irénée 156 ducats 50, 55 Dürer, Albrecht 79–80 earnings per share (EPS) 219 earth see planet Earth Earth Summit 2012 248–9 East India Company 142 Ebbers, Bernie 213 eco-accounting 249 economic growth 192–3, 225, 227, 233, 242, 245, 248 economics 185 political economy 171 ecosystems 239–40, 247 education 245 Euclid’s Elements 37–8 quadrivium 36, 38, 43 trivium 38, 43 Egypt 35, 36 Eisenstein, Elizabeth 116–17 Elements (Euclid) 37–8, 39, 67, 68, 84 Elgin Marbles 15 Engels, Friedrich 162, 164, 165 England 116, 121, 131, 133, 147 Enron 3, 173, 194–9, 201, 207, 212–13, 214–16, 222–3 environmental accounting 233–8, 245, 247 environmental damage 222–3, 224–5, 232–3, 240, 241–2, 248 equity 21, 243 Erasmus of Rotterdam 68, 84–5 Erlich, Everett 235 Ernst & Young 209, 210, 216, 217 Espeland, Wendy Nelson 172–3 Euclid, Elements 37–8, 39, 67, 68, 75, 84 Eugenius IV, Pope 34 Europe 17, 20, 21, 22–3, 40, 116, 156, 188 accounting associations 153 currencies 25 medieval 26, 70–1 universities 30, 40, 42 vernacular languages 41 European Environment Agency 247 Evans, John H. 173–5 exchange rates 55 externalities 236 factory system 136–7, 138, 139–41, 165, 166 Farolfi ledger 20–1 Fastow, Andrew 213 Fells, J.M. 140–1 Fibonacci 18–19, 75 Fibonacci numbers 19–20 Liber abaci 19–20, 22, 39–41, 63, 66, 67, 75 Financial Accounting Standards Board (US) 206, 213 financial information 203–6 financial statements 5, 143, 144, 146, 200, 205, 214, 215 Fitoussi, Jean-Paul 243–4 Florence 6, 17, 34, 61, 64, 84 abbaco schools 41 bank ledger 20 expansion of commerce 21 Flugel, Thomas 127 Fondaco dei Tedeschi 56 Ford Motor Company 250–1 forests 240, 241 Forster, E.M. 154–5 Forster, Nathaniel 137 France 147 Franciscans 62, 65, 88, 89 Frankfurt Book Fair 95 Frederick II 95 Freiburg 27 Friedman, Milton 221 fund transfers 54 G20 249 Galileo 116, 166 Geijsbeek, John B. 157–8 General Electric 204 The General Theory of Employment (Keynes) 177–8, 179, 183, 185–6 Genoa 6, 17 geometry 36, 37, 38, 63, 73, 75, 81 Germany 56, 68, 183 Gertner, Jon 244 Giovanni, Enrico 244 Giovanni Farolfi & Co. 20 Glitnir 5 Global Biodiversity Outlook 3 (Sukhdev) global financial crisis (2008) 3, 5, 197, 215, 242, 243–4 globalisation, of finance 206–7, 219, 221 Goethe, Johann W. von 128–31 golden ratio 66, 86 Goodwin, Sir Fred 197 governmental accounting 120 grammar 38, 43 Great Depression 177, 178, 179, 180, 227 Greece, ancient 15 mathematics 34–5, 37–8, 61 philosophers 37 green accounting 244 Green Economy Report (Sukhdev) 248–9 Greenspan, Alan 227–8 Gross Domestic Product (GDP) 3, 180–2, 225, 227–30, 232–3, 235, 237–8, 242–3, 246 alternatives to 243–7, 249 failings of 246 Gross National Product (GNP) 1–3, 181, 190, 231 Groves, Eddy 208–9 Guidobaldo, Duke of Urbino 66, 72, 79, 92 Gutenberg, Johann 68, 77 Hagen, Everett 186 Hamilton, Alexander 22 Hammurabi’s Code 14 Haq, Mahbub ul 245 Henry VIII 25 Herodotus 36 HIH 208, 209, 213, 215 Hindu–Arabic arithmetic 34, 41, 62, 67 Hindu–Arabic numerals 18–19, 21, 26–7, 38, 44, 52, 71, 75 Hoenig, Chris 246–7 honeybee pollination 237 Hoover, Herbert 177 Hopwood, Anthony housework, unpaid 229 How to Pay for the War (Keynes) 182–3 Hudson, George 142–3 human capital 231, 248 Human Development Index 245 Humanism (Florence) 43–4, 59–60, 68 Huxley, Aldous 32–3 income measurement 218–19, 226 income statements 5, 202, 203, 219 in ancient Rome 16–17 see also profit and loss accounts India 29, 238 trade/double entry 22 Indonesia 240 industrial revolution 131, 133, 139, 200, 226 inflation 182, 183 information processing 203 Institute of Accountants and Bookkeepers of New York (IABNY) 156, 157 Institute of Chartered Accountants in England and Wales (ICAEW) 153, 205–6 Insull, Samuel 202, 214 Insull Utility Investments 201–2 interest payments 25, 54, 96 international accounting 189, 207 International Accounting Standards Board 207, 214 International Monetary Fund 187 internet 204 inventory 97–9, 101 Islam 22, 39 Italy 6, 7, 16, 19, 28, 167–8 mathematics 34–42, 62 Jerusalem 17 joint stock companies 133, 136, 142, 147, 148 Joint Stock Companies Act 1844 144, 149 Jones, Edward T. 133–6 Jones’ English System of Book-keeping 133–6 journal 99, 100, 101, 103, 118, 203 Julius II, Pope 59 Kennedy, Robert F. 1–3, 229–30, 246 Keynes, John Maynard 8, 176, 177–80, 182–7, 190, 250 Klein, Naomi 221, 233 KPMG 210, 214, 217 Kreuger, Ivar 201 Kreuger & Toll 201 Kublai Khan 18 Kuznets, Simon 2, 177, 180–1, 189, 229 Lanchester, John 4, 198 Landefeld, Steven 228 Landsbanki 5 Latin 35, 41, 63, 71, 72, 73, 74, 116, 220 Lawrence, D.H. 154–5 Lay, Kenneth 195, 196, 197, 212–13, 214 ledgers 20, 93, 99–100, 103–4, 118, 203 14th century 24, 93 Badoer’s 52, 55 balancing 111 closing accounts 111–13 Farolfi 20–1 Lee, G.A. 20–1 Lee, Thomas A. 203 Lehman Brothers 5, 216 Liber abaci (Fibonacci) 19–20, 22, 39–41, 63, 66, 67, 75 limited liability 147–8, 149 Littleton, A.C. 17, 140, 146, 147, 158–9 Liverpool and Manchester Railway 141 Lives of the Most Eminent Painters (Vasari) 46 Living Planet Survey 241–2 Lloyds-HBOS 5 London and North Western Railway 141 Louis XII 82 Machiavelli 30 Mackinnon, Nick 79–80 Madoff, Bernie 142 Madonna and Child with Saints 47 magic 35, 40, 83, 220 Mair, John 118, 125, 130 Malatesta family 33–4, 43 Malthus, Thomas 171 Manchester cotton mill (Engels) 165 Mandela, Nelson 221 Mantua 83, 84 manufacturing 136–41 manuscripts 61, 70, 77 Manutius, Aldus 84 Manzoni, Domenico 118–19 maritime insurance 53 Mark the Evangelist 51–2 marketplace, 15th century 95 markets, impact on politics 221, 228 mark-to-model 213 Marshall Plan 188 Marx, Karl 162, 163–5, 171 mass production 138 mathematics 7, 22, 28, 47, 89–90 ancient Greek 34–5, 37–8, 63 Arab 18–19, 63 and art 85–6 Hindu 39–40 in Italy 34–42 and magic 35, 40, 220 medieval European 63, 251–2 taught as astrology 29–30, 42 universal application 73, 116–17 see also arithmetic Mattessich, Richard 12–13, 186 Maurice, Prince of Orange 120 Maxwell Communications 207 McDonald’s 224 Meade, James 183–4 measurement 23, 218–19 Medici of Florence 26, 64, 80, 168, 171 Mehmed II 57 Mellis, John 121 memorandum (waste book) 99, 101, 118 entering transactions 105–7, 118, 122 merchandise 104 merchant bankers 21, 26, 69 merchants 10, 23, 35, 41 Arab 18–19, 25 Indian 22 Italian 40, 42 Phoenician 36 Venetian 18, 27, 55–6, 69, 94–5, 149 Mesopotamia 12, 13, 14 metaphysics 36–7 Middle Ages 60, 251–2 Milan 30, 34, 47, 61, 80–3 Millennium Ecosystem Assessment 239 Monsanto 222 Monteage, Stephen 124, 126 Morgan, John Pierpont 156 multiplication 74, 75–6 music 36, 38 Naples 50, 61–2 Napoleonic War 145 national accounts 175, 179–88, 190–3, 226–7, 230, 242, 244 natural capital 230–1, 235–9 navigation charts 23 Neighborhood Tree Survey (NY) 241, 244 Netherlands 119, 120 New Deal (Roosevelt) 177, 202 New York Light Company 155 New York Stock Exchange 155, 176, 201 New Zealand 153, 230 Nicholas V, Pope 61 No Royal Road: Luca Pacioli and his times (Taylor) 46–7 Nordhaus, William D. 180, 191, 227 numbers 37, 218, 219–20, 249 Obama, Barack 215, 246 O’Grady, Oswald 208 Oldcastle, Hugh 121, 124 Olmert, Michael 168 One.Tel 208, 209, 213, 215 Organisation for Economic Co-operation and Development (OECD) 190, 242 Organisation for European Economic Co-operation (OEEC) 188 Ormerod, Paul 244 Ottoman Empire 29, 34, 50, 51, 56, 57, 116 Pacioli, Luca 7, 8, 27–8, 34, 35, 161, 219 abbaco mathematics 40, 41 as academic 65, 80, 84, 89 astrologer 42 birth 30 bookkeeping treatise see Particularis de computis and Piero della Francesca 45–6, 47–8 education 43–8 encyclopaedia see Summa de arithmetica on Euclid 84–5 games/tricks 83–4 itinerant teacher 61–6 last years 88–90 and Leonardo da Vinci 80–2, 84 in Milan 80–3 portrait 47, 79–80 and the printing press 66–72 remembered in Sansepolcro 31–2 in Rome 58–61 in Venice 49–58 Paganini, Paganino de 67–8, 71–2, 78, 85 painting 60, 64, 81 Pakistan 224, 245 Paris 23, 50 Particularis de computis et scripturis (Pacioli) 29–30, 78, 90–114, 117–18, 121 and capitalism 163 foundation of modern accounting 30, 75, 131, 157–9, 166 profit calculation 146–7 partnerships 108–9, 147 Patel, Raj 222, , 224 Patient Protection and Affordable Care Act 2010 (US) 246 patronage 59, 67, 70, 72 Paul II, Pope 59 Payen, Jean-Baptiste 139–40 Peking 18 Perspectiva (Witelo) 64 perspective 23, 42, 45, 60, 64, 76–7, 80, 82 Perugia 62–3, 64, 65 Petty, William 180 phi 86 Philip VI 23 philosophy 37, 40 Phoenicians 36 pi 36 Piazza San Marco 56 Pinto cars 250–1 Pisa 6, 17 Pitcher Partners 209, 210, 211–12 plagiarism 63 planet Earth 8–9, 248 accounting for 254 effects of cost-benefit approach 175 health of 224–5, 239 Plato 37 Platonic solids 45, 79, 86 Pliny the Elder 16 pollution 244 Polly Peck International 207 Polo, Marco 18 Ponzi scheme 142 Postlethwayt, Malachy 124 poverty 237, 246, 248, 249 Prato 23–4 Price, Samuel 145 Price Waterhouse 201, 207 PricewaterhouseCoopers 217 principlism 173–4 printing 29, 45, 60, 63, 66–72, 77–8, 90, 115–17 profit 21, 24, 97, 102–3, 127, 146–8, 159, 161, 167, 169 profit and loss accounts 55, 109–11, 112, 166 Pythagoras 35, 36–7 quadrivium 36, 38, 43 quant nerds 220 railways 141–3, 231 Ramsay, Ian 211 Ratdolt, Erhard 68, 116 record-keeping 15 Reformation 33 regulation 206–14, 215 Reid Murray Holdings 207–8 religion 24, 96, 116, 124–5, 220 see also Christian Church; Islam Renaissance 7, 8, 23, 26, 36, 59, 80, 86, 89, 168 art 6, 7, 44, 60, 86 Resurrection (Piero) 32, 33 retained-earnings statements 5, 219 rhetoric 172–3 Rialto 50, 55, 108 Ricardo, David 171 Rich, Jodee 213 Rinieri Fini & Brothers 20 Ripoli Press 70 Robert of Chester 39 Rockefeller, John D. 156 Roman numerals 19, 26–7, 38, 40, 71, 116 Romantic poets, English 131, 154 Rome 58–61, 64, 89 ancient 15–16 Rompiasi family 57, 58, 97 Roosevelt, Franklin D. 177, 178, 181, 202, 214, 215 Rose, Paul L. 71 Ross, Philip 209–10, 211 Rothschild banks 133 Royal Bank of Scotland 173, 197–8 royal estate management 16–17 Rule of Three 38, 41 Russia 153–4 salt 51 Samuelson, Paul A. 191, 227 Sansepolcro 30–4, 43–4, 48, 65, 77, 88–9, 168 Sanuto, Marco 66, 72 Sarbanes, Paul 191 Sarbanes-Oxley Act 2002 212, 215 Sarkozy, Nicolas 242–3, 245 satellite accounts 234–5 scandals/fraud 194–203, 206, 207–12, 215, 225 Schmandt-Besserat, Denise 11–12 Schumpeter, Joseph 169–70 science 35, 37, 40, 42, 67, 76, 116, 166–7 Scotland 27, 147, 150, 153 Scott, Sir Walter 150–1 Scuola di Rialto 58 Second World War 32, 181–5, 187, 227 Securities and Exchange Commission (US) 202–3, 213, 214 Sen, Amartya 243–4, 245 Sforza, Ludovico 80, 81–2, 85, 86, 168 Sikka, Prem 216, 217 Silberman, Mark 213 Simons, James 220 Sistine Chapel 65 Sixtus IV, Pope 59 Skidelsky, Robert 178, 182, 187 Skilling, Jeffrey K. 196, 197, 212, 214 Smith, Adam 171 social sciences 171, 175 socialism 171 Society of Accountants, Edinburgh 152 Sombart, Werner 161–2, 164, 165–6, 166–8, 169, 170, 171–2, 173 Spain 22, 39 Spengler, Oswald 167 Sri Lanka 232–3, 240 State of the USA 246 Stevin, Simon 120, 121, 166, 169 Stiglitz, Joseph 243–4 Stiglitz-Sen-Fitoussi Commission 243–4 stock markets 143 stocktaking 166 Stone, Sir Richard 183–5, 188–9, 190 sub-prime mortgages Sukhdev, Pavan Summa de arithmetica (Pacioli) 57, 61, 62–3, 64, 72–7, 80, 82 printing 66–8, 71–2 publication 32, 77–9 sustainability 232, 243, 249 System of Integrated Environmental and Economic Accounting (UN) 234 System of National Accounts (UN) 189–90, 247 tabulae rationum 16 Taleb, Nassim N. 220 tariffs 63 Tartaglia, Nicholas 76 Taylor, R.
American Made: Why Making Things Will Return Us to Greatness by Dan Dimicco
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, Affordable Care Act / Obamacare, American energy revolution, American Society of Civil Engineers: Report Card, Bakken shale, barriers to entry, Bernie Madoff, carbon footprint, clean water, crony capitalism, currency manipulation / currency intervention, David Ricardo: comparative advantage, decarbonisation, fear of failure, full employment, Google Glasses, hydraulic fracturing, invisible hand, job automation, knowledge economy, laissez-faire capitalism, Loma Prieta earthquake, manufacturing employment, oil shale / tar sands, Ponzi scheme, profit motive, Report Card for America’s Infrastructure, Ronald Reagan, Silicon Valley, smart grid, smart meter, sovereign wealth fund, The Wealth of Nations by Adam Smith, too big to fail, uranium enrichment, Washington Consensus, Works Progress Administration
Never mind that he had support from Hutchison and several other Republicans in the House and Senate. Now, I’m willing to bet that if infrastructure and job creation had been treated as a serious priority in the first year of Obama’s presidency, when the Democrats held the House and the Senate, we would have an infrastructure bank today. We don’t. Instead, we have businesses trying to figure out how to absorb the costs of the Affordable Care Act and other new regulations. Infrastructure done right could provide 10 million of 30 million new jobs within a decade.32 Expanding our nation’s energy resources could provide millions more. In the next chapter, I’ll show you how. Nine Where We Go Next Tapping Our Energy Resources In a country where sometimes it seems like nobody can agree on anything, the one thing just about everyone can agree about is the arrival of a new energy paradigm.
Innovation and Competitiveness: Gauging the Economic and Fiscal Effectiveness of the Credit,” Center for American Progress, January 6, 2012, http://www.americanprogress.org/issues/tax-reform/report/2012/01/06/10975/the-corporate-rd-tax-credit-and-u-s-innovation-and-competitiveness/. Index The index that appeared in the print version of this title does not match the pages in your e-book. Please use the search function on your e-reading device to search for terms of interest. For your reference, the terms that appear in the print index are listed below. accountability, 73, 95, 99, 108, 214, 219 Affordable Care Act, 181 see also health care AFL-CIO, 135, 180 AlixPartners, 71 Amazon, 117, 198 American Iron and Steel Institute (AISI), 110 see also steel industry American Recovery and Reinvestment Act, 134 see also stimulus Amsted Industries, 118 anti-dumping initiations, 216–17 Apple, 117, 131, 198 austerity, 141 Baucus, Max, 36 Bell Labs, 46 Boeing, 46, 105–6, 129–30 Brown, Jerry, 143, 171, 174 Brown University, 5, 48–49 bubbles, 12, 37, 52, 76–77, 82, 89, 121, 132, 203–4 Building and Upgrading Infrastructure for Long-Term Development (BUILD) Act, 180 Bureau of Labor Statistics, 22, 25, 34, 124, 145 Bush, George H.W., 65–66 Bush, George W., 23–24, 110–11, 140, 219 Business Roundtable, 60, 69, 105 “Buy American,” 94–95, 135–37 C.
3D printing, Affordable Care Act / Obamacare, always be closing, David Brooks, en.wikipedia.org, knowledge economy, knowledge worker, science of happiness, Snapchat, The Wealth of Nations by Adam Smith
RATIONAL REGULATION As if setting up the motivational forces at work is not sufficiently complex, consider the even more complex task of policymakers. When policymakers set up regulations, they are trying to create sets of motivations that, combined, compel us to behave the way they want us to behave. For example, consider massive regulations such as the No Child Left Behind (now defunct) or the Affordable Care Act. These complex policies use a mix of incentives that range from financial rewards to penalties, from prohibitions and restrictions to public pride and shaming (also known as “accountability”). All of these positive and negative incentives are designed to spur specific intended behaviors and fix the problems in education and health care. Of course, in practice, these policies have not repaired education or health care (and some argue that they have made things worse).
The American Way of Poverty: How the Other Half Still Lives by Sasha Abramsky
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, American Legislative Exchange Council, bank run, basic income, big-box store, collective bargaining, deindustrialization, fixed income, Francis Fukuyama: the end of history, full employment, ghettoisation, Gini coefficient, housing crisis, illegal immigration, immigration reform, income inequality, indoor plumbing, job automation, Mark Zuckerberg, Maui Hawaii, microcredit, mortgage debt, mortgage tax deduction, new economy, Occupy movement, offshore financial centre, payday loans, Plutocrats, plutocrats, Ponzi scheme, Potemkin village, profit motive, Ronald Reagan, school vouchers, upwardly mobile, War on Poverty, Washington Consensus, women in the workforce, working poor, working-age population, Works Progress Administration
BURIAL PLOTS, BROKEN GLASSES, AND OTHER PROBLEMS WITH MEDICAID One other core part of the safety net is also largely counter-cyclical, designed to kick in with greater assistance when the need increases. And that is Medicaid, which grants families with kids access to healthcare once they reach a certain threshold level of poverty. But while Medicaid is a whole lot better than nothing, it has, historically, been severely restricted in a number of ways. In fact, until all the major Affordable Care Act provisions kick in, in 2014, most states won’t extend Medicaid to childless adults. At the same time, a minority of states, again mainly southern ones, will continue to place huge restrictions on adults of any status, even those with young children at home, gaining access. The problem, however, goes beyond one of gate-keeping. Even in states that have relatively liberal eligibility requirements for their programs, there are strict asset tests in place that have the effect of forcing the temporarily out of work and/or cash poor to strip themselves of almost all their worldly possessions (homes, car, retirement accounts, savings) simply to gain healthcare—even if this ends up condemning them to long-term poverty by depriving them of the possessions and financial cushions that people need before they can even start working their way up the economic ladder again.
And they would have to persuade the government to use existing, but too frequently unenforced, labor laws to crack down on employers who had grown used to paying low wages, off the books, for an array of domestic services. Absent living wage ordinances and related pay increases for vulnerable workers in the fields, in home healthcare, and the like—or acting in tandem with such reforms—legislators could also put state and federal tax codes to work on the side of the poor. In the same way the Affordable Care Act uses tax law to penalize employers who don’t provide health insurance to their workers, so the codes could be tweaked to impose penalties on those who don’t give their workers a modicum of economic security through paying them a decent wage. As an employer, do you really want to pay your workers so badly that they fall back on state benefits? Fine. But know there are tax consequences to your decision.
For an interesting analysis of the problems confronting Medicare, and the possibility of saving the system without eviscerating it, see Center on Budget and Policy Priorities, “Medicare Is Not Bankrupt,” available at http://www.cbpp.org/cms/index.cfm?fa=view&id=3532. To get a sense of the scale of the challenges facing Medicare, see reports by the Kaiser Family Foundation, including: http://www.kff.org/medicare/upload/7731–03.pdf. Index Abiley, Paul, 140–143, 321–322 Adelson, Sheldon, 52 Advocates for the Other America, 196 AFDC. See Aid to Families with Dependent Children Affordable Care Act, 224, 298 African Americans, 9–10, 25, 81, 128–129, 129–130, 186 and education, 26 and housing, 172–173 and Hurricane Katrina, 155–156 Agassi, Andre, 276 Aid to Families with Dependent Children (AFDC), 45, 107, 216–217, 218, 232 Alabama, 103, 106, 131, 289 Alaska, 251 Albelda, Randy, 206, 218, 233 Alfond, Harold, 256–257 American Airlines, 312 American Bankers Association conference (Chicago, 2009), 36 American Legislative Exchange Council, 178, 179, 205 American Recovery and Reinvestment Act, 100, 110, 218, 278 Anti-poverty strategies, 197–198, 199–205 and automatic stabilizers, 231–232 and automatic triggers/coordinated efforts, 228–229 and benefit corporations, 310–311 and community building, 308–309, 309–312 and disability insurance, 304–306 and domestic workers, 297–298 and Earned Income Tax Credit, 233, 287–294, 295–296, 299–300, 300–301 and economic downturns, 218–220 and education, 274–283 and existing programs, 287–317 and food stamp program, 220–223, 232 and green jobs and industries, 264–266 holistic approach to, 229–231 and homelessness, 269–270, 283–284 and housing, 266–269, 283–284 and income guarantee, 294–297 and infrastructure, public and private, 263–264 and job training/retraining programs, 305–306, 306–310 and living wage, 295–296, 297, 298–299, 305 and Medicaid, 224–227 and Medicare, 311, 314–315, 316 and minimum wage, 297, 299–300, 305 and mortgage foreclosures, 270–274 and pensions, 311–313, 313–315 and public works programs, 301–304 punishment-based vs. incentive-based approach to, 233, 234 and school meals, 223–224 and Social Security, 311, 313–315, 315–316, 316–317 and state banks, 263–266 and taxes, 263, 264, 266, 298–300 and unions, 297–298 and will to reform, 227–229, 326–327 See also Poverty; War on Poverty Appalachia, 54, 131–132 Appalachian Pennsylvania, 18–20 Appalachian Regional Development Act, 202 Arizona, 91, 106, 300 Arkansas, 106, 107 As Texas Goes (Collins), 179 Asian Americans, 24–25, 26 Aspen Institute, FIELD program, 254 Atlanta, 103, 229 Attwell, Steven, 302–303, 305 Automatic stabilizers, 121, 218, 231–232 Automatic triggers/coordinated efforts, 228–229 Autor, David, 304 Bachmann, Michele, 119–120 Bacon, Pastor Ed, 230–231 Baker, Dean, 244–247 Bankruptcy, 56, 57–58, 175, 312–313 Banks/bankers, 36, 58–59.
Affordable Care Act / Obamacare, asset-backed security, bank run, banking crisis, banks create money, break the buck, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, conceptual framework, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, Detroit bankruptcy, diversification, double entry bookkeeping, eurozone crisis, facts on the ground, financial innovation, fixed income, friendly fire, full employment, hiring and firing, housing crisis, Hyman Minsky, illegal immigration, inflation targeting, interest rate swap, Isaac Newton, Kenneth Rogoff, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, market bubble, market clearing, market fundamentalism, McMansion, money market fund, moral hazard, naked short selling, new economy, Nick Leeson, Northern Rock, Occupy movement, offshore financial centre, price mechanism, quantitative easing, Ralph Waldo Emerson, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, short selling, South Sea Bubble, statistical model, the payments system, time value of money, too big to fail, working-age population, yield curve, Yogi Berra
They go on: “If health care costs continue to grow as fast as CBO and the Medicare actuaries project . . . this process will require Congress and the President to consider further actions that make more substantial structural reforms.” Got that? In short, Simpson and Bowles, brave as they were, punted on the most critical issue. I don’t blame them. Some people believe that President Obama’s health reform, the Affordable Care Act of 2010, contains seeds that will eventually blossom into major cost controls. Others are deeply skeptical. The truth is that, right now, nobody knows how to slow the seemingly inexorable growth of health care costs—short of outright rationing, which no one wants. Social Security The Simpson-Bowles plan takes an even smaller nick out of Social Security, though here it’s mainly a matter of timing.
INDEX The page numbers in this index refer to the printed version of this book. To find the corresponding locations in the text of this digital version, please use the “search” function on your e-reader. Note that not all terms may be searchable. Adjustable-rate mortgages (ARMs) default as design of, 70–71, 321–22 option ARMs, 71 Advance Notice of Proposed Rulemaking (ANPR), 315–16 Affordable Care Act (2010), 406 Aggregate demand sources of, 211 stimulating, 211–12 AIG (American International Group) bailout of, 136–40 bonus payouts after bailout, 137–38, 297 collateral to Fed, 136–37 competitive edge of, 131–32 credit default swaps (CDS), 66–67, 131–35 credit risk owned by (2007), 133, 134 financial decline of, 134–36 haircut/bailing in error, 138–40 history of, 130–31 liquidity crisis, 135–36 nationalization of, 6, 67, 129, 136 regulatory failure with, 131–33 American International Group.
See Foreclosures refinancing, precollapse, 38 Mozilo, Angelo, 164, 305 Naked CDS, 66, 280, 302 National Commission on Fiscal Responsibility and Reform, 397 National Economic Council (NEC), 214, 216 Negative amortization loans, 71 Negative net worth, 103–4 New Century Financial Corporation, 69 New Deal reforms for housing crisis, 324–25 regulatory agencies created, 265–66, 288 New jobs tax credit (NJTC), 229–30 News, and efficient markets hypothesis, 64–65, 103 Newton, Isaac, 47 NINJA loans, 70 Nominal interest rates, 376–78 Nonbank lenders shadow banking system, 59–64 unregulated and subprimes, 59 Nonrecourse loans for commercial paper, 147–48 for troubled asset purchases, 206–7 Northern Rock, 95, 168 Notional values, derivatives, 62 Obama, Barack, 212–20 Affordable Care Act (2010), 406 on AIG bailout, 138 backlash against, 347–48 bipartisan goals of, 220, 227 Dodd-Frank Act of 2010, 303–19 economic conditions upon election, 212, 218, 346–47 economic Dream Team, 214–17 election of 2008, 203–4 federal budget deficit efforts, 396–400 and fiscal cliff, 360 foreclosure mitigation efforts, 332–38 payroll tax cuts, 360 policy agenda, scope of, 218–20, 361 regulatory reform agenda of, 291–98 shortcomings regarding crisis, 217, 218, 220, 256–57, 325, 357–58, 361, 439, 440 stimulus package, 223–36 on Volcker Rule, 312 Occupy Wall Street, 7, 363 O’Donnell, Christine, 362 Office of Federal Housing Enterprise Oversight (OFHEO), 117–18 Office of the Comptroller of the Currency (OCC), 275, 302 regulatory failure of, 57–58 Office of Thrift Supervision (OTS), 131–32, 275, 302 O’Neal, E.
The Death of Cancer: After Fifty Years on the Front Lines of Medicine, a Pioneering Oncologist Reveals Why the War on Cancer Is Winnable--And How We Can Get There by Vincent T. Devita, Jr., M. D., Elizabeth Devita-Raeburn
The very best go-to places are those where they’re provided with the resources to practice as a team, in an environment that offers the freedom to exercise their talents on behalf of the patient. But getting to these places, and these doctors, requires inside knowledge that most patients don’t have. That’s why I am so often guiding friends and friends of friends to different centers. And that’s why PDQ (Physician Data Query) is so helpful. Going to centers that aren’t near you also requires flexible insurance companies, which some people don’t have. And the Affordable Care Act (ACA) promises to make this worse. The focus of the ACA is cost control, and the mechanism to monitor this is the Independent Payment Advisory Board, which mimics the British National Institute for Health and Care Excellence (NICE), which determines if new treatments are cost-effective before allowing payment. NICE, or Not So Nice, as I have called it, regularly determines that new lifesaving cancer therapies are not cost-effective, essentially rationing cancer care.
abdominal cancer Abigail Alliance for Better Access to Developmental Drugs abiraterone abscess academia; medical schools vs. hospitals; publishing expectations in; RO1 grants and; tenure system; turf battles; university cancer center model; Yale Cancer Center; see also specific universities acute promyelocytic leukemia Adams, Lane adjuvant chemotherapy; CMF protocol adrenal glands Adriamycin advocacy for cancer patients aerobic glycolysis afatinib Affordable Care Act (ACA) aging Agrawal, Manish AIDS Albert and Mary Lasker Foundation ALK Allison, Jim Alpert, Louis K. American Association for Cancer Research (AACR) American Cancer Society (ACS) American Express American Medical Association (AMA) American Society for Clinical Investigation American Society of Clinical Oncology (ASCO) amethopterin aminopterin aminotriazole amputation Anderson, Ken androgen deprivation therapy (ADT) androgens anemia; aplastic angiogenesis angiostatins Annals of Internal Medicine anti-angiogenesis antibiotics antibodies antidepressants antifolates antifungals antimetabolites aplastic anemia arabinosyl cytosine arm; swollen Armstrong, Lance arsenic arthritis aspirin asthma atabrine ATRA autoimmune diseases Avastin, see bevacizumab axillary lymph nodes back pain bacteria Baker, Carl BCNU BCR-ABL fusion gene Beeson, Paul Begley, Sharon Bennett, John Berard, Costan Berlin, Nathaniel bevacizumab (Avastin) BIKE biochemical relapse biopsy birth control birth defects bladder cancer Blades, Brian Blair, Deeda blast cells blindness blood; cancer spread and; shutting down supply to tumors; tests; transfusions; in urine blood-brain barrier Blood Club Bonadonna, Gianni Bondy, Phil bone; pain bone cancer bone marrow; aplastic anemia and; aspiration; Hodgkin’s disease and; leukemia and; myeloma; transplant bortezomib Boston Globe, The BRAF brain cancer Brandt, Ed breast cancer; adjuvant chemotherapy and; awareness; CMF protocol; dormancy; hormone treatment; localized; lumpectomy; mammograms; at Memorial Sloan Kettering; metastasized; mortality rates; overaggressive surgery for; post-op chemotherapy and; radiation and; radical mastectomy; remote signaling Brecher, George Brennan, Murray Brigham Hospital, Boston Bristol-Myers Squibb British Journal of Cancer Burchenal, Joseph Burkitt’s lymphoma Burroughs, Frank Burrow, Gerry Bush, George H.
Proctor Haskell, Charles “Mick” Hatch, Orrin Hawkins, Paula Hayes, Arthur Hull headache head and neck cancer; as Memorial Sloan Kettering; commando procedure heart; drugs; failure; problems Heckler, Margaret Heidelberger, Charlie hematologists Herceptin Hersh, Evan HER2 Hitchings, George Hodgkin, Thomas Hodgkin’s disease; diagnosis; four stages of; growth fraction; MOMP and; MOPP and; NCI screening program; radiation for; remission Holland, Jim hormones; as breast cancer treatment; deprivation therapy; see also specific hormones Horowitz, Larry hospice hospitals: food; IRB; medical schools vs.; nurses; see also specific hospitals Huguley, Charlie human genome Humphrey, Hubert hypertension ibenzmethyzin ImClone immune system; checkpoints; defects immunotherapy Independent Payment Advisory Board India Indiana University infection inflammation inflammatory bowel disease institutional review boards (IRBs) insulin insurance; Affordable Care Act; companies; FDA drug approval and; insufficient; standard-of-care guidelines interferon interleukin-2 inverse rule Investigational New Drug (IND) iron islet cells Israel Istituto Nazionale dei Tumori Italy IV James, Pendleton jaundice jaw JD Jefferson Medical College Jews John Paul II, Pope Johns Hopkins School of Medicine Johns Hopkins University Johnson, Ralph Journal of Clinical Oncology (JCO) Journal of the American Medical Association Kaplan, Henry Karnofsky, David Kefauver-Harris Amendment Kelley, Rita Kellogg’s All-Bran Kelsey, Frances Kennedy, Don Kennedy, Edward; FDA and Kennedy, Edward, Jr.
Affordable Care Act / Obamacare, Andrei Shleifer, Asian financial crisis, Atahualpa, banking crisis, barriers to entry, Berlin Wall, blood diamonds, British Empire, centre right, clean water, collapse of Lehman Brothers, colonial rule, conceptual framework, crony capitalism, deindustrialization, Deng Xiaoping, double entry bookkeeping, Edward Snowden, Erik Brynjolfsson, European colonialism, facts on the ground, failed state, Fall of the Berlin Wall, first-past-the-post, Francis Fukuyama: the end of history, Francisco Pizarro, Frederick Winslow Taylor, full employment, Gini coefficient, Hernando de Soto, Home mortgage interest deduction, income inequality, information asymmetry, invention of the printing press, iterative process, knowledge worker, land reform, land tenure, life extension, low skilled workers, manufacturing employment, means of production, Menlo Park, Mohammed Bouazizi, Monroe Doctrine, moral hazard, new economy, open economy, out of africa, Peace of Westphalia, Port of Oakland, post-industrial society, Post-materialism, post-materialism, price discrimination, quantitative easing, RAND corporation, rent-seeking, road to serfdom, Ronald Reagan, Scientific racism, Scramble for Africa, Second Machine Age, Silicon Valley, special economic zone, stem cell, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, too big to fail, trade route, transaction costs, Tyler Cowen: Great Stagnation, Vilfredo Pareto, women in the workforce, World Values Survey, zero-sum game
There are other more overtly economic forms of redistribution that modern governments practice, however. One of the most common is mandatory insurance pools, in which the government forces the community to contribute to insurance plans which, in the case of social security, redistribute income from young to old, and in the case of medical insurance, from the healthy to the sick. Many American conservatives denounced President Obama’s 2010 Affordable Care Act as “socialism,” but the fact was that at the time, the United States was alone among rich democratic countries in the world in not having some form of mandated universal health insurance. Liberal theorists from John Locke to Friedrich Hayek have always been skeptical of government-mandated redistribution, since it threatens to reward the lazy and incompetent at the expense of the virtuous and hardworking.
The welter of congressional committees with overlapping jurisdiction often produces multiple and conflicting mandates for action, like the “three separate proposals embodying radically different theories about the nature of the problem” that were embodied in the 1990 National Affordable Housing Act, or the multiplicity of mandated ways of enforcing the Clean Air Act. This decentralized legislative process produces incoherent laws and virtually invites involvement by interest groups which, if not powerful enough to shape overall legislation, can at least protect their specific interests.6 For example, Barack Obama’s Affordable Care Act in 2010 turned into something of a monstrosity during the legislative process as a result of all the concessions and side payments that had to be made to interest groups, including doctors, insurance companies, and the pharmaceutical industry. The bill itself ran to nine hundred pages, which very few members of Congress were able to review in any detail. In other cases, interest groups have been able to block legislation harmful to their interests.
In Sweden, for example, there is a small civil service separate from the implementing agencies that actually deliver services; the former’s main function is to help parliament prepare legislation.10 Such a system is utterly foreign to American political culture, where Congress jealously guards its right to legislate. Bill Clinton’s health care plan was formulated in the executive branch by a group of experts operating under the leadership of First Lady Hillary Clinton away from the glare of immediate public scrutiny. This was one important reason that it failed ignominiously to get through Congress in 1993. Barack Obama was able to get the Affordable Care Act passed in 2010 only because he abdicated virtually any role in shaping the legislation, leaving the final bill in the hands of multiple congressional committees. The lack of legislative coherence in turn produces a large, sprawling, and often unaccountable government. Congress’s multiple committees frequently produce duplicative and overlapping programs, or create multiple agencies with similar mandates.
Twilight of the Elites: America After Meritocracy by Chris Hayes
affirmative action, Affordable Care Act / Obamacare, asset-backed security, barriers to entry, Berlin Wall, Bernie Madoff, carried interest, circulation of elites, Climategate, Climatic Research Unit, collapse of Lehman Brothers, collective bargaining, creative destruction, Credit Default Swap, dark matter, David Brooks, David Graeber, deindustrialization, Fall of the Berlin Wall, financial deregulation, fixed income, full employment, George Akerlof, Gunnar Myrdal, hiring and firing, income inequality, Jane Jacobs, jimmy wales, Julian Assange, Kenneth Arrow, Mark Zuckerberg, mass affluent, mass incarceration, means of production, meta analysis, meta-analysis, money market fund, moral hazard, Naomi Klein, Nate Silver, peak oil, Plutocrats, plutocrats, Ponzi scheme, Ralph Waldo Emerson, rolodex, The Spirit Level, too big to fail, University of East Anglia, Vilfredo Pareto, We are the 99%, WikiLeaks, women in the workforce
You can pull up your neighbor’s political contributions, or just about any court filing in the country, in a matter of minutes, if not seconds. Thirty years ago it would have been totally inconceivable for the average citizen to read the full text of a bill Congress was about to debate and vote on. Today it’s available to anyone with an Internet connection. Of course, the usefulness of this access is limited. Anyone with an Internet connection could have read the entirety of the Patient Protection and Affordable Care Act, but at two thousand pages, almost no one did. In fact, the possibility of access to information that we can’t possibly process induces a constant thrum of anxiety among conscientious citizens, one for which there is no obvious remedy. The combination of disclosure and technology allows us to know more than we’ve ever known about just about every one of our pillar institutions—the latest SEC filings, last night’s cable news ratings, and the latest bits of rumor and gossip circulating through Wall Street circles and posted to insider financial blogs.
A 2010 report from the Federal Reserve Bank of New York found that on the eve of the crisis the shadow banking system was almost twice as large as the regulated, visible, traditional banking system. So we find ourselves in the paradoxical situation of knowing more than we need to and yet still not enough. We know the latest whereabouts of Britney Spears, but not how much money we spend on spy satellites; we have access to every single one of the two thousand pages that make up the Patient Protection and Affordable Care Act, but we don’t definitively know what kind of deal the White House struck with the big pharmaceutical companies to get it passed. We can read and instantly translate any newspaper from around the world but don’t know which of our major financial institutions are insolvent. We live in an informational interregnum. The old gatekeepers have been discredited but not discarded. Their challengers are capable of subverting consensus and authority but not reconstituting it.
Platform Revolution: How Networked Markets Are Transforming the Economy--And How to Make Them Work for You by Sangeet Paul Choudary, Marshall W. van Alstyne, Geoffrey G. Parker
3D printing, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, Amazon Mechanical Turk, Amazon Web Services, Andrei Shleifer, Apple's 1984 Super Bowl advert, autonomous vehicles, barriers to entry, big data - Walmart - Pop Tarts, bitcoin, blockchain, business process, buy low sell high, chief data officer, Chuck Templeton: OpenTable, clean water, cloud computing, connected car, corporate governance, crowdsourcing, data acquisition, data is the new oil, digital map, discounted cash flows, disintermediation, Edward Glaeser, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, financial innovation, Haber-Bosch Process, High speed trading, information asymmetry, Internet of things, inventory management, invisible hand, Jean Tirole, Jeff Bezos, jimmy wales, John Markoff, Khan Academy, Kickstarter, Lean Startup, Lyft, Marc Andreessen, market design, Metcalfe’s law, multi-sided market, Network effects, new economy, payday loans, peer-to-peer lending, Peter Thiel, pets.com, pre–internet, price mechanism, recommendation engine, RFID, Richard Stallman, ride hailing / ride sharing, Robert Metcalfe, Ronald Coase, Satoshi Nakamoto, self-driving car, shareholder value, sharing economy, side project, Silicon Valley, Skype, smart contracts, smart grid, Snapchat, software is eating the world, Steve Jobs, TaskRabbit, The Chicago School, the payments system, Tim Cook: Apple, transaction costs, two-sided market, Uber and Lyft, Uber for X, winner-take-all economy, zero-sum game, Zipcar
Apple is one of the companies with its eyes fixed on that goal. The transition from today’s fragmented health care system to an efficient platform-based system will not be easy. The barriers to health care platform development include economic and managerial forces that discourage the sharing of patient data and services. These forces help to explain, for example, why the implementation of electronic medical records mandated by the Affordable Care Act (2010) has been poorly managed, with record systems so customized by institution that two hospitals in the same community are often unable to share data regarding the same patient. The problem is exacerbated by the financial incentives for health care organizations to keep each patient within a single medical “home.” Many patients are mandated by their insurance carriers to seek services within one health care system, usually defined by geography—an approach that is untenable for patients who are highly mobile or transient, like many young adults.
A/B testing, 217–18 Accenture, xi, 32–33 access fees, 118–21 access limitation, 126–56, 213–15, 227–28, 240–41, 253, 254, 256–57, 260, 262–63, 264, 266, 271 access tiers, 144–45 accounting, 32, 33, 238–39 Adobe, 29–30, 92–93, 213–14 Adobe Flash Player, 213–14 ADP, 155, 241 advertising, 3, 23, 31, 49, 50, 63, 72, 84–87, 105, 106–8, 113, 119, 120–21, 125, 131, 133–34, 144, 145, 165, 166, 198–99, 215, 229–30, 244, 247–48, 252, 264, 275, 296 advertising campaigns, 72, 88, 148 Affordable Care Act (2010), 271 Africa, 4, 247, 277–78 aggregate feedback, 151–52 agriculture, 19, 42–44, 60, 70–71, 246, 263 Airbnb, vii, viii, 1–12, 21–26, 32, 38, 39, 40, 47, 64–71, 101, 103, 111, 116, 135, 142–43, 149, 151–52, 165, 175, 192–93, 198, 211, 212, 224, 229–33, 236, 253–54, 262, 295 aircraft industry, 110, 225 airline industry, 71, 137, 235, 237 algorithms, 24–25, 27, 40, 41, 45–46, 47, 68, 71, 146, 152, 170, 191, 278, 280, 286, 296, 297 Alibaba Group, xi, 2, 3, 73, 111, 124–25, 135, 159, 164, 204–7, 214–15, 216, 240 Allsopp’s Arctic Ale, 161–62 Amadeo, Ron, 153 Amazon, vii, ix, 3, 7, 22, 54–56, 56, 63, 64, 69–73, 79, 89, 125, 137, 140, 145, 157–58, 176–78, 194, 204–18, 225, 231, 242–43, 248–49, 251, 262, 270–71, 280 Amazon Web Services (AWS), 54, 177–78 Amazon Word (AZW), 243 Andreessen, Marc, 62, 63 Android, 6–7, 21, 30, 72, 92, 111, 137, 140–41, 153–54, 214, 226, 240 Android Open Source Platform (AOSP), 140, 153–54 AngelList, 276 Angie’s List, 72 antitrust regulations, 213–14, 225 AOL, 79 apartment listings and rentals, 67, 231 Apple, ix, 3, 6–7, 23, 52–54, 64, 75, 85, 92, 94, 95, 131, 136, 137, 138, 140, 147, 148, 152–53, 159, 178, 181, 205, 211, 217, 222, 226, 284, 295 Apple iOS, 6–7, 136, 137, 153, 213–14 Apple Mac OS 9, 53, 136, 137, 138, 152–53 Apple Watch, 271 appliances, 64, 110, 143, 157–58, 159, 181, 183–84, 204, 254, 283, 284–85 application programming interfaces (APIs), 55–57, 143, 144–45, 148–49, 153–54, 159, 254, 295 application-specific functions, 52–54 apps, 6–7, 21, 30, 48, 53, 72, 74, 85, 92, 97–98, 103, 111, 132–34, 142, 145, 147–49, 153–54, 166, 178, 185, 190, 200, 212, 213–17, 252–53, 269, 270–71, 275, 282 arbitrage, 171, 258–59 Arthur, W.
The New Prophets of Capital by Nicole Aschoff
3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, American Legislative Exchange Council, basic income, Bretton Woods, clean water, collective bargaining, commoditize, crony capitalism, feminist movement, follow your passion, Food sovereignty, glass ceiling, global supply chain, global value chain, helicopter parent, hiring and firing, income inequality, Khan Academy, late capitalism, Lyft, Mark Zuckerberg, mass incarceration, means of production, performance metric, profit motive, rent-seeking, Ronald Reagan, Rosa Parks, school vouchers, shareholder value, sharing economy, Silicon Valley, Slavoj Žižek, structural adjustment programs, Thomas L Friedman, Tim Cook: Apple, urban renewal, women in the workforce, working poor, zero-sum game
Babies born in poor states like Alabama and Mississippi are more than twice as likely to die before their first birthday than babies born in wealthy states like Massachusetts. The capitalist market creates winners and losers. When health care is a commodity, people die (45,000 preventable deaths per year in the United States) or suffer from chronic ailments because they don’t have health insurance.30 The Affordable Care Act, passed in 2010, is designed to close some of these gaps by expanding the number of people who can purchase health insurance, but it stops far short of making health care a right. Anything and everything should be done to save people’s lives because no one should die from preventable diseases. But when we frame the problem of poor people in the Global South dying from preventable diseases as a market failure problem, we close off the possibility of building a health care system in which health care is a right and does not depend on one’s ability to pay.
The Fissured Workplace by David Weil
accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, banking crisis, barriers to entry, business process, call centre, Carmen Reinhart, Cass Sunstein, Clayton Christensen, clean water, collective bargaining, commoditize, corporate governance, corporate raider, Corrections Corporation of America, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, declining real wages, employer provided health coverage, Frank Levy and Richard Murnane: The New Division of Labor, George Akerlof, global supply chain, global value chain, hiring and firing, income inequality, information asymmetry, intermodal, inventory management, Jane Jacobs, Kenneth Rogoff, law of one price, loss aversion, low skilled workers, minimum wage unemployment, moral hazard, Network effects, new economy, occupational segregation, Paul Samuelson, performance metric, pre–internet, price discrimination, principal–agent problem, Rana Plaza, Richard Florida, Richard Thaler, Ronald Coase, shareholder value, Silicon Valley, statistical model, Steve Jobs, supply-chain management, The Death and Life of Great American Cities, The Nature of the Firm, transaction costs, ultimatum game, union organizing, women in the workforce, Y2K, yield management
The averages mask differences in the components of employer hourly costs across workers, occupations, and industries. For example, wages and salaries for service workers account for 71% and legally required benefits account for 9.3% of employer hourly costs because employees in service industries typically receive far lower insurance and retirement benefits than workers in other industries. 3. In making more employers responsible for providing health care coverage to their workforce, the Affordable Care Act of 2010 changes these dynamics both for lead and subordinate businesses in complicated ways. For example, the costs of providing health care benefits may be lower per worker for a larger versus a smaller business. If subordinate businesses are now required to provide coverage, their costs of providing services to lead businesses will increase, thereby changing the private calculus of hiring additional workers versus using a subcontractor or temporary agency to provide them.
She has been an inspiration to me in so many ways for so long, and has patiently weathered the sometimes stormy moods that have accompanied writing this book. I am deeply grateful for the assistance, comments, critiques, and insights from all of the above. But to return full circle to the loneliness of writing a book on your own, I am solely responsible for any errors that remain. Index ABM Industries, 56, 133 Abraham, Katherine, 90, 314n36 Accounting, and outsourcing, 52, 54–55 Adverse selection, 63 Aetna, 39 Affordable Care Act (2010), 309n3 Agriculture industry: and offshoring, 169; enforcement in, 217–219, 351n12; definition of establishment in, 218; competitive forces, 259–260; and labor standards, 260 Ahn, Sarah, 256 Airstream, 53 Akerson, Dan, 74 ALT Inc., 109–112 Americans with Disabilities Act, and notification about employee rights, 252 A&P, 28–30, 294n4 Apparel industry: and offshoring, 172; in Bangladesh, 176; enforcement in, 224–228; and lean retailing, 225–226; supply chain approach, 226–228; compliance with labor standards, 226, 228 Apple Inc., 7–8, 171–175, 234, 302n27; and core competencies, 50–51; and Foxconn, 174–175 Asian American Hotel Operators Association (AAHOA), 257–258, 363n28 A.
As a result, Congress has enacted a number of measures that can impact your taxes for 2010, 2011, and beyond: W r The Hiring Incentives to Restore Employment (HIRE) Act of 2010, signed into law on March 18, 2010, is an $18 billion jobs package. r The Department of Defense Appropriations Act, 2010, signed into law on December 19, 2009, and the Continuing Extension Act, signed into law on April 15, 2010, extend federal assistance for COBRA premiums. r The Patient Protection and Affordable Care Act of 2010, signed into law on March 23, 2010, and the Health Care and Education Reconciliation Act of 2010, signed into law on March 30, 2010, make sweeping changes to health vii P1: OTA/XYZ P2: ABC fm JWBT413/Weltman viii October 14, 2010 13:58 Printer Name: Yet to Come INTRODUCTION care over the next several years; there are more than $400 billion in revenue raisers and new taxes on individuals as well as employers. r The Small Business Jobs Act of 2010, signed into law on September 27, 2010, provides tax breaks for certain small business owners. r Various miscellaneous acts made numerous other changes.
Social Democratic America by Lane Kenworthy
affirmative action, Affordable Care Act / Obamacare, barriers to entry, basic income, Celtic Tiger, centre right, clean water, collective bargaining, corporate governance, David Brooks, desegregation, Edward Glaeser, endogenous growth, full employment, Gini coefficient, hiring and firing, Home mortgage interest deduction, illegal immigration, income inequality, invisible hand, Kenneth Arrow, labor-force participation, manufacturing employment, market bubble, minimum wage unemployment, new economy, postindustrial economy, purchasing power parity, race to the bottom, rent-seeking, rising living standards, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, school choice, shareholder value, sharing economy, Skype, Steve Jobs, too big to fail, Tyler Cowen: Great Stagnation, union organizing, universal basic income, War on Poverty, working poor, zero day
Others argue that this is wrong. See Meyer and Sullivan 2011. 75. Lesmerises 2007, figure 12, using data from Warren and Tyagi 2003. See also DeLong 2012. 76. College Board, “Trends in College Pricing 2006,” table 4a. 77. Allegretto 2011, table 10, using Survey of Consumer Finances data. 78. Warren and Tyagi 2003; Weller 2012. CHAPTER 3 1. Census Bureau 2011, table 8. 2. The 2010 Affordable Care Act may accelerate this shift. See Hacker 2011. 3. Seidman 2013. 4. For additional cost-reduction ideas, see Emanuel et al. 2012; Gawande 2011, 2012; Soltas 2012; Aaron 2013. 5. Klein 2007; Reid 2009; Davis, Schoen, and Stremekis 2010; OECD 2011. 6. Heymann et al. 2009. 7. Bureau of Labor Statistics 2012b, using data from the March 2012 National Compensation Survey. 8. Waldfogel 2006, ch. 2.
Affordable Care Act / Obamacare, Airbnb, Al Roth, Black Swan, buy low sell high, Chuck Templeton: OpenTable, Credit Default Swap, cross-subsidies, crowdsourcing, disintermediation, diversified portfolio, experimental economics, George Akerlof, Goldman Sachs: Vampire Squid, income inequality, index fund, information asymmetry, Jean Tirole, Kenneth Arrow, Lean Startup, Lyft, Marc Andreessen, Mark Zuckerberg, market microstructure, Martin Wolf, McMansion, Menlo Park, Metcalfe’s law, moral hazard, multi-sided market, Network effects, patent troll, Paul Graham, Peter Thiel, pez dispenser, ride hailing / ride sharing, Robert Metcalfe, Sand Hill Road, sharing economy, Silicon Valley, social graph, supply-chain management, TaskRabbit, The Market for Lemons, too big to fail, trade route, transaction costs, two-sided market, Uber for X, ultimatum game, Y Combinator
In what is a long list of blessings, the two of them are number one. NOTES INTRODUCTION: NOBODY LIKES A MIDDLEMAN, BUT MOST OF US ARE MIDDLEMEN 1.Mike Lee, “Senator Mike Lee’s Response to the State of the Union Address,” January 29, 2014, retrieved from http://www.lee.senate.gov/public/index.cfm/speeches?ID=46dfc240-026d-4825-a9bd-b876bc0e7a4d on December 10, 2014. 2.Perhaps he was alluding to the insurance companies whose revenues rose from the Affordable Care Act. 3.The share of Americans who consider themselves middle class has fallen from 53 percent in 2008 to 44 percent in 2014 according to survey data from the Pew Research Center. See Rakesh Kochnar and Rich Morin, “Despite Recovery, Fewer Americans Identify as Middle Class” (Pew Research Center, January 27, 2014, retrieved from http://www.pewresearch.org/fact-tank/2014/01/27/despite-recovery-fewer-americans-identify-as-middle-class/). 4.Why do I use the sexist word “middleman”?
The Geek Feminist Revolution by Kameron Hurley
affirmative action, Affordable Care Act / Obamacare, clean water, commoditize, desegregation, drone strike, en.wikipedia.org, Ferguson, Missouri, game design, Google Hangouts, hiring and firing, Kickstarter, means of production, Skype, women in the workforce
It made me even easier to dismiss, to overlook, to assume I was just somebody else everybody could roll over and spout off ridiculously sexist, racist crap to without dissent. But nodding and smiling gets old. It makes it easier for people to box you up and ship you off. I’m only really alive when I’m pissing people off anyway. The Horror Novel You’ll Never Have to Live: Surviving Without Health Insurance There was a time before the Affordable Care Act. Before health insurance was subsidized by the government, and before we were all guaranteed coverage no matter our medical conditions. I grew up in that time, and it nearly destroyed me. In 2005, I was a robust twenty-five-year-old living in Chicago and working as a project assistant for an architectural and engineering firm. In the fall of 2005, I started to lose weight. This was a good thing, I figured.
The Unbanking of America: How the New Middle Class Survives by Lisa Servon
Affordable Care Act / Obamacare, Airbnb, basic income, Build a better mousetrap, Cass Sunstein, choice architecture, creative destruction, Credit Default Swap, employer provided health coverage, financial exclusion, financial independence, financial innovation, gender pay gap, George Akerlof, gig economy, income inequality, informal economy, Jane Jacobs, Joseph Schumpeter, late fees, Lyft, M-Pesa, medical bankruptcy, microcredit, Occupy movement, payday loans, peer-to-peer lending, precariat, Ralph Nader, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, sharing economy, too big to fail, transaction costs, unbanked and underbanked, underbanked, universal basic income, Unsafe at Any Speed, We are the 99%, white flight, working poor, Zipcar
how to “nudge” people: Barr, No Slack; Thaler and Sunstein, Nudge. 170 “favoring bank profitability”: Mehrsa Baradaran, How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy (Cambridge, MA: Harvard University Press, 2015), p. 7. 171 enable them to borrow: International Monetary Fund, “Big Banks Benefit from Government Subsidies,” IMF Survey Magazine, March 31, 2014. http://www.imf.org/external/pubs/ft/survey/so/2014/POL033114A.htm 172 through the postal service: Mehrsa Baradaran endorses this idea in How the Other Half Banks. “the most successful experiment”: Ibid., p. 207. 173 Financial-information boxes: Some studies show that consumers are using nutrition labels to make healthier food choices. Programs like the Department of Energy and the Environmental Protection Agency’s Energy Star have been highly successful in changing consumers’ buying patterns. The Affordable Care Act included a provision that requires all health plans to provide a uniform summary, in plain language, of coverage for all enrollees and applicants. According to a recent Kaiser Family Foundation poll, this is among the most popular provisions of the law. John Kozup and Jeanne M. Hogarth, “Financial Literacy, Public Policy, and Consumers’ Self-Protection—More Questions, Fewer Answers,” Journal of Consumer Affairs, vol. 42 (2008): 127–36; Henry J.
Move Fast and Break Things: How Facebook, Google, and Amazon Cornered Culture and Undermined Democracy by Jonathan Taplin
1960s counterculture, 3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American Legislative Exchange Council, Apple's 1984 Super Bowl advert, back-to-the-land, barriers to entry, basic income, battle of ideas, big data - Walmart - Pop Tarts, bitcoin, Brewster Kahle, Buckminster Fuller, Burning Man, Clayton Christensen, commoditize, creative destruction, crony capitalism, crowdsourcing, data is the new oil, David Brooks, David Graeber, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Dynabook, Edward Snowden, Elon Musk, equal pay for equal work, Erik Brynjolfsson, future of journalism, future of work, George Akerlof, George Gilder, Google bus, Hacker Ethic, Howard Rheingold, income inequality, informal economy, information asymmetry, information retrieval, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kickstarter, labor-force participation, life extension, Marc Andreessen, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Mother of all demos, move fast and break things, move fast and break things, natural language processing, Network effects, new economy, Norbert Wiener, offshore financial centre, packet switching, Paul Graham, Peter Thiel, Plutocrats, plutocrats, pre–internet, Ray Kurzweil, recommendation engine, rent-seeking, revision control, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, smart grid, Snapchat, software is eating the world, Steve Jobs, Stewart Brand, technoutopianism, The Chicago School, The Market for Lemons, Tim Cook: Apple, trade route, transfer pricing, trickle-down economics, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, We wanted flying cars, instead we got 140 characters, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator
Founded in 1973 as the Conservative Caucus of State Legislators, ALEC states that its current goal is to further “the fundamental principles of limited government, free markets, and federalism.” ALEC is the principal climate-change opposition group at the state level, but it also has focused on “opposing insurance coverage for birth control in the US; opposing the individual health insurance mandate enacted by the Affordable Care Act; expanding the ‘Stand Your Ground’ laws that allow citizens the right to self-defense if they feel their property is under attack; prohibiting cities from building public broadband networks; urging state legislatures to demand voters produce state-issued IDs.” Many progressives questioned why Google and Facebook would join such a right-wing libertarian organization. But Robert McChesney, in his book Digital Disconnect: How Capitalism Is Turning the Internet Against Democracy, thinks he has the answer.
Affordable Care Act / Obamacare, Air France Flight 447, air freight, airport security, Asian financial crisis, asset-backed security, bank run, banking crisis, break the buck, Bretton Woods, capital controls, central bank independence, cloud computing, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, Daniel Kahneman / Amos Tversky, diversified portfolio, double helix, endowment effect, Exxon Valdez, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, global supply chain, hindsight bias, Hyman Minsky, Joseph Schumpeter, Kenneth Rogoff, London Whale, Long Term Capital Management, market bubble, money market fund, moral hazard, Myron Scholes, Network effects, new economy, offshore financial centre, paradox of thrift, pets.com, Ponzi scheme, quantitative easing, Ralph Nader, Richard Thaler, risk tolerance, Ronald Reagan, savings glut, technology bubble, The Great Moderation, too big to fail, transaction costs, union organizing, Unsafe at Any Speed, value at risk, William Langewiesche, zero-sum game
Franklin Roosevelt, signing it into law, declared, “We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age.” Unemployment insurance came shortly afterward, disability insurance in 1956. In 1965 the federal government became the public health insurance backstop for the elderly and poor with Medicare and Medicaid, and in 2010 for the near-poor with the Affordable Care Act. Today, federal insurance extends to private pensions, crop losses, floods, mortgage defaults, and bank deposits. And this doesn’t even include unofficial insurance: the prospect of federal disaster aid pouring into a county struck by floods, blizzards, or earthquakes, or the implicit promise of the federal government to dive in, as it did in 2008, to bail out the financial system rather than see it collapse.
Street Smart: The Rise of Cities and the Fall of Cars by Samuel I. Schwartz
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, active transport: walking or cycling, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, autonomous vehicles, car-free, City Beautiful movement, collaborative consumption, congestion charging, crowdsourcing, desegregation, Enrique Peñalosa, Ford paid five dollars a day, Frederick Winslow Taylor, if you build it, they will come, Induced demand, intermodal, invention of the wheel, lake wobegon effect, Loma Prieta earthquake, Lyft, Masdar, megacity, meta analysis, meta-analysis, moral hazard, Nate Silver, oil shock, Productivity paradox, Ralph Nader, rent control, ride hailing / ride sharing, Rosa Parks, self-driving car, skinny streets, smart cities, smart grid, smart transportation, the built environment, the map is not the territory, transportation-network company, Uber and Lyft, Uber for X, Unsafe at Any Speed, urban decay, urban planning, urban renewal, walkable city, Wall-E, white flight, white picket fence, Works Progress Administration, Yogi Berra, Zipcar
In the United States, the reactionaries pushing back the hardest on urban public transportation systems are led by the billionaire brothers David and Charles Koch, and their umbrella advocacy organization, Americans for Prosperity. Perhaps that’s not surprising. In September 2014 Tim Dickinson in Rolling Stone described what the brothers’ businesses were: “Koch-owned businesses trade, transport, refine and process fossil fuels.” This book is way too short to document all the silliness and conspiracy-mongering funded by AFP. But no matter how much time they spend on climate-change denial, repealing the Affordable Care Act, or attacking Agenda 21, the nonbinding United Nations blueprint for sustainable development, AFP and the Koch brothers–funded Reason Foundation always seem to find a few idle hours each day to oppose public-transit investment. In 2014 alone, they spent hundreds of thousands if not millions of dollars undermining a program of dedicated transit lines in Nashville; forbidding the city of Indianapolis from even studying a light rail system; fighting—and, happily, losing—battles opposing the Washington Metro’s expansion into Loudon County, Virginia, and Los Angeles’s Exposition Line rail system; and killing Florida’s plans for a high-speed rail system, which had been overwhelmingly approved by the state’s voters.
Leading From the Emerging Future: From Ego-System to Eco-System Economies by Otto Scharmer, Katrin Kaufer
Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, Asian financial crisis, Basel III, Berlin Wall, Branko Milanovic, cloud computing, collaborative consumption, collapse of Lehman Brothers, colonial rule, Community Supported Agriculture, creative destruction, crowdsourcing, dematerialisation, Deng Xiaoping, en.wikipedia.org, European colonialism, Fractional reserve banking, global supply chain, happiness index / gross national happiness, high net worth, housing crisis, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Johann Wolfgang von Goethe, Joseph Schumpeter, market bubble, mass immigration, Mikhail Gorbachev, Mohammed Bouazizi, mutually assured destruction, Naomi Klein, new economy, offshore financial centre, peak oil, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, smart grid, Steve Jobs, technology bubble, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, Washington Consensus, working poor, Zipcar
The deregulation of the financial system continued through several Republican and Democratic administrations. The disastrous end of the Glass-Steagall Act in 1999 happened on the watch of Democrats (under President Clinton), not Republicans, permitting commercial banks to engage in securities activities and effectively setting the stage for the near-total collapse of the global financial system less than a decade later. President Obama’s health care reform legislation (the Affordable Care Act) completes the 3.0-related innovations that started in the early twentieth century. For the time being, as we write this in early 2013, the country remains politically paralyzed and deeply divided between 2.0 fundamentalists (on the far Right), 3.0 believers (on the traditional Left), and people who think that neither one nor the other will do the trick and that something entirely different is needed today.
The Metropolitan Revolution: How Cities and Metros Are Fixing Our Broken Politics and Fragile Economy by Bruce Katz, Jennifer Bradley
3D printing, additive manufacturing, Affordable Care Act / Obamacare, British Empire, business climate, carbon footprint, clean water, cleantech, collapse of Lehman Brothers, deindustrialization, demographic transition, desegregation, double entry bookkeeping, edge city, Edward Glaeser, global supply chain, immigration reform, income inequality, industrial cluster, intermodal, Jane Jacobs, jitney, Kickstarter, knowledge economy, lone genius, Mark Zuckerberg, Masdar, megacity, Menlo Park, Moneyball by Michael Lewis explains big data, Network effects, new economy, New Urbanism, Occupy movement, place-making, postindustrial economy, purchasing power parity, race to the bottom, Richard Florida, Shenzhen was a fishing village, Silicon Valley, smart cities, smart grid, sovereign wealth fund, the built environment, The Death and Life of Great American Cities, the market place, The Spirit Level, Tony Hsieh, too big to fail, trade route, transit-oriented development, urban planning, white flight
For example, governors from both parties experimented with welfare reform in the 1980s and school reform in the 1990s, paving the way for federal advances in successive decades. States as disparate as Ohio, California, North Carolina, New Jersey, and Texas went to the ballot box to raise dedicated resources for economic development, advanced research, and higher education.14 More recently, health care reform was law in Massachusetts years before the passage of the federal Affordable Care Act in 2010. RETHINKING FEDERALISM History has shown that federalism is an economic arrangement as well as a political one. The division of power affects how the economy is shaped—the kinds of investments made, the amount of money spent, and 08-2151-2 ch8.indd 177 5/20/13 6:56 PM 178 METROS AS THE NEW SOVEREIGN the different legal and financial tools put in place. Throughout history, there have been shifts in the level of government that promulgates the predictable rules and supplies the public goods—such as infrastructure, education, or advanced research—that the economy and individual firms need to thrive and prosper.
J.K. Lasser's Your Income Tax by J K Lasser Institute
Affordable Care Act / Obamacare, airline deregulation, asset allocation, collective bargaining, distributed generation, employer provided health coverage, estate planning, Home mortgage interest deduction, intangible asset, medical malpractice, medical residency, money market fund, mortgage debt, mortgage tax deduction, passive income, Ponzi scheme, profit motive, rent control, Right to Buy, telemarketer, transaction costs, urban renewal, zero-coupon bond
Education-related benefits for Coverdell ESAs, the student loan interest deduction, and the exclusion for employer-provided assistance would be substantially reduced. Favorable gift tax and estate tax exemptions, exemption portability rules, and maximum tax rates are also set to expire at the end of 2012. We will be following developments and will provide updates in the e-Supplement at jklasser.com. Affordable Care Act brings tax increases in 2013 The Supreme Court decision upholding the tax provisions of the Patient Protection and Affordable Care Act allows scheduled tax increases and reductions to take effect in 2013, assuming they are not repealed by next year’s Congress. Employees and self-employed workers with earnings over an applicable threshold will owe an additional Medicare tax of 0.9%. Investors with income over an applicable threshold will owe a 3.8% tax on the lesser of net investment income or the excess of modified adjusted gross income over the threshold.
See the e-Supplement at jklasser.com for an update on tax legislation developments. 28.4 Additional Medicare Taxes Take Effect in 2013 The Supreme Court decision upholding the constitutionality of the tax provisions in the 2010 Patient Protection and Affordable Care Act allows several tax changes to take effect as scheduled on January 1, 2013. There has been political opposition to the additional Medicare taxes discussed below and the itemized deduction and FSA changes noted in the Law Alert on this page, and there may be efforts to repeal them following the 2012 elections. See the e-Supplement jklasser.com for further details and developments. - - - - - - - - - - Law Alert 2013 Changes to Medical Expenses and FSAs The 2010 Patient Protection and Affordable Care Act raises the medical expense deduction floor and restricts the amount that can be contributed to a health care flexible spending account.
Ghettoside: A True Story of Murder in America by Jill Leovy
He can move, ditch his homeys, commit fewer crimes, walk away from more fights. Doubtless many people will criticize this trend and decry the expense of SSI. But this author can’t condemn a program that appears to have saved so many from being murdered or maimed. For those not convinced by humanitarian arguments, it’s worth noting that homicide is expensive, too. Health insurance for these same indigent black men through the new Affordable Care Act may change the picture further. Another factor reducing murder rates is a bleak one—large numbers of black men in prison. Imprisonment brings down homicide rates because it keeps black men safe, and they are far less likely to become victims in prison than outside it. California’s rate of imprisonment increased fivefold between 1972 and 2000. Homicide deaths among this largely black and Latino population of tens of thousands number just a handful per year.
Inside the Nudge Unit: How Small Changes Can Make a Big Difference by David Halpern
Affordable Care Act / Obamacare, availability heuristic, carbon footprint, Cass Sunstein, centre right, choice architecture, cognitive dissonance, collaborative consumption, correlation does not imply causation, Daniel Kahneman / Amos Tversky, endowment effect, happiness index / gross national happiness, hindsight bias, illegal immigration, job satisfaction, Kickstarter, libertarian paternalism, light touch regulation, market design, meta analysis, meta-analysis, Milgram experiment, nudge unit, peer-to-peer lending, pension reform, presumed consent, QR code, quantitative easing, randomized controlled trial, Richard Feynman, Richard Thaler, Right to Buy, Ronald Reagan, Rory Sutherland, Simon Kuznets, skunkworks, the built environment, theory of mind, traffic fines, World Values Survey
Cass himself was described by a leading Republican commentator as ‘the most dangerous man in America’ for his work to introduce more subtle, behaviourally sophisticated thinking into the world of regulation. The thing is, if you fundamentally don’t trust government and want to see its role reduced, the last thing you want is a more effective administrator. Under Cass’s leadership, OIRA had some real successes. Behavioural thinking was embedded in the affordable care act, financial law reform, climate change policy, and consumer protection policy. There were administartive and political limits to what Cass could achieve, but one thing he certainly did was to open up thinking across the world about more nuanced and behaviourally informed approaches to policy. And if there was one place that was ready to hear this message at that time, it was Britain. The run-up to 2010: a changing political context While those in political opposition might not choose it, one thing that a stint in Opposition gives people is time and space to think.
Who Stole the American Dream? by Hedrick Smith
Affordable Care Act / Obamacare, Airbus A320, airline deregulation, anti-communist, asset allocation, banking crisis, Bonfire of the Vanities, British Empire, business process, clean water, cloud computing, collateralized debt obligation, collective bargaining, commoditize, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, David Brooks, Deng Xiaoping, desegregation, Double Irish / Dutch Sandwich, family office, full employment, global supply chain, Gordon Gekko, guest worker program, hiring and firing, housing crisis, Howard Zinn, income inequality, index fund, industrial cluster, informal economy, invisible hand, Joseph Schumpeter, Kenneth Rogoff, Kitchen Debate, knowledge economy, knowledge worker, laissez-faire capitalism, late fees, Long Term Capital Management, low cost carrier, manufacturing employment, market fundamentalism, Maui Hawaii, mega-rich, mortgage debt, negative equity, new economy, Occupy movement, Own Your Own Home, Paul Samuelson, Peter Thiel, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ponzi scheme, Powell Memorandum, Ralph Nader, RAND corporation, Renaissance Technologies, reshoring, rising living standards, Robert Bork, Robert Shiller, Robert Shiller, rolodex, Ronald Reagan, shareholder value, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Steve Jobs, The Chicago School, The Spirit Level, too big to fail, transaction costs, transcontinental railway, union organizing, Unsafe at Any Speed, Vanguard fund, We are the 99%, women in the workforce, working poor, Y2K
Dudley, “Securing the Recovery and Building for the Future,” speech, West Point, NY, November 17, 2011, http://www.newyorkfed.org; Floyd Norris, “To Revive Economy, Rescue Housing,” The New York Times, December 2, 2011. 100 Smart economists have suggested multiple ways Ezra Klein, “Mass Refinancing: The ‘Biggest Thing’ Obama Can Do Without Congress,” The Washington Post, January 10, 2012. 101 Government buy up near worthless second mortgages Alpert, Hockett, and Roubini, “The Way Forward.” 102 Convert many of these homes into rentals Dudley, “Securing the Recovery.” 103 Offer loan guarantees “Obama Proposes Mortgage Relief,” The Washington Post, February 2, 2012. 104 Measures to slow Medicare cost growth Centers for Medicare and Medicaid Services, “Affordable Care Act Update: Implementing Medicare Cost Savings,” August 2010, www.cms.gov. 105 Eliminate the anticipated Social Security shortfall Thomas Geoghegan, “Get Radical: Raise Social Security,” The New York Times, June 20, 2011; Andrew Fieldhouse, Economic Policy Institute, email, August 22, 2011. 106 Our economy is projected to grow by 60 percent Lawrence Mishel, “We’re Not Broke, Nor Will We Be,” EPI Briefing Paper, May 19, 2011, Economic Policy Institute, http://www.epi.org.