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eBook <WoweBook.Com> If a presentation requires you to use your computer for more than simply advancing slides, then it’s fine to occasionally go to the computer to start a program, demo a web site, and so on. However, you should also move away from that lectern when you do not have to be there. Hans Rosling, a doctor, researcher, and presenter, is extraordinary at doing this. When he needs to pull up some data or start the Gapminder program, he will occasionally go to his computer on stage. But Rosling also spends a lot of time near or in front of the screen explaining how to read the data or pointing out important points. Rosling is a technical presenter with passion; he is able to engage his audiences with the visualizations of data in part because he removes the barriers by often moving away from the lectern. Hans Rosling removes the barriers and gets involved with the data, making things clear for the audience. (Photo: Stefan Nilsson.) Performing demos If you are performing a demo and you need to show how the software actually works, position yourself front and center so the audience can see you and the screen behind you.
Even if you are on a big stage and you can’t really hear the audience, you can ask rhetorical questions that you then answer. 152 The Naked Presenter Wow! eBook <WoweBook.Com> It’s Not the Numbers, It’s What They Mean I’m a huge fan of Hans Rosling, the public health professor from the Karolinska Institutet in Stockholm and one of the cofounders of Gapminder (www.gapminder.org). Rosling is the Zen master of presenting statistics and one of the most popular speakers at TED. Rosling proves what we all know: Statistics are not boring. But Rosling shows that it is not enough just to show data—what matters is the meaning of the data. Statistics tell a story. Photo of Hans Rosling by Stefan Nilsson. The way the Gapminder software displays data is compelling and clarifies the data while bringing the viewer in for a closer look. It is, however, Rosling’s delivery style that really engages the audience and allows them to participate and feel a part of the investigation of the data.
Albert Einstein, barriers to entry, business intelligence, business process, cloud computing, Everything should be made as simple as possible, Hans Rosling, Richard Feynman, Richard Feynman, Silicon Valley, women in the workforce, Yogi Berra
But often that’s how we present statistics: we just show the notes, we don’t play the music. Hans Rosling gets involved with the data at TED 09 in Long Beach, California. Let your data speak As a presenter, what sets Rosling apart is his animation of the data. Before Gapminder, he had been using data and playing it beautifully—in fact, he was a bit of a hero in his own academic community. But it was the Gapminder software that allowed him to really connect with people—to reveal the meaning of data and tell a story to the greater public. What was missing before was the “instrument of playing,” says Rosling. Gapminder, which allows for complex animation, provides that instrument. “In statistics we need the composers, we need people who make the instruments, and we need those who play.” Gapminder was founded in Stockholm by Ola Rosling, Anna Rosling Rönnlund and Hans Rosling in early 2005.
Which map makes it easier to find all of the counties with positive growth rates? 7. Which graph makes it easier to determine R&D’s travel expense? 8. In which graph are the labels easier to read? 9. Which graph is easier to look at? 10. Which table allows you to see the areas of poor performance more quickly? The Future of Data Presentation One of the masters of displaying data during live presentations is Hans Rosling, a public health professor from the Karolinska Institutet in Stockholm, Sweden. With his amazing ability to unveil the beauty of statistics, Rosling has become a bit of a super star. His talks during the annual Technology, Entertainment, Design (TED) Conferences have been seen online millions of times. In an interview with Paul Miller of the Cloud Computing Podcast, Rosling claims that good data can tell a story, but it is up to us—the presenters—to let this story out.
Keeping Up With the Quants: Your Guide to Understanding and Using Analytics by Thomas H. Davenport, Jinho Kim
Black-Scholes formula, business intelligence, business process, call centre, computer age, correlation coefficient, correlation does not imply causation, Credit Default Swap, en.wikipedia.org, feminist movement, Florence Nightingale: pie chart, forensic accounting, global supply chain, Hans Rosling, hypertext link, invention of the telescope, inventory management, Jeff Bezos, margin call, Moneyball by Michael Lewis explains big data, Myron Scholes, Netflix Prize, p-value, performance metric, publish or perish, quantitative hedge fund, random walk, Renaissance Technologies, Robert Shiller, Robert Shiller, self-driving car, sentiment analysis, six sigma, Skype, statistical model, supply-chain management, text mining, the scientific method
This list was adapted and modified from one on the IBM ManyEyes site; see http://www-958.ibm.com/software/data/cognos/manyeyes/page/Visualization_Options.html. 7. This example is from the SAS Visual Analytics 5.1 User’s Guide, “Working with Automatic Charts,” http://support.sas.com/documentation/cdl/en/vaug/65384/ HTML/default/viewer.htm#n1xa25dv4fiyz6n1etsfkbz75ai0.htm. 8. Hans Rosling, “Stats That Reshape Your Worldview,” TED talk, February 2006, http://www.ted.com/talks/hans_rosling_shows_the_best_stats_you_ve_ever_seen.html. 9. While Schmitt’s group sometimes creates such videos in-house, this one was done by an external production company. 10. James Taylor, “Decision Management Systems: A Practical Guide to Using Business Rules and Predictive Analytics,” IBM Press, 2011. 11. Thomas H. Davenport, “How Companies Make Better Decisions,” International Institute of Analytics, 2010, www.sas.com/decisions. 12.
If the data includes, for example, “One date/time category and any number of other categories or measures,” the program will automatically generate a line chart.7 * * * Purposes and Types of Visual Analytics IF YOU WANT TO: See relationships among data points: Scatterplot: Shows the relationship between two variables on a two-dimensional grid Matrix plot: For showing relationships and frequencies for hierarchical variables Heat map: Individual values contained in a matrix are represented as colors Network diagram: Shows relationships between entities and the strengths of the paths between them Compare a set of frequencies or values, typically for one variable: Bar chart: Length of bar represents values Histogram: Type of bar chart with bars showing frequencies of data at specified intervals Bubble chart: Displays a set of numeric values as circles, with the size of the circle corresponding to the value Show the rise and fall of one variable in relation to another (typically time): Line graph: Two-dimensional graph, typically with one variable or multiple variables with standardized data values Stack graph: Line graph with filled-in areas underneath the graph, typically showing change in multiple variables; can also show change in multiple categories with different colors See the parts of a whole and how they relate to each other: Pie chart: Displays distribution of values in one variable in a pie format; percentages of each value correspond to size of slices Tree map: Visual for showing the size of values in a hierarchical variable, such as world/continents/countries/population in each country Understand data across geography: Overlaying summarized data onto geographical maps with colors, bubbles, or spikes representing different values Analyzing text frequencies: Tag cloud: A visualization of word frequencies; more frequently used words are displayed in larger type Phrase net: Shows frequencies of combinations of words used together; more frequently used words are displayed in larger type * * * The types of visual analytics listed in the worksheet are static, but visual analytics are increasingly becoming dynamic and interactive. Swedish professor Hans Rosling popularized this approach with his frequently viewed TED Talk, which used visual analytics to show the changing population health relationships between developed and developing nations over time.8 Rosling has created a website called Gapminder (www.gapminder.org) that displays many of these types of interactive visual analytics. It is likely that we will see more of these interactive analytics to show movement in data over time, but they are not appropriate or necessary for all types of data and analyses.
An Optimist's Tour of the Future by Mark Stevenson
23andMe, Albert Einstein, Andy Kessler, augmented reality, bank run, carbon footprint, carbon-based life, clean water, computer age, decarbonisation, double helix, Douglas Hofstadter, Elon Musk, flex fuel, Gödel, Escher, Bach, Hans Rosling, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of agriculture, Isaac Newton, Jeff Bezos, Kevin Kelly, Law of Accelerating Returns, Leonard Kleinrock, life extension, Louis Pasteur, mutually assured destruction, Naomi Klein, off grid, packet switching, peak oil, pre–internet, Ray Kurzweil, Richard Feynman, Richard Feynman, Rodney Brooks, self-driving car, Silicon Valley, smart cities, stem cell, Stephen Hawking, Steven Pinker, Stewart Brand, strong AI, the scientific method, Wall-E, X Prize
The big worry is that the effects of global warming will greatly reduce our capacity to grow food as crops wither under the onslaught of rising temperatures, which is why what Bruce and Tony are doing in Australia could be staggeringly important. Ironically, one way to continue to increase food production in a sustainable way could be to return to ancient practices. But can we continue to raise food production ad infinitum as our population continues to grow? The good news is we won’t have to. The statistician Hans Rosling from Sweden’s Karolinska Institute tells a story of how many of his students wonder if keeping the poor alive is really such a good idea. ‘In a time when we know the pressures on the environment are growing, my students tell me “population growth destroys the environment so poor children may as well die.” This is a statement they don’t make in class, but afterwards. They say, “Why save the lives of all these small children?
A recent New York Times piece by Elisabeth Rosenthal, entitled ‘New Jungles Prompt a Debate on Rain Forests,’ went so far as to suggest that for every acre of rainforest being cut down, over fifty acres of secondary forest are regrowing. That’s pretty incredible, don’t you think? It is, however, important to stress that re-grown secondary forest in no way matches up to the biodiversity lost when ancient rainforests are destroyed. This teeming metropolis I’m walking through is therefore an engine of renewal. Hans Rosling’s students are dead wrong. Those ‘poor children’ must live, move to the city and prosper – and in doing so they will, in just a few generations, stabilise the world populace while allowing many ecosystems to flourish. It’s a nice thought to have as the sun sets on the Indian Ocean. The next morning brings fresh disappointment. An interview today is looking ‘unlikely,’ says Paul. He suggests, instead, that I come along to a lecture the president is giving about Gandhi, and try and talk to him there.
TED does no advertising, it’s a word-of-mouth thing and it’s easy to see why. TED ideas are by turns so mind-bending, hopeful, scary and entertaining that they demand to be shared. Mixing the most radical ideas with a short format means speakers need to hone their presentations, and because the Internet audience is millions there is no room for academic long-windedness. In 2007, statistician Hans Rosling (whose thoughts on population I’d considered while walking the packed streets of Malé) delivered a blistering attack on the concept of ‘developed’ versus ‘developing’ nations … and then he swallowed a sword, because sword swallowing is ‘a cultural expression that for thousands of years has inspired human beings to think beyond the obvious.’ Pure TED. On TED.com, too, you can see Juan Enriquez talk about the coming age of genomics, Ray Kurzweil summarise his law of accelerating returns, and Hod Lipson demonstrate his self-aware robots.
Progress: Ten Reasons to Look Forward to the Future by Johan Norberg
agricultural Revolution, anti-communist, availability heuristic, Bartolomé de las Casas, Berlin Wall, British Empire, business climate, clean water, continuation of politics by other means, Daniel Kahneman / Amos Tversky, demographic transition, desegregation, Donald Trump, Flynn Effect, germ theory of disease, Gini coefficient, Gunnar Myrdal, Haber-Bosch Process, Hans Island, Hans Rosling, Ignaz Semmelweis: hand washing, income inequality, income per capita, indoor plumbing, Isaac Newton, Jane Jacobs, John Snow's cholera map, Kibera, Louis Pasteur, Mahatma Gandhi, meta analysis, meta-analysis, Mikhail Gorbachev, more computing power than Apollo, moveable type in China, Naomi Klein, open economy, place-making, Rosa Parks, sexual politics, special economic zone, Steven Pinker, telerobotics, The Wealth of Nations by Adam Smith, transatlantic slave trade, very high income, working poor, Xiaogang Anhui farmers, zero-sum game
Boulder, CO: Westview Press, 1996, p. 56. 40 ‘Xiaogang Village, birthplace of rural reform, moves on’, China Development Gateway, 16 December 2008, http://en.chinagate.cn/features/rural_poverty/2008-12/16/content_16966805.htm (accessed on 21 March 2016). 2 Sanitation 1 G. K. Chesterton, The Man Who Was Thursday. New York: Barnes & Noble, 2004, p. 5. 2 Ann Lindstrand, Staffan Bergström, Hans Rosling, Birgitta Rubenson, Bo Stenson and Thorild Tylleskär, Global Health: An Introductory Textbook. Lund: Studentlitteratur, 2006, p. 77. 3 WHO, The World Health Report 1995: Bridging the Future. Geneva: WHO, 1995; WHO and UNICEF, Progress on Sanitation and Drinking Water: 2015 Update and MDG Assessment. Geneva: WHO and UNICEF, 2015. 4 Quoted in Rose George, The Big Necessity: Adventures in the World of Human Waste.
Epilogue: So why are you still not convinced? 1 George Thomas White Patrick, ‘The new optimism’, Popular Science Monthly (May 1913), p. 493. 2 Bailey 2015, p. xvii. 3 Melanie Randle and Richard Eckersley, ‘Public perceptions of future threats to humanity and different societal responses: a cross-national study’, Futures, 72 (2015), 4–16. 4 Johan Norberg, ‘Rubriker som gör oss rädda’. Timbro, 2005. 5 Hans Rosling, ‘Highlights from Ignorance Survey in the UK’, 3 November 2013, http://www.gapminder.org/news/highlights-from-ignorance-survey-in-the-uk (accessed on 22 March 2016); Gapminder, ‘The Ignorance Survey: United States’, 2013, http://www.gapminder.org/GapminderMedia/wp-uploads/Results-from-the-Ignorance-Survey-in-the-US.pdf (accessed on 12 April 2016). 6 Mark Crispin Miller, ‘It’s a crime: the economic impact of the local TV news’.
Since I started writing about globalisation and development in 2001, I have been lucky to come across, meet with and learn from several thinkers who have tirelessly presented the case that humanity solves more problems than it creates, when it gets the freedom to do so. This group includes – but is far from limited to – Ronald Bailey, Lasse Berg, Anders Bolling, Angus Deaton, Robert Fogel, Indur Goklany, Charles Kenny, Deepak Lal, Bjørn Lomborg, Deirdre McCloskey, Joel Mokyr, Steven Pinker, Matt Ridley, Max Roser, Hans Rosling, Michael Shermer and Marian Tupy. And above all, I am indebted to Julian Simon, the grand old man of development optimism. Their common denominator is not political or even philosophical, but methodological. They look at the whole building rather than just one brick, long data series rather than anecdotes. Of course it’s possible to lie with statistics, but it’s easier to lie without it. If you are interested in more data on the world’s progress, I urge you to visit and investigate the easily accessible databanks that they and others have compiled, like gapminder.org, humanprogress.org, ourworldindata.org and the World Bank’s World Development Indicators.
MacroWikinomics: Rebooting Business and the World by Don Tapscott, Anthony D. Williams
accounting loophole / creative accounting, airport security, Andrew Keen, augmented reality, Ayatollah Khomeini, barriers to entry, bioinformatics, Bretton Woods, business climate, business process, car-free, carbon footprint, citizen journalism, Clayton Christensen, clean water, Climategate, Climatic Research Unit, cloud computing, collaborative editing, collapse of Lehman Brothers, collateralized debt obligation, colonial rule, commoditize, corporate governance, corporate social responsibility, creative destruction, crowdsourcing, death of newspapers, demographic transition, distributed generation, don't be evil, en.wikipedia.org, energy security, energy transition, Exxon Valdez, failed state, fault tolerance, financial innovation, Galaxy Zoo, game design, global village, Google Earth, Hans Rosling, hive mind, Home mortgage interest deduction, interchangeable parts, Internet of things, invention of movable type, Isaac Newton, James Watt: steam engine, Jaron Lanier, jimmy wales, Joseph Schumpeter, Julian Assange, Kevin Kelly, knowledge economy, knowledge worker, Marc Andreessen, Marshall McLuhan, mass immigration, medical bankruptcy, megacity, mortgage tax deduction, Netflix Prize, new economy, Nicholas Carr, oil shock, old-boy network, online collectivism, open borders, open economy, pattern recognition, peer-to-peer lending, personalized medicine, Ray Kurzweil, RFID, ride hailing / ride sharing, Ronald Reagan, Rubik’s Cube, scientific mainstream, shareholder value, Silicon Valley, Skype, smart grid, smart meter, social graph, social web, software patent, Steve Jobs, text mining, the scientific method, The Wisdom of Crowds, transaction costs, transfer pricing, University of East Anglia, urban sprawl, value at risk, WikiLeaks, X Prize, young professional, Zipcar
With public sector organizations stockpiling huge quantities of data, the challenge is increasingly to extract insights that can inform action. Some changes, like the relationship between health and GDP, are so gradual that they’re nearly imperceptible to us. Animating nearly two hundred years’ worth of data depicting the relationship between infant mortality rates and GDP per capita in a forty-five-second clip is much more revealing than a static chart, says Professor Hans Rosling, the creator of Trendalyzer, a tool that allows users to turn spreadsheet data into rich, interactive visualizations on the Web.16 If you present the same data set without animation, just using “before” and “after” graphs, people somehow disbelieve it, says Rosling. These animations don’t tell a story: they’re “story busters,” because they correctly convey the richness and diversity of the data without oversimplifying.
Proenza, University of Akron; Jordan Raddick, Johns Hopkins University; Saad Rafi, Ontario Ministry of Energy and Infrastructure; Chris Rasmussen, U.S. National Geospatial-Intelligence Agency; Ben Rattray, Change.org; Michael Reinicke, Rideshare; Steve Ressler, GovLoop; David Rich, WRI; Ben Rigby, the Extraordinaries; Jay Rogers, Local Motors; Bruce Rogow, IT Odyssey; Mechthild Rohen, European Commission; Hans Rosling, Trendalyzer; Adam Roth-well, Intelligent Giving; John Gerard Ruggie, Harvard University; Charles Sabel, Columbia University; Rick Samans, World Economic Forum; Saskia Sassen, Columbia University; Kevin Schawinski, Yale University; Eric Schmidt, Google; Henrik Schuermann, CoreMedia; Brent Schulkin, Virgance; Klaus Schwab, WEF; Eddie Schwartz, Songwriters Association of Canada; Zuhairah Scott; Peggy Sheehy, Suffern Middle School; George Siemens, Connectivism; Anne Hojer Simonsen, Danish Ministry of Climate and Energy; Larry Smarr, Calit2; Marco Smit, Health 2.0; Kirsi Sormunen, Nokia; Dwayne Spradlin, InnoCentive; Soren Stamer, CoreMedia; Tom Steinberg, mySociety; Robert Stephens, Best Buy; Unity Stoakes, Organized Wisdom; Susanne Stormer, Novo Nordisk; Val Stoyanov, Cisco; Tomer Strolight, Torstar Digital; Anant Sudarshan, Stanford University; David Ticoll, author; Bill Tipton, HP; Michael Toffel, MapEcos; Linus Torvalds, Linux Foundation; Lena Trudeau, NAPA; Mike Turillo, Spencer Trask Collaborative Innovations; Wood Turner, Climate Counts; Gentry Underwood, IDEO; Jim Walker, Virtual Alabama; David Wheeler, CARMA; Dennis Whittle, Global Giving; John Wilbanks, Creative Commons; Sean Wise, VenCorps; Dave Witzel, Environmental Defense Fund; John Wonderlich, SunlightFoundation; Nicole Wong, Google; Jon Worren, MaRS; Doug Wright, RiffWorld; Nick Yee, Palo Alto Research Center; Jim Zemlin, Linux Foundation Thank you The title of the book came from a challenge we conducted online that showed there is indeed wisdom in crowds.
Henry R. Nothhaft and David Kline, “The Biggest Job Creator You Never Heard Of: The Patent Office,” Harvard Business Review Blog (May 6, 2010). 13. Liz Allen, “Your chance to participate in Patent review—Peer to Patent needs you,” Public Library of Science (November 11, 2007). 14. Tom Steinberg, Ed Mayo, “Digital Engagement”, The Power of Information Task Force (2007). 15. Ibid. 16. Professor Hans Rosling, “New insights on poverty and life around the world,” TED (March 2007). See: http://www.ted.com/talks/view/id/140. 17. “About,” MapEcos.org (accessed May 19, 2010). 18. In most countries, the public sector is encumbered by complex institutional legacies that encompass hundreds of separate departments across multiple levels of government. The resilience of government institutions is profound, and their historical role has created a sense of permanence that has proven difficult to shake.
Without Their Permission: How the 21st Century Will Be Made, Not Managed by Alexis Ohanian
Airbnb, barriers to entry, carbon-based life, cloud computing, crowdsourcing, en.wikipedia.org, Hans Rosling, hiring and firing, Internet Archive, Justin.tv, Kickstarter, Marc Andreessen, Mark Zuckerberg, means of production, Menlo Park, minimum viable product, Occupy movement, Paul Graham, Silicon Valley, Skype, slashdot, social web, software is eating the world, Startup school, Tony Hsieh, unpaid internship, Y Combinator
For my TED talk, I had room for no more than a few words on each slide—and they had to be in 86-point type, minimum. Forty-two slides—a good sign,3 even though it meant I had only a little more than four seconds for each slide. There was going to be a giant TED sign on the stage behind me. This could make or break my public speaking career. And I was going to be on the same stage where the brilliant statistician Hans Rosling, using beautiful data, emphatically demonstrated how India ascended to economic superpower status—meanwhile, I was going to talk about a whale named Mister Splashy Pants. No pressure. I finished before sunrise and took a power nap. When I awoke I began feverishly practicing with my timer. I missed all the morning talks. I was terrified of Chris Anderson, who famously cuts off speakers when they go on too long.
Whole Earth Discipline: An Ecopragmatist Manifesto by Stewart Brand
agricultural Revolution, Asilomar, Asilomar Conference on Recombinant DNA, back-to-the-land, biofilm, borderless world, Buckminster Fuller, business process, Cass Sunstein, clean water, Community Supported Agriculture, conceptual framework, Danny Hillis, dark matter, decarbonisation, demographic dividend, demographic transition, Elon Musk, Exxon Valdez, failed state, Geoffrey West, Santa Fe Institute, glass ceiling, Google Earth, Hans Rosling, Hernando de Soto, informal economy, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, invention of the steam engine, Jane Jacobs, jimmy wales, Kevin Kelly, Kibera, land tenure, M-Pesa, Marshall McLuhan, megacity, microbiome, New Urbanism, out of africa, Paul Graham, peak oil, Richard Florida, Ronald Reagan, Silicon Valley, smart grid, stem cell, Stewart Brand, The Fortune at the Bottom of the Pyramid, Thomas Malthus, University of East Anglia, uranium enrichment, urban renewal, wealth creators, Whole Earth Catalog, Whole Earth Review, William Langewiesche, working-age population, Y2K
By 2015, according to United Nations predictions, the top-ten roster will be joined by Dhaka, in Bangladesh, and Lagos, in Nigeria; and coming on fast will be Karachi, Cairo, Manila, Istanbul, Lima, Tehran, and Beijing. The trend is pretty clear. The “rise of the West” is over. The world looks the way it did a thousand years ago, when the ten largest cities were Córdoba, in Spain; Kaifeng, in China; Constantinople; Angkor, in Cambodia; Kyoto; Cairo; Baghdad; Nishapur, in Iran; Al-Hasa, in Saudi Arabia; and Patan, in India. As Swedish statistician Hans Rosling says, “The world will be normal again; it will be an Asian world, as it always was except for these last thousand years. They are working like hell to make that happen, whereas we are consuming like hell.” • It may be distracting, though, to focus just on the world’s twenty-four megacities—those with a population over 10 million. The real action is in what the United Nations calls small cities (fewer than 500,000 inhabitants; home to half of the world’s city dwellers) and intermediate cities (1 million to 5 million, where 22 percent of urbanites live).
The Rational Optimist: How Prosperity Evolves by Matt Ridley
23andMe, agricultural Revolution, air freight, back-to-the-land, banking crisis, barriers to entry, Bernie Madoff, British Empire, call centre, carbon footprint, Cesare Marchetti: Marchetti’s constant, charter city, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, colonial exploitation, colonial rule, Corn Laws, creative destruction, credit crunch, David Ricardo: comparative advantage, decarbonisation, dematerialisation, demographic dividend, demographic transition, double entry bookkeeping, Edward Glaeser, en.wikipedia.org, everywhere but in the productivity statistics, falling living standards, feminist movement, financial innovation, Flynn Effect, food miles, Gordon Gekko, greed is good, Hans Rosling, happiness index / gross national happiness, haute cuisine, Hernando de Soto, income inequality, income per capita, Indoor air pollution, informal economy, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, invisible hand, James Hargreaves, James Watt: steam engine, Jane Jacobs, John Nash: game theory, joint-stock limited liability company, Joseph Schumpeter, Kevin Kelly, knowledge worker, Kula ring, Mark Zuckerberg, meta analysis, meta-analysis, mutually assured destruction, Naomi Klein, Northern Rock, nuclear winter, oil shale / tar sands, out of africa, packet switching, patent troll, Pax Mongolica, Peter Thiel, phenotype, Plutocrats, plutocrats, Ponzi scheme, Productivity paradox, profit motive, purchasing power parity, race to the bottom, Ray Kurzweil, rent-seeking, rising living standards, Silicon Valley, spice trade, spinning jenny, stem cell, Steve Jobs, Steven Pinker, Stewart Brand, supervolcano, technological singularity, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, ultimatum game, upwardly mobile, urban sprawl, Vernor Vinge, Vilfredo Pareto, wage slave, working poor, working-age population, Y2K, Yogi Berra, zero-sum game
p. 18 ‘The same is true of cancer, heart disease and respiratory disease: they all still increase with age, but they do so later and later, by about ten years since the 1950s.’ Fogel, R.W. 2003. Changes in the Process of Aging during the Twentieth Century: Findings and Procedures of the Early Indicators Project. NBER Working Papers 9941, National Bureau of Economic Research. p. 19 ‘Yet the global effect of the growth of China and India has been to reduce the difference between rich and poor worldwide.’ This is especially clear in Hans Rosling’s animated graphs of global income distribution at www.gapminder.com. Incidentally, the individualisation of life that brought personal freedom after the 1960s also brought less loyalty towards the group, a process that surely reached crisis point in the bonus rows of 2009: see Lindsey, B. 2009. Paul Krugman’s Nostalgianomics: Economic Policy, Social Norms and Income Inequality. Cato Institute.
Geek Heresy: Rescuing Social Change From the Cult of Technology by Kentaro Toyama
active measures, Albert Einstein, Berlin Wall, Bernie Madoff, blood diamonds, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cognitive dissonance, commoditize, computer vision, conceptual framework, delayed gratification, Edward Glaeser, en.wikipedia.org, end world poverty, epigenetics, Erik Brynjolfsson, Francis Fukuyama: the end of history, fundamental attribution error, germ theory of disease, global village, Hans Rosling, happiness index / gross national happiness, income inequality, invention of the printing press, invisible hand, Isaac Newton, Khan Academy, Kibera, knowledge worker, liberation theology, libertarian paternalism, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, microcredit, mobile money, Nicholas Carr, North Sea oil, pattern recognition, Peter Singer: altruism, Peter Thiel, post-industrial society, Powell Memorandum, randomized controlled trial, rent-seeking, RFID, Richard Florida, Richard Thaler, school vouchers, self-driving car, Silicon Valley, Simon Kuznets, Steve Jobs, Steven Pinker, technoutopianism, The Fortune at the Bottom of the Pyramid, Upton Sinclair, Walter Mischel, War on Poverty, winner-take-all economy, World Values Survey, Y2K
Additionally, my writing benefited from conversations and other forms of support from many, many people: Debbie Apsley, Özlem Ayduk, Marika Arcese, Siva Athreya, Garima Bhatia, Chris Blattman, Peter Blomquist, Maurizio Bricola, Jenna Burrell, Suvojit Chattopadhyay, Deepti Chittamuru, Magdalena Claro, Josh Cohen, Kristina Cordero, David Daballen, Kristen Dailey, John Danner, Ankhi Das, Alain de Janvry, Thad Dunning, Paolo Ficarelli, Greg Fischer, Bablu Ganguly, Maria Gargiulo, Achintya Ghosh, Rachel Glennerster, Richa Govil, Jürgen Hagmann, Naomi Handa-Williams, Saskia Harmsen, Gaël Hernández, Melissa Ho, Shanti Jayanthasri, Rob Jensen, Ashok Jhunjhunwala, Joseph Joy, Pritam Kabe, Ken Keniston, Neelima Khetan, Jessica Kiessel, Michael Kremer, Ramchandar Krishnamurthy, Antony Lekoitip, Miep Lenoir, Julia Lowe, Jeff MacKie-Mason, Drew McDermott, Patricia Mecheal, Pavithra Mehta, Ted Miguel, Eduardo Monge, Rohan Murty, Miguel Nussbaum, Chip Owen, Tapan Parikh, Paul Polak, Madhavi Raj, Ranjeet Ranade, Gautam Rao, Eric Ringger, Hans Rosling, Elisabeth Sadoulet, Maximiliano Santa Cruz Scantlebury, Jonathan Scanlon, Denise Senmartin, Jahanzeb Sherwani, Priyanka Singh, Pratima Stanton, Rick Szeliski, Steve Toben, Mike Trucano, Avinash Upadhyay, Dipti Vaghela, Suzanne van der Velden, Srikant Vasan, Wayan Vota, Terry Winograd, Christian Witt, Renee Wittemeyer, and Naa Lamle Wulff. As much as I criticize technology hype, I’m not against technology per se.
Adaptive Markets: Financial Evolution at the Speed of Thought by Andrew W. Lo
Albert Einstein, Alfred Russel Wallace, algorithmic trading, Andrei Shleifer, Arthur Eddington, Asian financial crisis, asset allocation, asset-backed security, backtesting, bank run, barriers to entry, Berlin Wall, Bernie Madoff, bitcoin, Bonfire of the Vanities, bonus culture, break the buck, Brownian motion, business process, butterfly effect, capital asset pricing model, Captain Sullenberger Hudson, Carmen Reinhart, Chance favours the prepared mind, collapse of Lehman Brothers, collateralized debt obligation, commoditize, computerized trading, corporate governance, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, Daniel Kahneman / Amos Tversky, delayed gratification, Diane Coyle, diversification, diversified portfolio, double helix, easy for humans, difficult for computers, Ernest Rutherford, Eugene Fama: efficient market hypothesis, experimental economics, experimental subject, Fall of the Berlin Wall, financial deregulation, financial innovation, financial intermediation, fixed income, Flash crash, Fractional reserve banking, framing effect, Gordon Gekko, greed is good, Hans Rosling, Henri Poincaré, high net worth, housing crisis, incomplete markets, index fund, interest rate derivative, invention of the telegraph, Isaac Newton, James Watt: steam engine, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Meriwether, Joseph Schumpeter, Kenneth Rogoff, London Interbank Offered Rate, Long Term Capital Management, loss aversion, Louis Pasteur, mandelbrot fractal, margin call, Mark Zuckerberg, market fundamentalism, martingale, merger arbitrage, meta analysis, meta-analysis, Milgram experiment, money market fund, moral hazard, Myron Scholes, Nick Leeson, old-boy network, out of africa, p-value, paper trading, passive investing, Paul Lévy, Paul Samuelson, Ponzi scheme, predatory finance, prediction markets, price discovery process, profit maximization, profit motive, quantitative hedge fund, quantitative trading / quantitative ﬁnance, RAND corporation, random walk, randomized controlled trial, Renaissance Technologies, Richard Feynman, Richard Feynman, Richard Feynman: Challenger O-ring, risk tolerance, Robert Shiller, Robert Shiller, short selling, sovereign wealth fund, statistical arbitrage, Steven Pinker, stochastic process, survivorship bias, The Great Moderation, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, Thomas Malthus, Thorstein Veblen, Tobin tax, too big to fail, transaction costs, Triangle Shirtwaist Factory, ultimatum game, Upton Sinclair, US Airways Flight 1549, Walter Mischel, Watson beat the top human players on Jeopardy!, WikiLeaks, Yogi Berra, zero-sum game
As a result, they’ll almost certainly engage in some form of life-cycle savings and investment activity, even if it’s as basic as setting aside money for rainy days. These activities necessarily increase the 258 • Chapter 8 required scale of financial markets, as well as the complexity of the interactions among the various counterparties. We’ve reshaped the world into a far different place. A compelling illustration of this difference can be seen in the pair of graphs in figure 8.3 (in the color section) using the Swedish demographer Hans Rosling’s excellent Gapminder data visualization tools. These two graphs display measures of health and wealth—the average life expectancy and per capita gross domestic product (GDP)—for various countries around the world in 1900 and 2013. Each country is a circle and the size is proportional to its population. In 1900, the United States—the large yellow disc at the upper-right range of figure 8.3a—was in an enviable position, with one of the highest levels of GDP per capita and one of the longest life expectancies, and with only a handful of close competitors.