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pages: 350 words: 103,988

Reinventing the Bazaar: A Natural History of Markets by John McMillan

"Robert Solow", accounting loophole / creative accounting, Albert Einstein, Alvin Roth, Andrei Shleifer, Anton Chekhov, Asian financial crisis, congestion charging, corporate governance, corporate raider, crony capitalism, Dava Sobel, Deng Xiaoping, experimental economics, experimental subject, fear of failure, first-price auction, frictionless, frictionless market, George Akerlof, George Gilder, global village, Hernando de Soto, I think there is a world market for maybe five computers, income inequality, income per capita, informal economy, information asymmetry, invisible hand, Isaac Newton, job-hopping, John Harrison: Longitude, John von Neumann, Kenneth Arrow, land reform, lone genius, manufacturing employment, market clearing, market design, market friction, market microstructure, means of production, Network effects, new economy, offshore financial centre, ought to be enough for anybody, pez dispenser, pre–internet, price mechanism, profit maximization, profit motive, proxy bid, purchasing power parity, Ronald Coase, Ronald Reagan, sealed-bid auction, second-price auction, Silicon Valley, spectrum auction, Stewart Brand, The Market for Lemons, The Nature of the Firm, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, War on Poverty, Xiaogang Anhui farmers, yield management

Their incentive to brainstorm with engineers from rival companies is that it might eventually forward their own careers. Each wants to prove how smart he or she is, so that when the other company has a job vacancy—which could be in the near future—his or her name will come up. “The network in Silicon Valley transcends company loyalties,” said another manager. “I have senior engineers who are constantly on the phone and sharing information with our competitors.”11 Thus, both the job-hopping and the prospect of job-hopping cause ideas to flow across firms. The Silicon Valley computer technologists followed the maxim Seneca had promulgated two thousand years earlier: “The best ideas are common property.” Why did the Silicon Valley labor market develop a culture of sharing while in Route 128 there was a culture of concealment? The explanation, argued legal scholar Ronald Gilson, lies in differences in laws.

An employee of a Route 128 firm would risk being sued upon switching to a rival firm. A Silicon Valley employee has no such fear. The job-hopping that has driven Silicon Valley’s success arguably traces back to California’s weaker protections for intellectual property. A covenant not to compete, like a patent, is a legal restraint on trade. Massachusetts law, by enforcing it, encourages a firm to innovate by granting it property rights in its employees’ innovations, at the cost of preventing employees from seeking better jobs and inhibiting the usage of existing ideas. Not enforcing it, as in California, has the opposite effect. The spreading of ideas through job-hopping is not in the interest of the firm that does the innovating, for it dilutes the firm’s returns. But the industry as a whole advances, on the strength of every firm’s ideas.

Unencumbered by tradition, Silicon Valley developed a culture of open relationships between employees of competing firms. Ideas were freely exchanged. Engineers changed jobs often, and no one disapproved if they took what they learned in the old firm to the new one. Massachusetts was more hidebound. Loyalty to the company and long-term employment were valued. Ideas were tightly held within firms. The job-hopping in Silicon Valley is frenetic. Engineers average a short eleven months in any one job (compared with the three years’ job tenure of the average American). “The mobility among people strikes me as radically different from the world I came from out East,” remarked a Silicon Valley manager. “There is far more mobility and far less real risk in people’s careers.” The job mobility has two consequences, one direct and one indirect.

pages: 379 words: 99,340

The Revolt of the Public and the Crisis of Authority in the New Millennium by Martin Gurri

Affordable Care Act / Obamacare, Albert Einstein, anti-communist, Arthur Eddington, Ayatollah Khomeini, bitcoin, Black Swan, Burning Man, business cycle, citizen journalism, Climategate, Climatic Research Unit, collective bargaining, creative destruction, crowdsourcing, currency manipulation / currency intervention, dark matter, David Graeber, death of newspapers,, Erik Brynjolfsson, facts on the ground, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, housing crisis, income inequality, Intergovernmental Panel on Climate Change (IPCC), invention of writing, job-hopping, Mohammed Bouazizi, Nate Silver, Occupy movement, Port of Oakland, Republic of Letters, Ronald Reagan, Skype, Steve Jobs, the scientific method, The Signal and the Noise by Nate Silver, too big to fail, traveling salesman, University of East Anglia, urban renewal, War on Poverty, We are the 99%, WikiLeaks, young professional

Gallup World, October 30, 2013. Manifiesto “Democracia Real Ya.” McEwan, Melissa. “President Obama at Planned Parenthood.” Shakesville, April 26, 2013. Meister, Jeanne. “Job Hopping Is the ‘New Normal’ For Millennials: Three Ways To Prevent a Human Resource Nightmare.” Forbes, August 14, 2012. jeannemeister/2012/08/14/job-hopping-is-the-new-normal-for-millennials-three-ways-to-prevent-a-human-resource-nightmare/. Milbank, Dana. “Obama, the uninterested president.” Washington Post, May 14, 2013. da1c982a-bcd7-11e2-9b09-1638acc3942e_story.html.

[152] Paul Ormerod, Why Most Things Fail: Evolution, Extinction and Economics (Pantheon Books, 2005), Kindle location 66. [153] Duncan Watts, Everything Is Obvious, Once You Know the Answer: How Common Sense Fails Us (Crown Business, 2011), Kindle location 3312. [154] Taleb, Antifragile, 8. [155] Ibid., 126. [156] Jeanne Meister, “Job Hopping Is the ‘New Normal’ For Millennials: Three Ways To Prevent a Human Resource Nightmare,” Forbes, August 14, 2012, jeannemeister/2012/08/14/job-hopping-is-the-new-normal-for-millennials-three-ways-to-prevent-a-human-resource-nightmare/. [157] Thomas W. Benson, Writing JFK: Presidential Rhetoric and the Press in the Bay of Pigs Crisis (Texas A&M University Press, 2004), 39. [158] Ibid., xv-xix. [159] Ibid., 37-38. [160] Screen shot of video of conference,

pages: 336 words: 95,773

The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future by Joseph C. Sternberg

Affordable Care Act / Obamacare, Airbnb, American Legislative Exchange Council, Asian financial crisis, banking crisis, Basel III, Bernie Sanders, blue-collar work, centre right, corporate raider, Detroit bankruptcy, Donald Trump, Edward Glaeser, employer provided health coverage, Erik Brynjolfsson, eurozone crisis, future of work, gig economy, Gordon Gekko, hiring and firing, Home mortgage interest deduction, housing crisis, job satisfaction, job-hopping, labor-force participation, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, minimum wage unemployment, mortgage debt, mortgage tax deduction, Nate Silver, new economy, obamacare, oil shock, payday loans, pension reform, quantitative easing, Richard Florida, Ronald Reagan, Saturday Night Live, Second Machine Age, sharing economy, Silicon Valley, sovereign wealth fund, TaskRabbit, total factor productivity, Tyler Cowen: Great Stagnation, uber lyft, unpaid internship, women in the workforce

Although most of that increase came from employers seeking between zero and three years of experience (to 24 percent from 13 percent), this still signals that employers felt they could expect applicants to walk in the door with some prior experience already.24 That study didn’t look specifically at the consequences of this transformation by age cohort, but one implication is that new job seekers were especially vulnerable to getting squeezed out by more experienced workers. Declining job openings in general and increasing skill requirements led to another worrying trend that afflicted Millennials in the rapidly polarizing post–Great Recession labor market: we didn’t change jobs as much as young adults usually do, because we weren’t confident we’d end up keeping a new job if the employer downsized. Young workers are particularly prone to job hopping. It’s how they figure out what they’re interested in and what they’re good at, how they start acquiring skills and work experience, and how they move up the salary ladder, given that the biggest wage jumps come from finding a new job rather than waiting for your current employer to give you a raise. That makes it a problem that the total number of people voluntarily quitting a job fell year-on-year in 2007, 2008, and 2009, and didn’t return to its pre–Great Recession peak until 2016.25 Comparing this figure to what economists know about the different tendencies of different age groups to change jobs, by one count Millennial young adults account for two-thirds of the shortfall between actual job creation after the Great Recession and the jobs that would have been created if the economy had continued growing at the same pace as before.

Around 80 percent of late-Boomer Japanese men were in regular work by their thirties, compared to 70 percent of thirty-something Millennials now.40 Anecdotally, growing numbers of young men report being shunted into the nonregular segment of the labor market, especially since the global financial crisis and recession of 2007–2009.41 That’s because Japan’s economy still struggles with the legacy of a lifetime employment system that is further and further out of touch with the demands of a modern economy. For the first several decades of the postwar period, Japanese jobs were for life. Workers would accept lower salaries than their foreign peers, but in exchange their companies would implicitly promise never to lay anyone off and to provide generous pensions. Workers themselves would avoid job hopping in search of higher pay elsewhere. Some of this was enforced by law—especially Japanese laws making it harder than in many other developed countries to fire workers, and courts that are especially likely to force companies to rehire workers deemed to have been unfairly dismissed. But a lot of it was cultural. Workers and companies alike faced significant social stigma for breaking the deal. The economic crisis of the early 1990s changed things.

See GDP (gross domestic product) Gurner, Tim avocado/coffee and, 1, 2, 3 homebuying and, 116 inheritance, 4 Hamilton, Alexander, 147, 147n, 148 Hammond, Darrell, 153 Harris, Kamala, 214 Hawley, Josh, 212 HCAI (Housing Credit Availability Index), 139, 139n health care electronic medical records, 235 See also Affordable Care Act/Obamacare; health insurance health insurance economic security and, 65 employer-based insurance/history, 65, 66 See also Affordable Care Act/Obamacare Hillbilly Elegy (Vance), 45 HOLC (Home Owner Loan Corporation), 119–120 Home Owner Loan Corporation (HOLC), 119–120 housing amortizing mortgage, 120, 120n balloon loans, 119 Boomer ownership, 109, 110, 111 Federal Reserve/mortgage lending and, 61–62 GI Bill and, 120 Great Depression/government response and, 119–121 history, 113–114, 114n, 118–119 Millennial home ownership/education debt and, 94–95 mortgages/taxes and, 120, 126, 127 multigenerational households, 112, 113 ownership value debate, 120n postwar boom and, 121 Housing Credit Availability Index (HCAI), 139, 139n housing/financial crisis bailouts, 130, 130n, 132n bank liquidity and, 129–130 Boomers and, 134, 135 description/consequences, 128–129 foreclosures and, 111, 132, 132n, 135 home equity increase and, 125–128, 126n home equity loss and, 10, 110–111 home ownership decline and, 121, 122 homeowners “lock-in” and, 136 housing debt/policies, 123–127, 125n insolvency crisis and, 129–130 interest rates and, 124–125, 125n, 127–128, 136 managing policies, 129–137 Millennials and, 131, 135–140, 141–143 mobility and, 135–136 mortgage-backed securities (MBS) market and, 124, 125n, 128, 129 mortgage security and, 122–124 press release/beginnings, 128 quantitative easing, 133, 135, 136, 137 quantitative easing dollar amount, 137 regulations following/Millennials and, 137–140 subprime/prime borrowers and, 126–127, 126n housing/Millennial issues economics and, 17, 110, 111, 112–113 expectations, 109–110 living with parents/statistics, 111–113, 114 locations/job locations and, 116, 117–118 multigenerational households, 112, 114n ownership/demographics, 115–116 renting/costs and, 113, 113n, 114, 114n, 141–142, 141n starter homes and, 116, 117 supplies and, 116–118 Howe, Neil, 6–7 HUD (Department of Housing and Urban Development), 123 Iceland and financial crisis, 180 immigration Millennials views, 218, 225–226 Trump, Donald and, 225–226 Immigration and Customs Enforcement (ICE), 211 India, 178, 201 Industrial Revolution, 113 information/computer technology rise, 56, 235 inheritances/Millennials beliefs/estimates, 103–104 Boomers life expectancy/health care finances and, 104–105 feudalism/history and, 106 Fidelity surveys, 105 Millennials retirement and, 107–108 timing and, 105–106 interest rates Bush and, 57 Federal Reserve and, 18, 19, 124 housing/financial crisis and, 124–125, 125n, 127–128, 136 Trump and, 19, 231–232 International Monetary Fund (IMF), 182–183 internships/Millennials numbers, 31 Obama and, 73 overview, 31, 72–73 pay and, 31, 72 work descriptions, 32 investment Boomers childhood and, 49 consumption relationship, 50 costs of labor vs. capital, 63–64, 65–66, 229 during Bush administration, 57 during Reagan administration, 53, 54 fixed investment, 49, 51, 53, 56, 57, 60, 127 growth (mid-twentieth century), 49 need to increase and, 15–17, 51 productivity and, 16, 49 technologies replacing labor and, 62–63 investment-and-productivity boom (1950s/1960s), 49–50 decline (1970s/1980s), 50 Ireland and financial crisis, 180 Italy Millennials and, 184, 201 temporary work, 184 Jackson, Alphonso, 123 Jackson, Andrew, 147 Japan consumption tax, 206 corporate scandals, 202, 202n debt, 205–206 demographic boom, 203n economic growth (1960s/1970s), 201–202 population trend, 207 working mothers and, 209 Japan Millennials delayed marriages/children and, 208–209 economy and, 203, 205, 206–207 inflation and, 207–208 interest rates and, 207–208, 208n job/training investments and, 204–205 lifetime employment deal and, 203–204 regular/nonregular work, 202–203, 202n taxes and, 205 Jeffersonians, 147n job hopping, 37–38 “jobless recovery,” 35, 69 jobs/job market and Millennials age of employee/job losses, 35–39 Boomers vs., 27, 46 company size and, 38–39 economists categories of jobs/job losses and, 33–34 experience requirements and, 37 financial crisis/recession losses distribution, 32–37 “fun/fulfilling” work and, 29 goals/dreams, 31 job losses by skill level, 34 job opportunity losses/time effects, 39–40 jobs replaced by robots, 34, 34n lower-skilled/low-paying employment replacements and, 36–37 mentors vs. bosses, 29–30 overqualification and, 42–43 pay/job losses and, 33–34 recovery from financial crisis and, 35, 59 statistics on white/blue collar jobs, 28 transformed jobs and, 27–29, 27n wants description, 29 See also specific components Johnson, Lyndon, 149 Kander, Jason, 212 Keynes, John Maynard/Keynesian economics, 50n, 58, 163n Kotlikoff, Laurence J., 171–172 labor capital vs. labor costs, 63–64, 65–66, 229 costs, 65–66 costs (by 1990s), 55 replacing labor and, 17, 34, 34n, 62–63 See also union power labor-force participation rate in 1970s, 47 in 1980s, 54 description, 30 Millennials/post-2008 decade, 30–31 labor productivity complementary technologies and, 49 definition, 48n labor hours and, 49 output per hour worked and, 48, 48n, 56, 57 labor share in 1950s/1960s, 47, 50 definition/description, 47 during Clinton presidency, 56 during Reagan presidency, 56 economic theories on, 62 trend past 50 years, 62 Lehman Brothers, 11, 129, 133 Libertarian candidates, 219 McAfee, Andrew, 41 McCain, John, 225 McCain, Meghan, 215 Maloney, Carolyn, 219 Manhattan Institute for Policy Research, 58 ManpowerGroup, 31 manufacturing economy (US) decline, 12, 14 description, 15–16 MBS (mortgage-backed securities) market, 124, 125n, 128, 129 Medicaid Affordable Care Act and, 167 financial problems, 156 role, 149 Medicare for all Americans, 211 financial problems/Millennials and, 153–161 inflation and, 169 insurance comparisons, 154 Millennial resources and, 142 role, 149 See also entitlements for elderly Medicare Part D, 157 Merkel, Angela political party/government and, 197, 200, 200n taxes and, 197 Merrill Lynch, 11, 128–129 Merrill Lynch survey/savings, 78 military spending deficit spending (government) and, 151 generational fairness and, 171 Millennials avocado/coffee debate, 1–3 childhood diseases and, 3–4 definition/description, 5–9, 237 diversity and, 216, 237–238 ethnicity, 9 as immigrants/children of immigrants and, 8–9, 112 material well-being and, 3–5 navigators and, 21–23 numbers, 8 parents/security and, 3–4 as “retirement plans” for parents, 145 second language and, 8 sex and, 217 social questions, 216–217 stereotypes and, 1–3, 29–30, 235 term origins, 6 views of, 1–3, 4–5, 26–27 wars and, 4 minimum wages debates/views on, 185 Europe, 183–184 in US, 183–184 Mondale, Walter, 20 mortgage-backed securities (MBS) market, 124, 125n, 128, 129 Mortgage Servicing Assets (MSAs), 138n Mulligan, Casey B., 165 Murphy, Patrick, 212 National Center for Education Statistics data analysis, 92–93 National Football League union refs lockout (2012), 49n National Home-ownership Strategy (1995), 123 navigator Millennials, 21–23 NEETs (youths “not in employment, education, or training”), 181 Netherlands minimum wage, 184 New Deal/regulations, 52–53, 148–149 Obama, Barack Boomers and, 64 education policy and, 93–94, 97–101 financial crisis/Great Recession and, 129, 131–132, 132n, 137, 162–164, 223–234 Millennials and, 64, 218–219, 224 policies and, 18, 19, 24, 64, 73, 93–94, 97–101 regulation and, 229 unpaid internships and, 73 See also Affordable Care Act/Obamacare Obamacare.

The Code: Silicon Valley and the Remaking of America by Margaret O'Mara

"side hustle", A Declaration of the Independence of Cyberspace, accounting loophole / creative accounting, affirmative action, Airbnb, AltaVista, Amazon Web Services, Apple II, Apple's 1984 Super Bowl advert, autonomous vehicles, back-to-the-land, barriers to entry, Ben Horowitz, Berlin Wall, Bob Noyce, Buckminster Fuller, Burning Man, business climate, Byte Shop, California gold rush, carried interest, clean water, cleantech, cloud computing, cognitive dissonance, commoditize, computer age, continuous integration, cuban missile crisis, Danny Hillis, DARPA: Urban Challenge, deindustrialization, different worldview, don't be evil, Donald Trump, Doomsday Clock, Douglas Engelbart, Dynabook, Edward Snowden, El Camino Real, Elon Musk,, Erik Brynjolfsson, Frank Gehry, George Gilder, gig economy, Googley, Hacker Ethic, high net worth, Hush-A-Phone, immigration reform, income inequality, informal economy, information retrieval, invention of movable type, invisible hand, Isaac Newton, Jeff Bezos, Joan Didion, job automation, job-hopping, John Markoff, Julian Assange, Kitchen Debate, knowledge economy, knowledge worker, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, mass immigration, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, millennium bug, Mitch Kapor, Mother of all demos, move fast and break things, move fast and break things, mutually assured destruction, new economy, Norbert Wiener, old-boy network, pattern recognition, Paul Graham, Paul Terrell, paypal mafia, Peter Thiel,, pirate software, popular electronics, pre–internet, Ralph Nader, RAND corporation, Richard Florida, ride hailing / ride sharing, risk tolerance, Robert Metcalfe, Ronald Reagan, Sand Hill Road, Second Machine Age, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, skunkworks, Snapchat, social graph, software is eating the world, speech recognition, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, supercomputer in your pocket, technoutopianism, Ted Nelson, the market place, the new new thing, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas L Friedman, Tim Cook: Apple, transcontinental railway, Uber and Lyft, uber lyft, Unsafe at Any Speed, upwardly mobile, Vannevar Bush, War on Poverty, We wanted flying cars, instead we got 140 characters, Whole Earth Catalog, WikiLeaks, William Shockley: the traitorous eight, Y Combinator, Y2K

For example, the state’s civil code prohibited enforcement of non-compete clauses in employment contracts, a prohibition that didn’t have a thing to do with the intellectual property or trade secrets of the electronics industry, but instead came into being in 1870, as the state’s early lawmakers attempted to reconcile the chaotic jumble of legal regimes—Spanish, Mexican, Anglo-American—that had ruled the state. But the result of this provision helped facilitate the job-hopping that became a hallmark of the Valley’s tech community. If an engineer left his job and jumped to a direct competitor, his old employer couldn’t do anything about it, even though the employee’s tacit knowledge could be a tech company’s most valuable asset. Massachusetts, in contrast, enforced these clauses. As did Washington, Oregon, Illinois, Texas, New York, New Jersey, and more. Every other place in America that had a tech sector practiced enforcement of non-competes; but California did not.

They remained men of the electronics lab, too, choosing their hires on the basis of who was “smart” and priding themselves on their commitment to meritocracy. Yet Valley “meritocracy” also placed great value on known quantities: people who came from familiar, top-ranked engineering programs, or who had worked at familiar local companies, or whose references came from known and trusted sources. The high degree of job-hopping between companies facilitated this, creating a mobile workforce that often worked in a series of different enterprises, sometimes with the same managers and colleagues. The hiring habits set in place by the semiconductor companies continued over the Valley’s successive technological generations. By the end of the 1990s, dot-com-era firms were filling close to 45 percent of engineering vacancies by referrals from current employees.

Japan’s surge opened up a rift between Silicon Valley and the rest—reflecting fundamentally different ecosystems and ways of doing business that separated the Californians from their competitors in other parts of the country. The leading Valley firms had never strayed far from their stripped-down start-up roots. The idea that technology would stay within one company went against the grain. When talented engineers job-hopped, aided by those California non-compete laws, technology often came with them. It was “a structure that allows a hundred flowers to bloom,” as Intel’s Andy Grove put it: entrepreneurs leaving bigger firms to start their own companies. But start-ups didn’t have the bandwidth to do next-generation research. The region’s de facto industrial research lab had federally funded operations at Lockheed and NASA Ames and Stanford and SRI—and the government wasn’t making the kind of research investments it used to.11 In contrast, deep-pocketed, diversified companies like IBM, RCA, and Texas Instruments had the cash to pour into research and into new plants.

pages: 177 words: 56,657

Be Obsessed or Be Average by Grant Cardone

Albert Einstein, Elon Musk, fear of failure, job-hopping, Mark Zuckerberg, Silicon Valley, Snapchat, Steve Jobs, telemarketer, white picket fence

CHAPTER 10: BUILD AN OBSESSED TEAM Forbes suggests 75 percent: Jason Nazar, “16 Surprising Statistics About Small Businesses,”, September 9, 2013, According to Gallup’s study: Steve Crabtree, “Worldwide, 13% of Employees Are Engaged at Work,”, October 8, 2013, A 2012 Forbes study: Jeanne Meister, “Job Hopping Is the ‘New Normal’ for Millennials: Three Ways to Prevent a Human Resource Nightmare,”, August 14, 2012, A PayScale report: “Gen Y on the Job,”, A 2013 survey by: Dan Schawbel, “Millennial Branding and Survey Reveals the Rising Cost of Hiring Workers from the Millennial Generation,” August 6, 2013,

pages: 385 words: 111,113

Augmented: Life in the Smart Lane by Brett King

23andMe, 3D printing, additive manufacturing, Affordable Care Act / Obamacare, agricultural Revolution, Airbnb, Albert Einstein, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, Apple II, artificial general intelligence, asset allocation, augmented reality, autonomous vehicles, barriers to entry, bitcoin, blockchain, business intelligence, business process, call centre, chief data officer, Chris Urmson, Clayton Christensen, clean water, congestion charging, crowdsourcing, cryptocurrency, deskilling, different worldview, disruptive innovation, distributed generation, distributed ledger, double helix, drone strike, Elon Musk, Erik Brynjolfsson, Fellow of the Royal Society, fiat currency, financial exclusion, Flash crash, Flynn Effect, future of work, gig economy, Google Glasses, Google X / Alphabet X, Hans Lippershey, Hyperloop, income inequality, industrial robot, information asymmetry, Internet of things, invention of movable type, invention of the printing press, invention of the telephone, invention of the wheel, James Dyson, Jeff Bezos, job automation, job-hopping, John Markoff, John von Neumann, Kevin Kelly, Kickstarter, Kodak vs Instagram, Leonard Kleinrock, lifelogging, low earth orbit, low skilled workers, Lyft, M-Pesa, Mark Zuckerberg, Marshall McLuhan, megacity, Metcalfe’s law, Minecraft, mobile money, money market fund, more computing power than Apollo, Network effects, new economy, obamacare, Occupy movement, Oculus Rift, off grid, packet switching, pattern recognition, peer-to-peer, Ray Kurzweil, RFID, ride hailing / ride sharing, Robert Metcalfe, Satoshi Nakamoto, Second Machine Age, selective serotonin reuptake inhibitor (SSRI), self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart grid, smart transportation, Snapchat, social graph, software as a service, speech recognition, statistical model, stem cell, Stephen Hawking, Steve Jobs, Steve Wozniak, strong AI, TaskRabbit, technological singularity, telemarketer, telepresence, telepresence robot, Tesla Model S, The Future of Employment, Tim Cook: Apple, trade route, Travis Kalanick, Turing complete, Turing test, uber lyft, undersea cable, urban sprawl, V2 rocket, Watson beat the top human players on Jeopardy!, white picket fence, WikiLeaks

In an uncertain job environment, it has become societally and culturally okay that they explore. The expectations have changed. Your 20s are used as the time where you actually figure out what you want to do, so the constant job hopping to explore multiple industries is expected.” Emily He, CMO of Saba22 Some of this is borne out of simple necessity. Millennials are generally more educated than their predecessors, but the impact of the 2008 financial crisis (the Great Recession) resulted in them being hit particularly hard on the job front, with 30 per cent of men and 37 per cent of women unemployed or not in the labour force.23 This has driven a pragmatic approach to work, and technology and real-time engagement are underpinning the job-hopping and gigging that Millennials are becoming known for. When Life Is Augmented Despite technology-led disruptions, in all the previous ages we’ve made solid progress as a species.

That’s a lot of homes to retool with solar cells and batteries over the next 20 to 30 years. Today, 8 million people are employed in renewable energy, but estimates predict that as many as 37 million people globally will be employed in this industry by 2030. This is not a future consideration as jobs in the US domestic solar energy industry grew nearly 12 times faster than the overall economy did in 2015 according to a survey by The Solar Foundation. Gigging, Job-hopping and Cloud-based Employment It was recently reported by Mintel that almost a quarter of Millennials would like to start their own businesses, and nearly one in five planned to do so in the next 12 months.17 In markets like the United States or Australia where the cost of college education is becoming either unattainable or a poor investment for large swathes of the population, many of this generation are choosing instead to be educated by online platforms, hackathons, internships, start-ups and experimentation rather than through traditional college approaches.

pages: 251 words: 63,630

The End of Cheap China: Economic and Cultural Trends That Will Disrupt the World by Shaun Rein

business climate, credit crunch, Deng Xiaoping, Donald Trump, facts on the ground, glass ceiling, high net worth, illegal immigration, income per capita, indoor plumbing, job-hopping, Maui Hawaii, price stability, quantitative easing, Silicon Valley, Skype, South China Sea, Steve Jobs, thinkpad, trade route, trickle-down economics, upwardly mobile, urban planning, women in the workforce, young professional, zero-sum game

Investment banks like Goldman Sachs are increasing their business in China even as they pare their ranks in New York and London. The result is massive competition among employers to hire workers in China—even at the height of the financial crisis, when billionaire investor Warren Buffett declared that America’s economy had fallen off a cliff. It has become so easy for workers to find jobs elsewhere that they job-hop constantly. Desperate for warm bodies, companies are throwing 20 percent or greater salary increases at workers to steal them from other firms, creating huge paydays for executive recruiters and headaches for general managers. Bob’s human resource problems are mirrored in company after company. My firm conducted interviews in 2010 with human resource managers and senior executives at Fortune 500 companies.

The Party’s control over housing benefits is a canny strategy aimed at discouraging divisive factions from emerging—it’s hard to make trouble without an independent supply of cash and food. It is even rumored that all-powerful former Prime Ministers Li Peng and Zhu Rongji have been prevented from publishing memoirs. These restrictions and contingencies show the importance the Party places on ensuring harmony and limiting the power of one individual to disturb society. Rules that limit officials’ job hopping from the public to the private sector also ensure that decisions are in the country’s best interests rather than for their personal future financial gains. Recall American officials such as former Secretary of the Treasury Robert Rubin or Vice President Dick Cheney, who ended up managing or lobbying for the industries or companies like Citigroup and Halliburton that they previously oversaw during their time in government.

pages: 242 words: 71,938

The Google Resume: How to Prepare for a Career and Land a Job at Apple, Microsoft, Google, or Any Top Tech Company by Gayle Laakmann Mcdowell

barriers to entry, cloud computing, game design, information retrieval, job-hopping, side project, Silicon Valley, Steve Jobs, why are manhole covers round?

Therefore, do not assume that the first interview is automatically an HR screening interview—even if it’s called a “phone screen.” If you are unsure, ask your interview coordinator what position your interviewer has. What Happens? The HR screener will likely ask questions to evaluate your character, background, and basic intelligence. Any skill-specific questions should be at a cursory level. Questions may also be designed to probe any potential red flags, such as frequent job hopping. These interviews are usually conducted over the phone, but may also employ video chat or computer tests. How to Do Well In addition to the usual guidance for interviews, consider this advice: Look for red flags. A core goal of the HR screening interview is to evaluate any potential red flags on your résumé. Do you have several jobs of less than two years? Did you switch from a seemingly more prestigious company or position to a less prestigious one?

How do you use these to get exactly four gallons of water? There is an 8 × 8 chess board in which two diagonally opposite corners have been cut off. You are given 31 dominoes, and a single domino can cover exactly two squares. Can you use the 31 dominos to cover the entire board? Answering the Tough Questions Sometimes, the toughest questions are the ones we already know and don’t want to answer. Maybe it’s a layoff, maybe it’s a pattern of job hopping, or maybe it’s a sudden career switch. No matter how much we don’t want to get these questions, we must be prepared for them. Practice your story for this, both to yourself out loud and to your friends. Does it appear honest and credible? Are you prepared for any follow-up questions that your interviewer might ask? The biggest mistake you can make in this question is brushing off the question.

pages: 257 words: 76,785

Shorter by Alex Soojung-Kim Pang

8-hour work day, airport security, Albert Einstein, Bertrand Russell: In Praise of Idleness, business process, call centre, carbon footprint, centre right, cloud computing, colonial rule, disruptive innovation, Erik Brynjolfsson, future of work, game design, gig economy, Henri Poincaré, IKEA effect, iterative process, job automation, job satisfaction, job-hopping, Johannes Kepler, Kickstarter, labor-force participation, longitudinal study, means of production, neurotypical, performance metric, race to the bottom, remote working, Second Machine Age, side project, Silicon Valley, Steve Jobs, telemarketer, The Wealth of Nations by Adam Smith, women in the workforce, young professional, zero-sum game

For us, success is about meaningful engagement and positive outcomes, and if it takes someone thirty dials to get five positive outcomes, or one hundred fifty dials to get two, I’d rather have fewer calls and more positive outcomes. It’s more about quality of work than time. That’s what the training’s all about. With us it’s about knowing your product, knowing your brand, knowing your market space, and positioning yourself correctly to do that so you get more meaningful engagement. That’s the key.” Glasgow is Europe’s call-center capital and has a “culture of job hopping,” as people jump to new companies in pursuit of higher salaries and bonuses. Lorraine realized “if we were going to invest in that training, we didn’t want them leaving six months later.” By early 2016, they had grown to fifty people and added a variety of perks to keep them: gym classes, free breakfast, a wellness coach and personal trainer, even a company-wide vacation to Tenerife during the depths of the Scottish winter.

They value their own time and have enough experience to appreciate what the four-day workweek says about how the company is run and where it directs its ambition. For them, a shorter workweek can be just as appealing as a higher salary. FOUR-DAY WEEKS DECREASE TURNOVER After they implemented a four-day week in 2015, Pursuit Marketing’s annual turnover rate dropped to 2 percent, a remarkably low figure in an industry where job-hopping is common. Not only has that helped keep productivity high and justified their higher-than-average investment in employee training, it’s also saved the company more than a quarter million pounds on recruitment. In Glasgow, corporate recruiters usually charge about £4,000 to hire a single telemarketer; thanks to the four-day week, the company was able to grow from 50 to 120 people without paying any recruitment fees at all.

pages: 92 words: 23,741

Lessons From Private Equity Any Company Can Use by Orit Gadiesh, Hugh MacArthur

activist fund / activist shareholder / activist investor, call centre, corporate governance, inventory management, job-hopping, performance metric, shareholder value, telemarketer

In developing markets (such as in India), the list also will include background diligence on the senior management who are likely to stay. 8. See Chris Bierly, Graham Elton, and Chul-Joon Park, “Private Equity’s New Path to Profits,” Bain Brief, December 2006. 9. See Geoffrey Cullinan, Jean-Marc Le Roux, and Rolf-Magnus Weddigen, “When to Walk Away from a Deal,” Harvard Business Review, April 2004. 10. Eric Dash, “Job-hopping,” New York Times, July 20, 2007. 11. See Sunny Yi and Chul-Joon Park, “Turbocharging Asian Turnarounds,” Harvard Business Review, June 2006. 12. Paul Rogers, Tom Holland, and Dan Haas, “Value Acceleration Lessons from the Private Equity Masters,” Harvard Business Review, June 2002. 13. For more on RAPID, see Paul Rogers and Marcia Blenko, “Who Has the D? How Clear Decision Roles Enhance Organizational Performance,” Harvard Business Review, January 2006. 14.

pages: 317 words: 89,825

No Rules Rules: Netflix and the Culture of Reinvention by Reed Hastings, Erin Meyer

Airbnb, Downton Abbey, Elon Musk,, global village, hiring and firing, job-hopping, late fees, loose coupling, loss aversion, out of africa, performance metric, Saturday Night Live, Silicon Valley, Skype, Stephen Hawking, Steve Ballmer, Steve Jobs, subscription business

“When to Switch Jobs to Maximize Your Income.” Job Search Advice (blog). Monster. Lucht, John. Rites of Passage at $100,000 to $1 Million+: Your Insider’s Strategic Guide to Executive Job-Changing and Faster Career Progress. New York: The Viceroy Press, 2014. Luthi, Ben. “Does Job Hopping Increase Your Long-Term Salary?” Chime. October 4, 2018. Sackman, H., et al. “Exploratory Experimental Studies Comparing Online and Offline Programing Performance.” Communications of the ACM 11, no. 1 (January 1968): 3–11. Shotter, James, Noonan, Laura, and Ben McLannahan. “Bonuses Don’t Make Bankers Work Harder, Says Deutsche’s John Cryan.”

pages: 386 words: 116,233

The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime by Mj Demarco

8-hour work day, Albert Einstein, AltaVista, back-to-the-land, Bernie Madoff, bounce rate, business process, butterfly effect, buy and hold, cloud computing, commoditize, dark matter, delayed gratification, demand response, Donald Trump, fear of failure, financial independence, fixed income, housing crisis, Jeff Bezos, job-hopping, Lao Tzu, Mark Zuckerberg, passive income, passive investing, payday loans, Ponzi scheme, price anchoring, Ronald Reagan, upwardly mobile, wealth creators, white picket fence, World Values Survey, zero day

If leverage is limited, so is wealth creation. Small numbers do not make millionaires. Behind limited leverage is another corrosive wealth killer-no control. Can you control your employer? Can you control your salary? Can you control the economy? Can you earn $50,000 one year and next year bank $50 million? Can you control anything about your job, including your measly 4% pay raise? You might think you can by job-hopping, but you can't. Control is weak, if not absent. Compound Interest: What “They” Don't Tell You The second variable in the Slowlane wealth equation is the “primary wealth accelerator,” which comes from market investments like mutual funds, 401(k)s, and other traditional investments touted by gurus and financial advisers. These investments use the financial strategy known as “compound interest,” which is a mathematical construct that outlines the power of interest accumulation over great periods of time.

Yet, lifestyle is the one variable Slowlaners can effectively manipulate. Unfortunately, this quickly turns Slowlane life into a stale exhibition of misery. Yes, settle for less. Wealth Fail: Wrong Equation. Wrong Variable At some point, the Slowlaner realizes he can't force the stock market to yield bigger returns. He can't force a 200% pay raise. He can't afford an advanced education to raise intrinsic value. Job-hopping offers little incremental pay upgrades. The Slowlaner is enslaved to his equation and resorts to manipulating the only controllable variable, personal net income, which is increased by reducing expenses. Personal Net Income = Intrinsic Value – Personal Expenses Slowlane gurus praise this strategy. The edicts are clear: Pay down your debt. Dump the new car for an old one. Raise your insurance deductibles.

pages: 188 words: 40,950

The Case for Universal Basic Income by Louise Haagh

back-to-the-land, basic income, battle of ideas, Bertrand Russell: In Praise of Idleness, bitcoin, blockchain, cryptocurrency, delayed gratification, Diane Coyle, full employment, future of work, housing crisis, income inequality, job-hopping, land reform, low skilled workers, Mark Zuckerberg, mini-job, moral hazard, new economy, offshore financial centre, precariat, race to the bottom, rent control, road to serfdom, Silicon Valley, Skype, smart contracts, trickle-down economics, universal basic income

For instance, scholars have linked early repressive forms of capitalism with casualization.27 In the Anglo-liberal context, traditions of managerial control in work followed.28 When postwar Keynesianism waned in the 1970s, the underlying conditions existed which precipitated the shift towards greater reliance on punishment in social policy (figure 5).29 In this wider context, the case for basic income can be linked with a normative and institutional shift in governing today.30 Specifically, we can assume that the existence of independent security is important in shaping relations of work, as well as service providers’ relation with citizens. In the case of labour relations, the postwar welfare and legal framing of employment, which washed out the repressive roots of capitalist development to some extent, gave workers a degree of control. For example, sanctions policies in top-up contributory systems of income support were linked with initial waiting periods to ward off incentives to ‘job-hop’. A system driven in that way by ex-ante incentives left individuals with a reasonable measure of control and choice, whilst containing cost. To the extent the multi-layered systems of security have disappeared, today individuals are left more vulnerable. With regard to services, a relevant hypothesis in this context is that the work of public professionals – social workers, teachers, judges, doctors – becomes more difficult to perform in the absence of basic security in society, because then power inequalities and status uncertainties intercede in their work.

pages: 419 words: 125,977

Factory Girls: From Village to City in a Changing China by Leslie T. Chang

anti-communist, Deng Xiaoping, estate planning, financial independence, index card, invention of writing, job-hopping, land reform, Mason jar, mass immigration, new economy, Pearl River Delta, risk tolerance, special economic zone

I HAVE BEEN DEFEATED, DEFEATED CAN IT REALLY BE THAT ON THIS ROAD OF LIFE I AM DESTINED TO BE DEFEATED? I DON’T BELIEVE IT I ABSOLUTELY DON’T BELIEVE IT Wu Chunming, you cannot go on living every day like this! Think about it: You have already been at this factory an entire half year, but what have you really gained? You know that to do migrant work in the plastic molds department for your whole life does not have any prospects, so you want to job-hop and find a satisfactory job. First you must learn to speak Cantonese. Why are you so useless? Are you truly so stupid? Why can’t you learn the things other people learn? You are also a person, Wu Chunming. Can it be that you are a useless thing? You have already had more than two months but made no progress in Cantonese. Do you remember your goal when you entered this factory was to learn Cantonese?

In the city, a migrant may look desperate, but almost every migrant has a farm to fall back on. The return to the village to celebrate the lunar new year in late winter is the central event of the migrant calendar—in the six weeks around the holiday, almost 200 million people travel on China’s trains. As the new year approaches, the impending journey becomes the main preoccupation of the factory world. Job-hopping stops as workers focus on saving money to return in style. Couples enter delicate negotiations: Whose family will they visit and what is the status of their relationship? This reckoning can be painful, and migrants unhappy with their lot may decide not to go home at all. The holiday is the hinge on which the whole year turns—it is the time to quit a job, take a rest, get engaged, start again.

pages: 504 words: 129,087

The Ones We've Been Waiting For: How a New Generation of Leaders Will Transform America by Charlotte Alter

"side hustle", 4chan, affirmative action, Affordable Care Act / Obamacare, basic income, Berlin Wall, Bernie Sanders, carbon footprint, clean water, collective bargaining, Columbine, corporate personhood, correlation does not imply causation, Credit Default Swap, crowdsourcing, David Brooks, Donald Trump, double helix, East Village, ending welfare as we know it, Fall of the Berlin Wall, feminist movement, Ferguson, Missouri, financial deregulation, Francis Fukuyama: the end of history, gig economy, glass ceiling, Google Hangouts, housing crisis, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), job-hopping, Kevin Kelly, knowledge economy, Lyft, mandatory minimum, Marc Andreessen, Mark Zuckerberg, mass incarceration, McMansion, medical bankruptcy, move fast and break things, move fast and break things, Nate Silver, obamacare, Occupy movement, passive income, pre–internet, race to the bottom, RAND corporation, Ronald Reagan, sexual politics, Silicon Valley, single-payer health, Snapchat, TaskRabbit, too big to fail, Uber and Lyft, uber lyft, universal basic income, unpaid internship, We are the 99%, white picket fence, working poor, Works Progress Administration

Since the Great Recession,” Pew Research Center, November 1, 2017, other sources of income: Hobbes, “FML: Why Millennials Are Facing the Scariest Financial Future of Any Generation Since the Great Depression.” their student loan payments: Amy Adkins, “Millennials, The Job Hopping Generation,” Gallup, n.d., halved since 1983: Bureau of Labor Statistics, “Union Membership in the United States,” September 2016, schedules just a few days in advance: Lonnie Golden, “Irregular Work Scheduling and Its Consequences,” Economic Policy Institute, April 9, 2015,

pages: 215 words: 59,188

Seriously Curious: The Facts and Figures That Turn Our World Upside Down by Tom Standage

agricultural Revolution, augmented reality, autonomous vehicles, blood diamonds, corporate governance, Deng Xiaoping, Donald Trump, Elon Musk, failed state, financial independence, gender pay gap, gig economy, Gini coefficient, high net worth, income inequality, index fund, industrial robot, Internet of things, invisible hand, job-hopping, Julian Assange, life extension, Lyft, M-Pesa, Mahatma Gandhi, manufacturing employment, mega-rich, megacity, Minecraft, mobile money, natural language processing, Nelson Mandela, plutocrats, Plutocrats, price mechanism, purchasing power parity, ransomware, reshoring, ride hailing / ride sharing, Ronald Coase, self-driving car, Silicon Valley, Snapchat, South China Sea, speech recognition, stem cell, supply-chain management, transaction costs, Uber and Lyft, uber lyft, undersea cable, US Airways Flight 1549, WikiLeaks

Millennial Americans are just as loyal to their employers as previous generations It is often claimed that millennials (people born between 1982 and 1999) are fickle employees, changing jobs frequently and reluctant to commit themselves to a single employer for the long term. Millennials are indeed more likely to switch jobs than their older colleagues. But that is more a result of how old they are than of the era they were born in: young people at the start of their working lives have always job-hopped more than older people who are more established in their careers. In America at least, average job tenures have barely changed in recent decades. Data from America’s Bureau of Labour Statistics show that workers aged 25 and over now spend a median of 5.1 years with their employers, slightly more than in 1983 (see chart). Job tenure has declined for the lower end of that age group, but only slightly.

pages: 197 words: 60,477

So Good They Can't Ignore You: Why Skills Trump Passion in the Quest for Work You Love by Cal Newport

Apple II, bounce rate, business cycle, Byte Shop, Cal Newport, capital controls, cleantech, Community Supported Agriculture, deliberate practice, financial independence, follow your passion, Frank Gehry, information asymmetry, job satisfaction, job-hopping, knowledge worker, Mason jar, medical residency, new economy, passive income, Paul Terrell, popular electronics, renewable energy credits, Results Only Work Environment, Richard Bolles, Richard Feynman, rolodex, Sand Hill Road, side project, Silicon Valley, Skype, Steve Jobs, Steve Wozniak, web application, winner-take-all economy

The fact that this occupational fairy tale has spread so far should not cause concern. I disagree. The more I studied the issue, the more I noticed that the passion hypothesis convinces people that somewhere there’s a magic “right” job waiting for them, and that if they find it, they’ll immediately recognize that this is the work they were meant to do. The problem, of course, is when they fail to find this certainty, bad things follow, such as chronic job-hopping and crippling self-doubt. We can see this effect in the statistics. As I just established, the last several decades are marked by an increasing commitment to Bolles’s contagious idea. And yet, for all of this increased focus on following our passion and holding out for work we love, we aren’t getting any happier. The 2010 Conference Board survey of U.S. job satisfaction found that only 45 percent of Americans describe themselves as satisfied with their jobs.

pages: 626 words: 167,836

The Technology Trap: Capital, Labor, and Power in the Age of Automation by Carl Benedikt Frey

"Robert Solow", 3D printing, autonomous vehicles, basic income, Bernie Sanders, Branko Milanovic, British Empire, business cycle, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, collective bargaining, computer age, computer vision, Corn Laws, creative destruction, David Graeber, David Ricardo: comparative advantage, deindustrialization, demographic transition, desegregation, deskilling, Donald Trump, easy for humans, difficult for computers, Edward Glaeser, Elon Musk, Erik Brynjolfsson, everywhere but in the productivity statistics, factory automation, falling living standards, first square of the chessboard / second half of the chessboard, Ford paid five dollars a day, Frank Levy and Richard Murnane: The New Division of Labor, full employment, future of work, game design, Gini coefficient, Hyperloop, income inequality, income per capita, industrial cluster, industrial robot, intangible asset, interchangeable parts, Internet of things, invention of agriculture, invention of movable type, invention of the steam engine, invention of the wheel, Isaac Newton, James Hargreaves, James Watt: steam engine, job automation, job satisfaction, job-hopping, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kickstarter, knowledge economy, knowledge worker, labor-force participation, labour mobility, Loebner Prize, low skilled workers, Malcom McLean invented shipping containers, manufacturing employment, mass immigration, means of production, Menlo Park, minimum wage unemployment, natural language processing, new economy, New Urbanism, Norbert Wiener, oil shock, On the Economy of Machinery and Manufactures, Pareto efficiency, pattern recognition, pink-collar, Productivity paradox, profit maximization, Renaissance Technologies, rent-seeking, rising living standards, Robert Gordon, robot derives from the Czech word robota Czech, meaning slave, Second Machine Age, secular stagnation, self-driving car, Silicon Valley, Simon Kuznets, social intelligence, speech recognition, spinning jenny, Stephen Hawking, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Malthus, total factor productivity, trade route, Triangle Shirtwaist Factory, Turing test, union organizing, universal basic income, washing machines reduced drudgery, wealth creators, women in the workforce, working poor, zero-sum game

Kleiner, 2011, “Occupational Licensing: Protecting the Public Interest or Protectionism?” (Policy Paper 2011-009, Upjohn Institute, Kalamazoo, MI). 44. On occupational licensing and nonemployment among men in their prime, see B. Austin, E. L. Glaeser, and L. Summers, forthcoming, “Saving the Heartland: Place-Based Policies in 21st Century America,” Brookings Papers on Economic Activity. 45. B. Fallick, C. A. Fleischman, and J. B. Rebitzer, 2006, “Job-Hopping in Silicon Valley: Some Evidence Concerning the Microfoundations of a High-Technology Cluster,” Review of Economics and Statistics 88 (3): 472–81. 46. R. J. Gilson, 1999, “The Legal Infrastructure of High Technology Industrial Districts: Silicon Valley, Route 128, and Covenants Not to Compete,” New York University Law Review 74 (August): 575. 47. S. Klepper, 2010, “The Origin and Growth of Industry Clusters: The Making of Silicon Valley and Detroit,” Journal of Urban Economics 67 (1): 15–32. 48.

Journal of Economic History 58 (3): 684–713. Esteva, A., B. Kuprel, R. A. Novoa, J. Ko, S. M. Swetter, H. M. Blau, and S. Thrun. 2017. “Dermatologist-Level Classification of Skin Cancer with Deep Neural Networks.” Nature 542 (7639): 115–18. Eveleth, P., and J. M. Tanner. 1976. Worldwide Variation in Human Growth. Cambridge: Cambridge University Press. Fallick, B., C. A. Fleischman, and J. B. Rebitzer. 2006. “Job-Hopping in Silicon Valley: Some Evidence Concerning the Microfoundations of a High-Technology Cluster.” Review of Economics and Statistics 88 (3): 472–81. Farber, H. S., D. Herbst, I. Kuziemko, and S. Naidu. 2018. “Unions and Inequality over the Twentieth Century: New Evidence from Survey Data.” Working Paper 24587, National Bureau of Economic Research, Cambridge, MA. Faunce, W. A. 1958a. “Automation and the Automobile Worker.”

pages: 235 words: 68,317

The Rum Diary by Hunter S. Thompson

anti-communist, job-hopping, New Urbanism

It wasn't the loss of a job that upset him, but the fact that his pattern was being threatened. If the paper folded, he'd be forced into some strange and irregular action. And Schwartz was not that way. He was perfectly capable of doing a strange and irregular thing, but only if he'd planned it Anything done on the spur of the moment was not only stupid, but immoral. Like going to the Caribe without a tie. He viewed Moberg's way of life as a criminal shame and called him that job-hopping degenerate. I knew it was Schwartz who had put into Lotterman's head the idea that Moberg was a thief. Sala looked up at me. Schwartz is afraid they'll cut off his credit at the Marlin and he'll lose that special seat at the end of the bar -- the one they save for the dean of the white journalists. Schwartz shook his head sadly. You cynical fool. We'll see how you feel when you start looking for a job.

pages: 257 words: 71,686

Swimming With Sharks: My Journey into the World of the Bankers by Joris Luyendijk

activist fund / activist shareholder / activist investor, bank run, barriers to entry, Bonfire of the Vanities, bonus culture, collapse of Lehman Brothers, collective bargaining, corporate raider, credit crunch, Credit Default Swap, Emanuel Derman, financial deregulation, financial independence, Flash crash, glass ceiling, Gordon Gekko, high net worth, hiring and firing, information asymmetry, inventory management, job-hopping, light touch regulation, London Whale, Nick Leeson, offshore financial centre, regulatory arbitrage, Satyajit Das, selection bias, shareholder value, sovereign wealth fund, the payments system, too big to fail

Many of my interviewees had three or four banks on their CV by the time they were 35: jumping between jobs and banks frequently is the key to working your way up. There were countless stories of entire teams being poached, moving from one bank to another and sometimes back again – by which time everybody in the team is making vastly more than they did before the merry-go-round started. The recruiters I spoke to confirmed that in the City this system of job-hopping is the norm, even more so in the boom years before 2008. A recruiter with over a decade of experience became a regular contact. His favourite lunch place was a traditional English pub in the historical heart of the Square Mile. We chatted away over a pint and I got to grips with steak and kidney pudding. He explained that he gets approached by bankers who believe that they can make more money elsewhere, by banks with plans to move or expand into a particular niche, and finally by banks who have just had one of their bankers poached by a rival.

pages: 266 words: 80,018

The Snowden Files: The Inside Story of the World's Most Wanted Man by Luke Harding

affirmative action, airport security, Anton Chekhov, Apple's 1984 Super Bowl advert, Berlin Wall, Chelsea Manning, don't be evil, drone strike, Edward Snowden, Etonian, Firefox, Google Earth, Jacob Appelbaum, job-hopping, Julian Assange, Khan Academy, kremlinology, Mark Zuckerberg, Maui Hawaii, MITM: man-in-the-middle, national security letter, Panopticon Jeremy Bentham, pre–internet, Ralph Waldo Emerson, rolodex, Rubik’s Cube, Silicon Valley, Skype, social graph, Steve Jobs, undersea cable, web application, WikiLeaks

One of the perks was access to classified information: ‘Yeah, working in IT for the State Department guarantees you’ll have to have Top Secret clearance.’ He also offers tips on career strategy. State was ‘understaffed right now’. He goes on: ‘Europe posts are competitive, but you can get in the door much easier if you express an interest in going to near-east hellholes. Once you’re in, tough out the crappy tour and you should be able to pick from a list of preferred posts.’ Later he remarks, ‘Thank god for wars.’ Snowden’s job-hopping worked for him personally. In 2007 the CIA sent him to Geneva in Switzerland on his first foreign tour. He was 24. His new job was to maintain security for the CIA’s computer network and look after computer security for US diplomats based at the Geneva mission (the diplomats may have been high-powered but many had only a basic understanding of the internet). He was a telecommunications information systems officer.

pages: 252 words: 78,780

Lab Rats: How Silicon Valley Made Work Miserable for the Rest of Us by Dan Lyons

Airbnb, Amazon Web Services, Apple II, augmented reality, autonomous vehicles, basic income, bitcoin, blockchain, business process, call centre, Clayton Christensen, clean water, collective bargaining, corporate governance, corporate social responsibility, creative destruction, cryptocurrency, David Heinemeier Hansson, Donald Trump, Elon Musk, Ethereum, ethereum blockchain, full employment, future of work, gig economy, Gordon Gekko, greed is good, hiring and firing, housing crisis, income inequality, informal economy, Jeff Bezos, job automation, job satisfaction, job-hopping, John Gruber, Joseph Schumpeter, Kevin Kelly, knowledge worker, Lean Startup, loose coupling, Lyft, Marc Andreessen, Mark Zuckerberg, McMansion, Menlo Park, Milgram experiment, minimum viable product, Mitch Kapor, move fast and break things, move fast and break things, new economy, Panopticon Jeremy Bentham, Paul Graham, paypal mafia, Peter Thiel, plutocrats, Plutocrats, precariat, RAND corporation, remote working, RFID, ride hailing / ride sharing, Ronald Reagan, Rubik’s Cube, Ruby on Rails, Sam Altman, Sand Hill Road, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, six sigma, Skype, Social Responsibility of Business Is to Increase Its Profits, software is eating the world, Stanford prison experiment, stem cell, Steve Jobs, Steve Wozniak, Stewart Brand, TaskRabbit, telemarketer, Tesla Model S, Thomas Davenport, Tony Hsieh, Toyota Production System, traveling salesman, Travis Kalanick, tulip mania, Uber and Lyft, Uber for X, uber lyft, universal basic income, web application, Whole Earth Catalog, Y Combinator, young professional

“Inclusion and Diversity.” Accessed May 31, 2018. O’Donovan, Caroline, and Priya Anand. “How Uber’s Hard-Charging Corporate Culture Left Employees Drained.” BuzzFeedNews, July 17, 2017. Overfelt, Maggie. “Millennial Employees Are a Lot More Loyal than Their Job-Hopping Stereotype.” CNBC, May 10, 2017. Reyes, Emily Alpert. “Millennials Value Job Security More than Baby Boomers Do, Survey Says.” Los Angeles Times, December 10, 2013. Saba. “Employees Want a ‘Family Feel’ at the Heart of Their Organisation’s Culture, Finds Latest Employee Outlook Survey.”

pages: 375 words: 88,306

The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism by Arun Sundararajan

additive manufacturing, Airbnb, AltaVista, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, basic income, bitcoin, blockchain, Burning Man, call centre, collaborative consumption, collaborative economy, collective bargaining, commoditize, corporate social responsibility, cryptocurrency, David Graeber, distributed ledger, employer provided health coverage, Erik Brynjolfsson, Ethereum, ethereum blockchain, Frank Levy and Richard Murnane: The New Division of Labor, future of work, George Akerlof, gig economy, housing crisis, Howard Rheingold, information asymmetry, Internet of things, inventory management, invisible hand, job automation, job-hopping, Kickstarter, knowledge worker, Kula ring, Lyft, Marc Andreessen, megacity, minimum wage unemployment, moral hazard, moral panic, Network effects, new economy, Oculus Rift, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, peer-to-peer rental, profit motive, purchasing power parity, race to the bottom, recommendation engine, regulatory arbitrage, rent control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Ross Ulbricht, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart contracts, Snapchat, social software, supply-chain management, TaskRabbit, The Nature of the Firm, total factor productivity, transaction costs, transportation-network company, two-sided market, Uber and Lyft, Uber for X, uber lyft, universal basic income, Zipcar

Smith, “Internet Exchanges for Used Books: An Empirical Analysis of Product Cannibalization and Welfare Impact,” Information Systems Research 17, 1 (2006): 3–9. 17. Alexander Tuzhilin and Gedas Adomavicius, ”Toward the next Generation of Recommender Systems: A Survey of the State-of-the-Art and Possible Extensions,” IEEE Transactions on Knowledge and Data Engineering 17, 6 (2006): 734–739. 18. Prasanna Tambe and Lorin M. Hitt, “Job Hopping, Information Technology Spillovers, and Productivity Growth,” Management Science 60, 2 (2013): 338–355. 19. One might instead consider using the term “efficiency” of capital or “productivity” of capital. However, these words have specific (and somewhat distinct) meanings in economics that don’t fully capture what I’m trying to communicate. 20. Clay Shirky, from a talk at the Collaborative-Peer-Sharing Economy Summit, New York University, May 30, 2014. 21.

pages: 338 words: 92,465

Reskilling America: Learning to Labor in the Twenty-First Century by Katherine S. Newman, Hella Winston

active measures, blue-collar work, business cycle, collective bargaining, Computer Numeric Control, deindustrialization, desegregation, factory automation, interchangeable parts, invisible hand, job-hopping, knowledge economy, longitudinal study, low skilled workers, performance metric, reshoring, Ronald Reagan, Silicon Valley, social intelligence, two tier labour market, union organizing, upwardly mobile, War on Poverty, Wolfgang Streeck, working poor

In his classic article on youth labor markets, published in the early 1980s, MIT professor Paul Osterman pointed out that “churning” or job switching is not unusual among new entrants to the world of work. It is natural for them to “try on” different kinds of jobs early in their careers. This can be productive if it yields an effective match after a few years and young workers begin to move up career ladders. But Osterman’s research showed that a sizable proportion of young people, especially low-skilled men of color, were unable to settle down into stable work. Their patterns of job hopping turned out not to be beneficial, but instead to signal to employers that these workers were unstable and hence bad bets. Interest in how other countries solved this problem began to grow in the wake of the recession in the 1980s. Sociologists like Northwestern University’s James Rosenbaum trained an eye on the Japanese school system, which seemed able to step into the breach and create a more effective matching system.

pages: 292 words: 97,911

Truths, Half Truths and Little White Lies by Nick Frost

Alexander Shulgin, call centre, David Attenborough, hive mind, impulse control, job-hopping, Norman Mailer, Rubik’s Cube

As well as Edgar I met cool young bands and musicians, editors, costume designers, actors, writers, comedians. I was really lucky. I felt myself growing inside. Something had been awakened. The restaurant didn’t seem enough, it was basically all I knew but I just couldn’t do it any more, so I left. There was no fanfare. I just left. Five years. Goodbye. I knew I’d only leave to go to another restaurant but it felt good anyway. It was positive. After five years of stability now came a time of job-hopping. Moving from restaurant to restaurant. Work was no longer the most important thing in my life, it was raving and comedy and Simon and Smiley and my mate Danny and Maxwell and all the other new people I’d met who’d enflamed my throbbing art gland. That took money though. I think if the truth were told I was a little bit embarrassed that I had to wait tables while my new mates did comedy. I had no reason to moan, these guys were skilled and worked bloody hard.

pages: 410 words: 101,260

Originals: How Non-Conformists Move the World by Adam Grant

Albert Einstein, Apple's 1984 Super Bowl advert, availability heuristic, barriers to entry, business process, business process outsourcing, Cass Sunstein, clean water, cognitive dissonance, creative destruction, cuban missile crisis, Daniel Kahneman / Amos Tversky, Dean Kamen, double helix, Elon Musk, fear of failure, Firefox, George Santayana, Ignaz Semmelweis: hand washing, Jeff Bezos, job satisfaction, job-hopping, Joseph Schumpeter, Kickstarter, Lean Startup, Louis Pasteur, Mahatma Gandhi, Mark Zuckerberg, meta analysis, meta-analysis, minimum viable product, Nelson Mandela, Network effects, pattern recognition, Paul Graham, Peter Thiel, Ralph Waldo Emerson, random walk, risk tolerance, Rosa Parks, Saturday Night Live, Silicon Valley, Skype, Steve Jobs, Steve Wozniak, Steven Pinker, The Wisdom of Crowds, women in the workforce

Finding the Faults in Defaults Not long ago, economist Michael Housman was leading a project to figure out why some customer service agents stayed in their jobs longer than others. Armed with data from over thirty thousand employees who handled calls for banks, airlines, and cell-phone companies, he suspected that their employment histories would contain telltale signs about their commitment. He thought that people with a history of job-hopping would quit sooner, but they didn’t: Employees who had held five jobs in the past five years weren’t any more likely to leave their positions than those who had stayed in the same job for five years. Hunting for other hints, he noticed that his team had captured information about which internet browser employees had used when they logged in to apply for their jobs. On a whim, he tested whether that choice might be related to quitting.

pages: 827 words: 239,762

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 cycle, 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, disruptive innovation, Donald Trump, family office, financial innovation, Frederick Winslow Taylor, full employment, George Gilder, glass ceiling, global pandemic, Gordon Gekko, hiring and firing, income inequality, invisible hand, Jeff Bezos, job-hopping, John von Neumann, Joseph Schumpeter, Kenneth Arrow, Kickstarter, 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, Sam Altman, Sand Hill Road, Saturday Night Live, shareholder value, Silicon Valley, Skype, Social Responsibility of Business Is to Increase Its Profits, 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

The less than charitable one: They’re moving on because they failed to live up to expectations regarding the responsibilities they already had. “They leave not so much because the grass is greener on the other side of the fence,” wrote Livingston, “but because it is definitely brown on their side.” Knocking the legs out from under the explanation that job-hopping was motivated by the availability of a higher salary elsewhere, Livingston also cited surveys of HBS classes that indicated that men who stayed with their first employer tended to earn more than those who didn’t. More often than not, job-hopping was a sign of arrested career progress and nothing more. HBS has always emphasized that the case method imbues in its students a bias to action, and a peerless ability to make decisions under time pressure and with incomplete information. In doing so, however, they have contributed to the notion that management is simply decision making.

pages: 364 words: 108,237

Janesville: An American Story by Amy Goldstein

1960s counterculture, Affordable Care Act / Obamacare, collective bargaining, Donald Trump, job-hopping, mass affluent, payday loans, uranium enrichment, War on Poverty, women in the workforce, working poor, Works Progress Administration

What amazes her most is the avalanche of a realization she is having that, if this room exists behind the door that Mrs. Venuti has unlocked for her, that must mean that other kids at Parker are from families whose situations are not the greatest either. Hard as it is to imagine, in Janesville where thousands of people have lost jobs and some are still out of work and some, like her dad, are job hopping and not earning enough money, it has never occurred to Kayzia before that what is going on in her family is going on all over town. That is what happens when she and Alyssa have decided that this is not a subject to discuss with friends, and other kids, who used to be middle-class, too, have decided the same thing. So, now, Kayzia is overwhelmed by this thought that is hitting her, all of a sudden.

pages: 324 words: 106,699

Permanent Record by Edward Snowden

A Declaration of the Independence of Cyberspace, Berlin Wall, call centre, Chelsea Manning, cloud computing, cognitive dissonance, drone strike, Edward Snowden, Fall of the Berlin Wall, job-hopping, Julian Assange, Mark Zuckerberg, McMansion, Occupy movement, pattern recognition, peak oil, pre–internet, Rubik’s Cube, Silicon Valley, Skype, sovereign wealth fund, trade route, WikiLeaks, zero day

Frequently the only way to differentiate among these positions was to note that each specified its own requirements of years of experience, level of certifications, and type of security clearance. After the 2013 revelations, the US government would try to disparage me by referring to me as “only a contractor” or “a former Dell employee,” with the implication that I didn’t enjoy the same kinds of clearance and access as a blue-badged agency staffer. Once that discrediting characterization was established, the government proceeded to accuse me of “job-hopping,” hinting that I was some sort of disgruntled worker who didn’t get along with superiors or an exceptionally ambitious employee dead-set on getting ahead at all costs. The truth is that these were both lies of convenience. The IC knows better than anyone that changing jobs is part of the career track of every contractor: it’s a mobility situation that the agencies themselves created, and profit from.

pages: 474 words: 120,801

The End of Power: From Boardrooms to Battlefields and Churches to States, Why Being in Charge Isn’t What It Used to Be by Moises Naim

additive manufacturing, barriers to entry, Berlin Wall, bilateral investment treaty, business cycle, business process, business process outsourcing, call centre, citizen journalism, Clayton Christensen, clean water, collapse of Lehman Brothers, collective bargaining, colonial rule, conceptual framework, corporate governance, creative destruction, crony capitalism, deskilling, disintermediation, disruptive innovation, don't be evil, failed state, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, illegal immigration, immigration reform, income inequality, income per capita, intangible asset, intermodal, invisible hand, job-hopping, Joseph Schumpeter, Julian Assange, Kickstarter, liberation theology, Martin Wolf, mega-rich, megacity, Naomi Klein, Nate Silver, new economy, Northern Rock, Occupy movement, open borders, open economy, Peace of Westphalia, plutocrats, Plutocrats, price mechanism, price stability, private military company, profit maximization, Ronald Coase, Ronald Reagan, Silicon Valley, Skype, Steve Jobs, The Nature of the Firm, Thomas Malthus, too big to fail, trade route, transaction costs, Washington Consensus, WikiLeaks, World Values Survey, zero-sum game

The high demand for workers has meant that firms have gradually had to improve conditions, but worker organizing has been taboo. Like many authoritarian countries, China has a system of official labor unions that are part of the overall Communist Party architecture, less vehicles for worker demands and benefits than agencies that contribute to social control. Therefore, rather than attempt collective bargaining, individual workers have responded to poor conditions by job-hopping. And the young labor force typically works in the factories for a number of years only in order to prepare for marriage or send money home. But Chinese plant workers have taken increasingly bold—and effective—collective actions to demand better treatment from their employers while bypassing the irrelevant official union structure. Strikes, which experts say have quietly gathered momentum in the factory towns of southern China, burst into world view in early 2010 with conflicts at Honda car parts and other factories.

eBoys by Randall E. Stross

barriers to entry, business cycle, call centre, carried interest, cognitive dissonance, disintermediation, edge city, high net worth, hiring and firing, Jeff Bezos, job-hopping, knowledge worker, late capitalism, market bubble, Menlo Park, new economy, old-boy network, passive investing, performance metric, pez dispenser, railway mania, rolodex, Sand Hill Road, shareholder value, Silicon Valley, Silicon Valley startup, Steve Ballmer, Steve Jobs, Y2K

She also had a quick wit, a tendency to speak in bursts of single-clause sentences, and no shortage of self-confidence. Now, in the fall of 1997, Ramsey Beirne called her in Brookline, Massachusetts, to tell her about a great company that happened to be an Internet start-up located in San Jose. Would she be interested in having a look? She was happy at Hasbro and had been there only a year, too short a time to countenance another job hop. Her husband, a neurosurgeon who directed the brain-tumor program at Massachusetts General, had his own dream job and was not interested in a move. Her two kids were settled in their schools. She told Ramsey Beirne thanks, but no thanks. Three weeks later Alan Seiler called her back. “I’ve been talking to Dave Beirne,” he said, “and he says you are perfect for this job. Perfect. You owe it to yourself to get on a plane and come out and meet these guys.”

pages: 598 words: 140,612

Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier by Edward L. Glaeser

affirmative action, Andrei Shleifer, Berlin Wall, British Empire, Broken windows theory, carbon footprint, Celebration, Florida, clean water, congestion charging, declining real wages, desegregation, different worldview, diversified portfolio, Edward Glaeser, endowment effect, European colonialism, financial innovation, Frank Gehry, global village, Guggenheim Bilbao, haute cuisine, Home mortgage interest deduction, James Watt: steam engine, Jane Jacobs, job-hopping, John Snow's cholera map, Mahatma Gandhi, McMansion, megacity, mortgage debt, mortgage tax deduction, New Urbanism, place-making, Ponzi scheme, Potemkin village, Ralph Waldo Emerson, rent control, RFID, Richard Florida, Rosa Parks, school vouchers, Seaside, Florida, Silicon Valley, Skype, smart cities, Steven Pinker, strikebreaker, Thales and the olive presses, the built environment, The Death and Life of Great American Cities, the new new thing, The Wealth of Nations by Adam Smith, trade route, transatlantic slave trade, upwardly mobile, urban planning, urban renewal, urban sprawl, William Shockley: the traitorous eight, Works Progress Administration, young professional

A classic study by two economists found that unemployment rates were almost 3 percent higher in the downturns of the 1970s and 1980s in places that lacked a diverse range of employers. The sheer variety of urban jobs also allows people to figure out what they can and can’t do well. For millennia, most humans toiled on farms regardless of whether or not they had any aptitude for tilling the soil. In a city, people can hop from firm to firm and industry to industry. As people job-hop, they learn what they like and can do well. How much would the world have lost if Thomas Edison or Henry Ford had been forced to spend all his days farming? Rio’s Favelas Rio’s shantytowns began in the late nineteenth century, when Brazil was lurching out of its quasi-feudal past. In the 1870s and 1880s, when other New World countries, like Argentina and the United States, elected their rulers, Brazil was ruled by an emperor, a scion of Portugal’s ancient house of Braganza, and slavery was still legal.

pages: 460 words: 131,579

Masters of Management: How the Business Gurus and Their Ideas Have Changed the World—for Better and for Worse by Adrian Wooldridge

affirmative action, barriers to entry, Black Swan, blood diamonds, borderless world, business climate, business cycle, business intelligence, business process, carbon footprint, Cass Sunstein, Clayton Christensen, cloud computing, collaborative consumption, collapse of Lehman Brothers, collateralized debt obligation, commoditize, corporate governance, corporate social responsibility, creative destruction, credit crunch, crowdsourcing, David Brooks, David Ricardo: comparative advantage, disintermediation, disruptive innovation, don't be evil, Donald Trump, Edward Glaeser, Exxon Valdez, financial deregulation, Frederick Winslow Taylor, future of work, George Gilder, global supply chain, industrial cluster, intangible asset, job satisfaction, job-hopping, joint-stock company, Joseph Schumpeter, Just-in-time delivery, Kickstarter, knowledge economy, knowledge worker, lake wobegon effect, Long Term Capital Management, low skilled workers, Mark Zuckerberg, McMansion, means of production, Menlo Park, mobile money, Naomi Klein, Netflix Prize, Network effects, new economy, Nick Leeson, Norman Macrae, patent troll, Ponzi scheme, popular capitalism, post-industrial society, profit motive, purchasing power parity, Ralph Nader, recommendation engine, Richard Florida, Richard Thaler, risk tolerance, Ronald Reagan, science of happiness, shareholder value, Silicon Valley, Silicon Valley startup, Skype, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Steven Levy, supply-chain management, technoutopianism, The Wealth of Nations by Adam Smith, Thomas Davenport, Tony Hsieh, too big to fail, wealth creators, women in the workforce, young professional, Zipcar

The fourth quality is a rather more admirable and old-fashioned one: loyalty. Booz & Company, a consultancy, calculates that four out of every five CEO appointments go to insiders, and insiders last almost two years longer in their jobs than outsiders. Both Edward Dolman, the chairman and former CEO of Christie’s, and Jim Skinner, the CEO of McDonald’s, started on the ground floor and worked their way up. Job hopping is seldom the path to the top. And what happens if all this loyalty and networking pays off? How do you keep hold of power once you get your hands on it? The old saw about power corrupting has been laboriously confirmed by academic studies of everything from risk-taking to cookie-eating (powerful people are more likely to eat with their mouths open and to scatter crumbs over their faces, researchers have discovered).

pages: 403 words: 132,736

In Spite of the Gods: The Rise of Modern India by Edward Luce

affirmative action, Albert Einstein, Bretton Woods, call centre, centre right, clean water, colonial rule, crony capitalism, cuban missile crisis, demographic dividend, energy security, financial independence, friendly fire, Gini coefficient, Haight Ashbury, informal economy, job-hopping, Kickstarter, land reform, Mahatma Gandhi, Martin Wolf, megacity, new economy, plutocrats, Plutocrats, profit motive, purchasing power parity, Silicon Valley, trade liberalization, upwardly mobile, uranium enrichment, urban planning, women in the workforce, working-age population, Y2K

These are monthly deductions from your bank account that continue for years, enabling you to pay off the car, motorbike, microwave, freezer, air-conditioning units, and flats that you have not yet earned. You can even take an EMI holiday. Most go to Thailand or the Maldives. “Holiday now, pay later,” says the commercial. Alok also provides stock options, as an incentive for employees to stick around until the company is listed on the stock market, in a world where people are constantly job hopping—another novelty for India where a secure job is conventionally something you cling to for life. But stock options are not much incentive for an employee who slices up his or her (almost half of Alok’s employees are female) income into exact bytes of EMI. “Saving is the last thing on these guys’ [his employees] minds,” Alok said. The rapid ascent to affluence of Alok’s employees and those like them across metropolitan India explains why the country so quickly became a destination that Western and Asian exporters could no longer ignore, no matter how much bureaucratic torture they had been subjected to during previous forays into the Indian market.

pages: 538 words: 147,612

All the Money in the World by Peter W. Bernstein

Albert Einstein, anti-communist, Berlin Wall, Bill Gates: Altair 8800, call centre, Charles Lindbergh, corporate governance, corporate raider, creative destruction, currency peg, David Brooks, Donald Trump, estate planning, family office, financial innovation, George Gilder, high net worth, invisible hand, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, job-hopping, John Markoff, Long Term Capital Management, Marc Andreessen, Martin Wolf, Maui Hawaii, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, new economy, Norman Mailer, PageRank, Peter Singer: altruism, pez dispenser, popular electronics, Renaissance Technologies, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Sand Hill Road, school vouchers, Search for Extraterrestrial Intelligence, shareholder value, Silicon Valley, Silicon Valley startup, stem cell, Stephen Hawking, Steve Ballmer, Steve Jobs, Steve Wozniak, the new new thing, Thorstein Veblen, too big to fail, traveling salesman, urban planning, wealth creators, William Shockley: the traitorous eight, women in the workforce

Here, strategic steps taken by Stanford University and the nearby University of California–Berkeley set the stage for an explosion of knowledge-based industries that began in the late 1950s and continues to this day. The Valley’s relatively contained geography20 provided more opportunities for people who worked there to form professional and social networks, according to AnnaLee Saxenian, author of Regional Advantage: Culture and Competition in Silicon Valley and Route 128. Back on the East Coast, loyalty to the individual firm was more the norm, whereas on the West Coast spin-off companies and job-hopping were standard practice. “From the outset21 Silicon Valley’s pioneers saw themselves as outsiders to the industrial traditions of the East,” writes Saxenian. “There was a shared understanding that anyone could become a successful entrepreneur: there were no boundaries of age, status, or social stratum that precluded the possibility of a new beginning; and there was little embarrassment or shame associated with business failure.”

pages: 496 words: 154,363

I'm Feeling Lucky: The Confessions of Google Employee Number 59 by Douglas Edwards

Albert Einstein, AltaVista, Any sufficiently advanced technology is indistinguishable from magic, barriers to entry, book scanning, Build a better mousetrap, Burning Man, business intelligence, call centre, commoditize, crowdsourcing, don't be evil, Elon Musk, fault tolerance, Googley, gravity well, invisible hand, Jeff Bezos, job-hopping, John Markoff, Kickstarter, Marc Andreessen, Menlo Park, microcredit, music of the spheres, Network effects, PageRank, performance metric,, Ralph Nader, risk tolerance, second-price auction, side project, Silicon Valley, Silicon Valley startup, slashdot, stem cell, Superbowl ad, Y2K

Silicon Valley is a Petri dish filled with amoeba-like corporations absorbing and digesting smaller technology firms, only to find themselves absorbed or growing large enough to split off their own subsidiaries. Employers have a penchant for hiring from the same pool of candidates over and over again, so everyone ends up working with everyone else at some point, or at least working for the same companies. Job-hopping is encouraged—no, expected—since no one place could possibly be interesting and innovative enough for an entire career. That's why the question Sergey asked when he interviewed me for the job was not "Why do you want to leave the Mercury News?" but "Why did you wait so long?" No wonder social networking took root here; we're one big interconnected family whose members are always happy to find out how we're related to one another.

pages: 590 words: 153,208

Wealth and Poverty: A New Edition for the Twenty-First Century by George Gilder

"Robert Solow", affirmative action, Albert Einstein, Bernie Madoff, British Empire, business cycle, capital controls, cleantech, cloud computing, collateralized debt obligation, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, deindustrialization, diversified portfolio, Donald Trump, equal pay for equal work, floating exchange rates, full employment, George Gilder, Gunnar Myrdal, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, Jane Jacobs, Jeff Bezos, job automation, job-hopping, Joseph Schumpeter, knowledge economy, labor-force participation, longitudinal study, margin call, Mark Zuckerberg, means of production, medical malpractice, minimum wage unemployment, money market fund, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, mortgage debt, non-fiction novel, North Sea oil, paradox of thrift, Paul Samuelson, plutocrats, Plutocrats, Ponzi scheme, post-industrial society, price stability, Ralph Nader, rent control, Robert Gordon, Ronald Reagan, Silicon Valley, Simon Kuznets, skunkworks, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas L Friedman, upwardly mobile, urban renewal, volatility arbitrage, War on Poverty, women in the workforce, working poor, working-age population, yield curve, zero-sum game

The eagerness of the two economists for wage-and-price controls is equally stupefying after what Robert Schuettinger has described as “forty centuries” of dismal experience with such measures.4 Galbraith and Heilbroner cited the “success” of wartime restrictions, which both failed to halt inflation and were followed by an inflationary explosion after they were removed. Galbraith lauds the controls of the Korean War period, though price limits were irrelevant at a time when many prices were actually declining as a result of restrictive fiscal and monetary policy. Neither of our economists faced the profoundly perverse impact of controls, particularly on the crucial group of fast-growing technological enterprises afflicted by job-hopping technicians and engineers, or considered the other destructive effects of price limits on investment and productivity. The controls, in fact, would be likely in the end to enhance inflationary pressures rather than relieve them, because productivity, but not the money supply, would decline. It is not merely the futility of the programs, however, that signifies the end of an era. Galbraith and Heilbroner could plausibly maintain that as socialists they favored more sweeping measures, but that under the political circumstances of the time, stopgaps were all that was possible.

pages: 843 words: 223,858

The Rise of the Network Society by Manuel Castells

"Robert Solow", Apple II, Asian financial crisis, barriers to entry, Big bang: deregulation of the City of London, Bob Noyce, borderless world, British Empire, business cycle, capital controls, complexity theory, computer age, computerized trading, creative destruction, Credit Default Swap, declining real wages, deindustrialization, delayed gratification, dematerialisation, deskilling, disintermediation, double helix, Douglas Engelbart, Douglas Engelbart, edge city, experimental subject, financial deregulation, financial independence, floating exchange rates, future of work, global village, Gunnar Myrdal, Hacker Ethic, hiring and firing, Howard Rheingold, illegal immigration, income inequality, Induced demand, industrial robot, informal economy, information retrieval, intermodal, invention of the steam engine, invention of the telephone, inventory management, James Watt: steam engine, job automation, job-hopping, John Markoff, knowledge economy, knowledge worker, labor-force participation, laissez-faire capitalism, Leonard Kleinrock, longitudinal study, low skilled workers, manufacturing employment, Marc Andreessen, Marshall McLuhan, means of production, megacity, Menlo Park, moral panic, new economy, New Urbanism, offshore financial centre, oil shock, open economy, packet switching, Pearl River Delta, peer-to-peer, planetary scale, popular capitalism, popular electronics, post-industrial society, postindustrial economy, prediction markets, Productivity paradox, profit maximization, purchasing power parity, RAND corporation, Robert Gordon, Robert Metcalfe, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, social software, South China Sea, South of Market, San Francisco, special economic zone, spinning jenny, statistical model, Steve Jobs, Steve Wozniak, Ted Nelson, the built environment, the medium is the message, the new new thing, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, total factor productivity, trade liberalization, transaction costs, urban renewal, urban sprawl, zero-sum game

Anna Saxenian compared the development of electronics complexes in the two areas (Boston’s Route 128 and Silicon Valley) and concluded that the decisive role was played by the social and industrial organization of companies in fostering or stymieing innovation.65 Thus, while large, established companies in the East were too rigid (and too arrogant) to constantly retool themselves toward new technological frontiers, Silicon Valley kept churning out new firms, and practicing cross-fertilization and knowledge diffusion by job-hopping and spin-offs. Late-evening conversations at the Walker’s Wagon Wheel Bar and Grill in Mountain View did more for the diffusion of technological innovation than most seminars in Stanford. As I have elaborated elsewhere,66 another key factor in the formation of Silicon Valley was the existence of a network of venture capital firms early on.67 The significant factor here is that many of the early investors originated from the electronics industry, and thus they were knowledgeable about the technological and business projects on which they were betting.

pages: 923 words: 516,602

The C++ Programming Language by Bjarne Stroustrup

combinatorial explosion, conceptual framework, database schema, distributed generation, Donald Knuth, fault tolerance, general-purpose programming language, index card, iterative process, job-hopping, locality of reference, Menlo Park, Parkinson's law, premature optimization, sorting algorithm

Disregard of such records – as is done when individuals are considered merely as interchangeable cogs in the wheels of an organization – leaves managers at the mercy of misleading quantity measurements. One consequence of taking a long-term view and avoiding the ‘‘interchangeable morons school of management’’ is that individuals (both developers and managers) need longer to grow into the more demanding and interesting jobs. This discourages job hopping as well as job rotation for ‘‘career development.’’ A low turnover of both key technical people and key managers must be a goal. No manager can succeed without a rapport with key designers and programmers and some recent and relevant technical knowledge. Conversely, no group of designers and developers can succeed in the long run without support from competent managers and a minimum of understanding of the larger nontechnical context in which they work.