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Reinventing the Bazaar: A Natural History of Markets by John McMillan
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.
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.
Be Obsessed or Be Average by Grant Cardone
CHAPTER 10: BUILD AN OBSESSED TEAM Forbes suggests 75 percent: Jason Nazar, “16 Surprising Statistics About Small Businesses,” Forbes.com, September 9, 2013, www.forbes.com/sites/jasonnazar/2013/09/09/16-surprising-statistics-about-small-businesses/#2aded1033078. According to Gallup’s study: Steve Crabtree, “Worldwide, 13% of Employees Are Engaged at Work,” Gallup.com, October 8, 2013, www.gallup.com/poll/165269/worldwide-employees-engaged-work.aspx. A 2012 Forbes study: Jeanne Meister, “Job Hopping Is the ‘New Normal’ for Millennials: Three Ways to Prevent a Human Resource Nightmare,” Forbes.com, August 14, 2012, www.forbes.com/sites/jeannemeister/2012/08/14/job-hopping-is-the-new-normal-for-millennials-three-ways-to-prevent-a-human-resource-nightmare/#78b9d0485508. A PayScale report: “Gen Y on the Job,” PayScale.com, www.payscale.com/gen-y-at-work. A 2013 survey by: Dan Schawbel, “Millennial Branding and Beyond.com Survey Reveals the Rising Cost of Hiring Workers from the Millennial Generation,” August 6, 2013, millennialbranding.com/category/blog/page/4/.
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.
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.
Apple II, bounce rate, 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, 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.
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, national security letter, pre–internet, Ralph Waldo Emerson, rolodex, Rubik’s Cube, Silicon Valley, Skype, social graph, Steve Jobs, 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.
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.
The Golden Passport: Harvard Business School, the Limits of Capitalism, and the Moral Failure of the MBA Elite by Duff McDonald
activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Albert Einstein, barriers to entry, Bayesian statistics, Bernie Madoff, Bob Noyce, Bonfire of the Vanities, business process, butterfly effect, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collateralized debt obligation, collective bargaining, commoditize, corporate governance, corporate raider, corporate social responsibility, creative destruction, deskilling, discounted cash flows, disintermediation, Donald Trump, family office, financial innovation, Frederick Winslow Taylor, full employment, George Gilder, glass ceiling, Gordon Gekko, hiring and firing, income inequality, invisible hand, Jeff Bezos, job-hopping, John von Neumann, Joseph Schumpeter, Kenneth Arrow, London Whale, Long Term Capital Management, market fundamentalism, Menlo Park, new economy, obamacare, oil shock, pattern recognition, performance metric, Peter Thiel, Plutocrats, plutocrats, profit maximization, profit motive, pushing on a string, Ralph Nader, Ralph Waldo Emerson, RAND corporation, random walk, rent-seeking, Ronald Coase, Ronald Reagan, Sand Hill Road, Saturday Night Live, shareholder value, Silicon Valley, Skype, Steve Jobs, survivorship bias, The Nature of the Firm, the scientific method, Thorstein Veblen, union organizing, urban renewal, Vilfredo Pareto, War on Poverty, William Shockley: the traitorous eight, women in the workforce, Y Combinator
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.
Truths, Half Truths and Little White Lies by Nick Frost
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.
Reskilling America: Learning to Labor in the Twenty-First Century by Katherine S. Newman, Hella Winston
active measures, blue-collar work, collective bargaining, Computer Numeric Control, deindustrialization, desegregation, factory automation, interchangeable parts, invisible hand, job-hopping, knowledge economy, low skilled workers, performance metric, reshoring, Ronald Reagan, Silicon Valley, 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.
The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism by Arun Sundararajan
3D printing, additive manufacturing, Airbnb, 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 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, 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, 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. http://pubsonline.informs.org/doi/abs/10.1287/isre.1050.0072. 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. http://ieeexplore.ieee.org/xpls/abs_all.jsp?arnumber=1423975&tag=1. 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.
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, 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.
affirmative action, Andrei Shleifer, Berlin Wall, British Empire, Broken windows theory, carbon footprint, Celebration, Florida, clean water, congestion charging, declining real wages, desegregation, 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, 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.
All the Money in the World by Peter W. Bernstein
Albert Einstein, anti-communist, Berlin Wall, Bill Gates: Altair 8800, call centre, 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.”
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, Marc Andreessen, Menlo Park, microcredit, music of the spheres, Network effects, P = NP, PageRank, performance metric, pets.com, 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.
Wealth and Poverty: A New Edition for the Twenty-First Century by George Gilder
affirmative action, Albert Einstein, Bernie Madoff, British Empire, 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, 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.
additive manufacturing, barriers to entry, Berlin Wall, bilateral investment treaty, 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, 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.
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, 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.
The Rise of the Network Society by Manuel Castells
Apple II, Asian financial crisis, barriers to entry, Big bang: deregulation of the City of London, Bob Noyce, borderless world, British Empire, 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, labour market flexibility, labour mobility, laissez-faire capitalism, Leonard Kleinrock, 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.
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.