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Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It by Richard V. Reeves
affirmative action, Affordable Care Act / Obamacare, assortative mating, Bernie Sanders, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, circulation of elites, cognitive dissonance, desegregation, Donald Trump, Downton Abbey, full employment, ghettoisation, glass ceiling, helicopter parent, Home mortgage interest deduction, housing crisis, income inequality, knowledge economy, land value tax, mortgage tax deduction, obamacare, Occupy movement, Plutocrats, plutocrats, positional goods, race to the bottom, randomized controlled trial, unpaid internship, upwardly mobile, War on Poverty, We are the 99%, working-age population, zero-sum game
Court of Appeals for the Second Circuit declared that private companies (in this particular case, Fox Searchlight) were permitted to continue with unpaid internships so long as the intern derived more value from the arrangement than the employer.57 This decision is a setback for attempts to rein in internships, effectively inaugurating a new and weaker legal framework, not least by diluting the previous legal standard that employers should gain no “immediate benefit” from the intern. Some observers wish we could be rid of unpaid internships altogether. The thoughtful Atlantic writer Derek Thompson wrestled at length with this question and came to a stark conclusion: “Unpaid internships aren’t morally defensible.”58 Thompson makes a good argument. I suspect that society would be fairer without unpaid internships. But abolition would be too draconian, illiberal, in fact. At least for the foreseeable future, then, unpaid internships will be with us. The challenge is to bring them within reach of less-affluent young adults. Government has a role to play here. One promising idea is to extend student financial aid to cover internship opportunities, as proposed by Congresswoman Suzanne Bonamici in 2013 in the shape of the Opportunities for Success Act.
Legally, a simple but important step would be to increase the regulatory oversight of internships, to prevent abuse and to ensure that minimum wage and fair employment laws are properly enforced. This may reduce the number of unpaid internships, but that would be no bad thing given that they are generally of worse quality than paid internships.55 The protection of interns under the Fair Labor Standards Act is ambiguous and weak.56 Neither the law nor the resources required to enforce it have kept pace with the mushrooming market for interns. The Labor Department is trying to do more but lacks the resources to do it. Meanwhile the justice system is not helping much. In 2015, the U.S. Court of Appeals for the Second Circuit declared that private companies (in this particular case, Fox Searchlight) were permitted to continue with unpaid internships so long as the intern derived more value from the arrangement than the employer.57 This decision is a setback for attempts to rein in internships, effectively inaugurating a new and weaker legal framework, not least by diluting the previous legal standard that employers should gain no “immediate benefit” from the intern.
Charles Murray, The Curmudgeon’s Guide to Getting Ahead: Dos and Don’ts of Right Behavior, Tough Thinking, Clear Writing, and Living a Good Life (New York: Crown Business Publishing, 2014). 35. National Association of Colleges and Employers, The Class of 2014 Student Survey Report (Bethlehem, Pa.: NACE, September 2014) (http://career.sa.ucsb.edu/files/docs/handouts/2014-student-survey.pdf). 36. Ibid. 37. Quoted in Amy Scott, “Why the Unpaid Internship May Be on its Way Out,” Marketplace, May 5, 2014 (www.marketplace.org/2014/05/05/education/why-unpaid-internship-may-be-its-way-out). 38. “The Role of Higher Education in Career Development: Employer Perceptions,” Report presentation prepared for The Chronicle of Higher Education and Marketplace, December 2012 (www.chronicle.com/items/biz/pdf/Employers%20Survey.pdf). 39. “Generation i,” The Economist, September 4, 2014. 40. Lindsey Gerdes, “Best Places to Intern,” Bloomberg News, December 10, 2009 (www.bloomberg.com/news/articles/2009-12-10/best-places-to-internbusinessweek-business-news-stock-market-and-financial-advice). 41.
Berlin Wall, Bernie Sanders, Bob Geldof, cognitive dissonance, Downton Abbey, gender pay gap, glass ceiling, income inequality, light touch regulation, precariat, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, unpaid internship, upwardly mobile, We are the 99%, zero-sum game
White males are certainly over-represented in many of the most prestigious professions in both Britain and the United States. However, this is an over-representation of a very particular class of white male. White men from the working class are not – by a long stretch – ubiquitous in the elite. In fact, they encounter economic hurdles at least as difficult to surmount as the barriers of gender and racial equality faced by their contemporaries. A six-month unpaid internship at a prestigious newspaper – or an unpaid internship in any job, for that matter – is as off limits to a white working-class boy as it is to anyone else who lacks the sufficient funds. Professor Savage’s analysis of the British Class Survey found evidence of a social class pay gap comparable to the gender pay gap that rightly induces so much opprobrium in liberals. Those from the most elite backgrounds were often paid as much as 25 per cent more than those from more modest backgrounds for doing the same work.111 Equality of opportunity along the lines envisioned by proponents of identity politics would be an unquestionable improvement on the status quo.
A number of factors explain the transformation of journalism into a largely middle-class pursuit – factors which might equally apply to other professions. More and more, the newspapers rely on free labour for their content, including unpaid interns and impressionable young people willing to write copy for nothing on the promise of supposedly career-benefiting ‘exposure’. This gives an in-built advantage to those from middle-class and wealthy backgrounds who can afford to take unpaid internships and spend time churning out articles for nothing. London is now the unpaid intern capital of Europe, and in journalism it shows. According to a recent survey by the National Council for the Training of Journalists, 83 per cent of journalists who started work in the three years prior to the survey did some sort of work experience or an internship before getting their first job, 92 per cent of which were unpaid.
Hand to Mouth: Living in Bootstrap America by Linda Tirado
Mostly, I found myself perpetually stuck on the bottom rung, watching people I’d started out with vault above me because they weren’t doing anything but this and they could afford to take the financial hits while they were paying their dues. Here’s another thing the poor can’t afford: unpaid internships. I’ve had to turn down offers that might have improved my circumstances in the long run because I just couldn’t afford to work for nothing. Again, the people who can afford unpaid internships are getting help from home—in my world, everyone else has to work for a living. And this means that we’re being cut out of all that potential networking too. That’s at least one reason why I’ve never had much of a professional network—I never had the chance to build one. Accepting an unpaid internship, or one of those internships that basically pays you lunch money, is for people who don’t have to pay the rent. Because I’ve always been in a take-what-you-can-get situation, I’ve wound up working the sorts of jobs that people consider beneath them.
The Establishment: And How They Get Away With It by Owen Jones
anti-communist, Asian financial crisis, bank run, battle of ideas, Big bang: deregulation of the City of London, bonus culture, Bretton Woods, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, don't be evil, Edward Snowden, Etonian, eurozone crisis, falling living standards, Francis Fukuyama: the end of history, full employment, G4S, glass ceiling, hiring and firing, housing crisis, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, James Dyson, laissez-faire capitalism, light touch regulation, market fundamentalism, mass immigration, Monroe Doctrine, Mont Pelerin Society, moral hazard, Neil Kinnock, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, old-boy network, open borders, Plutocrats, plutocrats, popular capitalism, profit motive, quantitative easing, race to the bottom, rent control, road to serfdom, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, stakhanovite, statistical model, The Wealth of Nations by Adam Smith, transfer pricing, union organizing, unpaid internship, Washington Consensus, wealth creators, Winter of Discontent
‘Being a candidate cost me thousands of pounds over 10 years of my own money,’ says Tory MP Robert Halfon. ‘At one time I got into massive debt which, thank God, is now all gone.’ But there are other reasons, too. Trade unions and local government used to be avenues for aspiring working-class candidates, helping to give them political training and a support base – but now, trade unions have been drastically weakened. Unpaid internships that only the well-off can afford to do have become ever more widespread in Parliament, think tanks, and other significant points of entry into the political world. It is not just that politicians are so unrepresentative of those they serve. MPs themselves are often treated as little more than voting fodder by governments that have huge amounts of power. Except for some of the chairs, members of Select Committees that scrutinize government policies are appointed by party leaderships.
She was hired, broadly, because Murdoch knew she would be effective at ensuring the News of the World projected his own views. It’s not just who owns the media that ensures newspapers toe the Establishment line. Media outlets have increasingly become a closed shop for those from privileged backgrounds. The less well-off are filtered out for a number of reasons. First, there’s the proliferation of unpaid internships, which force aspiring journalists to work for free for long periods, often with little prospect of a paid job. Generally, only those able to live off the Bank of Mum and Dad can afford such exploitation, particularly in London, one of the world’s most expensive cities. Another barrier is the rise of costly postgraduate qualifications, which are often now prerequisites for getting a foot in the door of the industry.
Any reform of the media has to be undertaken with care to avoid imperilling press freedom and infringing on journalists’ independence from the state. To begin with, there should be limits on how many national media outlets one individual can own, restricting the power and influence that oligarchs can wield in a democracy. Barriers in the path of non-privileged aspiring journalists should be torn away, for example by scrapping unpaid internships. After all, such internships help to ensure that only those with prosperous parents can afford to be exploited and enter the media – or, for that matter, a whole range of other professions from politics to law. Mandating all media organizations to include a ‘conscience clause’ in their contracts would allow journalists to turn down work that was either unethical or illegal. Stronger trade unions, too, would shift the balance of power away form media barong and editors to journalists.
The Price of Everything: And the Hidden Logic of Value by Eduardo Porter
Alvin Roth, Asian financial crisis, Ayatollah Khomeini, banking crisis, barriers to entry, Berlin Wall, British Empire, capital controls, Carmen Reinhart, Cass Sunstein, clean water, Credit Default Swap, Deng Xiaoping, Edward Glaeser, European colonialism, Fall of the Berlin Wall, financial deregulation, Ford paid five dollars a day, full employment, George Akerlof, Gordon Gekko, guest worker program, happiness index / gross national happiness, housing crisis, illegal immigration, immigration reform, income inequality, income per capita, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jean Tirole, John Maynard Keynes: technological unemployment, Joshua Gans and Andrew Leigh, Kenneth Rogoff, labor-force participation, laissez-faire capitalism, loss aversion, low skilled workers, Martin Wolf, means of production, Menlo Park, Mexican peso crisis / tequila crisis, new economy, New Urbanism, peer-to-peer, pension reform, Peter Singer: altruism, pets.com, placebo effect, price discrimination, price stability, rent-seeking, Richard Thaler, rising living standards, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, Silicon Valley, stem cell, Steve Jobs, Stewart Brand, superstar cities, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, trade route, transatlantic slave trade, transatlantic slave trade, ultimatum game, unpaid internship, urban planning, Veblen good, women in the workforce, World Values Survey, Yom Kippur War, young professional, zero-sum game
. , accessed 07/18/2010). 149-152 Stealing Sneakers: Stan Liebowitz’s analysis of the economics of copyright is found on his Web site at the University of Texas at Dallas (at www.utdallas.edu/~liebowit/, accessed 07/18/2010); Stan Liebowitz, “Testing File-Sharing’s Impact by Examining Record Sales in Cities,” University of Texas at Dallas School of Management, Department of Finance and Managerial Economics Working Paper, April 2006; Stan Liebowitz, “Economists’ Topsy-Turvy View of Piracy,” Review of Economic Research on Copyright Issues, Vol. 2, No. 1, 2005, pp. 5-17. Artists’ reactions to Google’s request for free art is found in Andrew Adam Newman, “Use Their Work Free? Some Artists Say No to Google,” New York Times, June 15, 2009. The story about free lawyers is in Elie Mystal, “It’s Come to This: Unpaid Internships for Lawyers with One-Three Years Experience,” Above the Law, September 30, 2009 (abovethelaw.com/2009/09/its-come-to-this-unpaid-internships-for-lawyers-with-one-three-years-experience/, accessed 07/18/2010). Hal Varian’s suggestion on how newspapers can make money is in Hal R. Varian, “Versioning Information Goods,” University of California Berkeley Working Paper, March 13, 1997. The online pricing strategy of the Newport Daily News in Rhode Island is described in Joseph Tartakoff, “Taking the Plunge: How Newspaper Sites That Charge Are Faring,” Paid Content. org, September 2, 2009 (paidcontent.org/article/419-taking-the-plunge-how-newspaper-sites-that-charge-are-faring/, accessed on 08/16/2010). 152-154 Where Information Goes to Die: Data on music sales in France is in IFPI, “Digital Music Report,” 2009.
Chavs: The Demonization of the Working Class by Owen Jones
Asperger Syndrome, banking crisis, Berlin Wall, British Empire, call centre, collapse of Lehman Brothers, credit crunch, deindustrialization, Etonian, facts on the ground, falling living standards, first-past-the-post, ghettoisation, Gini coefficient, hiring and firing, housing crisis, Hugh Fearnley-Whittingstall, illegal immigration, income inequality, informal economy, low skilled workers, low-wage service sector, mass immigration, Neil Kinnock, Occupy movement, pension reform, place-making, Plutocrats, plutocrats, race to the bottom, Right to Buy, rising living standards, The Bell Curve by Richard Herrnstein and Charles Murray, The Spirit Level, too big to fail, unpaid internship, upwardly mobile, We are the 99%, wealth creators, Winter of Discontent, women in the workforce, working-age population
MPs swan in and out of meet- ings with lobbyists and constituents, occasionally popping to the Chamber to speak or vote when called by the piercing division bell. Overwhelmingly from middle-class, professional backgrounds, the combined salary and expenses of the average backbencher comfortably puts them in the top 4 per cent of the population. Scurrying around after them, or gossiping over lattes in Portcullis House, is an army of fresh-faced, ambitious parliamentary researchers. With unpaid internships (often, quite unlike their bosses, without even expenses provided) almost always a prerequisite for making it on to an MP's staff rolls, Parliament is a middle-class closed shop. Only those able to live off the financial generosity of their parents can get their foot in the door. At the service of MPs and hacks alike are the cleaners and catering staff. Many of them trek across London on night buses to arrive in the House at the crack of dawn.
Kids from privileged backgrounds also disproportionately benefit from their parents' networks and contacts. Many get into desirable jobs as much through recommenda- tions and friends of friends as through their qualifications. Could a working-class kid from Liverpool or Glasgow even dream of this kind of leg-up? But nothing has done more to tum major professions into a closed shop for the middle classes as the rise of the intern. Unpaid internships are thriving, particularly in professions like politics, law, the media and fashion. According to a recent survey of 1,500 students and graduates, two-thirds of young people feel obliged to work for free because of the recession. For many, internship can follow internship, with paid jobs dangled like carrots but never offered. This is not just exploitation. It means that only well-heeled youngsters living off mum and dad can take this first step in the hunt for a paid job.
Social Class in the 21st Century by Mike Savage
call centre, Capital in the Twenty-First Century by Thomas Piketty, Clapham omnibus, Corn Laws, deindustrialization, deskilling, Downton Abbey, financial independence, gender pay gap, Gini coefficient, income inequality, liberal capitalism, Mark Zuckerberg, megacity, moral panic, New Urbanism, Occupy movement, old-boy network, precariat, psychological pricing, Sloane Ranger, The Spirit Level, unpaid internship, upwardly mobile, very high income, winner-take-all economy, young professional
This feeling of deficit appeared in seemingly banal ways, in the cultural minutiae of Alan being advised on the ‘correct’ way to have his steak cooked (rare, not well done), or in Jeremy’s panic at having to take part in ‘intellectual conversation’ at the dinner table with his middle class boyfriend’s parents. But it also sometimes manifested itself as a more overt and concrete disadvantage, such as when George reflected on the powerful social connections wielded by his public school-educated colleagues in law, or when Samantha explained her difficulties in ‘getting ahead’ in political lobbying because she couldn’t afford to take the unpaid internships that helped propel her colleagues forward in their careers. To recap, stable members of the elite tend to have higher levels of all three types of capital than those who have recently gained entry into this group. This provides them with advantages in the competitive race to the top of the highest peaks. As Figure 6.2 illustrates, those from more humble backgrounds earn less, have less expensive properties, have fewer influential social contacts, and have less highbrow cultural capital than their more privileged peers, even when they are in the same job.
Being willing and prepared to work in London or the south-east seems very important to this, and the capital acts as a vortex which sucks up the energies of those drawn into it. There is no evidence that native Londoners are advantaged over those who migrate to the city. Some of our interviewees saw this process very clearly. George explained how his ability to enter his profession had hinged largely on a pivotal period after graduation, when he was able to work in a number of unpaid internships whilst living at home with his parents (just outside London). While George obviously worked hard to establish himself during this period, his ability to get a foothold up in his career was dependent on both the financial support and geographical positioning of his parents. In the case of John, a retired IT director, the pull of London was also intimately connected to how he narrated his career success.
Build a better mousetrap, David Heinemeier Hansson, knowledge worker, linear programming, nuclear winter, Ruby on Rails, Sand Hill Road, Silicon Valley, sorting algorithm, Superbowl ad, the scientific method, type inference, unpaid internship
Sometimes they want to leave their options open, but the outstanding offer from Fog Creek ensures that the first time they have to wake up at 8:00 a.m. and put on a suit for an interview with Oracle, when the alarm goes off, there’s a good chance that they’ll say “Why the heck am I getting up at 8:00 a.m. and putting on a suit for an interview with Oracle when I already have an excellent job waiting for me at Fog Creek?” And, my hope is, they won’t even bother going to that interview. By the way, before I move on, I need to clarify something about internships in computer science and software development. In this day and age, in this country, it is totally expected that these are paid internships, and the salaries Finding Great Developers are usually pretty competitive. Although unpaid internships are common in other fields from publishing to music, we pay $750 a week, plus free housing, plus free lunch, plus free subway passes, not to mention relocation expenses and all the benefits. The dollar amount is a little bit lower than average, but it includes the free housing so it works out being a little bit better than average. I thought I’d mention that because every time I’ve talked about internships on my website, somebody inevitably gets confused and thinks I’m taking advantage of slave labor or something.
The End of Jobs: Money, Meaning and Freedom Without the 9-To-5 by Taylor Pearson
Airbnb, barriers to entry, Black Swan, call centre, cloud computing, commoditize, creative destruction, David Heinemeier Hansson, Elon Musk, en.wikipedia.org, Frederick Winslow Taylor, future of work, Google Hangouts, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, loss aversion, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, market fragmentation, means of production, Oculus Rift, passive income, passive investing, Peter Thiel, remote working, Ronald Reagan: Tear down this wall, sharing economy, side project, Silicon Valley, Skype, software as a service, software is eating the world, Startup school, Steve Jobs, Steve Wozniak, Stewart Brand, telemarketer, Thomas Malthus, Uber and Lyft, unpaid internship, Watson beat the top human players on Jeopardy!, web application, Whole Earth Catalog
No one can teach that, but an apprenticeship lets you stare, and fiddle, with the market on someone else’s dime. 3. Better Value AKA Play with House Money Instead of paying six figures to go to law school or get a MBA, you can get paid to learn skills and build relationships valued by the marketplace. Apprenticeships are also an astoundingly good value right now. Many people think free work or unpaid internships are exploitative, but find the idea of someone taking out a quarter million in debt to get a college degree and a MBA a smart investment. That may be a legacy of the knowledge economy that we haven’t adapted to yet. Advantages of Apprenticeships to Entrepreneurial Companies It’s certainly important to have tight hiring practices, as many applicants fall into the camp of people who like the idea of being an entrepreneur, but may not be willing to make the sacrifices.
Without Their Permission: How the 21st Century Will Be Made, Not Managed by Alexis Ohanian
Airbnb, barriers to entry, carbon-based life, cloud computing, crowdsourcing, en.wikipedia.org, Hans Rosling, hiring and firing, Internet Archive, Justin.tv, Kickstarter, Marc Andreessen, Mark Zuckerberg, means of production, Menlo Park, minimum viable product, Occupy movement, Paul Graham, Silicon Valley, Skype, slashdot, social web, software is eating the world, Startup school, Tony Hsieh, unpaid internship, Y Combinator
The previous year, I’d spent a formative summer in Singapore, competing on behalf of UVA at an international technopreneurship conference (oh, bless the Singaporeans and their technopreneurship conferences). One of my favorite teachers, Professor Mark White, had invited me to go on this all-expenses-paid trip. I’d even turned down an internship at Ogilvy because I like free travel even more than I like unpaid internships in the most expensive city in America. It was there in Singapore on our first night that I pitched Mark the idea Steve and I had cooked up. Mark’s was the first unbiased feedback I’d gotten on the idea (my parents had always been ludicrously supportive of whatever I told them I was up to), and he thought we’d be able to pull it off. His optimism may’ve just been a combination of the jet lag and the Singapore slings, but I was thrilled.
The Retreat of Western Liberalism by Edward Luce
3D printing, affirmative action, Airbnb, basic income, Berlin Wall, Bernie Sanders, Branko Milanovic, Bretton Woods, call centre, carried interest, centre right, cognitive dissonance, colonial exploitation, colonial rule, computer age, corporate raider, cuban missile crisis, currency manipulation / currency intervention, Dissolution of the Soviet Union, Doha Development Round, Donald Trump, double entry bookkeeping, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, George Santayana, gig economy, Gini coefficient, global supply chain, illegal immigration, imperial preference, income inequality, informal economy, Internet of things, Jaron Lanier, knowledge economy, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, Monroe Doctrine, moral panic, more computing power than Apollo, mutually assured destruction, new economy, New Urbanism, Norman Mailer, offshore financial centre, one-China policy, Peace of Westphalia, Peter Thiel, Plutocrats, plutocrats, precariat, purchasing power parity, reserve currency, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, Snapchat, software is eating the world, South China Sea, Steve Jobs, superstar cities, TaskRabbit, telepresence, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, Washington Consensus, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, World Values Survey, Yogi Berra
Imagine, also, that the meritocrats are too enamoured of their just rewards to see it. Sooner or later something will give. An exaggeration? About a third of legacy applicants – those whose parent attended – are accepted into Harvard. Richard Reeves of the Brookings Institution calls them ‘dream hoarders’.33 Judged by aptitude, almost half those in America’s top two-fifths income bracket are there because of the luck of family background. Think of the value of those unpaid internships and family connections. Think of what those pricy weekend tutors did for your prospects. A big share of those in the bottom fifth would be in the top if they had the same life chances. According to one Harvard study, more students attended America’s elite universities from the top 1 per cent of income backgrounds than from the bottom 60 per cent.34 About one in four of the richest Americans attended an elite university, compared with less than half of 1 per cent of the bottom fifth.
Getting a Job in Hedge Funds: An Inside Look at How Funds Hire by Adam Zoia, Aaron Finkel
backtesting, barriers to entry, collateralized debt obligation, commodity trading advisor, Credit Default Swap, credit default swaps / collateralized debt obligations, discounted cash flows, family office, fixed income, high net worth, interest rate derivative, interest rate swap, Long Term Capital Management, merger arbitrage, offshore financial centre, random walk, Renaissance Technologies, risk-adjusted returns, rolodex, short selling, side project, statistical arbitrage, systematic trading, unpaid internship, value at risk, yield curve, yield management
I graduated from an Ivy League college in 2003 with a degree in business administration and was thinking of a career in the hospitality industry, perhaps in a restaurant or hotel. After graduation I spent two and a half months traveling in Europe. My life-altering moment came when I was staying with a cousin who runs a hedge fund in Europe. I ended up not only staying with him, but shadowing him to work for a month. It became a type of unpaid internship during which time I watched how he traded. I also went on, and listened to, client and investment calls with him. By sitting at the trading desk and observing the fund’s senior currency trader, I learned the basic principles of momentum trading as well as the overall principles of foreign exchange and futures trading. The fund was small enough—five investment professionals and a small operations staff—that I basically learned how the entire operation functioned.
Animals by Emma Jane Unsworth
How he could have over-estimated that situation quite so much is beyond me, Tyler had said. It’s enough to make you never get on a plane again. I looked to my side and saw a glass I’d somehow had the sense to fill and place there before I collapsed. I reached for it, gulped one twice three times. My gunky mouth made the liquid milky. Swallowing was an effort. I drank water like it was a job to do, an unpaid internship at my own inner (highly corrupt) Ministry of Health. Getting the whole pint down was hard work. As soon as the water was in me it wanted to come out. I ran along the thin hall to the bathroom, left tight-leg trailing. Slammed the door. The tiles were blissfully cool under my feet. Bathrooms were the best kind of room. You knew that whatever happened in there, you were going to be all right.
Getting By: Estates, Class and Culture in Austerity Britain by Lisa McKenzie
British Empire, call centre, credit crunch, delayed gratification, falling living standards, financial exclusion, full employment, income inequality, low skilled workers, moral panic, New Urbanism, The Bell Curve by Richard Herrnstein and Charles Murray, unpaid internship, urban renewal, working poor
And yet, as working-class Britain was expected to pay for a crisis caused by powerful elites, the voices of those punished by austerity were all but airbrushed from existence. No wonder: according to a government report published in August 2014, over half of the top 100 media professionals are privately educated, while the number of working-class MPs shrinks with every general election. The rise of unpaid internships and the weakening of trade unions and local government have helped turn the media and political worlds into closed shops for the privileged, ensuring that working-class voices are ever harder to come by. That’s why a book like this is so important: because it allows intentionally ignored people to speak on their own terms about their experiences and their lives. It is not simply that large swathes of Britain have been airbrushed out of existence, of course.
Move Fast and Break Things: How Facebook, Google, and Amazon Cornered Culture and Undermined Democracy by Jonathan Taplin
1960s counterculture, 3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American Legislative Exchange Council, Apple's 1984 Super Bowl advert, back-to-the-land, barriers to entry, basic income, battle of ideas, big data - Walmart - Pop Tarts, bitcoin, Brewster Kahle, Buckminster Fuller, Burning Man, Clayton Christensen, commoditize, creative destruction, crony capitalism, crowdsourcing, data is the new oil, David Brooks, David Graeber, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Dynabook, Edward Snowden, Elon Musk, equal pay for equal work, Erik Brynjolfsson, future of journalism, future of work, George Akerlof, George Gilder, Google bus, Hacker Ethic, Howard Rheingold, income inequality, informal economy, information asymmetry, information retrieval, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kickstarter, labor-force participation, life extension, Marc Andreessen, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Mother of all demos, move fast and break things, move fast and break things, natural language processing, Network effects, new economy, Norbert Wiener, offshore financial centre, packet switching, Paul Graham, Peter Thiel, Plutocrats, plutocrats, pre–internet, Ray Kurzweil, recommendation engine, rent-seeking, revision control, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, smart grid, Snapchat, software is eating the world, Steve Jobs, Stewart Brand, technoutopianism, The Chicago School, The Market for Lemons, Tim Cook: Apple, trade route, transfer pricing, trickle-down economics, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, We wanted flying cars, instead we got 140 characters, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator
In 1970 the University of California raised the tuition for in-state students to $150 a year. Today the in-state tuition is $13,500. The effect of the average student debt of $30,000 upon graduation is to increase the pressure to get a good job. As economist Joseph Stiglitz has written, “On average, many college graduates will search for months before they find a job—often only after having taken one or two unpaid internships. And they count themselves lucky, because they know that their poorer counterparts, some of whom did better in school, cannot afford to spend a year or two without income, and do not have the connections to get an internship in the first place.” And at least from the vantage point of a California college, getting a job seems to mean work in the technology sector. Back East, that probably means a job on Wall Street.
barriers to entry, corporate social responsibility, currency peg, Deng Xiaoping, disintermediation, full employment, illegal immigration, new economy, out of africa, price discrimination, unpaid internship, urban planning
One of the key challenges that new manufacturers faced was that importers preferred to work with suppliers that had experience. In this regard, Chinese manufacturers faced the same paradox as college graduates. Experience was needed to land a good job, but without a prior job there was no experience to be had. The factory agreed to produce merchandise at close to cost in order to prove its expertise. For the manufacturer, Johnson Carter’s account was the equivalent of an unpaid internship. Once the factory learned how to make a product line that was up to export standards, the factory owners could convince other importers to take a chance with them. King Chemical’s showroom was filled with examples of products that the factory had made for Johnson Carter. Along a single wall in the showroom, Johnson Carter’s modest product line appeared rather impressive, especially to those importers who came from the second market.
More Joel on Software by Joel Spolsky
a long time ago in a galaxy far, far away, barriers to entry, Black Swan, Build a better mousetrap, business process, call centre, Danny Hillis, David Heinemeier Hansson, failed state, Firefox, fixed income, George Gilder, Larry Wall, low cost carrier, Mars Rover, Network effects, Paul Graham, performance metric, place-making, price discrimination, prisoner's dilemma, Ray Oldenburg, Ruby on Rails, Sand Hill Road, Silicon Valley, slashdot, social software, Steve Ballmer, Steve Jobs, Superbowl ad, The Great Good Place, type inference, unpaid internship, wage slave, web application, Y Combinator
Sometimes they want to leave their options open, but the outstanding offer from Fog Creek ensures that the first time they have to wake up at 8:00 a.m. and put on a suit for an interview with Oracle, when the alarm goes off, there’s a good chance that they’ll say “Why the heck am I getting up at 8:00 a.m. and putting on a suit for an interview with Oracle when I already have an excellent job waiting for me at Fog Creek?” And, my hope is, they won’t even bother going to that interview. By the way, before I move on, I need to clarify something about internships in computer science and software development. In this day and age, in this country, it is totally expected that these are paid internships, and the salaries are usually pretty competitive. Although unpaid internships are common in other fields from publishing to music, we pay $750 a week, plus free housing, plus free lunch, plus free subway passes, not to mention relocation expenses and all the benefits. The dollar amount is a little bit lower than average, but it includes the free housing, so it works out being a little bit better than average. I thought I’d mention that because every time I’ve talked about internships on my website somebody inevitably gets confused and thinks I’m taking advantage of slave labor or something.
The Democracy Project: A History, a Crisis, a Movement by David Graeber
Bretton Woods, British Empire, corporate personhood, David Graeber, deindustrialization, dumpster diving, East Village, feminist movement, financial innovation, George Gilder, John Markoff, Lao Tzu, late fees, Occupy movement, payday loans, planetary scale, Plutocrats, plutocrats, Ralph Nader, reserve currency, Ronald Reagan, seigniorage, too big to fail, trickle-down economics, unpaid internship, We are the 99%, working poor
Most obviously, if you wish to pursue a career that isn’t simply for the money—a career in the arts, in politics, social welfare, journalism, that is, a life dedicated to pursuing some value other than money, whether that be the pursuit of truth, beauty, charity—for the first year or two, your employers will simply refuse to pay you. As I myself discovered on graduating college, an impenetrable bastion of unpaid internships places any such careers permanently outside the reach of anyone who can’t fund several years’ free residence in a city like New York or San Francisco—which, most obviously, immediately eliminates any child of the working class. What this means in practice is that not only do the children of this (increasingly in-marrying, exclusive) class of sophisticates see most working-class Americans as so many knuckle-dragging cavemen, which is infuriating enough, but that they have developed a clever system to monopolize, for their own children, all lines of work where one can both earn a decent living and also pursue something selfless or noble.
Most Likely to Succeed: Preparing Our Kids for the Innovation Era by Tony Wagner, Ted Dintersmith
affirmative action, Airbnb, Albert Einstein, Bernie Sanders, Clayton Christensen, creative destruction, David Brooks, en.wikipedia.org, Frederick Winslow Taylor, future of work, immigration reform, income inequality, index card, Jeff Bezos, jimmy wales, Khan Academy, Kickstarter, knowledge economy, knowledge worker, low skilled workers, Lyft, Mark Zuckerberg, means of production, new economy, pattern recognition, Paul Graham, Peter Thiel, Ponzi scheme, pre–internet, school choice, Silicon Valley, Skype, Steven Pinker, TaskRabbit, the scientific method, unpaid internship, Y Combinator
Despite his efforts, though, finding even an entry-level position proved to be incredibly difficult. Two of the top talent agencies had just merged and there was an abundance of talented people with years of experience looking for work. He considered going back to school in order to postpone the job hunt for a few more years, but his parents wouldn’t pay for it. Not wanting to take out loans, Jacob accepted an unpaid internship and moved back home. After nine months of internships, during which time his parents generously supported him, Jacob finally got a break, even if it was not the one he had been waiting for: He took a job delivering mail at a talent agency for $7 an hour. The college degree, which had once seemed like the key to his success, was beginning to seem more like a joke. Five years out of college, Jacob has worked his way up from the mailroom and is now a successful talent manager in Los Angeles.
Unequal Britain: Equalities in Britain Since 1945 by Pat Thane
Ayatollah Khomeini, British Empire, call centre, collective bargaining, equal pay for equal work, full employment, gender pay gap, mass immigration, moral panic, Neil Kinnock, old-boy network, pensions crisis, sexual politics, Stephen Hawking, unpaid internship, women in the workforce
The growth of commercially successful ethnic minority media in the 1980s and 1990s may have been a factor in the increasing ability of minority communities to influence the language used to describe them. Publications like The Voice and Asian Age have also provided ethnic minority journalists with a route into the mainstream media, although research suggests that ‘low-level racism’ still pervades the culture of the newsroom.33 A heavy reliance on unpaid internships and personal contacts as ways into the media tends to exclude those who are outside the ‘old boys’ network’ and those with fewer financial resources. Television has a better record than newspapers, with the success of pioneers such as Trevor MacDonald and Moira Stewart in the 1970s, replicated by Krishnan Guru-Murthy and Zeinab Badawi since the 1990s, although minority ethnic groups remain under-represented in the mainstream media.
The Precariat: The New Dangerous Class by Guy Standing
8-hour work day, banking crisis, barriers to entry, basic income, Bertrand Russell: In Praise of Idleness, call centre, Cass Sunstein, centre right, collective bargaining, corporate governance, crony capitalism, deindustrialization, deskilling, fear of failure, full employment, hiring and firing, Honoré de Balzac, housing crisis, illegal immigration, immigration reform, income inequality, labour market flexibility, labour mobility, land reform, libertarian paternalism, low skilled workers, lump of labour, marginal employment, Mark Zuckerberg, mass immigration, means of production, mini-job, moral hazard, Naomi Klein, nudge unit, old age dependency ratio, pensions crisis, placebo effect, post-industrial society, precariat, presumed consent, quantitative easing, remote working, rent-seeking, Richard Thaler, rising living standards, Ronald Coase, Ronald Reagan, science of happiness, shareholder value, Silicon Valley, The Market for Lemons, The Nature of the Firm, The Spirit Level, Tobin tax, transaction costs, universal basic income, unpaid internship, winner-take-all economy, working poor, working-age population, young professional
Mouer, R. and Kawanishi, H. (2005), A Sociology of Work in Japan, Cambridge, UK: Cambridge University Press. Nairn, G. (2009), ‘Telework Cuts Office Costs’, FT Report - Digital Business, 12 March, p. 4. National Equality Panel (2010), An Anatomy of Economic Inequality in the UK: Report of the National Equality Panel, London: Centre for Analysis of Social Exclusion and the Government Equalities Office. Needleman, S. (2009), ‘Starting Fresh with an Unpaid Internship’, Wall Street Journal, 16 July, p. D1. Nink, M. (2009), ‘It’s Always about the Boss’, Gallup Management Journal, 25 November. Obinger, J. (2009), ‘Working on the Margins: Japan’s Precariat and Working Poor’, Electronic Journal of Contemporary Japanese Studies, 25 February. OECD (2010a), International Migration Outlook 2010, Paris: OECD. OECD (2010b), A Profile of Immigrant Populations in the 21st Century: Data from OECD Countries, Paris: OECD.
Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity by Douglas Rushkoff
3D printing, activist fund / activist shareholder / activist investor, Airbnb, algorithmic trading, Amazon Mechanical Turk, Andrew Keen, bank run, banking crisis, barriers to entry, bitcoin, blockchain, Burning Man, business process, buy low sell high, California gold rush, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, centralized clearinghouse, citizen journalism, clean water, cloud computing, collaborative economy, collective bargaining, colonial exploitation, Community Supported Agriculture, corporate personhood, corporate raider, creative destruction, crowdsourcing, cryptocurrency, disintermediation, diversified portfolio, Elon Musk, Erik Brynjolfsson, ethereum blockchain, fiat currency, Firefox, Flash crash, full employment, future of work, gig economy, Gini coefficient, global supply chain, global village, Google bus, Howard Rheingold, IBM and the Holocaust, impulse control, income inequality, index fund, iterative process, Jaron Lanier, Jeff Bezos, jimmy wales, job automation, Joseph Schumpeter, Kickstarter, loss aversion, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, market fundamentalism, Marshall McLuhan, means of production, medical bankruptcy, minimum viable product, Naomi Klein, Network effects, new economy, Norbert Wiener, Oculus Rift, passive investing, payday loans, peer-to-peer lending, Peter Thiel, post-industrial society, profit motive, quantitative easing, race to the bottom, recommendation engine, reserve currency, RFID, Richard Stallman, ride hailing / ride sharing, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Snapchat, social graph, software patent, Steve Jobs, TaskRabbit, The Future of Employment, trade route, transportation-network company, Turing test, Uber and Lyft, Uber for X, unpaid internship, Y Combinator, young professional, zero-sum game, Zipcar
Leftists use the same figures to show that corporate capitalism has reached its endpoint: investors make money in the stock market while real people earn less income, if they can find jobs at all. The seemingly endless “jobless recovery” makes no sense at all, particularly at a time when many of us are working longer hours as overextended freelancers or the nominally unemployed than we did when we had real jobs. It’s hard to imagine how this all looks to young people just graduating college, who now chase unpaid internships with more energy than those in previous generations sought paying work. But what if joblessness were less of a bug than a feature of the new digital economy? We may, in fact, be reaching a stage of technological efficiency once imagined only by science-fiction writers and early cyberneticists: an era when robots really can till the fields, build our houses, pave our roads, and drive our cars.
The Age of Stagnation by Satyajit Das
9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Albert Einstein, Alfred Russel Wallace, Anton Chekhov, Asian financial crisis, banking crisis, Berlin Wall, bitcoin, Bretton Woods, BRICs, British Empire, business process, business process outsourcing, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Clayton Christensen, cloud computing, collaborative economy, colonial exploitation, computer age, creative destruction, cryptocurrency, currency manipulation / currency intervention, David Ricardo: comparative advantage, declining real wages, Deng Xiaoping, deskilling, disintermediation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, happiness index / gross national happiness, Honoré de Balzac, hydraulic fracturing, Hyman Minsky, illegal immigration, income inequality, income per capita, indoor plumbing, informal economy, Innovator's Dilemma, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, John Maynard Keynes: technological unemployment, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, labour mobility, light touch regulation, liquidity trap, Long Term Capital Management, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, Mikhail Gorbachev, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, passive income, peak oil, peer-to-peer lending, pension reform, Plutocrats, plutocrats, Ponzi scheme, Potemkin village, precariat, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, Ralph Nader, Rana Plaza, rent control, rent-seeking, reserve currency, ride hailing / ride sharing, rising living standards, risk/return, Robert Gordon, Ronald Reagan, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, TaskRabbit, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, the payments system, The Spirit Level, Thorstein Veblen, Tim Cook: Apple, too big to fail, total factor productivity, trade route, transaction costs, unpaid internship, Unsafe at Any Speed, Upton Sinclair, Washington Consensus, We are the 99%, WikiLeaks, Y2K, Yom Kippur War, zero-coupon bond, zero-sum game
The balance for doctors, engineers, lawyers, and business graduates is much higher. Overall, US student loan balances are more than US$1.1 trillion, having almost quadrupled since 2003. This compares to increases of 65 percent in mortgage debt (to over US$8 trillion) and a decline in credit card debt of around 4 percent (to US$660 billion) over the same period. Even with qualifications, there may be no jobs. Paid apprenticeships and training have been replaced by unpaid internships to gain work experience. The employment-to-population ratios for 25–34-year-olds globally has declined more than for older workers. Youth unemployment is high throughout the world, with levels of up to 60 percent in some developed countries. Young workers face increased competition from older workers, who are deferring retirement or reentering the workforce because of inadequate retirement savings and low returns on investments.
Andrei Shleifer, asset-backed security, bank run, banking crisis, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, capital controls, carbon footprint, Carmen Reinhart, Cass Sunstein, centre right, choice architecture, cloud computing, collective bargaining, conceptual framework, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, debt deflation, decarbonisation, Deng Xiaoping, discovery of DNA, discovery of the americas, discrete time, diversification, double helix, Edward Glaeser, financial deregulation, financial innovation, financial intermediation, first-past-the-post, floating exchange rates, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Akerlof, Gini coefficient, global supply chain, Growth in a Time of Debt, Hyman Minsky, I think there is a world market for maybe five computers, income inequality, inflation targeting, interest rate swap, invisible hand, Isaac Newton, James Dyson, James Watt: steam engine, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, liberal capitalism, light touch regulation, Long Term Capital Management, Louis Pasteur, low-wage service sector, mandelbrot fractal, margin call, market fundamentalism, Martin Wolf, mass immigration, means of production, Mikhail Gorbachev, millennium bug, money market fund, moral hazard, moral panic, mortgage debt, Myron Scholes, Neil Kinnock, new economy, Northern Rock, offshore financial centre, open economy, Plutocrats, plutocrats, price discrimination, private sector deleveraging, purchasing power parity, quantitative easing, race to the bottom, railway mania, random walk, rent-seeking, reserve currency, Richard Thaler, Right to Buy, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, Rory Sutherland, Satyajit Das, shareholder value, short selling, Silicon Valley, Skype, South Sea Bubble, Steve Jobs, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, unpaid internship, value at risk, Vilfredo Pareto, Washington Consensus, wealth creators, working poor, zero-sum game, éminence grise
Perhaps most importantly, assets allow the holder to take risks, to be entrepreneurial with their life and business. Few entrepreneurs get it right first time: for instance, Henry Ford’s first company, the Detroit Automobile Company, went bust; as did Henry John Heinz’s. But both had the assets to relaunch and succeed the second time.55 The big, expensive, one-off jumps that people have to make – especially early in their lives – in terms of acquiring education or building a portfolio of unpaid internships to secure their first job are more feasible if they are underwritten by assets. Assets therefore provide ways out of Lynsey Hanley’s concrete people-lockers. This was the inspiration for New Labour’s child trust fund – whose almost gleeful abolition was one of the coalition government’s most unthinking acts. Fairer asset distribution would have enormously beneficial effects. But Conservatives are anxious not to redistribute assets from rich to poor via inheritance and wealth taxes because, in their view, it is the rich’s due desert that they enjoy unqualified rights over their own property: building up assets to give them to one’s children is a powerful incentive and a natural right.
Why We Can't Afford the Rich by Andrew Sayer
accounting loophole / creative accounting, Albert Einstein, asset-backed security, banking crisis, banks create money, basic income, Bretton Woods, British Empire, call centre, capital controls, carbon footprint, collective bargaining, corporate raider, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, declining real wages, deglobalization, deindustrialization, delayed gratification, demand response, don't be evil, Double Irish / Dutch Sandwich, en.wikipedia.org, Etonian, financial innovation, financial intermediation, Fractional reserve banking, full employment, G4S, Goldman Sachs: Vampire Squid, high net worth, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, James Dyson, job automation, Julian Assange, labour market flexibility, laissez-faire capitalism, land value tax, low skilled workers, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, means of production, moral hazard, mortgage debt, negative equity, neoliberal agenda, new economy, New Urbanism, Northern Rock, Occupy movement, offshore financial centre, oil shale / tar sands, patent troll, payday loans, Philip Mirowski, Plutocrats, plutocrats, popular capitalism, predatory finance, price stability, pushing on a string, quantitative easing, race to the bottom, rent-seeking, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, Steve Jobs, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, trickle-down economics, universal basic income, unpaid internship, upwardly mobile, Washington Consensus, wealth creators, Winter of Discontent, working poor, Yom Kippur War, zero-sum game
You don’t have to accept Marx’s theory of value to recognise that the systematic generation of profit depends on the production of a surplus. For capitalists, it’s what this fetches in money when it’s sold that matters. 87 Marx, K. (1996)  Capital, vol I, ch 13, London: Lawrence and Wishart, pp 448–9. 88 Marx, K. (1998)  Capital, vol III, ch 23, London: Lawrence and Wishart, p 545. 89 Though in several professional occupations, unpaid internships are becoming a precondition of subsequent employment. 90 As in the case of Apple, highly profitable companies may decide they do not need to pay dividends; their shareholders are nevertheless happy as long as the value of their shares is increasing. Arthur, C. (2012) ‘One year on, Apple after Jobs has a new, more ethical flavour’, Guardian, 5 October. 91 The secondary market in shares is generally defended as necessary for encouraging people to buy shares in the primary or initial public offering market; ‘investors’ will be more confident about buying new shares if they know they may be able to profit from a rise in their market price, or offload them if they are dissatisfied with their returns.
Pedigree: How Elite Students Get Elite Jobs by Lauren A. Rivera
affirmative action, availability heuristic, barriers to entry, Donald Trump, fundamental attribution error, glass ceiling, income inequality, job satisfaction, knowledge economy, meta analysis, meta-analysis, new economy, performance metric, profit maximization, profit motive, school choice, Silicon Valley, Silicon Valley startup, The Wisdom of Crowds, unpaid internship, women in the workforce, young professional
Others had difficulty obtaining the extensive documentation required for financial aid applications.26 By contrast, students from affluent families in Radford’s study made their college choices based on noneconomic factors, such as academic or extracurricular offerings, or feelings of personal “fit” with a university or its student body.27 Once on campus, parental financial support can help offset the cost of children’s college tuition and living expenses. Freed from the need for paid employment, students from well-off families can concentrate on academic and social activities and accept unpaid internships, all of which can facilitate college success, valuable social connections, and future employment opportunities.28 Those who have to work part- or full-time to pay tuition bills or to send money to family members do not have this luxury. To summarize, parents with more economic capital can more easily help their children receive better-quality schooling, cultivate the types of academic and extracurricular profiles desired by selective college admissions offices, and participate fully in the life of the college they attend.
Terms of Service: Social Media and the Price of Constant Connection by Jacob Silverman
23andMe, 4chan, A Declaration of the Independence of Cyberspace, Airbnb, airport security, Amazon Mechanical Turk, augmented reality, basic income, Brian Krebs, California gold rush, call centre, cloud computing, cognitive dissonance, commoditize, correlation does not imply causation, Credit Default Swap, crowdsourcing, don't be evil, drone strike, Edward Snowden, feminist movement, Filter Bubble, Firefox, Flash crash, game design, global village, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, information retrieval, Internet of things, Jaron Lanier, jimmy wales, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, late capitalism, license plate recognition, life extension, lifelogging, Lyft, Mark Zuckerberg, Mars Rover, Marshall McLuhan, mass incarceration, meta analysis, meta-analysis, Minecraft, move fast and break things, move fast and break things, national security letter, Network effects, new economy, Nicholas Carr, Occupy movement, optical character recognition, payday loans, Peter Thiel, postindustrial economy, prediction markets, pre–internet, price discrimination, price stability, profit motive, quantitative hedge fund, race to the bottom, Ray Kurzweil, recommendation engine, rent control, RFID, ride hailing / ride sharing, self-driving car, sentiment analysis, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, Snapchat, social graph, social web, sorting algorithm, Steve Ballmer, Steve Jobs, Steven Levy, TaskRabbit, technoutopianism, telemarketer, transportation-network company, Turing test, Uber and Lyft, Uber for X, universal basic income, unpaid internship, women in the workforce, Y Combinator, Zipcar
The company promised exposure—the consistent refrain now offered to creative types, as if by constantly deferring compensation they can somehow, someday land a big payday, or perhaps just a job. When this might be, no one can quite say, but it’s similar to the philosophy that social media’s exercises in self-branding and self-promotion will eventually pay off for enterprising users. (Many white-collar workers, especially recent college graduates, know another form of this treatment: unpaid internships, which cater to those who can afford to work for free.) For years, AOL relied on its Community Leader Program, comprising thousands of remote volunteers charged with moderating message boards and chat rooms, enforcing the terms of service, serving as chat room hosts, or writing content. The staffers were unpaid but received modest discounts on their AOL memberships. The program, at its most expansive, involved 30,000 community leaders who saved the company an estimated $7 million per month.
The Innovation Illusion: How So Little Is Created by So Many Working So Hard by Fredrik Erixon, Bjorn Weigel
Airbnb, Albert Einstein, asset allocation, autonomous vehicles, barriers to entry, Basel III, Bernie Madoff, bitcoin, Black Swan, blockchain, BRICs, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, Clayton Christensen, Colonization of Mars, commoditize, corporate governance, corporate social responsibility, creative destruction, crony capitalism, dark matter, David Graeber, David Ricardo: comparative advantage, discounted cash flows, distributed ledger, Donald Trump, Elon Musk, Erik Brynjolfsson, fear of failure, first square of the chessboard / second half of the chessboard, Francis Fukuyama: the end of history, George Gilder, global supply chain, global value chain, Google Glasses, Google X / Alphabet X, Gordon Gekko, high net worth, hiring and firing, Hyman Minsky, income inequality, income per capita, index fund, industrial robot, Internet of things, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, Just-in-time delivery, Kevin Kelly, knowledge economy, labour market flexibility, laissez-faire capitalism, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market design, Martin Wolf, mass affluent, means of production, Mont Pelerin Society, Network effects, new economy, offshore financial centre, pensions crisis, Peter Thiel, Potemkin village, price mechanism, principal–agent problem, Productivity paradox, QWERTY keyboard, RAND corporation, Ray Kurzweil, rent-seeking, risk tolerance, risk/return, Robert Gordon, Ronald Coase, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, Silicon Valley, Silicon Valley startup, Skype, sovereign wealth fund, Steve Ballmer, Steve Jobs, Steve Wozniak, technological singularity, telemarketer, The Chicago School, The Future of Employment, The Nature of the Firm, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, transaction costs, transportation-network company, tulip mania, Tyler Cowen: Great Stagnation, University of East Anglia, unpaid internship, Vanguard fund, Yogi Berra
In countries such as Germany, the United Kingdom and the United States, according to a YouGov poll, the dominant opinion is that the next generation is less likely to be richer, safer, or healthier than the last.23 In Western families, bambinos all too often stay bambinos, and then become what Italians call bamboccioni (big babies), as they cannot afford to leave the nest. For millennials, the job market has become increasingly difficult to navigate with many having to jump from one low-paid job to the next whilst others can only find poorly paid or unpaid internships. Those who begin their careers out of work are more likely to face lower wages over the course of their working lives along with bouts of unemployment. The future looks bleak. But it is not just the young who feel trapped. Job creation and destruction have been on a slowing trend for decades, and those unhappy at work have greater problems in finding a new job. Inside organizations the bureaucratic mindset will continue to spread and increasingly define their ethos.