‘About’ Isn’t About You

Imagine you told people:

  1. What looks like the sky above is actually the roof of a cave, and trees hold it up.
  2. The food we eat doesn’t give us nutrition; we get nutrition by rubbing rocks.
  3. The reason we wear clothes isn’t for modesty or protection from weather, but instead to keep cave frogs from jumping on our skin.

Imagine that you offered plausible evidence for these claims. But imagine further that people mostly took your claims as personal accusations, and responded defensively:

“Don’t look at me. I’ve always been a big supporter of trees, I’ve always warned against the dangers of frogs, and I make sure to rub rocks regularly.”

Other than being defensive, however, people showed little interest in these revelations. How would that make you feel?

That is how I feel about typical responses to my saying politics isn’t about policy, medicine isn’t about health, charity isn’t about helping, etc. People usually focus on proving that even if I’m right about others, they are the rare exceptions. They offer specific evidence on their personal behavior to prove that for them politics is about policy, medicine is about health, charity is about helping, etc. But aside from that, they show little interest in what such hypotheses might imply about the world in which they live. (They are, however, often eager to point out that I may have illicit motivations for pointing all this out.)

To which I respond: really, “X is not about Y” is not about you. Yes, your forager ancestors were hyper-sensitive to being singled out by public accusations of norm violations, and in fact much of our reasoning and story abilities may have evolved to help us defend against such accusations, and to make such accusations against others. So yes your instincts naturally push you to react this way.

But I’m talking about ways that we all violate the norms to which we all give lip service. I’m not trying to shame some of us, or even all of us, into trying harder to live up to our professed ideals. I’m focused first and foremost on making sense of our world. If I really believed that the sky might really be the roof of a cave held up by trees, or that we wear clothes to protect against frogs, I wouldn’t focus first on making sure that I was very publicly pro-tree and anti-frog; I’d instead ask what else I must rethink, given such revelations.

Once we better understand the basics of what we are doing in areas like policy, medicine, charity, etc. then we might start to ask if we should be doing more or less of those things, and if invoking norms, and shaming norm violators, will help or hurt on net. But first someone needs to figure out the basics of what we are doing in these areas of life. I implore some of you to join me in this noble quest.

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Party in the Street

Michael Heaney and Fabio Rojas’s new book Party in the Street: The Antiwar Movement and the Democratic Party after 9/11 tries to explain the puzzle of antiwar protests falling greatly after the election of Obama, who mostly continued previous war policies:

In examining war policy positions taken by candidates in the 2004 and 2008 [US presidential] elections, we find that Democratic politicians articulated more fervent antiwar positions than did politicians within the Republican Party, even though there were varying positions among politicians in both parties. Exit poll data reveal that politicians in the Democratic Party benefited during electoral contests from the support of antiwar constituencies. However, when we look at the evolution of actual war policies from the Bush to the Obama administrations, we find more continuity than change. The Obama administration shifted emphasis from Iraq to Afghanistan, but these shifts were still only a slight redirection of the trajectory set forth by the Bush administration. Given Obama’s continuation of many of Bush’s policies, we would have expected the antiwar movement to react with steady or increased levels of protests. Yet, antiwar protests declined during Obama’s presidency, even in the presence of policies that continued war. We argue that, in order to explain this pattern, a new perspective is needed on the relationship between parties and movements. (p.8)

On the surface, this looks like simple hypocrisy: Democratic party elites exploiting false voter beliefs that Democrats are more anti-war than Republicans. Heaney and Rojas are clear that this belief is false:

Our focus is not on why the antiwar movement failed to prevent – or to end – the wars in Iraq and Afghanistan. We think that the answer to this question is similarly evident: Barriers to policy success for the antiwar movement may have been insurmountable from the start. In general, antiwar movements tend to be less successful in achieving their policy goals than other social movements because they challenge the security interests of state actors and, thus, receive relatively little facilitation from the state. As a result, antiwar movements rarely prevent nations from going to war. (p.7)

But Heaney and Rojas do not phrase their explanation in the language of hypocrisy. They talk instead of identity:

Political actors embrace multiple identities during their participation in politics. When these identities overlap, they have the potential both to amplify party-movement cooperation (when they reinforce one another) and to undercut party-movement cooperation (when they conflict with one another). Thus, the interplay of multiple identities helps to provide an explanation for the dynamics of the party in the street. Drawing upon scholarship in the intersectionality tradition, we hypothesize that partisan identities often trump movement identities during periods of conflict, a tendency that may lead to important identity shifts among mobilized actors. …

Antiwar activists with identities linked to the Democratic Party tended to depart from the antiwar movement earlier than did activists without Democratic identities. Further, … although Democratic Party members generally held an antiwar point of view, their mobilization for the antiwar cause usually assumed a lower priority than mobilization on many other issues, such as health care. … We reach these conclusions after controlling for alternative explanations for individuals’ behavior, such as the possibility that differences in ideology may account for activists’ opposition to war under all circumstances, as opposed to under specific conditions. (p.9)

While this is all plausible, it seems to me rather evasive on the source of the key “reinforcement” and “conflict”. The authors don’t directly say why being anti-war and Democrat reinforce each other with a Republican president, yet are in conflict with Democrat president. Yet if Democrats were actually much more anti-war than Republicans, why is there a conflict between being anti-war and Democrat with a Democrat president? And if voters thought Republicans were no more pro-war than Democrats, why is anti-war reinforced with a Republican president?

When we identify with a party, we tend to be willing to believe its idealistic descriptions of itself, even in the face of consistent and strong evidence to the contrary. We like to think we pick a party because we agree with its positions, but in fact we often change our positions when our party changes its positions, to stay loyal:

At least some members of the mass electorate switch their issue preferences to align with their partisan identification, even when that issue is highly salient to them. … “The fact that partisanship leads to changes in attitudes on issues like abortion, government provision of services, and government help for blacks for many citizens clearly runs counter to the idea that party identification is largely a summary of other evaluations.” …

What does a politician do when she or he is left behind by the party on a key issue? … Politicians are much more likely to deliberately adjust their issue positions to the party’s new stand. … Politicians who elect to leave the group … are met with great scorn by their former colleagues. (pp.77-79)

Added 8p: If they had framed their story more in terms of hypocrisy, they might have asked which media or interest groups tried to tell antiwar protesters the truth before Obama was elected, what reception they received, and why did other big media chose not to tell.

Added 9a: More evidence here that voters change positions in response to changes in which politicians are in power.

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Firms Now 5/6 Dark Matter!

Scott Sumner:

We all know that the capital-intensive businesses of yesteryear like GM and US steel are an increasingly small share of the US economy. But until I saw this post by Justin Fox I had no idea how dramatic the transformation had been since 1975:

intangibles

Wow. I had no idea as well. As someone who teaches graduate industrial organization, I can tell you this is HUGE. And I’ve been pondering it for the week since Scott posted the above.

Let me restate the key fact. The S&P 500 are five hundred big public firms listed on US exchanges. Imagine that you wanted to create a new firm to compete with one of these big established firms. So you wanted to duplicate that firm’s products, employees, buildings, machines, land, trucks, etc. You’d hire away some key employees and copy their business process, at least as much as you could see and were legally allowed to copy.

Forty years ago the cost to copy such a firm was about 5/6 of the total stock price of that firm. So 1/6 of that stock price represented the value of things you couldn’t easily copy, like patents, customer goodwill, employee goodwill, regulator favoritism, and hard to see features of company methods and culture. Today it costs only 1/6 of the stock price to copy all a firm’s visible items and features that you can legally copy. So today the other 5/6 of the stock price represents the value of all those things you can’t copy.

So in forty years we’ve gone from a world where it was easy to see most of what made the biggest public firms valuable, to a world where most of that value is invisible. From 1/6 dark matter to 5/6 dark matter. What can possibly have changed so much in less than four decades? Some possibilities:

Error – Anytime you focus on the most surprising number you’ve seen in a long time, you gotta wonder if you’ve selected for an error. Maybe they’ve really screwed up this calculation.

Selection – Maybe big firms used to own factories, trucks etc., but now they hire smaller and foreign firms that own those things. So if we looked at all the firms we’d see a much smaller change in intangibles. One check: over half of Wilshire 5000 firm value is also intangible.

Methods – Maybe firms previously used simple generic methods that were easy for outsiders to copy, but today firms are full of specialized methods and culture that outsiders can’t copy because insiders don’t even see or understand them very well. Maybe, but forty years ago firm methods sure seemed plenty varied and complex.

Innovation – Maybe firms are today far more innovative, with products and services that embody more special local insights, and that change faster, preventing others from profiting by copying. But this should increase growth rates, which we don’t see. And product cycles don’t seem to be faster. Total US R&D spending hasn’t changed much as a GDP fraction, though private spending is up by less than a factor of two, and public spending is down.

Patents – Maybe innovation isn’t up, but patent law now favors patent holders more, helping incumbents to better keep out competitors. Patents granted per year in US have risen from 77K in 1975 to 326K in 2014. But Patent law isn’t obviously so much more favorable. Some even say it has weakened a lot in the last fifteen years.

Regulation – Maybe regulation favoring incumbents is far stronger today. But 1975 wasn’t exact a low regulation nirvana. Could regulation really have changed so much?

Employees – Maybe employees used to jump easily from firm to firm, but are now stuck at firms because of health benefits, etc. So firms gain from being able to pay stuck employees due to less competition for them. But in fact average and median employee tenure is down since 1975.

Advertising – Maybe more ads have created more customer loyalty. But ad spending hasn’t changed much as fraction of GDP. Could ads really be that much more effective? And if they were, wouldn’t firms be spending more on them?

Brands – Maybe when we are richer we care more about the identity that products project, and so are willing to pay more for brands with favorable images. And maybe it takes a long time to make a new favorable brand image. But does it really take that long? And brand loyalty seems to actually be down.

Monopoly – Maybe product variety has increased so much that firm products are worse substitutes, giving firms more market power. But I’m not aware that any standard measures of market concentration (such as HHI) have increased a lot over this period.

Alas, I don’t see a clear answer here. The effect that we are trying to explain is so big that we’ll need a huge cause to drive it. Yes it might have several causes, but each will then have to be big. So something really big is going on. And whatever it is, it is big enough to drive many other trends that people have been puzzling over.

Added 5p: This graph gives the figure for every year from ’73 to ’07.

Added 8p: This post shows debt/equity of S&P500 firms increasing from ~28% to ~42% from ’75 to ’15 . This can explain only a small part of the increase in intangible assets. Adding debt to tangibles in the numerator and denominator gives intangibles going from 13% in ’75 to 59% in ’15.

Added 8a 6Apr: Tyler Cowen emphasizes that accountants underestimate the market value of ordinary capital like equipment, but he neither gives (nor points to) an estimate of the typical size of that effect.

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Disciplines As Contrarian Correlators

I’m often interested in subjects that fall between disciplines, or more accurately that intersect multiple disciplines. I’ve noticed that it tends to be harder to persuade people of claims in these areas, even when one is similarly conservative in basing arguments on standard accepted claims from relevant fields.

One explanation is that people realize that they can’t gain as much prestige from thinking about claims outside their main discipline, so they just don’t bother to think much about such claims. Instead they default to rejecting claims if they see any reason whatsoever to doubt them.

Another explanation is that people in field X more often accept the standard claims from field X than they accept the standard claims from any other field Y. And the further away in disciplinary space is Y, or the further down in the academic status hierarchy is Y, the less likely they are to accept a standard Y claim. So an argument based on claims from both X and Y is less likely to be accepted by X folks than a claim based only on claims from X.

A third explanation is that people in field X tend to learn and believe a newspaper version of field Y that differs from the expert version of field Y. So X folks tend to reject claims that are based on expert versions of Y claims, since they instead believe the differing newspaper versions. Thus a claim based on expert versions of both X and Y claims will be rejected by both X and Y folks.

These explanations all have a place. But a fourth explanation just occurred to me. Imagine that smart people who are interested in many topics tend to be contrarian. If they hear a standard claim of any sort, perhaps 1/8 to 1/3 of the time they will think of a reason why that claim might not be true, and decide to disagree with this standard claim.

So far, this contrarianism is a barrier to getting people to accept any claims based on more than a handful of other claims. If you present an argument based on five claims, and your audience tends to randomly reject more than one fifth of claims, then most of your audience will reject your claim. But let’s add one more element: correlations within disciplines.

Assume that the process of educating someone to become a member of discipline X tends to induce a correlation in contrarian tendencies. Instead of independently accepting or rejecting the claims that they hear, they see claims in their discipline X as coming in packages to be accepted or rejected together. Some of them reject those packages and leave X for other places. But the ones who haven’t rejected them accept them as packages, and so are open to arguments that depend on many parts of those packages.

If people who learn area X accept X claims as packages, but evaluate Y claims individually, then they will be less willing to accept claims based on many Y claims. To a lesser extent, they also reject claims based on some Y claims and some X claims.

Note that none of these explanations suggest that these claims are actually false more often; they are just rejected more.

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Open Thread

This is the place to discuss related topics that have not appeared in recent posts. And of course crazy sounding claims that are especially appreciated on this particular day of the year.

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Oxford To Publish The Age Of Em

Eighteen months ago I asked here for readers to criticize my Em Econ book draft, then 62K words. (137 of you sent comments – thanks!) Today I announce that Oxford University Press will publish its descendant (now 212K words) in Spring 2016. Tentative title, summary, outline:

The Age Of Em: Envisioning Brain Emulation Societies

Author Robin Hanson takes an oft-mentioned disruptive future tech, brain emulations, and expertly analyzes its social consequences in unprecedented breadth and detail. His book is intended to prove: we can foresee our social future, not just by projecting trends, but also by analyzing the detailed social consequences of particular disruptive future technologies.

I. Basics
1. Start: Contents, Preface, Introduction, Summary
2. Modes: Precedents, Factors, Dreamtime, Limits
3. Mechanics: Emulations, Opacity, Hardware, Security
II. Physics
4. Scales: Time, Space, Reversing
5. Infrastructure: Climate, Cooling, Buildings
6. Existence: Virtuality, Views, Fakery, Copying, Darkness
7. Farewells: Fragility, Retirement, Death
III. Economics
8. Labor: Wages, Selection, Enough
9. Efficiency: Competition, Eliteness, Spurs, Power
10. Business: Institutions, Growth, Finance, Manufacturing
11. Lifecycle: Careers, Age, Preparation, Training
IV. Organization
12. Clumping: Cities, Speeds, Transport
13. Extremes: Software, Inequality, War
14. Groups: Clans, Nepotism, Firms, Teams
15. Conflict: Governance, Law, Innovation
V. Sociology
16. Connection: Mating, Signaling, Identity, Ritual
17. Collaboration: Conversation, Synchronization, Coalitions
18. Society: Profanity, Divisions, Culture, Stories
19. Minds: Humans, Unhumans, Intelligence, Psychology
VI. Implications
20. Variations: Trends, Alternatives, Transition, Aliens
21. Choices: Evaluation, Policy, Charity, Success
22. Finale: Critics, Conclusion, References, Thanks
23. Appendix: Motivation, Method, Biases

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Advice Shows Status

When we give and seek advice, we think and talk as if we mainly just want to exchange useful information on the topic at hand. But seeking someone’s advice shows them respect, especially if that advice is followed. And in fact, a lot of our advice giving and taking behavior can be better understand in such status terms:

When making decisions together, we tend to give everyone an equal chance to voice their opinion. To make the best decisions, however, each opinion must be scaled according to its reliability. Using behavioral experiments and computational modelling, we tested (in Denmark, Iran, and China) the extent to which people follow this latter, normative strategy. We found that people show a strong equality bias: they weight each other’s opinion equally regardless of differences in their reliability, even when this strategy was at odds with explicit feedback or monetary incentives. (more)

Individuals in powerful positions are the worst offenders. According to one experimental study, they feel competitive when they receive advice from experts, which inflates their confidence and leads them to dismiss what the experts are telling them. High-power participants in the study ignored almost two-thirds of the advice they received. Other participants (the control and low-power groups) ignored advice about half as often. … Research shows that they value advice more if it comes from a confident source, even though confidence doesn’t signal validity. Conversely, seekers tend to assume that advice is off-base when it veers from the norm or comes from people with whom they’ve had frequent discord. (Experimental studies show that neither indicates poor quality.) Seekers also don’t embrace advice when advisers disagree among themselves. And they fail to compensate sufficiently for distorted advice that stems from conflicts of interest, even when their advisers have acknowledged the conflicts and the potential for self-serving motives. … Though many people give unsolicited advice, it’s usually considered intrusive and seldom followed. Another way advisers overstep is to chime in when they’re not qualified to do so. … many advisers take offense when their guidance isn’t accepted wholesale, curtailing further discussion. (more)

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Bowing To Elites

Imagine that that you are a politically savvy forager in a band of size thirty, or a politically savvy farmer near a village of size thousand. You have some big decisions to make, including who to put in various roles, such as son-in-law, co-hunter, employer, renter, cobbler, or healer. Many people may see your choices. How should you decide?

Well first you meet potential candidates in person and see how much you intuitively respect them, get along with them, and can agree on relative status. It isn’t enough for you to have seen their handiwork, you want to make an ally out of these associates, and that won’t work without respect, chemistry, and peace. Second, you see what your closest allies think of candidates. You want to be allies together, so it is best if they also respect and get along with your new allies.

Third, if there is a strong leader in your world, you want to know what that leader thinks. Even if this leader says explicitly that you can do anything you like, they don’t care, if you get any hint whatsoever that they do care, you’ll look closely to infer their preferences. And you’ll avoid doing anything they’d dislike too much, unless your alliance is ready to mount an overt challenge.

Fourth, even if there is no strong leader, there may be a dominant coalition encompassing your band or town. This is a group of people who tend to support each other, get deference from others, and win in conflicts. We call these people “elites.” If your world has elites, you’ll want to treat their shared opinions like those of a strong leader. If elites would gossip disapproval of a choice, maybe you don’t want it.

What if someone sets up objective metrics to rate people in suitability for the roles you are choosing? Say an archery contest for picking hunters, or a cobbler contest to pick cobblers. Or public track records of how often healer patients die, or how long cobbler shoes last. Should you let it be known that such metrics weigh heavily in your choices?

You’ll first want to see what your elites or leader think of these metrics. If they are enthusiastic, then great, use them. And if elites strongly oppose, you’d best only use them when elites can’t see. But what if elites say, “Yeah you could use those metrics, but watch out because they can be misleading and make perverse incentives, and don’t forget that we elites have set up this whole other helpful process for rating people in such roles.”

Well in this case you should worry that elites are jealous of this alternative metric displacing their advice. They like the power and rents that come from advising on who to pick for what. So elites may undermine this metric, and punish those who use it.

When elites advise people on who to pick for what, they will favor candidates who seem loyal to elites, and punish those who seem disloyal, or who aren’t sufficiently deferential. But since most candidates are respectful enough, elites often pick those they think will actually do well in the role. All else equal, that will make them look good, and help their society. While their first priority is loyalty, looking good is often a close second.

Since humans evolved to be unconscious political savants, this is my basic model to explain the many puzzles I listed in my last post. When choosing lawyers, doctors, real estate agents, pundits, teachers, and more, elites put many obstacles in the way of objective metrics like track records, contests, or prediction markets. Elites instead suggest picking via personal impressions, personal recommendations, and school and institution prestige. We ordinary people mostly follow this elite advice. We don’t seek objective metrics, and instead use elite endorsements, such as the prestige of where someone went to school or now works. In general we favor those who elites say have the potential to do X, over those who actually did X.

This all pushes me to more favor two hypotheses:

  1. We choose people for roles mostly via evolved mental modules designed mainly to do well at coalition politics. The resulting system does often pick people roughly well for their roles, but more as a side than a direct effect.
  2. In our society, academia reigns as a high elite, especially on advice for who to put in what roles. When ordinary people see another institution framed as competing directly with academia, that other institution loses. Pretty much all prestigious institutions in our society are seen as allied with academia, not as competing with it. Even religions, often disapproved by academics, rely on academic seminary degrees, and strongly push kids to gain academic prestige.

We like to see ourselves as egalitarian, resisting any overt dominance by our supposed betters. But in fact, unconsciously, we have elites and we bow to them. We give lip service to rebelling against them, and they pretend to be beaten back. But in fact we constantly watch out for any actions of ours that might seem to threaten elites, and we avoid them like the plague. Which explains our instinctive aversion to objective metrics in people choice, when such metrics compete with elite advice.

Added 8am: I’m talking here about how we intuitively react to the possibility of elite disapproval; I’m not talking about how elites actually react. Also, our intuitive reluctance to embrace track records isn’t strong enough to prevent us from telling specific stories about our specific achievements. Stories are way too big in our lives for that. We already norms against bragging, and yet we still manage to make our selves look good in stories.

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Dissing Track Records

Years ago I was being surprised to learn that patients usually can’t pick docs based on track records of previous patient outcomes. Because, people say, that would invade privacy and make bad incentives for docs picking patients. They suggest instead relying on personal impressions, wait times, “bedside” manner, and prestige of doc med school or hospital. (Yeah, those couldn’t possibly make bad incentives.) Few ever study if such cues correlate with patient outcomes, and we actively prevent the collection of patient satisfaction track records.

For lawyers, most trials are in the public record, so privacy shouldn’t be an obstacle to getting track records. So people pick lawyers based on track records, right? Actually no. People who ask are repeatedly told: no practically you can’t get lawyer track records, so just pick lawyers based on personal impressions or the prestige of their law firm or school. (Few study if those correlate with client outcomes.)

A new firm Premonition has been trying to change that:

Despite being public record, court data is surprisingly inaccessible in bulk, nor is there a unified system to access it, outside of the Federal Courts. Clerks of courts refused Premonition requests for case data. Resolved to go about it the hard way, Unwin … wrote a web crawler to mine courthouse web sites for the data, read it, then analyze it in a database. …

Many publications run “Top Lawyer” lists, people who are recognized by their peers as being “the best”. Premonition analyzed the win rates of these attorneys, it turned out most were average. The only way that they stood out was a disproportionate number of appealed and re-opened cases, i.e. they were good at dragging out litigation. They discovered that even the law firms themselves were poor at picking litigators. In a study of the United Kingdom Court of Appeals, it found a slight negative correlation of -0.1 between win rates and re-hiring rates, i.e. a barrister 20% better than their peers was actually 2% less likely to be re-hired! … Premonition was formed in March 2014 and expected to find a fertile market for their services amongst the big law firms. They found little appetite and much opposition. …

The system found an attorney with 22 straight wins before the judge – the next person down was 7. A bit of checking revealed the lawyer was actually a criminal defense specialist who operated out of a strip mall. … The firm claims such outliers are far from rare. Their web site … shows an example of an attorney with 32 straight wins before a judge in Orange County, Florida. (more)

As a society we supposedly coordinate in many ways to make medicine and law more effective, such as via funding med research, licensing professionals, and publishing legal precedents. Yet we don’t bother to coordinate to create track records for docs or lawyers, and in fact our public representatives tend to actively block such things. And strikingly: customers don’t much care. A politician who proposed to dump professional licensing would face outrage, and lose. A politician who proposed to post public track records would instead lose by being too boring.

On reflection, these examples are part of a larger pattern. For example, I’ve mentioned before that a media firm had a project to collect track records of media pundits, but then abandoned the project once it realized that this would reduce reader demand for pundits. Readers are instead told to pick pundits based on their wit, fame, and publication prestige. If readers really wanted pundit track records, some publication would offer them, but readers don’t much care.

Attempts to publish track records of school teachers based on students outcomes have produced mostly opposition. Parents are instead encouraged to rely on personal impressions and the prestige of where the person teaches or went to school. No one even considers doing this for college teachers, we at most just survey student satisfaction just after a class ends (and don’t even do that right).

Regarding student evaluations, we coordinate greatly to make standard widely accessible tests for deciding who to admit to schools. But we have almost no such measures of students when they leave school for work. Instead of showing employers a standard measure of what students have learned, we tell employers to rely on personal impressions and the prestige of the school from which the student came. Some have suggested making standard what-I-learned tests, but few are interested, including employers.

For researchers like myself, publications and job position are measures of endorsements by prestigious authorities. Citations are a better measure of the long term impact of research on intellectual progress, but citations get much less attention in evaluations of researchers. Academics don’t put their citation count on their vita (= resume), and when a reporter decides which researcher to call, or a department decides who to hire, they don’t look much at citations. (Yes, I look better by citations than by publications or jobs, and my prestige is based more on the later.)

Related is the phenomenon of people being more interested in others said to have the potential to achieve X, than in people who have actually achieved X. Related also is the phenomenon of firms being reluctant to use formulaic measures of employee performance that aren’t mediated mostly by subjective boss evaluations.

It seems to me that there are striking common patterns here, and I have in mind a common explanation for them. But I’ll wait to explain that in my next post. Till then, how do you explain these patterns? And what other data do we have on how we treat track records elsewhere?

Added 22Mar: Real estate sales are also technically in the public record, and yet it is hard for customers to collect comparable sales track records for real estate agents, and few seem to care enough to ask for them.

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Ford’s Rise of Robots

In the April issue of Reason magazine I review Martin Ford’s new book Rise of the Robots:

Basically, Ford sees a robotic catastrophe coming soon because he sees disturbing signs of the times: inequality, job loss, and so many impressive demos. It’s as if he can feel it in his bones: Dark things are coming! We know robots will eventually take most jobs, so this must be now. … [But] In the end, it seems that Martin Ford’s main issue really is that he dislikes the increase in inequality and wants more taxes to fund a basic income guarantee. All that stuff about robots is a distraction. (more)

I’ll admit Ford is hardly alone, and he ably summarizes what are quite common views. Even so, I’m skeptical.

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