Tag Archives: Academia

Chronicle Review Profile

I’m deeply honored to be the subject of a cover profile this week in The Chronicle Review:

chroniclecover-17oct2016

By David Wescott, the profile is titled Is This Economist Too Far Ahead of His Time?, October 16, 2016.

In academic journal articles where the author has an intended answer to a yes or no question, that answer is more often yes, and I think that applies here as well. The profile includes a lot about my book The Age of Em on a far future, and its title suggests that anyone who’d study a far future must be too far ahead of their time. But, when else would one study the far future other than well ahead of time? It seems to me that even in a rational world where everyone was of their time, some people would study other times. But perhaps the implied message is that we don’t live in such a world.

I’m honored to have been profiled, and broad ranging profiles tend to be imprecisely impressionistic. I think David Wescott did a good job overall, but since these impressions are about me, I’ll bother to comment on some (and signal my taste for precision). Here goes.

You inhabit a robotic body, and you stand roughly two millimeters tall. This is the world Robin Hanson is sketching out to a room of baffled undergraduates at George Mason University on a bright April morning.

Honestly, “baffled” is how most undergrads look to most professors during lectures.

Hanson is .. determined to promote his theories in an academy he finds deeply flawed; a doggedly rational thinker prone to intentionally provocative ideas that test the limits of what typically passes as scholarship.

Not sure I’m any more determined to self-promote than a typical academic. I try to be rational, but of course I fail. I seek the possibility of new useful info, and so use the surprise of a claim as a sign of its interestingness. Surprise correlates with “provocative”, and my innate social-cluelessness means I’ll neglect the usual social signs to “avoid this topic!” I question if I’m “intentionally provocative” beyond these two factors.

Hanson, deeply skeptical of conventional intellectual discourse,

I’m deeply skeptical of all discourse, intellectual or not, conventional or not.

At Caltech he found that economists based their ideas on simple models, which worked well in experiments but often failed to capture the complexities of the real world.

That is true of simple models in all fields, not just economics, and it is a feature not a bug. Models can be understood, while the full complexity of reality cannot.

But out of 3600 words, that’s all I have to correct, so good job David Wescott.

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Idea Talkers Clump

I keep encountering people who are mad at me, indignant even, for studying the wrong scenario. While my book assumes that brain emulations are the first kind of broad human-level AI, they expect more familiar AI, based on explicitly-coded algorithms, to be first.

Now the prospect of human-level ordinary AI is definitely what more people are talking about today – the topic is in fashion. There are AI companies, demos, conferences, media articles, and more serious intellectual discussion. In fact, I’d estimate that there is now at least one hundred times as much attention given to the scenario of human level AI based on explicit coding (including machine learning code) than to brain emulations.

But I very much doubt that ordinary AI first is over one hundred times as probable as em-based AI first. In fact, I’ll happily take bets at a factor of ten. You pay me $1000 if em-AI comes first, and I pay you $100 if other AI comes first.

In addition, due to diminishing returns, intellectual attention to future scenarios should probably be spread out more evenly than are probabilities. The first efforts to study each scenario can pick the low hanging fruit to make faster progress. In contrast, after many have worked on a scenario for a while there is less value to be gained from the next marginal effort on that scenario.

Yes, sometimes there can be scale economies to work on a topic; enough people need to do enough work to pass a critical threshold of productivity. But I see little evidence of that here, and much evidence to the contrary. Even within the scope of working on my book I saw sharply diminishing returns to continued efforts. So even if em-based AI had only 1% the chance of the other scenario, we’d want much more than 1% of thinkers to study it. At least we would if our goal were better understanding.

But of course that is not usually the main goal of individual thinkers. We are more eager to jump on bandwagons than to follow roads less traveled. All those fellow travelers validate us and our judgement. We prefer to join and defend a big tribe against outsiders, especially smaller weaker outsiders.

So instead of praising my attention to a neglected if less-likely topic, those who think em-AI less likely mostly criticize me for studying the wrong scenario. And continue to define topics of articles, conferences, special journal issues, etc. to exclude em-AI scenarios.

And this is how it tends to work in general in the world of ideas. Idea talkers tend to clump onto the topics that others have discussed lately, leaving topics outside the fashionable clumps with less attention relative to their importance. So if you are a thinker with the slack and independence to choose your own topics, an easy way to make disproportionate intellectual progress is to focus on neglected topics.

Of course most intellectuals already know this, and choose otherwise.

Added:  Never mind about effort less proportional than chances; Owen Cotton-Barratt reminded me that if value diminishes with log of effort, optimal scenario effort is proportional to probability.

Added 11Oct: Anders Sandberg weighs in.

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Write To Say Stuff Worth Knowing

I had the following thought, and then went looking for others who had said it before. Wasn’t hard to find:

There are two types of writers, Schopenhauer once observed, those who write because they have something they have to say and those who write for the sake of writing.

If you’re young and you think you want to be a writer, chances are you are already in the second camp. And all the advice you’ll get from other people about writing only compounds this terrible impulse.

Write all the time, they’ll tell you. Write for your college newspaper. Get an MFA. Go to writer’s groups. Send query letters to agents.

What do they never say? Go do interesting things.

I was lucky enough to actually get this advice. .. A fair amount of aspiring writers email me about becoming a writer and I always say: Well, that’s your first mistake.

The problem is identifying as a writer. As though assembling words together is somehow its own activity. It isn’t. It’s a means to an end. And that end is always to say something, to speak some truth or reach someone outside yourself.

Deep down, you already know this. Take any good piece of writing, something that matters to you. Why is it good? Because of what it says. Because what the writer manages to communicate to you, their reader. It’s because of what’s within it, not how they wrote it.

No one ever reads something and says, “Well, I got absolutely nothing out of this and have no idea what any of this means but it sure is technically beautiful!” But they say the opposite all the time, they say “Goddamn, that’s good” to things with typos, poor grammar and simple diction ..

So if you want to be a writer, put “writing” on hold for a while. When you find something that is new and different and you can’t wait to share with the world, you’ll beat your fat hands against the keyboard until you get it out in one form or another. (more)

I’ll actually go much further: hold yourself to a far higher standard than merely having something you feel passionate about saying, which many readers will like. Instead, find a way to contribute to a lasting accumulation of knowledge on topics that matter.

Yes, you could weigh in on some standard topic of opinion, one where many have already stated their opinion, and where little progress seems possible. This might make you and your readers feel good. But your one vote will contribute only a tiny amount to long-term human understanding.

You’d do better to focus on a topic where opinions seem to change over time in substantial part due to arguments. Then you could contribute to our collective learning by declaring your support for particular arguments. In this case you’d be voting on which arguments to give more weight. But if many others vote on such arguments, you’d still only make a small fractional contribution. And that fraction might be smaller than you think, if future folks don’t bother to remember your vote.

Better to find a topic where humanity seems to be able to make intellectual progress via arguments, and then also to specialize in a particular subtopic, a subtopic about which few others write. If you can then get other influential writers in overlapping topic areas to read and be persuaded by your argument, you might contribute to a larger process whereby we all learn faster by usefully dividing up the task of learning about everything. You could do your part, and the rest of us could do our parts, and we could all learn together. That can be writing worth reading.

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Talks Not About Info

You can often learn about your own world by first understanding some other world, and then asking if your world is more like that other world than you had realized. For example, I just attended WorldCon, the top annual science fiction convention, and patterns that I saw there more clearly also seem echoed in wider worlds.

At WorldCon, most of the speakers are science fiction authors, and the modal emotional tone of the audience is one of reverence. Attendees love science fiction, revere its authors, and seek excuses to rub elbows with them. But instead of just having social mixers, authors give speeches and sit on panels where they opine on many topics. When they opine on how to write science fiction, they are of course experts, but in fact they mostly prefer to opine on other topics. By presenting themselves as experts on a great many future, technical, cultural, and social topics, they help preserve the illusion that readers aren’t just reading science fiction for fun; they are also part of important larger conversations.

When science fiction books overlap with topics in space, physics, medicine, biology, or computer science, their authors often read up on those topics, and so can be substantially more informed than typical audience members. And on such topics actual experts will often be included on the agenda. Audiences may even be asked if any of them happen to have expertise on a such a topic.

But the more that a topic leans social, and has moral or political associations, the less inclined authors are to read expert literatures on that topic, and the more they tend to just wing it and think for themselves, often on their feet. They less often add experts to the panel or seek experts in the audience. And relatively neutral analysis tends to be displaced by position taking – they find excuses to signal their social and political affiliations.

The general pattern here is: an audience has big reasons to affiliate with speakers, but prefers to pretend those speakers are experts on something, and they are just listening to learn about that thing. This is especially true on social topics. The illusion is exposed by facts like speakers not being chosen for knowing the most about a subject discussed, and those speakers not doing much homework. But enough audience members are ignorant of these facts to provide a sufficient fig leaf of cover to the others.

This same general pattern repeats all through the world of conferences and speeches. We tend to listen to talks and panels full of not just authors, but also generals, judges, politicians, CEOs, rich folks, athletes, and actors. Even when those are not the best informed, or even the most entertaining, speakers on a topic. And academic outlets tend to publish articles and books more for being impressive than for being informative. However, enough people are ignorant of these facts to let audiences pretend that they mainly listen to learn and get information, rather than to affiliate with the statusful.

Added 22Aug: We feel more strongly connected to people when we together visibly affirm our shared norms/values/morals. Which explains why speakers look for excuses to take positions.

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Sycophantry Masquerading As Bargains

The Catholic Church used to sell “indulgences”; you gave them cash and they gave you the assurance that God would let you sin without punishment. If you are at all suspicious about whether this church can actually deliver on their claim, this seems a bad deal. You give them something tangible and clearly valuable, and they give you a vague promise on something you can’t see, and can’t even check if anyone has ever received.

We make similar bad “bargains” with a few kinds of workers, to whom we grant extraordinary privileges of “self-regulation.” That is, we let certain “professionals” run their own organizations which tell us how their job their job is to be done, and who can do it. In some areas, such as with doctors, these judgements are enforced by law: you can only buy medical services approved by doctors, and can only buy such services from those who the official medical organizations labels “doctors.” In other areas, such as with academics, these judgements are more enforced by our strong eagerness to associate with high prestige professionals: most everyone just accepts the word of key academic organizations on who is a good academic.

There is a literature which frames this as a “grand bargain”. The philosopher Donald Schön says:

In return for access to their extraordinary knowledge in matters of great human importance, society has granted them [professionals] a mandate for social control in their fields of specialization, a high degree of autonomy in their practice, and a license to determine who shall assume the mantle of professional authority.

In their book The Future of the Professions: How Technology Will Transform the Work of Human Experts, Richard and Daniel Susskind elaborate:

In acknowledgement of and in return for their expertise, experience, and judgement, which they are expected to apply in delivering affordable, accessible, up-to-date, reassuring, and reliable services, and on the understanding that they will curate and update their knowledge and methods, train their members, set and enforce standards for the quality of their work, and that they will only admit appropriately qualified individuals into their ranks, and that they will always act honestly, in good faith, putting the interests of clients ahead of their own, we (society) place our trust in the professions in granting them exclusivity over a wide range of socially significant services and activities, by paying them a fair wage, by conferring upon them independence, autonomy, rights of self-determination, and by according them respect and status.

Notice how in this supposed bargain, what we give the professionals is concrete and clearly valuable, while what they give us (over what we’d get without the deal) is vague and very hard for us to check. Like an indulgence. The Susskinds claim that while this bargain has been a good deal so far, we will soon cancel it:

We predict that increasingly capable machines, operating on their own or with non-specialist users, will take on many of the tasks that have been the historic preserve of the professions. We anticipate an ‘incremental transformation’ in the way that we produce and distribute expertise in society. This will lead eventually to a dismantling of the traditional professions.

This seems seriously mistaken to me. There is actually no bargain, there is just the rest of us submitting to professionals’ prestige. Cheaper yet outcome-effective substitutes to expensive professionals have long been physically available, and yet we have mostly not chosen those substitutes due to our eagerness to affiliate with prestigious professionals. We don’t choose nurses who can do primary care as well as doctors, and we don’t watch videos of the best professors from which we could learn as much as from attending typical lectures in person. And we aren’t interested in outcome track records for our lawyers. The existence of even more such future substitutes won’t change this situation much.

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Missing Engagement

On the surface, there seems to have been a big debate over the last few years on how fast automation will displace jobs over the next decade or so. Some have claimed very rapid displacement, much faster than we’ve seen in recent decades (or centuries). Others have been skeptical (like me here, here, here, and here).

On October 13, David Mindell, Professor at MIT of both Aeronautics and Astronautics, and also History of Engineering and Manufacturing weighed in on this debate, publishing Our Robots, Ourselves: Robotics and the Myths of Autonomy:

If robotics in extreme environments are any guide, Mindell says, self-driving cars should not be fully self-driving. That idea, he notes, is belied by decades of examples involving spacecraft, underwater exploration, air travel, and more. In each of those spheres, fully automated vehicles have frequently been promised, yet the most state-of-the-art products still have a driver or pilot somewhere in the network. This is one reason Mindell thinks cars are not on the road to complete automation. ..

“There’s an idea that progress in robotics leads to full autonomy. That may be a valuable idea to guide research … but when automated and autonomous systems get into the real world, that’s not the direction they head. We need to rethink the notion of progress, not as progress toward full autonomy, but as progress toward trusted, transparent, reliable, safe autonomy that is fully interactive: The car does what I want it to do, and only when I want it to do it.” (more)

In his book, Mindell expertly supports his position with a detailed review of the history of automation in planes, spacecraft and submarines. You might think than Mindell’s prestige, expertise, and detailed book on past automation rates and patterns would earn him a place in this debate on future rates of automation progress. Many of those who blurbed the book clearly think so:

“Mindell’s ingenious and profoundly original book will enlighten those who prophesy that robots will soon make us redundant.”—David Autor

“My thanks to the author for bringing scholarship and sanity to a debate which has run off into a magic la-la land in the popular press.”—Rodney Brooks

But looking over dozens of reviews Mindell’s book in the 75 days since it was published, I find no thoughtful response from the other side! None. No one who expects rapid automation progress has bothered to even outline why they find Mindell’s arguments unpersuasive.

Perhaps this shows that people on the other side know Mindell’s arguments to be solid, making any response unpersuasive, and so they’d rather ignore him. Maybe they just don’t think the past is any guide to the future, at least in automation, making Mindell’s discussion of the past irrelevant to the debate. I’ve known people who think this way.

But perhaps a more plausible interpretation is that on subjects like this in our intellectual world, usually there just is no “debate”; there are just different sides who separately market their points of view. Just as in ordinary marketing, where firms usually pitch their products without mentioning competing products, intellectuals marketing of points of view also usually ignore competing points of view. Instead of pointing out contrary arguments and rebutting them, intellectual usually prefer to ignore contrary arguments.

This seems a sad state of affairs with respect to intellectual progress. But of course such progress is a public good, where individual contributions must trade a personal cost against a collective benefit, encouraging each of us to free-ride on the efforts of others. We might create intellectual institutions that better encourage more engagement with and response to contrary arguments, but unless these are global institutions others may prefer to free-ride and not contribute to local institutions.

You might think that academic norms of discourse are such global institutions encouraging engagement. And academics do give much lip service to that idea. But in fact it is mostly empty talk; academics don’t actually encourage much engagement and response beyond the narrow scope of prestigious folks in the same academic discipline.

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Could Gambling Save Psychology?

A new PNAS paper:

Prediction markets set up to estimate the reproducibility of 44 studies published in prominent psychology journals and replicated in The Reproducibility Project: Psychology predict the outcomes of the replications well and outperform a survey of individual forecasts. … Hypotheses being tested in psychology typically have low prior probabilities of being true (median, 9%). … Prediction markets could be used to obtain speedy information about reproducibility at low cost and could potentially even be used to determine which studies to replicate to optimally allocate limited resources into replications. (more; see also coverage at 538AtlanticScience, Gelman)

We’ve had enough experiments with prediction markets over the years, both lab and field experiments, to not be at all surprised by these findings of calibration and superior accuracy. If so, you might ask: what is the intellectual contribution of this paper?

When one is trying to persuade groups to try prediction markets, one encounters consistent skepticism about experiment data that is not on topics very close to the proposed topics. So one value of this new data is to help persuade academic psychologists to use prediction markets to forecast lab experiment replications. Of course for this purpose the key question is whether enough academic psychologists were close enough to the edge of making such markets a continuing practice that it was worth the cost of a demonstration project to create closely related data, and so push them over the edge.

I expect that most ordinary academic psychologists need stronger incentives than personal curiosity to participate often enough in prediction markets on whether key psychology results will be replicated (conditional on such replication being attempted). Such additional incentives could come from:

  1. direct monetary subsidies for market trading, such as via subsidized market makers,
  2. traders with higher than average trading records bragging about it on their vitae, and getting hired etc. more because of that, or
  3. prediction market prices influencing key decisions such as what articles get published where, who gets what grants, or who gets what jobs.

For example, imagine that one or more top psychology journals used prediction market chances that an empirical paper’s main result(s) would be confirmed (conditional on an attempt) as part of deciding whether to publish that paper. In this case the authors of a paper and their rivals would have incentives to trade in such markets, and others could be enticed to trade if they expected trades by insiders and rivals alone to produce biased estimates. This seems a self-reinforcing equilibrium; if good people think hard before participating in such markets, others could see those market prices as deserving of attention and deference, including in the journal review process.

However, the existing equilibrium also seems possible, where there are few or small markets on such topics off to the side, markets that few pay much attention to and where there is little resources or status to be won. This equilibrium arguably results in less intellectual progress for any given level of research funding, but of course progress-inefficient academic equilibria are quite common.

Bottom line: someone is going to have to pony up some substantial scarce academic resources to fund an attempt to move this part of academia to a better equilibria. If whomever funded this study didn’t plan on funding this next step, I could have told them ahead of time that they were mostly wasting their money in funding this study. This next move won’t happen without a push.

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Why Have Opinions?

I just surprised some people here at a conference by saying that I don’t have opinions on abortion or gun control. I have little use for such opinions, and so haven’t bothered to form them. Since that attitude seems to be unusual among my intellectual peers, let me explain myself.

I see four main kinds of reasons to have opinions on subjects:

  • Decisions – Sometimes I need to make concrete decisions where the best choice depends on particular key facts or values. In such cases I am forced to have opinions on those subjects, in order to make good decisions. I may well just adopt, without much reflection, the opinions of some standard expert source. I have to make a lot of decisions and don’t have much time to reflect. But even so, I must have an opinion. And my incentives here tend to be toward having true opinions.
  • Socializing – A wide range of topics come up when talking informally with others, and people tend to like you to express opinions on at least some substantial subset of those topics. They typically aren’t very happy if you explain that you just adopted the opinion of some standard expert source without reflection, and so we are encouraged to “think for ourselves” to generate such opinions. Here my incentives are to have opinions that others find interesting or loyal, which is less strongly (but not zero) correlated with truth.
  • Research – As a professional intellectual, I specialize in particular topics. On those topics I generate opinions together with detailed supporting justifications for those opinions. I am evaluated on the originality, persuasiveness, and impressiveness of these opinions and justifications. These incentives are somewhat more strongly, but still only somewhat, correlated with truth.
  • Exploration – I’m not sure what future topics to research, and so continually explore a space of related topics which seem like they might have the potential to become promising research areas for me. Part of that process of exploration involves generating tentative opinions and justifications. Here it is even less important that these opinions be true than they help reveal interesting, neglected, areas especially well-suited to my particular skills and styles.

Most topics that are appropriate for research have little in the way of personal decision impact. So intellectuals focus more on research reasons for such topics. Most intellectuals also socialize a lot, so they also generate opinions for social reasons. Alas most intellectuals generate these different types of opinions in very different ways. You can almost hear their mind gears shift when they switch from being careful on research topics to being sloppy on social topics. Most academics have a pretty narrow speciality area, which they know isn’t going to change much, so they do relatively little exploration that isn’t close to their specialty area.

Research opinions are my best contribution to the world, and so are where I should focus my altruistic efforts. (They also give my best chance for fame and glory.) So I try to put less weight on socializing reasons for my opinions, and more weight on the exploration reasons. As long as I see little prospect of my research going anywhere near the abortion or gun control topics, I won’t explore there much. Topics diagnostic of left vs. right ideological positions seem especially unlikely to be places where I could add something useful to what everyone else is saying. But I do explore a wide range of topics that seem plausibly related to areas in which I have specialized, or might specialize. I have specialized in far more different areas than have most academics. And I try to keep myself honest by looking for plausible decisions I might make related to all these topics, though that tends to be hard. If we had more prediction markets this could get much easier, but alas we do not.

Of course if you care less about research, and more about socializing, your priorities could easily differ from mine.

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Learn By Doing, Not Watching

Decades ago the famous “gondola kitten” experiment demonstrated that one must actively explore if one is to learn. One littermate in the set-up was free to explore its environment while another hung passively suspended in a contraption that moved in parallel with the exploring kitten. The gondola passenger saw everything the exploring kitten did but could not initiate any action. The mobile kitten discovered the world for itself while the passive kitten was presented a fait accompli-world in the same way that screen images are passively delivered to us. The passive kitten learned nothing. Since this classic experiment we have come to appreciate how crucial self-directed exploration is to understanding the world.

This holds true for humans as well as kittens. In an update of the gondola kitten experiment, researchers recently videotaped an American child’s Chinese-speaking nanny so that a second child saw and heard exactly what the first one did. The second child learned no Chinese whatsoever, whereas the first child picked up quite a lot. (more)

This supports my suggestion to Chase Your Reading; you more learn to figure things out by trying yourself to figure things out, and less by passively listening while writers figure things out in front of you.

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What Does Harvard Do Right?

Is Harvard the top rated college because it is the most clever in deciding who to admit? Not obviously. Instead, in the short run Harvard can gain plenty from a positive feedback loop: the best people apply and prefer to go there, which adds a glow to those who graduate from there, which makes the best want to apply, and so on.

While this seems an obvious and simple story, I must admit I haven’t been thinking enough in such terms, probably in part because I haven’t seen formal economic models that capture this story well. I thank venture capital (VC) titan Marc Andreessen for clarifying. Here is part of a 14 May twitter chat between him (MA) and myself (RH):

RH: VC is dominated by a few firms. What is the scale economy? Few geniuses? Info of seeing most pitches? Ability to create new fashions? Other?

MA: Core dynamic: A few firms have positive selection on their side; the other firms have adverse selection working against them.

The battle among VC firms is less “who is smarter?” than “who do the best founders approach first?”.

RH: OK, but why approach the top few first? What is more attractive about being funded by them vs others?

MA: Founders care about the VC brand halo because potential employees, potential customers, and other potential investors care.

RH: Is it just that top VC get first pick, so they are better picks, so their picks get halo by being in that pool, rinse & repeat?

MA: Yes, that’s the core positive feedback loop. How it starts is less meaningful than how it perpetuates.

Core dynamic: A few firms have positive selection on their side; the other firms have adverse selection working against them.

The battle among VC firms is less “who is smarter?” than “who do the best founders approach first?”.

The main historical driver of positive selection is prior success: a halo branding effect that new startups seek.

In essence, a new startup uses its VC’s brand as a credibility bridge until the startup establishes its own brand.

RH: Sure, but the question is why some VC brands shine brighter. Their money isn’t any more green.

MA: They have an aura of success as a consequence of having previously funded successful startups.

Arguably these dynamics are changing in real time in some interesting ways:

RH: Is there a prediction on if VC industry will become more or less concentrated as result of these changes?

MA: My belief is that VC is restructuring the same way retail stores, law firms, accounting firms, and investment banking did:

This seems to be the hallmark of a professionalizing industry being run properly. You either go big or you go specialist.

RH: I guess the key idea is that there are big scale economies with doing standard tasks, but big diseconomies for specialized tasks.

MA: Yes, but with the subtlety that the well-run scale players are also excellent at many of the specialized tasks.

RH: Many, but not most, or the specialized shops couldn’t exist long.

MA: This is exactly what happened in the talent agency business in the 1980s and 1990s. The big agencies got great at many things.

The specialized shops have to stay small and stay laser-focused on particular areas of specialized advanced competency.

But of course similarly, a scaled franchise firm that gets sloppy runs the same risk, can degrade itself into the middle tier.

RH: Summary: long trend is to scale given tasks, but also task specialization. Overall scale rises, but falls locally when specialize.

MA: Right, exactly. And this explains the size distribution — the scaled players have to be big; the boutiques have to stay small.

You see this in investment banking. You either work with Goldman Sachs or you work with a small boutique specialist bank.

RH: This makes sense, but I’m not sure we have any formal models that predict this correlation nicely.

This same sort of story also seems to work in the short run to explain why some journals have higher prestige. It is not so much that top journal editors are more clever, or use a smarter system to review submissions. It is just that the best papers are submitted there first, which makes the average quality of their publications higher, and so on.

In the long run, we see changes in the prestige rankings of these colleges, journals, investment banks, and venture capital funds. The key question is: what determines those long run changes? Do competitors with slightly better ways to evaluate or help submissions slowly win out over others? Or do other factors dominate?

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