https://en.wikipedia.org/wiki/Price%E2%80%93Anderson_Nuclear...
193 karma · joined June 7, 2015
A. Einstein
https://en.wikipedia.org/wiki/Price%E2%80%93Anderson_Nuclear...
I think it's a fairly well established industry trend that, on average, union membership is a net positive for the worker.
https://en.wikipedia.org/wiki/Workforce_productivity#/media/...
They address that in the paper:
> Higher GDP growth rates do not substantially increase the number of children who earn more than their parents because a large fraction of GDP goes to a small number of high income earners today. To see why absolute mobility is insensitive to the growth rate when growth is distributed unequally, consider the extreme case in which one child obtains all of the increase in GDP. In this case, higher GDP growth rates would have no effect on absolute mobility. More generally, GDP growth has larger effects on absolute mobility when growth is spread more broadly, allowing more children to achieve higher living standards than their parents. Higher GDP growth and a broader distribution of growth have a multiplicative effect on absolute mobility: Absolute mobility is highest when GDP growth rates are high and growth is spread broadly across the distribution.
> There is one study of progress over time that follows parents and children that is gloomy and that is “The Fading American Dream: Trends in Absolute Mobility Since 1940” by Raj Chetty, David Grusky, Maximilian Hell, Nathaniel Hendren, Robert Manduca, Jimmy Narang (Chetty et al) They find that if you were born in 1940, you had a 92% chance of surpassing your parents income. But if you were born in 1984, the number is a depressing 50%. Chetty et al control for age — this is for parents and children when they are both 30. This does suggest that the American dream is dead or at least dying — half of the children do better than their parents but half do worse, suggesting no progress over time.
The author then says that we should measure income differently by using a non-standard measure of inflation. But if we had just used that non-standard measure on the wage data of Piketty et al., we would've arrived at the same conclusion anyway?
Sure, but this is an antitrust hearing and trusts aren't really legal in the US.
https://research.google/people/vrandecic/
https://storage.googleapis.com/pub-tools-public-publication-...
[1] https://www.scmp.com/week-asia/health-environment/article/30...
[2] https://chinapost.nownews.com/20200317-1094238
[3] https://www.taiwannews.com.tw/en/news/3869320
[4] https://en.wikipedia.org/wiki/2020_coronavirus_pandemic_in_T...
[5] https://en.wikipedia.org/wiki/2020_coronavirus_pandemic_in_S...
> A nation uphelds the law whereas a company uses proxies (lobbying) to make laws
Once companies can influence the government, any special abilities of the government (export controls, legal system, etc.) can, at least to some extent, be harnessed by high-net-worth individuals/companies [1].
[1] https://www.cambridge.org/core/services/aop-cambridge-core/c...
"we noticed a major search engine would not return a large airline’s homepage when the airline’s name was given as a query. It so happened that the airline had placed an expensive ad, linked to the query that was its name. A better search engine would not have required this ad, and possibly resulted in the loss of the revenue from the airline to the search engine. In general, it could be argued from the consumer point of view that the better the search engine is, the fewer advertisements will be needed for the consumer to find what they want." [1]
[1] Larry Page and Sergey Brin, The Anatomy of a Large-Scale Hypertextual Web Search Engine, 1998
I understand that some economists explain the high inflation by saying that pent-up demand was "unleashed" after the Soviet Union collapsed. To me this seems kinda hand-wavy (is it possible to measure pent-up demand?).
On a related note, something that comes close to a natural experiment is a comparison of the economic history of Finland and Russia. Finland was part of the Russian empire and, like the rest of Russia, was very poor at the time. It then broke away during the civil war, which is, of course, around the time that Soviet communism began to take root. Meanwhile, a little later, Finland took took a different economic path and instead implemented some social democratic policies and is now per capita richer than Russia and indeed many countries in Europe. [3]
[1] https://en.wikipedia.org/wiki/Transition_economy#Transition_...
[2] https://data.worldbank.org/indicator/SP.DYN.LE00.IN?location...
[3] I realize Finland is not a perfect social democratic economy, but it is a closer approximation than most European economies
Genetic programming is quite a powerful tool. IIRC, a few years ago, a researcher evolved expressions to model the dynamics of a double pendulum based only on measured data. To his surprise he found that the expressions were the Lagrangian of the system.
[1] https://www.imf.org/external/pubs/ft/fandd/2015/03/pdf/jaumo...
[1] https://en.wikipedia.org/wiki/Employee_stock_ownership_plan
Indeed when we compare the inequality present in different industrialized nations with varying degrees of unionization, nations with stronger unions seem to have lower inequality despite experiencing an increase in automation. As stated in an IMF report [1]:
Traditional explanations for the rise of inequality in advanced economies are skill-biased technological change and globalization, which have increased the relative demand for skilled workers, benefiting top earners relative to average earners. But technology and globalization foster economic growth, and there is little policymakers can or are willing to do to reverse these trends. Moreover, while high-income countries have been similarly affected by technological change and globalization, inequality in these economies has risen at different speeds and magnitudes.
So perhaps the combination of automation together with weakened unions is responsible for inequality in industrialized nations?
[1] https://www.imf.org/external/pubs/ft/fandd/2015/03/pdf/jaumo...
https://en.wikipedia.org/wiki/Knowledge_argument
http://philosophyfaculty.ucsd.edu/faculty/rarneson/Courses/F...
[1] http://plato.stanford.edu/entries/induction-problem/#BaySub