Wednesday , April 26 2017
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Further reading

Summary:
Elsewhere on Wednesday,– Further watching: the NYT sat down with Bridgewater’s Ray Dalio. It starts out about Bridgewater’s “radical transparency” policy, moves to Dalio’s suggestion that the NYT was less than honest in its reporting on his company’s culture, and then to the role and accuracy of the media more generally.– Guess the recently IPO’d company time: “By Monday, five of the seven analysts who cover the company had a sell rating on it while two said hold.” Spoiler: It’s Snap.– “The first thing to understand about not just the current Uber controversy (controversies), but all Uber controversies is that while it not usually articulated as such, in fact there are multiple questions being debated.”– Time to come clean about health spending.– Of Kenneth Arrow and how “individual

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Elsewhere on Wednesday,

– Further watching: the NYT sat down with Bridgewater’s Ray Dalio. It starts out about Bridgewater’s “radical transparency” policy, moves to Dalio’s suggestion that the NYT was less than honest in its reporting on his company’s culture, and then to the role and accuracy of the media more generally.

– Guess the recently IPO’d company time: “By Monday, five of the seven analysts who cover the company had a sell rating on it while two said hold.” Spoiler: It’s Snap.

– “The first thing to understand about not just the current Uber controversy (controversies), but all Uber controversies is that while it not usually articulated as such, in fact there are multiple questions being debated.”

– Time to come clean about health spending.

Of Kenneth Arrow and how “individual rationality as the sole paradigm of economic analysis is dead: it is mathematically proven that postulates of individual rationality will not allow us to say anything of consequence about economic aggregates or game theoretic outcomes in the frequent scenarios where we do not have a unique equilibria with a well-defined way to get there.”

Noahpinion on why Trump’s industrial rebirth is a dead end and Enrico Moretti’s book on the New Georgraphy of Jobs.

Cochrane on what the Fed should do: “target the spread between nominal and indexed bonds, leaving the level of interest rates to float freely in response to market forces.”

– Kocherlakota on the Fed’s secret video conferences.

– Hmmm: Seasonally adjusted Indian GDP growth declined sharply in Q3.

29 Years of Populism… which is basically just a technology for winning elections.

– Scott Alexander on the control of perception.

– **Hamilton musical backlash klaxon** “What’s strange about all of this praise is how it presumes that Alexander Hamilton was a figure for whom social justice and democracy were key animating traits.”

– Problems with Google search, continued: “Do not try caramelizing onions in five minutes. And do not listen to Google.

Existential office emails: “Just circling back after Friday’s meeting. Circling and circling, circling and circling, with a circumference never any greater or less than our inaction has long dictated.”

– Further listening: Tim Duy talks to David Beckworth about Fed watching.

– Further, further watching: prison economics. Including the apparent fact that mackerel is occasionally a medium of exchange. And, very pleasingly, expired mackerels retained 75 per cent of their value as currency — then called ‘money macks’. Finally, because frankly this is amazing, there was also a hyperinflation episode after the prison admin flooded the market with recently confiscated money macks.

Accurate URLS.

– Further, further reading.

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David Keohane
(Spending some time as FTAV’s Bombay wallah. Noticeably sweatier but not much else has changed.) David studied economics, politics and journalism before joining the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012. In between his degree and masters he wandered into the real world of business where he learnt how to manipulate a spreadsheet and organise meetings where nothing gets decided.

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