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    <description>recent bookmarks from cshalizi</description>
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	<rdf:li rdf:resource="https://www.texasobserver.org/entitled-to-profit-in-texas-title-insurance-is-a-total-scam/"/>
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	<rdf:li rdf:resource="http://www.deaneckles.com/blog/775_is-thinking-about-monetization-a-waste-of-our-best-minds/"/>
	<rdf:li rdf:resource="https://www.theatlantic.com/ideas/archive/2021/04/the-autopilot-economy/618497/"/>
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	<rdf:li rdf:resource="https://rooseveltinstitute.org/publications/employer-power-employee-skills-workforce-training-programs-labor-market-power/"/>
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	<rdf:li rdf:resource="https://themargins.substack.com/p/doordash-and-pizza-arbitrage"/>
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	<rdf:li rdf:resource="https://blog.dshr.org/2018/08/what-does-decentralized-web-need.html"/>
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	<rdf:li rdf:resource="http://web.archive.org/web/20180506195230/http://www.openp2p.com/pub/a/p2p/2000/12/19/micropayments.html"/>
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	<rdf:li rdf:resource="http://voxeu.org/article/new-paradigm-introductory-course-economics"/>
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	<rdf:li rdf:resource="http://www.wsj.com/articles/the-champions-of-the-401-k-lament-the-revolution-they-started-1483382348"/>
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      </rdf:Seq>
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  </channel><item rdf:about="https://apoorvalal.github.io/lalgorithms/eternalizing_septembers">
    <title>A Simple Model of Online Platform Enshittification</title>
    <dc:date>2025-08-21T17:32:41+00:00</dc:date>
    <link>https://apoorvalal.github.io/lalgorithms/eternalizing_septembers</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[--- This is a thing of (deeply nerdy) beauty.

(My "market failures" tag is not quite fair, of course.)]]></description>
<dc:subject>economics market_failures_in_everything lal.apoorva large_language_models_(so_called) networked_life</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:90a345a752f8/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:lal.apoorva"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:large_language_models_(so_called)"/>
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<item rdf:about="https://knightcolumbia.org/content/protocols-not-platforms-a-technological-approach-to-free-speech">
    <title>Protocols, Not Platforms: A Technological Approach to Free Speech | Knight First Amendment Institute</title>
    <dc:date>2025-07-28T14:37:40+00:00</dc:date>
    <link>https://knightcolumbia.org/content/protocols-not-platforms-a-technological-approach-to-free-speech</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[--- Mike Masnick in 2019.
--- I don't disagree that shifting back from platforms to protocols would, in many ways, make for a healthier Internet.  But it's striking to me that this essay (like, I feel, most similar pieces, making similar pleas) fails to really reckon with a couple of basic points:
1. There are economies of scale in _running_ an online service, even if it had an open protocol at its base.  Think just of fighting spam (and, IMHO, spam is ultimately what killed Usenet).  (I used to think otherwise, back in the early- to mid- '90s, and some stuff I wrote then to that effect might even still be online somewhere, but I was very, very wrong.)
2. Normal people do not want to spend a lot of time comparison-shopping service providers.
These two together are going to tend to re-create centralization spontaneously, daily, hourly, and on a mass scale.  One could imagine _regulatory_ approaches to counter that, but crafting and implementing the regulation would be tricky.  And the imagination of these essays does not even go there.  Instead, it being 2019, the author makes some hopeful noises at using crypto coins (!) to support decentralized protocols.]]></description>
<dc:subject>the_web_we_have_lost internet market_failures_in_everything have_read via:? social_media networked_life redecentralization</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:948555ae276d/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
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<item rdf:about="https://www.jstor.org/stable/4123261">
    <title>The Market for Quacks on JSTOR</title>
    <dc:date>2025-07-28T14:15:34+00:00</dc:date>
    <link>https://www.jstor.org/stable/4123261</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["A group of n "quacks" plays a price-competition game, facing a continuum of "patients" who recover with probability a, whether they acquire a quack's "treatment". If patients chose rationally, the market would be inactive. I assume, however, that patients choose according to a boundedly rational procedure, which reflects "anecdotal" reasoning. This element of bounded rationality has significant implications. The market for quacks is active, and patients suffer a welfare loss which behaves non-monotonically w.r.t. n and a. In an extended model that endogenizes the quacks' choice of "treatments", the quacks minimize the force of price competition by offering maximally differentiated treatments. The patients' welfare loss is robust to market interventions, which would crowd out low-quality firms in standard models. Thus, as long as the patients' quality of reasoning is not lifted above the anecdotal level, ordinary competition policies may be ineffective."

--- One presumes this applies to educational policy, management consulting, etc., etc.]]></description>
<dc:subject>to:NB to_read psychoceramics market_failures_in_everything economics via:?</dc:subject>
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<dc:identifier>https://pinboard.in/u:cshalizi/b:ef22bfe65165/</dc:identifier>
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<item rdf:about="https://www.theatlantic.com/magazine/archive/2019/05/the-trouble-with-dentistry/586039/">
    <title>Is Dentistry a Science? - The Atlantic</title>
    <dc:date>2023-09-20T17:35:01+00:00</dc:date>
    <link>https://www.theatlantic.com/magazine/archive/2019/05/the-trouble-with-dentistry/586039/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[--- Distressingly relevant to why I switched dentists mid-pandemic.]]></description>
<dc:subject>dentistry fraud market_failures_in_everything have_read law_of_headlines_rules_ok</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:ed875fc2bc4c/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
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<item rdf:about="https://jacobin.com/2023/09/robert-brenner-marxist-economics-falling-rate-of-profit-stagnation-overcapacity-industrial-policy">
    <title>Robert Brenner’s Unprofitable Theory of Global Stagnation</title>
    <dc:date>2023-09-20T17:27:27+00:00</dc:date>
    <link>https://jacobin.com/2023/09/robert-brenner-marxist-economics-falling-rate-of-profit-stagnation-overcapacity-industrial-policy</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[--- This is great. Some quibbles:

- The praise for Shaikh seems very exaggerated.
- This makes it sound like Marx's definition of profit rate is profits/(capital stock), like our modern return on investment, where the numerator is a flow but the denominator is a stock.  (ROI has dimensions of 1/[time].)  In fact Marx's profit rate is profit/(sum of direct labor costs plus inputs plus depreciation/amortization), so both numerator and denominator are flows.  (Marxian rate of profit is dimensionless.)  This is related to the way Marx's value theory assumes constant returns and ignores fixed costs, in contrast to his (much more astute) theory of competition and technological change.  (See: [http://bactra.org/weblog/reading-capital.html] for infinitely more.)  This is _probably_ not worth going in to for a _Jacobin_-reading audience, but it contributes to the difficulty of empirically testing whether _Marx's_ profit rate is rising or falling.]]></description>
<dc:subject>economics political_economy marxism class_struggles_in_america have_read imperfect_competition market_failures_in_everything ackerman.seth</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
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<item rdf:about="https://www.nytimes.com/2022/05/27/opinion/technology/what-would-an-egalitarian-internet-actually-look-like.html">
    <title>Opinion | The Internet Is Broken. How Do We Fix It? - The New York Times</title>
    <dc:date>2022-05-29T18:17:18+00:00</dc:date>
    <link>https://www.nytimes.com/2022/05/27/opinion/technology/what-would-an-egalitarian-internet-actually-look-like.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[--- I'm sympathetic, honest I am, but I have so many questions:
- When the people who run local school boards, or zoning commissions, are in charge of local social networks, and they decide that certain topics and/or presentations of self are Bad and Wrong, what then?  (Everyone from every ideological position can offer their parade of horribles here, and they will all be true somewhere.)  You _could_ say that since these services are to be provided by local governments, the First Amendment has to apply, but I am somehow doubtful that Tarnoff, or anyone else, would be happy with the result.
- We're going to have every local library run content moderation/anti-abuse systems now?  With what resources?
- Alternatively, these local democratically run social networks are going to contract the work of filtering out spam, death threats and kiddie porn to more specialized and _hopefully_ expert services, and now what exactly have we gained?  (Especially because similar forces will push towards centralization of lots of components.)
- There is an astonishing lack of awareness of economies of scale in this whole editorial.  (This even applies to the question of _why_ cable service is a natural monopoly in every locality.) 
- Corporate profits, after taxes and depreciation, are about 8% of national income [https://fred.stlouisfed.org/series/W273RE1A156NBEA].  Let's say that these sectors currently have an unusually capital-heavy composition of their income stream, so that a full 25% of income there goes to corporate profits.  Let's zero that all out.  (Of course for something like Uber, that would be a substantial improvement.)  We've cut the cost to consumers by _a quarter_.  So let's be extra generous and ramp that up to 1/3.  Do we seriously believe that if these services were 1/3 cheaper they'd suddenly become much better?  That broadband at $100 is just not accessible in rural America, but at $66 a month it is?  (Pushing rural broadband is a good idea!  It needs government action!  Supporting cooperatives is worth trying!  But wiring North Dakota is going to be more expensive than wiring Belgium for _material_ reasons.)
- Worker-owned ride-hailing apps making all the sense in the world; more power to them.  (I enjoy a fair amount of workplace democracy and want more people to have it.)  There will still be conflicts of interest between (i) current taxi drivers and potential entrants, and (ii) taxi drivers and (potential) riders, and democracy within the workplace will do nothing to alleviate them.  _We will still need regulation_.

--- In summary, the fact that this brief essay provokes this much of a reaction from me means I should probably just read the book when it comes out.  But I might ask the library to get it...]]></description>
<dc:subject>have_read networked_life internet web social_media progressive_forces track_down_references color_me_skeptical market_failures_in_everything increasing_returns_rule_everything_around_me redecentralization</dc:subject>
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<item rdf:about="https://blog.dshr.org/2022/02/ee380-talk.html">
    <title>DSHR's Blog: EE380 Talk</title>
    <dc:date>2022-02-24T15:42:44+00:00</dc:date>
    <link>https://blog.dshr.org/2022/02/ee380-talk.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>bitcoin blockchain market_failures_in_everything increasing_returns_rule_everything_around_me networked_life evisceration via:? have_read re:no_one_makes_you_push_to_github we_were_promised_distributed_intelligence_and_we_got_idling_cars_to_trade_sudoku_for_heroin</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:bc758308b63a/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:bitcoin"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:blockchain"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:increasing_returns_rule_everything_around_me"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:evisceration"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:?"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:re:no_one_makes_you_push_to_github"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:we_were_promised_distributed_intelligence_and_we_got_idling_cars_to_trade_sudoku_for_heroin"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://arxiv.org/abs/2010.01079">
    <title>[2010.01079] On Statistical Discrimination as a Failure of Social Learning: A Multi-Armed Bandit Approach</title>
    <dc:date>2021-07-08T16:33:28+00:00</dc:date>
    <link>https://arxiv.org/abs/2010.01079</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We analyze statistical discrimination in hiring markets using a multi-armed bandit model. Myopic firms face workers arriving with heterogeneous observable characteristics. The association between the worker's skill and characteristics is unknown ex ante; thus, firms need to learn it. Laissez-faire causes perpetual underestimation: minority workers are rarely hired, and therefore, underestimation towards them tends to persist. Even a slight population-ratio imbalance frequently produces perpetual underestimation. We propose two policy solutions: a novel subsidy rule (the hybrid mechanism) and the Rooney Rule. Our results indicate that temporary affirmative actions effectively mitigate discrimination caused by insufficient data."

--- The last tag is really tenative.  (Also I wonder if they consider equilibrium effects?)]]></description>
<dc:subject>to:NB economics learning_in_games market_failures_in_everything to_teach:statistics_of_inequality_and_discrimination</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:bf5b4540f162/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:learning_in_games"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:statistics_of_inequality_and_discrimination"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.brookings.edu/research/make-elites-compete-why-the-1-earn-so-much-and-what-to-do-about-it/?amp&amp;__twitter_impression=true">
    <title>Make elites compete: Why the 1% earn so much and what to do about it</title>
    <dc:date>2021-06-27T18:32:18+00:00</dc:date>
    <link>https://www.brookings.edu/research/make-elites-compete-why-the-1-earn-so-much-and-what-to-do-about-it/?amp&amp;__twitter_impression=true</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[--- The bit about hedge funds sounds really dubious.  Lots of the evidence (e.g., Lo's book) suggests that they don't in fact earn unusually high returns as a class.  But this might make a good, and indeed uncomfortable, thing for The Kids to chew on.]]></description>
<dc:subject>economics inequality market_failures_in_everything to_teach:statistics_of_inequality_and_discrimination</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:b470555362da/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:inequality"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:statistics_of_inequality_and_discrimination"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.texasobserver.org/entitled-to-profit-in-texas-title-insurance-is-a-total-scam/">
    <title>Entitled To Profit: In Texas, Title Insurance Is a “Total Scam”</title>
    <dc:date>2021-06-22T18:08:39+00:00</dc:date>
    <link>https://www.texasobserver.org/entitled-to-profit-in-texas-title-insurance-is-a-total-scam/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>insurance market_failures_in_everything political_economy</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:35126e274d39/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:insurance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.theatlantic.com/ideas/archive/2021/04/digital-news-industry-was-built-lies/618490/">
    <title>The Digital News Industry Was Built on Lies - The Atlantic</title>
    <dc:date>2021-05-30T20:39:52+00:00</dc:date>
    <link>https://www.theatlantic.com/ideas/archive/2021/04/digital-news-industry-was-built-lies/618490/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>journalism market_failures_in_everything advertising networked_life why_oh_why_cant_we_have_a_better_press_corps philip_k_dick_and_the_fake_humans_rules_everything_around_me marshall.joshua_michael</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:933532b029cc/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:journalism"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:advertising"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:why_oh_why_cant_we_have_a_better_press_corps"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:philip_k_dick_and_the_fake_humans_rules_everything_around_me"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:marshall.joshua_michael"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://twitter.com/Pinboard/status/1373693460742430721">
    <title>Pinboard on Twitter: &quot;We have this debate any time there's a new gravy train for online writing, and it's getting exasperating. Every new platform will reward a set of star writers in a POWER CLAW distribution, the early will cash in, and discovery is the</title>
    <dc:date>2021-04-15T02:14:37+00:00</dc:date>
    <link>https://twitter.com/Pinboard/status/1373693460742430721</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>networked_life market_failures_in_everything twitter_threads_that_should_be_blog_posts</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:0f695d333443/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:twitter_threads_that_should_be_blog_posts"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.deaneckles.com/blog/775_is-thinking-about-monetization-a-waste-of-our-best-minds/">
    <title>Is thinking about monetization a waste of our best minds? | Ready-to-hand</title>
    <dc:date>2021-04-12T15:47:26+00:00</dc:date>
    <link>http://www.deaneckles.com/blog/775_is-thinking-about-monetization-a-waste-of-our-best-minds/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[To include as a counterpoint to Tufekci's "we're creating a dystopia to make people click on ads"
(Should've done so the last two times I taught data mining)]]></description>
<dc:subject>advertising networked_life market_failures_in_everything eckles.dean to_teach:data-mining</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:8e8139863208/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:advertising"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:eckles.dean"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:data-mining"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.theatlantic.com/ideas/archive/2021/04/the-autopilot-economy/618497/">
    <title>How Index Funds May Hurt the Economy - The Atlantic</title>
    <dc:date>2021-04-12T03:31:01+00:00</dc:date>
    <link>https://www.theatlantic.com/ideas/archive/2021/04/the-autopilot-economy/618497/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[All of these problems, to the extent that they are problems, would be avoided by my old proposal [http://bactra.org/weblog/438.html].  I am not a crank.]]></description>
<dc:subject>market_failures_in_everything finance to:blog have_read</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:6bd128f1167c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://mitpress.mit.edu/books/flip-side-free">
    <title>The Flip Side of Free: Understanding the Economics of the Internet | The MIT Press</title>
    <dc:date>2021-04-09T18:26:00+00:00</dc:date>
    <link>https://mitpress.mit.edu/books/flip-side-free</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The upside of the Internet is free Wi-Fi at Starbucks, Facetime over long distances, and nearly unlimited data for downloading or streaming. The downside is that our data goes to companies that use it to make money, our financial information is exposed to hackers, and the market power of technology companies continues to increase. In The Flip Side of Free, Michael Kende shows that free Internet comes at a price. We're beginning to realize this. Our all-purpose techno-caveat is “I love my smart speaker,” but is it really tracking everything I do? listening to everything I say?
"Kende explains the unique economics of the Internet and the paradoxes that result. The most valuable companies in the world are now Internet companies, built on data often exchanged for free content and services. Many users know the impact of this trade-off on privacy but continue to use the services anyway. Moreover, although the Internet lowers barriers for companies to enter markets, it is hard to compete with the largest providers. We complain about companies having too much data, but developing countries without widespread Internet usage may suffer from the reverse: not enough data collection for the development of advanced services—which leads to a worsening data divide between developed and developing countries.
"What's the future of free? Data is the price of free service, and the new currency of the Internet age. There's nothing necessarily wrong with free, Kende says, as long as we anticipate and try to mitigate what's on the flip side."

--- Putting "lowers barriers to entry" in the same sentence as "hard to compete" is an impressive level of doublethink, even for promotional material...]]></description>
<dc:subject>to:NB books:noted networked_life internet economics market_failures_in_everything privacy surveillance to_teach:data-mining the_product_being_sold color_me_skeptical books:in_library books:have_suggested_to_library</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:60f2234e9441/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:internet"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:privacy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:surveillance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:data-mining"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:the_product_being_sold"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:color_me_skeptical"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:in_library"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:have_suggested_to_library"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/aer.20190690">
    <title>Employer Consolidation and Wages: Evidence from Hospitals - American Economic Association</title>
    <dc:date>2021-01-28T17:10:06+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/aer.20190690</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We test whether wage growth slows following employer consolidation by examining hospital mergers. We find evidence of reduced wage growth in cases where both (i) the increase in concentration induced by the merger is large and (ii) workers' skills are industry-specific. In all other cases, we fail to reject zero wage effects. We consider alternative explanations and find that the observed patterns are unlikely to be explained by merger-related changes besides labor market power. Wage growth slowdowns are attenuated in markets with strong labor unions, and wage growth does not decline after out-of-market mergers that leave local employer concentration unchanged."]]></description>
<dc:subject>to:NB economics market_failures_in_everything class_struggles_in_america</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:6836e1f70ddf/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.interfluidity.com/v2/8093.html">
    <title>interfluidity » Repealing Section 230 as antitrust</title>
    <dc:date>2020-12-17T21:03:33+00:00</dc:date>
    <link>https://www.interfluidity.com/v2/8093.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>networked_life regulation market_failures_in_everything internet pondering</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:4146973a4e07/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:internet"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:pondering"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://rooseveltinstitute.org/publications/employer-power-employee-skills-workforce-training-programs-labor-market-power/">
    <title>Employer Power and Employee Skills: Understanding Workforce Training Programs in the Context of Labor Market Power - Roosevelt Institute</title>
    <dc:date>2020-12-04T21:46:11+00:00</dc:date>
    <link>https://rooseveltinstitute.org/publications/employer-power-employee-skills-workforce-training-programs-labor-market-power/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["In Employer Power and Employee Skills: Understanding Workforce Training Programs in the Context of Labor Market Power, authors Suresh Naidu and Aaron Sojourner examine the idea that a “skills gap” drives inequality and that, by extension, training can narrow economic inequality.  They conclude that inequality is better explained by increasing labor market monopsony. To be effective at narrowing inequality, training programs must address concentrated corporate power. 
"Naidu and Sojourner suggest that sectoral training programs that are co-governed by unions, and include worker voice in program design, demonstrate greater long-term success than more traditional training programs. By investing in programs such as these, we can begin to grow worker power while helping workers develop new skills."]]></description>
<dc:subject>to:NB economics economic_policy inequality market_failures_in_everything naidu.suresh</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:e8df3429a4ea/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:inequality"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:naidu.suresh"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://arxiv.org/abs/2010.15581">
    <title>[2010.15581] The De-democratization of AI: Deep Learning and the Compute Divide in Artificial Intelligence Research</title>
    <dc:date>2020-10-30T17:51:35+00:00</dc:date>
    <link>https://arxiv.org/abs/2010.15581</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Increasingly, modern Artificial Intelligence (AI) research has become more computationally intensive. However, a growing concern is that due to unequal access to computing power, only certain firms and elite universities have advantages in modern AI research. Using a novel dataset of 171394 papers from 57 prestigious computer science conferences, we document that firms, in particular, large technology firms and elite universities have increased participation in major AI conferences since deep learning's unanticipated rise in 2012. The effect is concentrated among elite universities, which are ranked 1-50 in the QS World University Rankings. Further, we find two strategies through which firms increased their presence in AI research: first, they have increased firm-only publications; and second, firms are collaborating primarily with elite universities. Consequently, this increased presence of firms and elite universities in AI research has crowded out mid-tier (QS ranked 201-300) and lower-tier (QS ranked 301-500) universities. To provide causal evidence that deep learning's unanticipated rise resulted in this divergence, we leverage the generalized synthetic control method, a data-driven counterfactual estimator. Using machine learning based text analysis methods, we provide additional evidence that the divergence between these two groups - large firms and non-elite universities - is driven by access to computing power or compute, which we term as the "compute divide". This compute divide between large firms and non-elite universities increases concerns around bias and fairness within AI technology, and presents an obstacle towards "democratizing" AI. These results suggest that a lack of access to specialized equipment such as compute can de-democratize knowledge production"]]></description>
<dc:subject>to:NB to_read neural_networks your_favorite_deep_neural_network_sucks market_failures_in_everything text_mining causal_inference</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:21fbbbbcf40b/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:neural_networks"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:your_favorite_deep_neural_network_sucks"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:text_mining"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:causal_inference"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3500919">
    <title>Why Google Dominates Advertising Markets by Dina Srinivasan :: SSRN</title>
    <dc:date>2020-10-06T13:34:42+00:00</dc:date>
    <link>https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3500919</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Approximately 86% of online display advertising space in the U.S. is bought and sold in real-time on electronic trading venues, which the industry calls "advertising exchanges." With intermediaries that route buy and sell orders, the structure of the ad market is similar to the structure of electronically traded financial markets. In advertising, a single company, Alphabet (“Google”), simultaneously operates the leading trading venue, as well as the leading intermediaries that buyers and sellers go through to trade. At the same time, Google itself is one of the largest sellers of ad space globally. This Paper explains how Google dominates advertising markets by engaging in conduct that lawmakers prohibit in other electronic trading markets: Google’s exchange shares superior trading information and speed with the Google-owned intermediaries, Google steers buy and sell orders to its exchange and websites (Search & YouTube), and Google abuses its access to inside information. In the market for electronically traded equities, we require exchanges to provide traders with fair access to data and speed, we identify and manage intermediary conflicts of interest, and we require trading disclosures to help police the market. Because ads now trade on electronic trading venues too, should we borrow these three competition principles to protect the integrity of advertising?"

]]></description>
<dc:subject>to:NB networked_life advertising market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:a20991af63e4/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:advertising"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.bloomberg.com/news/features/2020-01-09/the-hidden-dangers-of-the-great-index-fund-takeover">
    <title>The Hidden Dangers of the Great Index Fund Takeover - Bloomberg</title>
    <dc:date>2020-10-01T21:50:06+00:00</dc:date>
    <link>https://www.bloomberg.com/news/features/2020-01-09/the-hidden-dangers-of-the-great-index-fund-takeover</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>economics market_failures_in_everything imperfect_competition finance</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:7495fe076756/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/aer.20190623">
    <title>Artificial Intelligence, Algorithmic Pricing, and Collusion - American Economic Association</title>
    <dc:date>2020-09-28T15:32:02+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/aer.20190623</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Increasingly, algorithms are supplanting human decision-makers in pricing goods and services. To analyze the possible consequences, we study experimentally the behavior of algorithms powered by Artificial Intelligence (Q-learning) in a workhorse oligopoly model of repeated price competition. We find that the algorithms consistently learn to charge supracompetitive prices, without communicating with one another. The high prices are sustained by collusive strategies with a finite phase of punishment followed by a gradual return to cooperation. This finding is robust to asymmetries in cost or demand, changes in the number of players, and various forms of uncertainty."]]></description>
<dc:subject>to:NB market_failures_in_everything imperfect_competition reinforcement_learning evolution_of_cooperation</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:f7ad0da148e7/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:reinforcement_learning"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:evolution_of_cooperation"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.jstor.org/stable/j.ctv36zrf8">
    <title>The Internet Trap: How the Digital Economy Builds Monopolies and Undermines Democracy on JSTOR</title>
    <dc:date>2020-08-11T15:27:01+00:00</dc:date>
    <link>https://www.jstor.org/stable/j.ctv36zrf8</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The internet was supposed to fragment audiences and make media monopolies impossible. Instead, behemoths like Google and Facebook now dominate the time we spend online—and grab all the profits from the attention economy. The Internet Trap explains how this happened. This provocative and timely book sheds light on the stunning rise of the digital giants and the online struggles of nearly everyone else—and reveals what small players can do to survive in a game that is rigged against them.
"Matthew Hindman shows how seemingly tiny advantages in attracting users can snowball over time. The internet has not reduced the cost of reaching audiences—it has merely shifted who pays and how. Challenging some of the most enduring myths of digital life, Hindman explains why the internet is not the postindustrial technology that has been sold to the public, how it has become mathematically impossible for grad students in a garage to beat Google, and why net neutrality alone is no guarantee of an open internet. He also explains why the challenges for local digital news outlets and other small players are worse than they appear and demonstrates what it really takes to grow a digital audience and stay alive in today’s online economy."]]></description>
<dc:subject>networked_life internet heavy_tails path_dependence market_failures_in_everything re:actually-dr-internet-is-the-name-of-the-monsters-creator journalism in_NB books:recommended have_read increasing_returns_rules_everything_around_me the_web_we_have_lost advertising imperfect_competition downloaded</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:0e40073cc05a/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:internet"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:heavy_tails"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:path_dependence"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:re:actually-dr-internet-is-the-name-of-the-monsters-creator"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:journalism"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:recommended"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:increasing_returns_rules_everything_around_me"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:the_web_we_have_lost"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:advertising"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:downloaded"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://nymag.com/intelligencer/2020/05/why-do-food-delivery-companies-lose-money.html">
    <title>Why Do Food Delivery Companies Lose Money?</title>
    <dc:date>2020-05-19T18:39:38+00:00</dc:date>
    <link>https://nymag.com/intelligencer/2020/05/why-do-food-delivery-companies-lose-money.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[This is a sensible explanation of why the companies aren't profitable (viz., they don't cure Baumol's cost disease --- a phrase that oddly doesn't appear here), but not of why they continue to be funded.]]></description>
<dc:subject>market_failures_in_everything cost_disease class_struggles_in_america</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:4ee74e31077f/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:cost_disease"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://themargins.substack.com/p/doordash-and-pizza-arbitrage">
    <title>Doordash and Pizza Arbitrage - Margins by Ranjan Roy and Can Duruk</title>
    <dc:date>2020-05-19T18:38:01+00:00</dc:date>
    <link>https://themargins.substack.com/p/doordash-and-pizza-arbitrage</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>market_failures_in_everything class_struggles_in_america</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:4f3cf9b95b2f/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.jstor.org/stable/2534564">
    <title>Looting: The Economic Underworld of Bankruptcy for Profit on JSTOR</title>
    <dc:date>2020-05-16T17:57:17+00:00</dc:date>
    <link>https://www.jstor.org/stable/2534564</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>to:NB economics have_read corruption market_failures_in_everything corporations akerlof.george romer.paul class_struggles_in_america</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:ee9f0ba3b2b3/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corruption"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corporations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:akerlof.george"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:romer.paul"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://marker.medium.com/what-everyones-getting-wrong-about-the-toilet-paper-shortage-c812e1358fe0">
    <title>What Everyone’s Getting Wrong About the Toilet Paper Shortage</title>
    <dc:date>2020-04-08T15:08:23+00:00</dc:date>
    <link>https://marker.medium.com/what-everyones-getting-wrong-about-the-toilet-paper-shortage-c812e1358fe0</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>coronavirus_pandemic_of_2019-- market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:d90400fc75b1/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:coronavirus_pandemic_of_2019--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://academic.oup.com/qje/article/135/2/561/5714769">
    <title>Rise of Market Power and the Macroeconomic Implications* | The Quarterly Journal of Economics | Oxford Academic</title>
    <dc:date>2020-04-08T14:20:56+00:00</dc:date>
    <link>https://academic.oup.com/qje/article/135/2/561/5714769</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We document the evolution of market power based on firm-level data for the U.S. economy since 1955. We measure both markups and profitability. In 1980, aggregate markups start to rise from 21% above marginal cost to 61% now. The increase is driven mainly by the upper tail of the markup distribution: the upper percentiles have increased sharply. Quite strikingly, the median is unchanged. In addition to the fattening upper tail of the markup distribution, there is reallocation of market share from low- to high-markup firms. This rise occurs mostly within industry. We also find an increase in the average profit rate from 1% to 8%. Although there is also an increase in overhead costs, the markup increase is in excess of overhead. We discuss the macroeconomic implications of an increase in average market power, which can account for a number of secular trends in the past four decades, most notably the declining labor and capital shares as well as the decrease in labor market dynamism."]]></description>
<dc:subject>to:NB economics class_struggles_in_america market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:c2941701d854/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://academic.oup.com/qje/article/135/2/645/5721266">
    <title>Fall of the Labor Share and the Rise of Superstar Firms* | The Quarterly Journal of Economics | Oxford Academic</title>
    <dc:date>2020-04-08T14:18:03+00:00</dc:date>
    <link>https://academic.oup.com/qje/article/135/2/645/5721266</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The fall of labor’s share of GDP in the United States and many other countries in recent decades is well documented but its causes remain uncertain. Existing empirical assessments typically rely on industry or macro data, obscuring heterogeneity among firms. In this article, we analyze micro panel data from the U.S. Economic Census since 1982 and document empirical patterns to assess a new interpretation of the fall in the labor share based on the rise of “superstar firms.” If globalization or technological changes push sales toward the most productive firms in each industry, product market concentration will rise as industries become increasingly dominated by superstar firms, which have high markups and a low labor share of value added. We empirically assess seven predictions of this hypothesis: (i) industry sales will increasingly concentrate in a small number of firms; (ii) industries where concentration rises most will have the largest declines in the labor share; (iii) the fall in the labor share will be driven largely by reallocation rather than a fall in the unweighted mean labor share across all firms; (iv) the between-firm reallocation component of the fall in the labor share will be greatest in the sectors with the largest increases in market concentration; (v) the industries that are becoming more concentrated will exhibit faster growth of productivity; (vi) the aggregate markup will rise more than the typical firm’s markup; and (vii) these patterns should be observed not only in U.S. firms but also internationally. We find support for all of these predictions."]]></description>
<dc:subject>to:NB economics class_struggles_in_america market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:7896125a2739/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.nytimes.com/2020/03/16/opinion/airlines-bailout.html">
    <title>Opinion | Don’t Feel Sorry for the Airlines - The New York Times</title>
    <dc:date>2020-03-18T19:59:48+00:00</dc:date>
    <link>https://www.nytimes.com/2020/03/16/opinion/airlines-bailout.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>market_failures_in_everything imperfect_competition airlines the_continuing_crises wu.tim</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:7e0b05d22739/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:airlines"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:the_continuing_crises"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:wu.tim"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://thecorrespondent.com/100/the-new-dot-com-bubble-is-here-its-called-online-advertising/13228924500-22d5fd24">
    <title>The new dot com bubble is here: it’s called online advertising - The Correspondent</title>
    <dc:date>2019-11-27T00:18:04+00:00</dc:date>
    <link>https://thecorrespondent.com/100/the-new-dot-com-bubble-is-here-its-called-online-advertising/13228924500-22d5fd24</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>advertising networked_life causal_inference statistics market_failures_in_everything corporations econometrics have_read to_teach:data-mining</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:2c891d017048/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:advertising"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:causal_inference"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:statistics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corporations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:econometrics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:data-mining"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://economics.mit.edu/files/17760">
    <title>Too Much Data: Prices and Inefficiencies in Data Markets</title>
    <dc:date>2019-11-05T03:09:45+00:00</dc:date>
    <link>https://economics.mit.edu/files/17760</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["When a user shares her data with an online platform, she typically reveals relevant information about other users. We model a data market in the presence of this type of externality in a setup where one or multiple platforms estimate a user’s type with data they acquire from all users and (some) users value their privacy. We demonstrate that the data externalities depress the price of
data because once a user’s information is leaked by others, she has less reason to protect her data and privacy. These depressed prices lead to excessive data sharing. We characterize conditions under which shutting down data markets improves (utilitarian) welfare. Competition between platforms does not redress the problem of excessively low price for data and too much data sharing, and may further reduce welfare. We propose a scheme based on mediated data-sharing that improves efficiency."

--- My usual issue with Acemoglu's theoretical papers is that the assumptions are _very_ much stacked in favor of certain conclusions.  (My issue with his empirical papers is that he has apparently never heard of regression diagnostics.)  In this case, the conclusions are ones that reinforce my prejudices, but the last tag applies.]]></description>
<dc:subject>to:NB privacy data_mining market_failures_in_everything economics color_me_skeptical acemoglu.daron</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:dac62cfc002e/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:privacy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:data_mining"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:color_me_skeptical"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:acemoglu.daron"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.hup.harvard.edu/catalog.php?isbn=9780674237544">
    <title>The Great Reversal — Thomas Philippon | Harvard University Press</title>
    <dc:date>2019-09-12T23:48:54+00:00</dc:date>
    <link>https://www.hup.harvard.edu/catalog.php?isbn=9780674237544</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["In this much-anticipated book, a leading economist argues that many key problems of the American economy are due not to the flaws of capitalism or the inevitabilities of globalization but to the concentration of corporate power. By lobbying against competition, the biggest firms drive profits higher while depressing wages and limiting opportunities for investment, innovation, and growth.
"Why are cell-phone plans so much more expensive in the United States than in Europe? It seems a simple question. But the search for an answer took Thomas Philippon on an unexpected journey through some of the most complex and hotly debated issues in modern economics. Ultimately he reached his surprising conclusion: American markets, once a model for the world, are giving up on healthy competition. Sector after economic sector is more concentrated than it was twenty years ago, dominated by fewer and bigger players who lobby politicians aggressively to protect and expand their profit margins. Across the country, this drives up prices while driving down investment, productivity, growth, and wages, resulting in more inequality. Meanwhile, Europe—long dismissed for competitive sclerosis and weak antitrust—is beating America at its own game.
"Philippon, one of the world’s leading economists, did not expect these conclusions in the age of Silicon Valley start-ups and millennial millionaires. But the data from his cutting-edge research proved undeniable. In this compelling tale of economic detective work, we follow him as he works out the basic facts and consequences of industry concentration in the U.S. and Europe, shows how lobbying and campaign contributions have defanged antitrust regulators, and considers what all this means for free trade, technology, and innovation. For the sake of ordinary Americans, he concludes, government needs to return to what it once did best: keeping the playing field level for competition. It’s time to make American markets great—and free—again."]]></description>
<dc:subject>to:NB books:noted economics political_economy economic_policy market_failures_in_everything class_struggles_in_america books:suggest_to_library</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:5180e805680c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:suggest_to_library"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.jstor.org/stable/10.3998/mpub.10029">
    <title>Increasing Returns and Path Dependence in the Economy on JSTOR</title>
    <dc:date>2019-08-26T00:33:12+00:00</dc:date>
    <link>https://www.jstor.org/stable/10.3998/mpub.10029</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>to:NB books:recommended path_dependence economics stochastic_processes arthur.brian market_failures_in_everything downloaded</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:ecf799298f53/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:recommended"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:path_dependence"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:stochastic_processes"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:arthur.brian"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:downloaded"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/jep.33.3.69">
    <title>Protecting Competition in the American Economy: Merger Control, Tech Titans, Labor Markets</title>
    <dc:date>2019-08-04T14:48:10+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/jep.33.3.69</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Accumulating evidence points to the need for more vigorous antitrust enforcement in the United States in three areas. First, stricter merger control is warranted in an economy where large, highly efficient and profitable "superstar" firms account for an increasing share of economic activity. Evidence from merger retrospectives further supports the conclusion that stricter merger control is needed. Second, greater vigilance is needed to prevent dominant firms, including the tech titans, from engaging in exclusionary conduct. The systematic shrinking of the scope of the Sherman Act by the Supreme Court over the past 40 years may make this difficult. Third, greater antitrust scrutiny should be given to the monopsony power of employers in labor markets."

--- Interesting to see this from the co-author of Hal Varian...]]></description>
<dc:subject>to:NB economics imperfect_competition market_failures_in_everything our_decrepit_institutions</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:5d40a67190b1/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://yalebooks.yale.edu/book/9780300238471/entrenchment">
    <title>Entrenchment | Yale University Press</title>
    <dc:date>2019-05-24T21:21:57+00:00</dc:date>
    <link>https://yalebooks.yale.edu/book/9780300238471/entrenchment</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Much of our politics today, Paul Starr writes, is a struggle over entrenchment—efforts to bring about change in ways that opponents will find difficult to undo. That is why the stakes of contemporary politics are so high. In this wide-ranging book, Starr examines how changes at the foundations of society become hard to reverse—yet sometimes are overturned. Overcoming aristocratic power was the formative problem for eighteenth-century revolutions. Overcoming slavery was the central problem for early American democracy. Controlling the power of concentrated wealth has been an ongoing struggle in the world’s capitalist democracies. The battles continue today in the troubled democracies of our time, with the rise of both oligarchy and populist nationalism and the danger that illiberal forces will entrench themselves in power. Entrenchment raises fundamental questions about the origins of our institutions and urgent questions about the future."
]]></description>
<dc:subject>to:NB books:noted inequality political_economy market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:bd8e8bcc3521/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:inequality"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://insidestory.org.au/too-big-to-ignore/">
    <title>Too big to ignore | Inside Story</title>
    <dc:date>2019-03-10T18:53:00+00:00</dc:date>
    <link>https://insidestory.org.au/too-big-to-ignore/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>market_failures_in_everything economics quiggin.john imperfect_competition</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:372afca2c562/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:quiggin.john"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/aer.20170116">
    <title>Learning to Coordinate: A Study in Retail Gasoline</title>
    <dc:date>2019-01-30T15:08:08+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/aer.20170116</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["This paper studies equilibrium selection in the retail gasoline industry. We exploit a unique dataset that contains the universe of station-level prices for an urban market for 15 years, and that encompasses a coordinated equilibrium transition mid-sample. We uncover a gradual, three-year equilibrium transition, whereby dominant firms use price leadership and price experiments to create focal points that coordinate market prices, soften price competition, and enhance retail margins. Our results inform the theory of collusion, with particular relevance to the initiation of collusion and equilibrium selection. We also highlight new insights into merger policy and collusion detection strategies."]]></description>
<dc:subject>to:NB economics market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:101016d7ed91/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://onlinelibrary.wiley.com/doi/book/10.1002/9780470774250">
    <title>The Geography of the Internet Industry (2008)</title>
    <dc:date>2019-01-07T19:44:21+00:00</dc:date>
    <link>https://onlinelibrary.wiley.com/doi/book/10.1002/9780470774250</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["This groundbreaking book analyses the geography of the commercial Internet industry. It presents the first accurate map of Internet domains in the world, by country, by region, by city, and for the United States, by neighborhood. 
"Demonstrates the extraordinary spatial concentration of the Internetindustry.
Explains the geographic features of the high tech venture capital behind the Internet economy.
Demonstrates how venture capitalists' abilities to create and use tacit knowledge contributes to the clustering of the internet industry
Draws on in-depth interviews and field work in San Francisco Bay Area and New York City."]]></description>
<dc:subject>to:NB books:noted downloaded economics economic_geography internet market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:29c50cb8b3dc/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:downloaded"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_geography"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:internet"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.cambridge.org/core/books/economics-of-agglomeration/A4511C89C0FB751A89625BF97CDDA88B#fndtn-information">
    <title>Economics of Agglomeration by Masahisa Fujita</title>
    <dc:date>2019-01-06T02:09:34+00:00</dc:date>
    <link>https://www.cambridge.org/core/books/economics-of-agglomeration/A4511C89C0FB751A89625BF97CDDA88B#fndtn-information</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Economic activities are not concentrated on the head of a pin, nor are they spread evenly over a featureless plane. On the contrary, they are distributed very unequally across locations, regions and countries. Even though economic activities are, to some extent, spatially concentrated because of natural features, economic mechanisms that rely on the trade-off between various forms of increasing returns and different types of mobility costs are more fundamental. This book is a study of the economic reasons for the existence of a large variety of agglomerations arising from the global to the local. This second edition combines a comprehensive analysis of the fundamentals of spatial economics and an in-depth discussion of the most recent theoretical developments in new economic geography and urban economics. It aims to highlight several of the major economic trends observed in modern societies. The first edition was the winner of the 2004 William Alonso Memorial Prize for Innovative Work in Regional Science."

--- For ZMS's birthday?]]></description>
<dc:subject>to:NB books:noted cities economics economic_geography market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:f8573de06a92/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:cities"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_geography"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://blog.dshr.org/2018/08/what-does-decentralized-web-need.html">
    <title>DSHR's Blog: What Does The Decentralized Web Need?</title>
    <dc:date>2018-12-12T04:52:31+00:00</dc:date>
    <link>https://blog.dshr.org/2018/08/what-does-decentralized-web-need.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Increasing returns fuck everything up.]]></description>
<dc:subject>networked_life internet market_failures_in_everything re:actually-dr-internet-is-the-name-of-the-monsters-creator increasing_returns_rule_everything_around_me redecentralization</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:5b09aea363a9/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:internet"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:re:actually-dr-internet-is-the-name-of-the-monsters-creator"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:increasing_returns_rule_everything_around_me"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:redecentralization"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://blog.dshr.org/2018/12/blockchain-whats-not-to-like.html">
    <title>DSHR's Blog: Blockchain: What's Not To Like?</title>
    <dc:date>2018-12-12T02:20:34+00:00</dc:date>
    <link>https://blog.dshr.org/2018/12/blockchain-whats-not-to-like.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Very good.]]></description>
<dc:subject>blockchain bitcoin market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:7ec2b5178ba6/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:blockchain"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:bitcoin"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.theatlantic.com/ideas/archive/2018/09/whose-farm-is-this-anyway/569227/">
    <title>What Does Monopsony Mean? Chicken Farms Offer an Answer - The Atlantic</title>
    <dc:date>2018-09-13T00:25:01+00:00</dc:date>
    <link>https://www.theatlantic.com/ideas/archive/2018/09/whose-farm-is-this-anyway/569227/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>agriculture market_failures_in_everything economics class_struggles_in_america have_read</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:13a14cc0f94b/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:agriculture"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.washingtonpost.com/news/monkey-cage/wp/2018/08/02/online-labor-markets-may-look-competitive-they-arent/">
    <title>Online labor markets may look competitive. They aren’t. - The Washington Post</title>
    <dc:date>2018-08-02T15:02:25+00:00</dc:date>
    <link>https://www.washingtonpost.com/news/monkey-cage/wp/2018/08/02/online-labor-markets-may-look-competitive-they-arent/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>market_failures_in_everything networked_life class_struggles_in_america naidu.suresh have_read economics labor</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:da8ecd8b21c5/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:naidu.suresh"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:labor"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://web.archive.org/web/20180506195230/http://www.openp2p.com/pub/a/p2p/2000/12/19/micropayments.html">
    <title>The Case Against Micropayments - O'Reilly Media</title>
    <dc:date>2018-07-19T12:35:46+00:00</dc:date>
    <link>http://web.archive.org/web/20180506195230/http://www.openp2p.com/pub/a/p2p/2000/12/19/micropayments.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Of course the actual website is dead and gone.]]></description>
<dc:subject>economics networked_life market_failures_in_everything shirky.clay</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:9ba2e96bc713/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:shirky.clay"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/aer.20161696">
    <title>Investment Strategy and Selection Bias: An Equilibrium Perspective on Overoptimism</title>
    <dc:date>2018-06-08T15:27:53+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/aer.20161696</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Investors implement projects based on idiosyncratic signal observations, without knowing how signals and returns are jointly distributed. The following heuristic is studied: investors collect information on previously implemented projects with the same signal realization and invest if the associated mean return exceeds the cost. The corresponding steady states result in suboptimal investments, due to selection bias and the heterogeneity of signals across investors. When higher signals are associated with higher returns, investors are overoptimistic, resulting in overinvestment. Rational investors increase the overoptimism of sampling investors, thereby illustrating a negative externality imposed by rational investors."]]></description>
<dc:subject>to:NB economics market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:dd82db4acd46/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://journals.sagepub.com/doi/abs/10.1177/0003122417706463">
    <title>The New Closed Shop? The Economic and Structural Effects of Occupational Licensure - Beth Redbird, 2017</title>
    <dc:date>2018-03-21T21:34:35+00:00</dc:date>
    <link>http://journals.sagepub.com/doi/abs/10.1177/0003122417706463</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["During the past few decades, licensure, a state-enforced mechanism for regulating occupational entry, quickly became the most prevalent form of occupational closure. Broad consensus among researchers holds that licensure creates wage premiums by establishing economic monopolies. This article demonstrates that, contrary to established wisdom, licensure does not limit competition, nor does it increase wages. Results are based on a new occupational dataset, covering 30 years, that exploits interstate variability in licensure across the 300 census-identified occupations. I argue that licensure, instead of increasing wages, creates a set of institutional mechanisms that enhance entry into the occupation, particularly for historically disadvantaged groups, while simultaneously stagnating quality."]]></description>
<dc:subject>to:NB economics sociology professions_and_professionalization market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:21a6c9c8c8f4/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:sociology"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:professions_and_professionalization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/jel.20161410">
    <title>Markets and Manipulation: Time for a Paradigm Shift?</title>
    <dc:date>2018-03-13T18:40:07+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/jel.20161410</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["There is a growing appreciation in economics that people have emotional vulnerabilities, commitments to social norms, and systematic irrationalities that impact their decision making and choice in the market place. The flip side of this is that human beings are susceptible to being manipulated by unscrupulous agents single-minded about marketing their services and wares. This paper reviews George Akerlof and Robert Shiller's Phishing for Phools: The Economics of Manipulation and Deception, alongside other writings in the field, and discusses how this research agenda can be taken forward. The paper shows how this new research can shed light on the ubiquity of corruption in so many societies, and proposes ideas for controlling corruption."]]></description>
<dc:subject>to:NB economics decision-making market_failures_in_everything fraud corruption</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:d688fede53e8/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:decision-making"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:fraud"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corruption"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.forbes.com/sites/lensherman/2017/12/14/why-cant-uber-make-money/#4590024a10ec">
    <title>Why Can't Uber Make Money?</title>
    <dc:date>2018-01-30T17:32:30+00:00</dc:date>
    <link>https://www.forbes.com/sites/lensherman/2017/12/14/why-cant-uber-make-money/#4590024a10ec</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>market_failures_in_everything have_read taxis uber economics</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:9f3b19e1a01e/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:taxis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:uber"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.washingtonpost.com/lifestyle/magazine/how-robo-call-moguls-outwitted-the-government-and-completely-wrecked-the-do-not-call-list/2018/01/09/52c769b6-df7a-11e7-bbd0-9dfb2e37492a_story.html">
    <title>How the robocall industry outwitted the government and wrecked the Do Not Call list - The Washington Post</title>
    <dc:date>2018-01-30T17:31:26+00:00</dc:date>
    <link>https://www.washingtonpost.com/lifestyle/magazine/how-robo-call-moguls-outwitted-the-government-and-completely-wrecked-the-do-not-call-list/2018/01/09/52c769b6-df7a-11e7-bbd0-9dfb2e37492a_story.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>regulation market_failures_in_everything our_decrepit_institutions fraud crime have_read</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:315abc36f89c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:fraud"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:crime"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.politico.com/magazine/story/2017/10/20/fastest-growing-city-america-florida-cape-coral-215724">
    <title>The Boomtown That Shouldn’t Exist - POLITICO Magazine</title>
    <dc:date>2018-01-30T17:18:24+00:00</dc:date>
    <link>https://www.politico.com/magazine/story/2017/10/20/fastest-growing-city-america-florida-cape-coral-215724</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>florida utter_stupidity fraud market_failures_in_everything have_read</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:44c8cc5adeab/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:florida"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:utter_stupidity"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:fraud"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.oii.ox.ac.uk/blog/the-blockchain-paradox-why-distributed-ledger-technologies-may-do-little-to-transform-the-economy/">
    <title>The blockchain paradox: Why distributed ledger technologies may do little to transform the economy — Oxford Internet Institute</title>
    <dc:date>2018-01-30T16:53:05+00:00</dc:date>
    <link>https://www.oii.ox.ac.uk/blog/the-blockchain-paradox-why-distributed-ledger-technologies-may-do-little-to-transform-the-economy/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Shorter: if you really have no trust in the other participants, how on Earth are you going to agree on a protocol?]]></description>
<dc:subject>economics institutions bitcoin political_economy distributed_systems have_read market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:d3fdfec66ab6/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:bitcoin"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:distributed_systems"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.cato-unbound.org/2018/01/17/henry-farrell/saving-democratic-institutions-corrupting-markets">
    <title>Saving Democratic Institutions from Corrupting Markets | Cato Unbound</title>
    <dc:date>2018-01-18T22:10:13+00:00</dc:date>
    <link>https://www.cato-unbound.org/2018/01/17/henry-farrell/saving-democratic-institutions-corrupting-markets</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>political_economy market_failures_in_everything regulation our_decrepit_institutions class_struggles_in_america farrell.henry kith_and_kin have_read</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:ae52deaae99a/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:farrell.henry"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:kith_and_kin"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://press.princeton.edu/titles/11086.html">
    <title>Haskel, J. and Westlake, S.: Capitalism without Capital: The Rise of the Intangible Economy (Hardcover and eBook) | Princeton University Press</title>
    <dc:date>2017-12-08T18:49:15+00:00</dc:date>
    <link>https://press.princeton.edu/titles/11086.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Early in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success.
"But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena from economic inequality to stagnating productivity.
"Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles."]]></description>
<dc:subject>to:NB books:noted economics economic_history market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:22aa98cf20e8/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_history"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://voxeu.org/article/new-paradigm-introductory-course-economics">
    <title>A new paradigm for the introductory course in economics | VOX, CEPR’s Policy Portal</title>
    <dc:date>2017-09-08T13:48:58+00:00</dc:date>
    <link>http://voxeu.org/article/new-paradigm-introductory-course-economics</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Our intro courses fail to reflect the dramatic advances in economics – concerning information problems and strategic interactions, for example – since Samuelson’s paradigm-setting 1948 textbook. Missing, too, is any sustained engagement with new problems we now confront and on which economics has important insights for public policy – climate change, innovation, instability and growing inequality amongst them. This column introduces a free online interactive text – now used as the standard intro at UCL, Sciences Po, and Toulouse School of Economics – which responds."]]></description>
<dc:subject>economics market_failures_in_everything markets_as_collective_calculating_devices kith_and_kin bowles.samuel have_read via:? game_theory behavioral_economics inequality</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:664d86528602/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:markets_as_collective_calculating_devices"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:kith_and_kin"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:bowles.samuel"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:?"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:game_theory"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:behavioral_economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:inequality"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.pnas.org/content/114/20/5077.abstract">
    <title>Optimal incentives for collective intelligence</title>
    <dc:date>2017-08-29T19:13:05+00:00</dc:date>
    <link>http://www.pnas.org/content/114/20/5077.abstract</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Collective intelligence is the ability of a group to perform more effectively than any individual alone. Diversity among group members is a key condition for the emergence of collective intelligence, but maintaining diversity is challenging in the face of social pressure to imitate one’s peers. Through an evolutionary game-theoretic model of collective prediction, we investigate the role that incentives may play in maintaining useful diversity. We show that market-based incentive systems produce herding effects, reduce information available to the group, and restrain collective intelligence. Therefore, we propose an incentive scheme that rewards accurate minority predictions and show that this produces optimal diversity and collective predictive accuracy. We conclude that real world systems should reward those who have shown accuracy when the majority opinion has been in error."

--- While I find the conclusion congenial, I suspect it's pre-judged by the modeling assumptions.  Still, the last tag applies.]]></description>
<dc:subject>to:NB collective_cognition market_failures_in_everything color_me_skeptical</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:defdb5d5d16f/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:collective_cognition"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:color_me_skeptical"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/jep.31.3.89">
    <title>The Agency Problems of Institutional Investors</title>
    <dc:date>2017-08-26T17:56:07+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/jep.31.3.89</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Financial economics and corporate governance have long focused on the agency problems between corporate managers and shareholders that result from the dispersion of ownership in large publicly traded corporations. In this paper, we focus on how the rise of institutional investors over the past several decades has transformed the corporate landscape and, in turn, the governance problems of the modern corporation. The rise of institutional investors has led to increased concentration of equity ownership, with most public corporations now having a substantial proportion of their shares held by a small number of institutional investors. At the same time, these institutions are controlled by investment managers, which have their own agency problems vis-á-vis their own beneficial investors. We develop an analytical framework for understanding the agency problems of institutional investors, and apply it to examine the agency problems and behavior of several key types of investment managers, including those that manage mutual funds—both index funds and actively managed funds—and activist hedge funds. We show that index funds have especially poor incentives to engage in stewardship activities that could improve governance and increase value. Activist hedge funds have substantially better incentives than managers of index funds or active mutual funds. While their activities may partially compensate, we show that they do not provide a complete solution for the agency problems of other institutional investors."

--- I'd be curious to see if they make the connection to market socialism, of the Roemer-esque "One Big Mutual Fund" variety]]></description>
<dc:subject>to:NB economics corporations finance market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:eea8ae2ca0af/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corporations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/jep.31.3.131">
    <title>A Skeptical View of Financialized Corporate Governance</title>
    <dc:date>2017-08-26T17:52:39+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/jep.31.3.131</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Managerial compensation typically relies on financial yardsticks, such as profits, stock prices, and return on equity, to achieve alignment between the interests of managers and shareholders. But financialized governance may not actually work well for most shareholders, and even when it does, significant tradeoffs and inefficiencies can arise from the conflict between maximizing financialized measures and society's broader interests. Effective governance requires that those in control are accountable for actions they take. However, those who control and benefit most from corporations' success are often able to avoid accountability. The history of corporate governance includes a parade of scandals and crises that have caused significant harm. After each, most key individuals tend to minimize their own culpability. Common claims from executives, boards of directors, auditors, rating agencies, politicians, and regulators include "we just didn't know," "we couldn't have predicted," or "it was just a few bad apples." Economists, as well, may react to corporate scandals and crises with their own version of "we just didn't know," as their models had ruled out certain possibilities. Effective governance of institutions in the private and public sectors should make it much more difficult for individuals in these institutions to get away with claiming that harm was out of their control when in reality they had encouraged or enabled harmful misconduct, and ought to have taken action to prevent it."]]></description>
<dc:subject>to:NB economics corporations financialization market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:96b0fe33f7ce/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corporations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financialization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://talkingpointsmemo.com/edblog/our-problem-with-monopolies-and-why-everything-sucks">
    <title>Our Problem with Monopolies, and Why Everything Sucks – Talking Points Memo</title>
    <dc:date>2017-07-19T20:26:05+00:00</dc:date>
    <link>http://talkingpointsmemo.com/edblog/our-problem-with-monopolies-and-why-everything-sucks</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>have_read monopoly class_struggles_in_america market_failures_in_everything economics</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:02a7bcc84a35/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:monopoly"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2933177">
    <title>Will the Growth of Uber Increase Economic Welfare? by Hubert Horan :: SSRN</title>
    <dc:date>2017-07-01T21:36:57+00:00</dc:date>
    <link>https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2933177</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The urban car service firm Uber is currently the most highly valued private startup company in the world with a venture capital valuation of over $68 billion based on direct investment of over $13 billion from some of the wealthiest and most powerful people in the Silicon Valley. Uber hopes to earn billions for those investors out of an urban car service industry that historically had razor-thin margins producing a commodity product. The capital markets and the business media that had ignored this industry for over a century now tracks Uber’s every move. Although the industry has long been competitively fragmented and structurally stable, Uber’s huge valuation was always based on the expectation that it would drive all incumbent taxi and limo companies out of business and achieve global industry dominance, and it is well on the way to achieving that objective in many markets. 
"The first question considered in this paper is whether Uber’s rapid growth to date has increased industry efficiency and overall consumer and economic welfare. To state this central question slightly differently, does the growth of Uber demonstrate that markets are working efficiently? Are the capital markets that have put billions into urban car services making the industry and the overall economy more efficient by shifting resources to more productive uses? Are consumers and drivers receiving accurate information about price/service and compensation alternatives so that their market choices maximize industry efficiency? 
"The first section of the paper evaluates Uber against three economic welfare tests based on data on actual Uber financial performance, driver compensation and the overall cost structure of the taxi industry that has been ignored in most of the public discussion of Uber. The central findings are that Uber has been incurring substantially larger losses than any other highly-valued Silicon Valley financed startup and lacks the scale/network economies that would be needed to rapidly achieve profitability in a competitive market, that Uber is a substantially less efficient producer of urban car services and has no significant sources of competitive advantage over the traditional operators it has been driving out of business. Uber’s growth to date has depended on staggering levels of predatory investor subsidies, and while these may have provided some temporary benefits to consumers and drivers they are not sustainable, and they are more than offset by Uber’s ongoing destruction of more efficient industry capacity...."]]></description>
<dc:subject>uber economics market_failures_in_everything imperfect_competition</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:9a9b4a15674e/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:uber"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.bradford-delong.com/2001/09/information-technology-and-the-future-of-society.html">
    <title>Information Technology and the Future of Society</title>
    <dc:date>2017-06-19T18:54:03+00:00</dc:date>
    <link>http://www.bradford-delong.com/2001/09/information-technology-and-the-future-of-society.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>delong.brad market_failures_in_everything markets_as_collective_calculating_devices intellectual_property economics</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:3523c461c27a/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:delong.brad"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:markets_as_collective_calculating_devices"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:intellectual_property"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.rsfjournal.org/doi/full/10.7758/RSF.2016.2.6.11">
    <title>Wealth and Secular Stagnation: The Role of Industrial Organization and Intellectual Property Rights: RSF: Vol 2, No 6</title>
    <dc:date>2017-05-18T12:33:54+00:00</dc:date>
    <link>http://www.rsfjournal.org/doi/full/10.7758/RSF.2016.2.6.11</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Changes in firm strategy and structure partially explain the sources and consequences of rising wealth inequality in America. Combining use of state-created monopolies around intellectual property rights (IPRs) for profitability and firm-level strategies to transform their industrial organization by pushing physical capital and noncore labor outside the boundaries of the firm leads to rising levels of wealth and income inequality among firms as well as individuals. Income inequality among firms in turn reduces growth in productive investment and thus in aggregate demand. Slower growth reflexively deters firms from new investment, aggravating the shortfall in aggregate demand. Decreased protection for IPRs and increased protection for subcontracted workers would help increase aggregate demand and thus push growth back to its prior level, as well as reducing wealth and income inequality among individuals."]]></description>
<dc:subject>to:NB economics inequality class_struggles_in_america market_failures_in_everything via:phnk</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:009a634228ed/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:inequality"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:phnk"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.jacobinmag.com/2017/03/trump-muslim-laptop-ban-airlines-monopoly-cartelization-competition/">
    <title>Who Owns the Skies? | Jacobin</title>
    <dc:date>2017-03-29T08:47:06+00:00</dc:date>
    <link>https://www.jacobinmag.com/2017/03/trump-muslim-laptop-ban-airlines-monopoly-cartelization-competition/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>economics political_economy market_failures_in_everything imperfect_competition naidu.suresh</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:2e37acdff2e3/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:naidu.suresh"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.nytimes.com/2017/02/06/us/politics/a-pennsylvania-highway-town-at-the-junction-of-politics-and-policy.html?smprod=nytcore-iphone&amp;smid=nytcore-iphone-share&amp;_r=0">
    <title>As Trump Vows Building Splurge, Famed Traffic Choke Point Offers Warning - The New York Times</title>
    <dc:date>2017-02-06T21:21:02+00:00</dc:date>
    <link>https://www.nytimes.com/2017/02/06/us/politics/a-pennsylvania-highway-town-at-the-junction-of-politics-and-policy.html?smprod=nytcore-iphone&amp;smid=nytcore-iphone-share&amp;_r=0</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>pennsylvania our_decrepit_institutions political_economy public_policy market_failures_in_everything have_read to:blog</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:4778cc5786a5/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:pennsylvania"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:public_policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.wsj.com/articles/the-champions-of-the-401-k-lament-the-revolution-they-started-1483382348">
    <title>The Champions of the 401(k) Lament the Revolution They Started - WSJ</title>
    <dc:date>2017-01-03T17:13:11+00:00</dc:date>
    <link>http://www.wsj.com/articles/the-champions-of-the-401-k-lament-the-revolution-they-started-1483382348</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>financialization pensions whats_gone_wrong_with_america class_struggles_in_america 401_k have_read via:jbdelong market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:327708f1696a/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financialization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:pensions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:whats_gone_wrong_with_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:401_k"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:jbdelong"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nakedcapitalism.com/2016/11/can-uber-ever-deliver-part-one-understanding-ubers-bleak-operating-economics.html">
    <title>Can Uber Ever Deliver? Part One – Understanding Uber’s Bleak Operating Economics | naked capitalism</title>
    <dc:date>2016-12-01T23:26:19+00:00</dc:date>
    <link>http://www.nakedcapitalism.com/2016/11/can-uber-ever-deliver-part-one-understanding-ubers-bleak-operating-economics.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Interesting, but beyond my competence to evaluate.]]></description>
<dc:subject>uber economics market_failures_in_everything have_read via:whimsley</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:c7b20c974590/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:uber"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:whimsley"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/aer.20140662">
    <title>Asymmetric Information and Intermediation Chains</title>
    <dc:date>2016-08-30T21:59:13+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/aer.20140662</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We propose a parsimonious model of bilateral trade under asymmetric information to shed light on the prevalence of intermediation chains that stand between buyers and sellers in many decentralized markets. Our model features a classic problem in economics where an agent uses his market power to inefficiently screen a privately informed counterparty. Paradoxically, involving moderately informed intermediaries also endowed with market power can improve trade efficiency. Long intermediation chains in which each trader's information set is similar to those of his direct counterparties limit traders' incentives to post prices that reduce trade volume and jeopardize gains to trade."]]></description>
<dc:subject>to:NB economics market_failures_in_everything economics_of_imperfect_information</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:f5de29511760/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics_of_imperfect_information"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://press.uchicago.edu/ucp/books/book/distributed/M/bo23464730">
    <title>Microeconomics: A Critical Companion, Fine</title>
    <dc:date>2016-06-02T01:01:37+00:00</dc:date>
    <link>http://press.uchicago.edu/ucp/books/book/distributed/M/bo23464730</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The culmination of forty years of teaching, researching, and advising on political economy, Ben Fine’s Microeconomics offers a clear and concise exposition of mainstream microeconomics from a heterodox perspective. Covering topics from consumer and producer theory to general equilibrium to perfect competition, it sets the emergence and evolution of microeconomics in both its historical and interdisciplinary context. Fine critically exposes the methodological and conceptual content of dominant microeconomic models without sacrificing the technical detail required for those completing a first degree in economics or entering postgraduate study. The result is a book which is sure to establish a strong presence on undergraduate reading lists and in comparative literature on the subject."]]></description>
<dc:subject>to:NB books:noted economics market_failures_in_everything imperfect_competition</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:04d922a8d937/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.reuters.com/investigates/special-report/college-cheating-iowa/">
    <title>This industry helps Chinese cheat their way into &amp; through US colleges</title>
    <dc:date>2016-05-31T14:19:01+00:00</dc:date>
    <link>http://www.reuters.com/investigates/special-report/college-cheating-iowa/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Not sure if I should tag this one "our decrepit institutions" or not...]]></description>
<dc:subject>cheating academia education networked_life market_failures_in_everything corruption</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:fff4f5c5ed64/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:cheating"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:academia"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:education"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networked_life"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corruption"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://mainlymacro.blogspot.com/2016/05/neoliberalism.html">
    <title>mainly macro: Neoliberalism</title>
    <dc:date>2016-05-02T22:54:57+00:00</dc:date>
    <link>http://mainlymacro.blogspot.com/2016/05/neoliberalism.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Well-said.]]></description>
<dc:subject>economics neoliberalism ideology corruption market_failures_in_everything privatization via:henry_farrell</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:832d0f115c9f/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:neoliberalism"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:ideology"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corruption"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:privatization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:henry_farrell"/>
</rdf:Bag></taxo:topics>
</item>
</rdf:RDF>