"She was Joan of Arc, Madame Curie, and Florence Nightingale--all wrapped up in one."
One long, hot afternoon on Capitol Hill, in the summer of 1991, the most powerful man in Congress took on the most powerful person in American science. Science won. What does it take to end a reign of terror? The science fraud panic of the 1990s, part two of two.
We build a simple, but powerful and intuitive, model for when a hockey coach should pull the goalie when trailing. When the model reports that the coaches aren’t doing it nearly early enough, we then ask why, and take away some key lessons for portfolio and risk management, and business in general.
I provide a (very) brief introduction to game theory. I have developed these notes to provide quick access to some of the basics of game theory; mainly as an aid for students in courses in which I assumed familiarity with game theory but did not require it as a prerequisite.
"Crucial life lessons from the end of hockey games, Idris Elba, and some Wall Street guys with a lot of time on their hands."
Revisionist History wades into the crowded self-help marketplace, with some help with from a band of math whizzes and Hollywood screenwriters. It's late in a hockey game, and you're losing. When should you pull your goalie? And what if you used that same logic when a bad guy breaks into your house and holds your entire family hostage? We think the unthinkable, so you don’t have to.
Why one should be a bit more disagreeable and “pull the goalie”.
General Leonard Chapman guided the Marines Corp through some of the most difficult years in its history. He was brilliant, organized, decisive and indefatigable. Then he turned his attention to the America’s immigration crisis. You think you want effective leadership? Be careful what you wish for.
A piece of history I was surprised to not have heard about with relation to current immigration policy. Also a great example of how policy makers need to be able to think 20 steps into the potential futures to realize the ramifications of what they’re doing an the effects it will have on future generations.
Has the Everything Store become a dangerous monopoly threatening the U.S. economy?
Some time later this year, Amazon could become the first trillion-dollar company in American history. Its valuation has already doubled in the last 14 months to about $800 billion, and Jeff Bezos, its founder and CEO, is officially the richest man on the planet.
There are ways in which Amazon seems to be the greatest company in American history. It’s revolutionized the global shopping experience and expanded into media and hardware, while operating on razor-thin margins that have astonished critics. But some now consider it the modern incarnation of a railroad monopoly, a logistics behemoth using its scale to destroy competition.
So what is Amazon: brilliant, dangerous, or both? That’s the subject of the latest episode of Crazy/Genius, our new podcast on technology and culture.
To build the case for breaking up the Everything Store, I talk to Scott Galloway, a professor of marketing at NYU and an outspoken critic of big tech, and Lina Khan, a researcher at the Open Markets Institute and a leading expert on antitrust policy. Both of them encourage me to see how a company famous for low prices can still behave in an anticompetitive manner. Making the case against heavy regulation for Amazon are Rob Atkinson, the president of the Information Technology and Innovation Foundation, a tech think tank, and Michael Mandel, an economist with the Progressive Policy Institute who researches technology and e-commerce. Both encourage me to focus not only on the hidden costs of Amazon’s largeness, but also on the hidden benefits.
Last weekend, Steelers running back Le’Veon Bell sat out the first game of the regular season rather than play under the NFL franchise tag. Slated to earn $14.5 million in guaranteed money in 2018, Bell loses out on $855,529 each week he fails to report. The franchise tag would make Bell the third highest paid running back in the NFL this season — but only if he actually plays. Around the league, there is a wide range of speculation on how long Bell’s holdout will last. ESPN’s Adam Schefter reports that his sources believe Bell could be back by the end of September, while others note his holdout could conceivably last through Week 10.
Harvard Professor Clayton Christensen has said that half of all colleges will go bankrupt. The problem is, there's no evidence that's true. Only the supposedly innovative, disruptive for-profit ones are going under.
The outrageous price of a U.S. degree is unique in the world.
“I used to joke that I could just take all my papers and statistical programs and globally replace hospitals with schools, doctors with teachers and patients with students,” says Dartmouth College’s Douglas Staiger, one of the few U.S. economists who studies both education and health care.
Both systems are more market driven than in just about any other country, which makes them more innovative—but also less coherent and more exploitive. Hospitals and colleges charge different prices to different people, rendering both systems bewilderingly complex, Staiger notes. It is very hard for regular people to make informed decisions about either, and yet few decisions could be more important.
In both cases, the most vulnerable people tend to make less-than-ideal decisions. For example, among high-achieving, low-income students (who have grades and test scores that put them in the top 4 percent of U.S. students and would be eligible for generous financial aid at elite colleges), the vast majority apply to no selective colleges at all, according to research by Caroline Hoxby and Christopher Avery. “Ironically, these students are often paying more to go to a nonselective four-year college or even a community college than they would pay to go to the most selective, most resource-rich institutions in the United States,” as Hoxby told NPR.