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Having been through the US immigration process (I got my first work visa more than 25 years ago and became a citizen in 2022), it's obvious to me that Americans have no idea how weird and tortuous their immigration system is:
Broadly speaking, the role of an establishment economist is to come up with new ways of saying, "actually, your boss is right." In other words, the world we're living in is the best possible world, and the fact that you got contact burns from collapsing on the scorching sidewalk outside of the grocery store where you…
Anything that can't go on forever will eventually stop. 40 years of declining worker power shattered the American Dream (TM), producing multiple generations whose children fared worse than their parents, cratering faith in institutions and hope for a better future.
During a 2007 trip to NYC, while taking long walks from one indie bookstore to the next, lugging increasingly heavy bags of pressed vegetable matter, I stumbled on Simon Lovell's How to Cheat at Everything at the St Mark's Bookshop.
Amazon is very proud of its "flywheel": at first, the company offered subsidies to customers, which lured in sellers. Then, it demanded that those sellers lower their prices, which lured in more customers. With more customers, more sellers piled in. Faster and faster, the flywheel spins, creating the "everything…
Operating a business is risky: you can't ever be sure how many customers you'll have, or what they'll show up looking for. If you guess wrong, you'll either have too few workers to serve the crowd, or you'll pay workers to stand around and wait for customers. This is true even when your "business" is a "hospital."
Forget F1: the only car race that matters now is the race to turn your car into a digital extraction machine, a high-speed inkjet printer on wheels, stealing your private data as it picks your pocket. Your car's digital infrastructure is a costly, dangerous nightmare – but for automakers in pursuit of postcapitalist…
Here is how platforms die: first, they are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die.