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13 votes
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America’s cash glut
4 votes -
Hampster Economics - Pondering how a meme from a quarter-century ago might have gone over in today’s much-more-mature creator economy
3 votes -
Many economics experts are rethinking longstanding core ideas, including the importance of inflation expectations
12 votes -
The decreasing cost of renewables unlikely to plateau anytime soon
13 votes -
Board games: A price breakdown
8 votes -
The Age of Disorder: Long-Term Asset Return Study
5 votes -
Two percent inflation over the next year: Should you take the over or the under?
5 votes -
A painful trade shock is coming to Afghanistan
8 votes -
How to get a near perfect shave in less than ₹5
5 votes -
How life improved since 1990
14 votes -
What's the point of a company? Philip Morris is attempting to purchase a respiratory illness treatment company, let's talk about it.
10 votes -
Why do women earn less than men? Evidence from bus and train operators
10 votes -
Paternity leave: The hidden barriers keeping men at work
12 votes -
All money is fiat money
10 votes -
Thinking about the societal problem "stack"
This past year and a half I've been in a strange sort of depression over the dysfunction of human society, especially in how nations around the world have collectively dealt (or failed to deal)...
This past year and a half I've been in a strange sort of depression over the dysfunction of human society, especially in how nations around the world have collectively dealt (or failed to deal) with the coronavirus.
I'm trying to get myself out of this funk. I'm normally a doer, not a sit-on-my-butt-er. I'm trying to think about the nature of human problems, see the problem space along different dimensions, and find high-leverage points for solutions. Trying to outline the problem "stack" so to speak.
This is a lot of paper napkin thinking from me. There are going to be a lot of naive thoughts here. But I'd like to have an open conversation, so we can stumble on some new interesting insights, rediscover what others already have, and not get too bogged down in "well, ackchyually..." nitty-gritty details.
The pandemic is a relatively 'easy' problem — at least if you compare it to the threat of an incoming extinction-level asteroid, a wandering black hole, or a dying sun, which would require technical solutions impossibly beyond our current capabilities. In those scenarios, we can only pray and party. But for the pandemic, we had the political tools: Taiwan showed us how a combined approach of strict border controls with hotel quarantining (no kindly asking people to maybe please quarantine — travelers will quarantine), wearing masks everywhere, extensive contact tracing, and cross-governmental data-sharing, can successful contain the virus. Now we have technological tools: a myriad of vaccines.
Yet...
- It's been nearly a year and a half. A concerted global effort could have ended the crisis within a month or two early on, right? Granted, this would entail giving up our human rights for a short while — but that seems way better than dragging it for so long. Instead we watched as we tried to carry on as normal as possible and the virus spread like wildfire.
- A third of U.S. adults are unvaccinated despite being eligible and there being plenty of vaccines to go around (in the US at least).
- Significant numbers of people believe wacky stuff: COVID isn't real, masks don't do anything, and so on.
From what I observe: nearly all human problems are policy problems. The human race has sufficient material and technological resources to solve most problems. Underlying those policy problems are coordination problems — coordinating people on the facts, solutions, and implementations.
- Human problems
- ... are policy problems
- ... are coordination problems
So the human race has a bunch of solutions, institutions, and tools to help with the coordination problem:
- the UN and other intergovernmental bodies like the WHO to coordinate at the international level
- National institutions to coordinate
- Newspapers to spread information and generate consensus
But as we well know, these coordination solutions have problems. Now I'm thinking what are the coordination sub-problems.
- Incentive problems / The Game: Broadly in game theory speak, some players are incentivized to not cooperate, even if at the detriment of everyone. This seems to me to be the crux of the coordination problem.
- Culture problems: This is a whole nest of problems.
- Cultural norms around equity. I think that this is a big one. It's been shown that different societies have different norms and ideas about what's fair and equal. The norms often develop around economic realities. Forager societies favor egalitarian distribution over meritocratic distribution as high cooperation is required between members: unequal distribution threatens relationships and cooperation. Perhaps our merit-based norms may need to shift from a pre-industrial era where people more or less produced what they consumed — to a new era of automation and robotics, where a relative few produce most everything.
- Cultural norms around consumption and transmission of information. This stems from our education culture. Media consumption in our societies — western and non-western alike — is passive. Socratic seminars are rare in schools: pupils receive lessons passively from their teachers. Most people aren't educated or trained on how to have open discussions or on how to avoid rhetorical fallacies.
- Education problems: there is only so much information can do if people don't know how to process information.
- Mentioned above cultural norms around how we consume and transmit information.
- Statistical thinking. The abuse and misuse of stats in popular discourse.
Among others.
7 votes -
The economics of dollar stores
6 votes -
What the rich don’t want to admit about the poor
26 votes -
The fastest train ever built: The SCMaglev
9 votes -
The world economy is suddenly running low on everything
13 votes -
What is the bullshit economy?
7 votes -
Amsterdam’s ‘doughnut economy’ puts climate ahead of GDP
16 votes -
Twitch streamer Destiny and economist Richard Wolff debate capitalism, achieve nothing
19 votes -
There's nothing to do except gamble - NFTs, SPACs, and the future of money
6 votes -
The trillion-dollar woman - A conversation with the economist Stephanie Kelton about the "deficit myth," Modern Monetary Theory for dummies, and why the age of capital may finally be ending
18 votes -
China's reckoning (Part 2/3): Housing crisis
3 votes -
Capitalism Is Dead, Long Live Debtism
8 votes -
So how should your favorite restaurant pay its servers? Well, it's complicated
10 votes -
The Rai Stones are huge stone wheels used as currency on the island of Yap
11 votes -
The turbulent economics of the airline industry
2 votes -
Why is Africa still so poor?
1 vote -
The Treasury yield stress point
5 votes -
Yanis Varoufakis: Capitalism has become ‘techno-feudalism’
9 votes -
America's 1% has taken $50 trillion from the bottom 90%
31 votes -
Norway's sovereign wealth fund gains more than £90bn during 2020 – central bank stimulus pushes up value of shares
6 votes -
No one knows how much the government can borrow
14 votes -
Making sense of sky-high stock prices
11 votes -
Is capitalism devouring democracy?
5 votes -
The Great Depression explained, globally
3 votes -
In America, Christmas trees are a multibillion-dollar business. But who’s making the money?
12 votes -
The fraying of the US Global Currency Reserve System
11 votes -
Is planet Earth full?
8 votes -
The new macro: "Give people money"
12 votes -
The Stable Marriage Problem
12 votes -
An in-depth exploration of the virtual economy
5 votes -
What happened in the US Treasury market in March 2020? Take 1 of 4.
6 votes -
Rethinking causation in economics
7 votes -
WTF happened in 1971?
16 votes -
This is neoliberalism
17 votes -
Credit-based communication platforms?
Does anyone know of any communication platforms [1] which use a credit system or have a 'cost' attached to actions such as making a post or commenting? I am imagining something like Reddit or a...
Does anyone know of any communication platforms [1] which use a credit system or have a 'cost' attached to actions such as making a post or commenting? I am imagining something like Reddit or a forum where users have a balance, and actions have a cost which is charged against that balance. So if I have 100 credits and posting in r/whatever costs 2 credits/post and 1 credit/comment then that limits the amount of interaction in that sub.
I am wondering if a cost system like this would be useful for moderation or to promote high-value content, since it effectively turns the platform into a market. One effect of this system is that it would discourage low-value posts/replies/comments, because there is a cost associated with making a post, namely opportunity cost of posting something else later. Perhaps the credits are purchased with real-world currency, which I assume would amplify this effect?
I imagine a sustainable system would have some way to reward users of high-value content with more credit so they are incentivised and able to produce more content: maybe upvotes count as credit, or users can donate credit to each other?
[1] I hope this term is vague enough to encompass all forms of modern digital communication. I am curious about direct communication (email, WhatsApp, ...) as well as social media in its various forms (Reddit, Tildes, Twitter, ...), niche platforms (Letter), wikis, fora, and anything else under the sun.
12 votes