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Wednesday, May 31, 2017
Tuesday, May 30, 2017
Airlines, Stock Splits and Voting - Bloomberg
Airlines, Stock Splits and Voting - Bloomberg:
But I think the "index funds ruin capitalism" story�is best read as just one strand of a larger "financial capitalism ruins capitalism" story, and while the index funds story is still pretty niche, the financial capitalism story has become very popular. In this story,�managers and investors have stopped thinking of companies as�companies, as human networks of employees and customers and investors, and now think of them instead as�numbers, as sets of financial factors to be optimized. There are many explanations�for this: Developments in graduate business education, or the rise of corporate activism, or the cultural role of Wall Street. But�the basic story is that companies�used to balance the interests of workers, customers and investors; now they have adopted a fully investor-centric model in which profits are the only goal and customer service and workers' rights are sacrificed. Sheelah Kolhatkar writes that "the investors-above-all doctrine seems to have triumphed over the more inclusive approach."
But I think the "index funds ruin capitalism" story�is best read as just one strand of a larger "financial capitalism ruins capitalism" story, and while the index funds story is still pretty niche, the financial capitalism story has become very popular. In this story,�managers and investors have stopped thinking of companies as�companies, as human networks of employees and customers and investors, and now think of them instead as�numbers, as sets of financial factors to be optimized. There are many explanations�for this: Developments in graduate business education, or the rise of corporate activism, or the cultural role of Wall Street. But�the basic story is that companies�used to balance the interests of workers, customers and investors; now they have adopted a fully investor-centric model in which profits are the only goal and customer service and workers' rights are sacrificed. Sheelah Kolhatkar writes that "the investors-above-all doctrine seems to have triumphed over the more inclusive approach."
Monday, May 29, 2017
Saturday, May 27, 2017
Monday, May 22, 2017
Sunday, May 21, 2017
Saturday, May 20, 2017
Friday, May 19, 2017
Relationships and Glass-Steagall - Bloomberg
Relationships and Glass-Steagall - Bloomberg
I suspect there is a sociological reason, which is that it feels more high-status to live in a world of favor-trading and gift exchange than a world of naked commercial transactions. "Oh, I'm close with the CEO of XYZ Corp., we play golf together and he listens to my advice" is a more satisfying description of your work life than "I have sold four units of M&A to XYZ Corp. this quarter." Business as a network of gift exchanges allows you to cast your business life as a life, your work relationships as friendships, your work as influential rather than merely lucrative.
I suspect there is a sociological reason, which is that it feels more high-status to live in a world of favor-trading and gift exchange than a world of naked commercial transactions. "Oh, I'm close with the CEO of XYZ Corp., we play golf together and he listens to my advice" is a more satisfying description of your work life than "I have sold four units of M&A to XYZ Corp. this quarter." Business as a network of gift exchanges allows you to cast your business life as a life, your work relationships as friendships, your work as influential rather than merely lucrative.
Thursday, May 18, 2017
Tuesday, May 16, 2017
Sunday, May 14, 2017
Saturday, May 13, 2017
Friday, May 12, 2017
Thursday, May 11, 2017
Wednesday, May 10, 2017
Tuesday, May 09, 2017
The Grumpy Economist: Fintech and Shadow Banks
The rise of fintech proves that there is no essential economic tie between loan origination and deposits or other short-term financing
The Grumpy Economist: Fintech and Shadow Banks: The rise of fintech proves that there is no essential economic tie between loan origination and deposits or other short-term financing�
The Grumpy Economist: Fintech and Shadow Banks: The rise of fintech proves that there is no essential economic tie between loan origination and deposits or other short-term financing�
Why did the industrial revolution start in Britain?
https://www.nuffield.ox.ac.uk/users/allen/unpublished/econinvent-3.pdf