Who’s Afraid of Russian Propaganda?

If we believe the people who claim to be so concerned about Russian Facebook activity, we really ought to be concerned about something much deeper: the apparent fragility of American society. For if the Russians can strike a propaganda blow comparable, as some have ludicrously said, to Pearl Harbor and 9/11, isn’t that also true for any number of domestic websites across the political spectrum?

When Academics Describe the World

In economics, theorists will tell you “public goods” like lighthouses can’t ever be supplied by private, profit-seeking ventures.  Meanwhile, right outside their window there are private lighthouses, provided in ways too varied and ingenious for the academic mind to comprehend, and too skin-in-the-game trial-and-error intuitive for the entrepreneur to even know how to explicitly describe.

Standing Alone

If someone’s “beliefs” are the result of fear, or popularity contests, or any other outside influence, instead of the result of personal contemplation and soul-searching, then that person is likely to change his “beliefs” at the drop of a hat, because he has no real principles or convictions.

On Being a Part of City Life

I had to get a job before I started to realize the beauty of a city skyline, or even a busy interstate. The high office buildings, the businesses, the traffic, the construction, the people rushing off to do things – I’m a part of that flow now. I know what these places and things and activities are like. I know (some of) what it takes to create value in the world.

Uncertainty is the Root of the Current Market Craziness

Investors put their money into enterprises under certain tax and regulatory conditions. When  those conditions  start suddenly changing or looking like they may change, the investors worry.  And when they worry, they get more cautious about where their money is and what it’s being used for. They sell off, move their money into what they hope are less volatile assets, and the stock market takes a hit.