New Journalism

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pages: 363 words: 123,076

The Gang That Wouldn't Write Straight: Wolfe, Thompson, Didion, Capote, and the New Journalism Revolution by Marc Weingarten


1960s counterculture, Bonfire of the Vanities, British Empire, citizen journalism, cognitive dissonance, Donner party, East Village, Electric Kool-Aid Acid Test, Haight Ashbury, In Cold Blood by Truman Capote, Menlo Park, New Journalism, non-fiction novel, Norman Mailer, pre–internet, rent control, rolodex, Ronald Reagan, Stewart Brand, upwardly mobile, working poor, yellow journalism

He wanted to know why we were doing stories about life in Manhattan and ignoring what was happening in East Brooklyn. But I felt that advertisers were buying a responsive audience and I could provide it for them.” Without Breslin’s moral conscience and Wolfe’s keen satirical eye, New York’s New Journalism was now being adulterated in the service of sensationalism. In the skillful hands of regulars such as Gail Sheehy or Julie Baumgold, New Journalism was a powerful tool, but it had to be wielded carefully. Given the freewheeling artistic license Felker permitted, the temptation to embellish the facts could be tempting. The first rule of New Journalism as laid down by Tom Wolfe, who published his anthology The New Journalism in 1973, was that whenever the style roamed freely, the facts had to be unassailable. Otherwise, the technique collapses, and its legitimacy along with it. When Hunter Thompson wrote that Ed Muskie was an Ibogaine addict, the claim was so outlandish that it entered the realm of metaphor—a Swiftian stab at character elucidation.

They played into each other’s needs. If ambition could be incarnated, it would look like Gail. I’ve never seen any man or woman as ambitious as her.” (Felker and Sheehy were married in 1984.) For traditional journalists who disparaged New Journalism and regarded its biggest stars with skepticism and a twinge of jealousy, Sheehy’s gaffe was the beginning of the end of New Journalism. “New Journalism is rising,” the Wall Street Journal wrote, “but its believability is declining.” It was hard to dispute that, in the absence of a published disclosure or some explanation of Sheehy’s methods, “Redpants and Sugar-man” was New Journalism run amok. Sheehy wasn’t the only New York writer whose methods were called into question during the post-Breslin era. Two profiles by Aaron Latham were criticized by their subjects for massaging facts and not using proper editorial discretion.

: Wolfe and Johnson, eds., The New Journalism; Tom Wolfe, “The New Journalism,”4. “electrical conduits,” “industrial sludge,” “big pie factory”: Ibid. “I still get a terrific kick”: Joe David Bellamy, “Sitting Up with Tom Wolfe,”Writer’s Digest, November 9, 1974. “Tom Sawyer”: Dundy, “Tom Wolfe … But Exactly, Yes!” “mean, low-down cold streak”: Tom Wolfe, “Miserable Weather to Continue; Ships, Aircraft, Shores Battered,”New York Herald Tribune, December 8, 1962. “with eyes that looked like poached eggs”: Tom Wolfe, “He Elevates Fraternities,”New York Herald Tribune, December 2, 1962. “A willowy co-ed”: Tom Wolfe, “600 at NYU Stage Lusty Rent Strike,”New York Herald Tribune, April 13, 1962. “usual non-fiction narrator”: Wolfe and Johnson, eds., Tom Wolfe, “The New Journalism,”The New Journalism, 17. “Is that Joan Morse”: Wolfe, “The Saturday Route,”The Kandy-Kolored Tangerine-Flake Streamline Baby (New York: Farrar, Straus and Giroux, 1965), 223.

pages: 269 words: 77,042

Sex, Lies, and Pharmaceuticals: How Drug Companies Plan to Profit From Female Sexual Dysfunction by Ray Moynihan, Barbara Mintzes


business intelligence, clean water, meta analysis, meta-analysis, moral panic, Naomi Klein, New Journalism, placebo effect, profit motive, Ralph Nader

The first-ever issue of the newly created Journal of Sexual Medicine had come out just a few months before, and it was enthusiastically distributed at the conference complete with a glossy full-page blue and white advertisement as its back cover: ‘Viagra: powerful performance when you want it.’ Such is the norm, as many medical journals rely heavily on drug company advertisements to fund them. As it happens, despite the glossy back cover featuring Pfizer’s ads, this new journal is relatively free of advertising compared with most. The Journal of Sexual Medicine would quickly become a place where much of the emerging science of FSD would be published, including studies funded by industry. It wasn’t just the researchers getting their articles in print who were celebrating. Drug company executives welcomed the new journal so effusively that the journal’s editors decided to note the industry’s endorsements on the journal website.29 Of two endorsements on the website in 2009, both came not from independent doctors or professional associations, but rather from drug company employees.

He noted that over 50 per cent of the references to articles in the Journal of Sexual Medicine actually came from other articles in the same journal. This is in fact a rate of self-citation many times higher than that of some of its competitor journals. The reasons, he speculated, were that his new journal had quickly become a ‘flagship’ for the field, and the material it published was highly important.32 Perhaps just a symptom of healthy competition between medical journals, this petty conflict also helps to show the rough and tumble out on the frontier of this new field of medical science. The creation of the new Journal of Sexual Medicine is certainly another pillar in the temple of the science of sexual disorders. It’s also become the official journal of the International Society for Sexual Medicine, or ISSM, another professional association happy to accept industry sponsorship of its activities.

Very quickly the Journal of Sexual Medicine has grown in stature, as demonstrated by its rising ‘impact factor’, one of the key measures of success used in the world of medical journals. A journal’s ‘impact factor’ comes in the form of a simple number, and is derived from how often articles from that journal are cited in other articles—including articles from the same journal. This practice is called ‘self-citation’. As the editor of the Archives of Sexual Behavior, a competing journal, has unkindly pointed out, the new Journal of Sexual Medicine has an impressive ‘impact factor’, but it also has a very high rate of self-citation. ‘For the narcissistically inclined, “Self Citations” is not a bad way to be noticed,’ wrote the editor, starting a minor skirmish in the world of sex journals.31 An associate editor of the Journal of Sexual Medicine hit back quickly, defending the high rate of self-citation in his journal and rejecting any suggestion that there was a policy encouraging self-citation among authors.

pages: 338 words: 112,127

Leaving Orbit: Notes From the Last Days of American Spaceflight by Margaret Lazarus Dean


affirmative action, Elon Musk, helicopter parent, index card, Mars Rover, New Journalism, Norman Mailer, operation paperclip, Richard Feynman, Richard Feynman, Richard Feynman: Challenger O-ring, risk tolerance, sensible shoes, V2 rocket

We got to space first.” “Actually, you’re both wrong,” I say, and everyone laughs. I laugh too, but I’m a bit shocked. These are the most basic facts, the ones I would have thought everyone would know. “Let’s get back to the structure of these chapters,” I say. “We’ve been talking about the New Journalism and Tom Wolfe’s idea that we should write in scenes wherever possible. What are some places in The Right Stuff where he chose not to do that?” But as we go on discussing Tom Wolfe and Norman Mailer and the New Journalism and the way in the sixties everyone thought they were reinventing everything, the optimism embodied in redefining literature once and for all, the optimism of sending human beings to space, two things become clear to me: my students did not grow up with the same idea of the sixties that I did.

Norman Mailer’s book is about witnessing the launch of Apollo 11—Life magazine had commissioned him to go to the Cape to write about the launch in exchange for a sum of money rumored to be somewhere between extraordinary and obscene. I hadn’t known, before I came across it, that Norman Mailer had written a book about Apollo 11—I knew him for having written the best-selling novel The Naked and the Dead, for cofounding the Village Voice and helping to spearhead New Journalism, for winning both the Pulitzer Prize and the National Book Award for The Armies of the Night, for running for mayor of New York and finishing fourth out of a field of five in the Democratic primary, and for stabbing his second wife, nearly to death, at a dinner party. But here, it seems, he had also written a book about spaceflight. The article in Life, and the book that subsequently expanded on it, are both ungainly wandering things with oceans of technical details and self-conscious linguistic tics.

Thompson, James Agee, Tom Wolfe, Norman Mailer—important writers who were working in that moment in the sixties when literary journalism converged with a thread of creative writing and the genre we now call creative nonfiction was born. On the syllabus for tomorrow are selections from Tom Wolfe, who is rightfully credited with being one of the founding fathers of creative nonfiction by helping to define the New Journalism. I open the file and flip through pages covered with my notes from previous semesters. I stop on a random page from The Right Stuff. The passion that now animated NASA spread out even into the surrounding community of Cocoa Beach. The grisliest down-home alligator-poaching crackers manning the gasoline pumps on Route A1A would say to the tourists, as the No-Knock flowed, “Well, that Atlas vehicle’s given us more fits than a June bug on a porch bulb, but we got real confidence in that Redstone, and I think we’re gonna make it.”

pages: 369 words: 80,355

Too Big to Know: Rethinking Knowledge Now That the Facts Aren't the Facts, Experts Are Everywhere, and the Smartest Person in the Room Is the Room by David Weinberger


airport security, Alfred Russel Wallace, Amazon Mechanical Turk, Berlin Wall, Black Swan, book scanning, Cass Sunstein, commoditize, corporate social responsibility, crowdsourcing, Danny Hillis, David Brooks, Debian, double entry bookkeeping, double helix,, Exxon Valdez, Fall of the Berlin Wall, future of journalism, Galaxy Zoo, Hacker Ethic, Haight Ashbury, hive mind, Howard Rheingold, invention of the telegraph, jimmy wales, John Harrison: Longitude, Kevin Kelly, linked data, Netflix Prize, New Journalism, Nicholas Carr, Norbert Wiener, openstreetmap, P = NP, Pluto: dwarf planet, profit motive, Ralph Waldo Emerson, RAND corporation, Ray Kurzweil, Republic of Letters, RFID, Richard Feynman, Richard Feynman, Ronald Reagan, semantic web, slashdot, social graph, Steven Pinker, Stewart Brand, technological singularity, Ted Nelson, the scientific method, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, Whole Earth Catalog, X Prize

id=mZ48 AAAAYAAJ), and cited by John Beatty in his review of “Fair and Balanced: A History of Journalistic Objectivity,” Journalism and Mass Communication Quarterly: Association for Education in Journalism and Mass Communications 83, no. 1 (April 2006), historian Sheila McIntyre links the concern for fairness and accuracy back to the role of ministers in the seventeenth century as reporters and distributors of news; see Sheila McIntyre, “‘I Heare It So Variously Reported’: News-Letters, Newspapers, and the Ministerial Network in New England, 1670–1730,” New England Quarterly 71, no. 4 (December 1998), pp. 593–614, 27 The obvious source for the New Journalism is The New Journalism, edited by Tom Wolfe and Edward Warren Johnson (Harper & Row, 1973). 28 Jay Rosen, “Questions and Answers About PressThink,” 29 Malcom Gladwell, “Small Change: Why the Revolution Will Not Be Tweeted,” New Yorker, October 4, 2010, I replied in a blogpost: 30 Malcolm Gladwell, “Does Egypt Need Twitter?”

Objectivity and balance thus address the same limitation that drives long-form arguments: Paper is such an inconveniently disconnected medium that it’s important to include everything that the reader needs in order to understand a topic. As we have lost faith in objectivity (a process that began before the Net arrived), transparency has begun to do much of the work formerly accomplished by it. Transparency comes in at least two flavors. Transparency about the reporter’s standpoint has been a topic in journalism at least since the “New Journalism” of the 1970s and the “gonzo journalism” practiced by Hunter S. Thompson.27 For example, Jay Rosen’s blog not only takes explicit stands, it has a prominent link to “Q & A about the blog’s POV” that lays out his point of view about journalism and tells us that politically he’s a “standard Upper West Side Liberal Jewish babyboomer.”28 The ease with which readers can look up information about an author can make their standpoints transparent even if they don’t want them to be.

pages: 290 words: 94,968

Writing on the Wall: Social Media - the First 2,000 Years by Tom Standage


Bill Duvall, British Empire, Edmond Halley, Edward Lloyd's coffeehouse, invention of the printing press, invention of writing, Isaac Newton, knowledge worker, Leonard Kleinrock, Marc Andreessen, Mark Zuckerberg, Menlo Park, Mohammed Bouazizi, New Journalism, packet switching, place-making, Republic of Letters, sexual politics, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, theory of mind, yellow journalism

Further inspiration came in a letter from a correspondent in Paris, who informed Oldenburg of a plan to publish a printed journal of “all what passeth in Europe in matters of knowledge both philosophical and political,” including book reviews, obituaries of notable people, news from libraries and universities, accounts of new scientific discoveries and artistic achievements, and noteworthy legal rulings. Given his excellent connections, Oldenburg had been asked to contribute to this new journal as its correspondent in England, in return for receiving a copy of each issue. This astonishingly ambitious publication was the Journal des Sçavans (the “Journal for Learned People”), the first issue of which appeared in January 1665. It inspired Oldenburg to do something similar, but focused specifically on scientific endeavors. His aim, he explained to one of his correspondents, was “to inform the curious what passeth up and downe in the World in matter of Knowledge and Philosophy.”

In the aftermath of the English Civil War, printed material still had a reputation in England for being scurrilous and unreliable, it was true, but the Royal Society’s royal charter gave it unusual credibility. People who could not attend Royal Society meetings would be able to read about what had happened, build upon the results of others, and then send in their own papers to be read out at the meetings and published in the journal. As well as broadening participation in the society’s distributed community, the new journal would provide a permanent record of the society’s activities and, as a consequence, of the progress of scientific knowledge. Crucially, from the point of view of participants in the discussion that took place within its pages, the journal would also act as a neutral public forum in which scientists could claim priority for their work. As Oldenburg put it in a letter to Boyle, “jealousy about the first authors of experiments … is not groundless; and [I] therefore offer myself to register all those you, or any person, shall please to communicate as new.”

Around 1,250 copies of each issue were printed; of these, fifty went to Oldenburg to send to his various correspondents, and the rest were distributed for sale in bookshops in England and on the continent. Although the journal was published with the approval of the Royal Society, the perpetually cash-strapped Oldenburg was allowed to run it as a private commercial venture, and he hoped it would provide him with a steady income. But after just five issues an outbreak of the plague in London in July 1665 held up the printing and distribution of the new journal. The Great Fire of London the following year caused further difficulties, because unsold copies had been stored in Saint Paul’s Cathedral for safety, along with many books, and all were destroyed when it burned down. Oldenburg also became embroiled in a seemingly endless series of disputes with printers about pricing and distribution, and was repeatedly forced to reduce his share of the sales revenue in order to keep the journal afloat.

pages: 175 words: 54,028

Fly by Wire: The Geese, the Glide, the Miracle on the Hudson by William Langewiesche


Air France Flight 447, Airbus A320, airline deregulation, Bernard Ziegler, Captain Sullenberger Hudson, crew resource management, New Journalism, US Airways Flight 1549, William Langewiesche

He is currently Vanity Fair’s international correspondent, having made his name writing for Atlantic Monthly. His strong, evocative prose is used to devastating effect on a range of issues. Before embarking on a writing career he worked as a pilot for fifteen years from the age of eighteen. He has been termed one of the leading writers of The New New Journalism, a group of writers who have secured a place at the centre of contemporary American literature, as Tom Wolfe and The New Journalism did in the sixties. ALSO BY WILLIAM LANGEWIESCHE Cutting for Sign Sahara Unveiled Aloft American Ground The Outlaw Sea The Atomic Bazaar FLY BY WIRE The Geese, The Glide, The ‘Miracle’ on the Hudson WILLIAM LANGEWIESCHE PENGUIN BOOKS PENGUIN BOOKS Published by the Penguin Group Penguin Books Ltd, 80 Strand, London WC2R 0RL, England Penguin Group (USA) Inc., 375 Hudson Street, New York, New York 10014, USA Penguin Group (Canada), 90 Eglinton Avenue East, Suite 700, Toronto, Ontario, Canada M4P 2Y3 (a division of Pearson Penguin Canada Inc.)

pages: 223 words: 63,484

Making Ideas Happen: Overcoming the Obstacles Between Vision and Reality by Scott Belsky


centralized clearinghouse, index card, lone genius, market bubble, Merlin Mann, New Journalism, Results Only Work Environment, rolodex, side project, Silicon Valley, Steve Jobs, Steve Wozniak, supply-chain management, Tim Cook: Apple, Tony Hsieh, young professional

Aside from Currey’s own story of perspiration yielding a positive outcome, the interview excerpts and articles cataloged on Daily Routines offer insight into how developing a consistent daily regimen for execution can help us make ideas happen. It was on Daily Routines that I discovered this interview with Michael Lewis, author of the best-selling books Moneyball and Liar’s Poker, from Robert Boynton’s The New New Journalism: Conversations with America’s Best Nonfiction Writers on Their Craft. HOW DO YOU BEGIN WRITING? Fitfully. I’ll write something, but it won’t be the beginning or the middle or the end—I’m just getting an idea out on the page. Then, as the words accumulate, I start thinking about how they need to be organized. IS THERE ANY TIME OF DAY YOU LIKE TO WRITE? I’ve always written best very early in the morning and very late at night.

Krispy Kreme L Lamott, Anne Landauer, Steffen Lauren, Ralph leadership creative team and, see creative team meetings and rewards and, see rewards of yourself, see self-leadership Lee, Ahree Lee, Ji Legal Sea Foods Lewis, Michael Liar’s Poker (Lewis) Likemind lizard brain l ocation-centric vs. project-centric approaches Long Tail, The (Anderson) love M McPherson, Isaac Maeda, John “Make Something Cool Every Day” project management, see leadership Manet, Edouard Mann, Merlin marketing Massachusetts Institute of Technology (MIT) MBA training Medici Effect, The (Johansson) meetings Action Steps and challenge of circles length of project management regularly scheduled standing team leaders and mentoring Meyers-Levy, Joan Microsoft microwave oven Milne, A. A. Miramax mistakes, taking advantage of Mizrahi, Isaac momentary injustice Monet, Claude Moneyball (Lewis) Moore, Geoffrey MTV multitasking MySpace Music N nagging (Darwinian prioritization) Nair, Archan Naked Communications National September 11 Memorial Museum Netflix networks New New Journalism, The: Conversations with America’s Best Nonfiction Writers on Their Craft (Boynton) New Work City New York Times Nickell, Jake Nietzsche, Friedrich Nike 99% Conference Nokia Norman, Donald note taking O O’Callahan, Jay organization competitive advantage of impact and structure and work routines P Palm V Palmer, Benjamin Panasonic partnerships passion Patagonia Patterson, James Peace Corps Pentagram personal advisory boards perspective perspiration Edison on “Phylotaxis” Piano, Renzo Pine Street Pissarro, Camille play Poetics of Music in the Form of Six Lessons (Stravinsky) Pop!

pages: 300 words: 78,475

Third World America: How Our Politicians Are Abandoning the Middle Class and Betraying the American Dream by Arianna Huffington


American Society of Civil Engineers: Report Card, Bernie Madoff, Bernie Sanders, call centre, carried interest, citizen journalism, clean water, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, extreme commuting, Exxon Valdez, full employment, greed is good, housing crisis, immigration reform, invisible hand, knowledge economy, laissez-faire capitalism, late fees, market bubble, market fundamentalism, Martin Wolf, medical bankruptcy, microcredit, new economy, New Journalism, offshore financial centre, Ponzi scheme, Report Card for America’s Infrastructure, Richard Florida, Ronald Reagan, Rosa Parks, single-payer health, smart grid, The Wealth of Nations by Adam Smith, too big to fail, transcontinental railway, trickle-down economics, winner-take-all economy, working poor, Works Progress Administration

Stories that, if told often enough, will bring the human element to the fore of the debate—and grab the public’s imagination. In the last chapter of Michael Herr’s Dispatches, he speaks of conventional journalism’s inability to “reveal” the Vietnam War: “The press got all the facts (more or less).…20 But it never found a way to report meaningfully about death, which of course was really what it was all about.” And Tom Wolfe, in “The Birth of ‘The New Journalism’: Eyewitness Report,” discusses conventional journalism’s inability to capture the turbulence of the 1960s: “You can’t imagine what a positive word ‘understatement’ was among both journalists and literati.…21 The trouble was that by the early 1960s understatement had become an absolute pall.” Well, it’s happening again—we are failing to capture the turbulence of our times with narratives that allow the public, and force our leaders, to connect with the pain and suffering that should be fueling the fight to change direction while there’s still time.

Workers Across Household Income Groups at the End of the Great Recession,” Feb. 2010, 18 These numbers, according to: Robert Frank, “High Unemployment? Not for the Affluent,” 12 Feb. 2010, 19 “These are the kinds …”: Bob Herbert, “The Worst of the Pain,” 9 Feb. 2010, 20 In the last chapter of: Michael Herr, Dispatches, 5th ed. (New York: Knopf, 2009), 201. 21 And Tom Wolfe: Tom Wolfe, “The Birth of ‘The New Journalism’: Eyewitness Report by Tom Wolfe,” New York magazine, 14 Feb. 1972, 38. 22 So, in 1845, he wrote: Benjamin Disraeli, Sybil, or the Two Nations (London: Macmillan, 1895), 74. 23 Forty years ago, top executives: Kenneth Dodge, “Make CEOs Help the Little Guy,” Pittsburgh Post-Gazette, 7 Feb. 2010, 24 Between 2007 and 2008, more than: Derek Douglas and Almas Sayeed, “An Ever Increasing Divide,” Center for American Progress, 1 Sep. 2006, 25 In 2005, households: Ibid. 26 In 2007, the top 10 percent: Henry Blodget, “The Rich Get Richer and the Poor Get … Fired,” 13 Aug. 2010, 27 Between 2000 and 2008, the poverty rate: “The Suburbanization of Poverty: Trends in Metropolitan America, 2000 to 2008,” 20 Jan. 2010, 28 Almost one hundred million Americans: Matt Miller, “The Upside of Downward Mobility,” 29 Dec. 2010, 29 The percentage of Americans: Economic Mobility Project, “Getting Ahead or Losing Ground: Economic Mobility in America,” Feb. 2010, 30 If you were born: Ibid. 31 In a study of economic mobility: Isabel Sawhill and John E.

pages: 93 words: 24,584

Walk Away by Douglas E. French


Elliott wave, forensic accounting, full employment, Home mortgage interest deduction, loss aversion, McMansion, mental accounting, mortgage debt, mortgage tax deduction, negative equity, New Journalism, Own Your Own Home, Richard Thaler, Robert Shiller, Robert Shiller, the market place, transaction costs, unbiased observer, wealth creators

The data showed that a borrower ... willing to invest with a risk level associated with the S & P 500 would benefit from a 30-year mortgage.” “Effect on Net Worth of 15- and 30-Year Mortgage Term.” Journal, Association for Financial Counseling and Planning Education, 2004. “The popular press, following conventional wisdom, frequently advises that eliminating mortgage debt is a desirable goal. We show that this advice is often wrong ... mortgage debt is valuable to many individuals.” “Mortgage Debt: The Good News.” Journal of Financial Planning, September 2004. “... U.S. households that are accelerating their mortgage payments instead of saving in tax-deferred accounts are making the wrong choice ... in the aggregate, these misallocated savings are costing U.S. households as much as $1.5 billion dollars per year.” “The Tradeoff between Mortgage Prepayments and Tax-Deferred Retirement Savings.” Federal Reserve Bank of Chicago, August 2006.

pages: 500 words: 145,005

Misbehaving: The Making of Behavioral Economics by Richard H. Thaler


3Com Palm IPO, Albert Einstein, Alvin Roth, Amazon Mechanical Turk, Andrei Shleifer, Apple's 1984 Super Bowl advert, Atul Gawande, Berlin Wall, Bernie Madoff, Black-Scholes formula, capital asset pricing model, Cass Sunstein, Checklist Manifesto, choice architecture, clean water, cognitive dissonance, conceptual framework, constrained optimization, Daniel Kahneman / Amos Tversky, delayed gratification, diversification, diversified portfolio, Edward Glaeser, endowment effect, equity premium, Eugene Fama: efficient market hypothesis, experimental economics, Fall of the Berlin Wall, George Akerlof, hindsight bias, Home mortgage interest deduction, impulse control, index fund, information asymmetry, invisible hand, Jean Tirole, John Nash: game theory, John von Neumann, Kenneth Arrow, late fees, law of one price, libertarian paternalism, Long Term Capital Management, loss aversion, market clearing, Mason jar, mental accounting, meta analysis, meta-analysis, money market fund, More Guns, Less Crime, mortgage debt, Myron Scholes, Nash equilibrium, Nate Silver, New Journalism, nudge unit, Paul Samuelson, payday loans, Ponzi scheme, presumed consent, pre–internet, principal–agent problem, prisoner's dilemma, profit maximization, random walk, randomized controlled trial, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Coase, Silicon Valley, South Sea Bubble, statistical model, Steve Jobs, technology bubble, The Chicago School, The Myth of the Rational Market, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, transaction costs, ultimatum game, Vilfredo Pareto, Walter Mischel, zero-sum game

The paper had plenty of ideas, but little hard evidence to support them. Each rejection came with a set of referee reports, with often scathing comments that I would try to incorporate in the next revision. Still, I did not seem to be making any progress. At some point I had to get this paper published, if for no other reason than that I needed to move on. Luckily, two open-minded economists were starting a new journal called the Journal of Economic Behavior and Organization. I guessed that they were anxious to get submissions, so I sent the paper to them and they published it in the inaugural issue. I had my first behavioral economics publication, albeit in a journal no one had ever heard of. If I were going to stay in academia and get tenure at a research-focused university like Cornell, I would have to start publishing regularly in top journals.

At exactly the right time and place in my life, an opportunity to compile and document such a list of anomalies fell into my lap, and I had the good sense to seize the chance. Sometime after returning to Ithaca from my year in Vancouver, I was at a conference sitting next to the economist Hal Varian, then a well-known theorist who later went on to become the chief economist at Google. Hal was telling me about a new journal that the American Economic Association was starting called the Journal of Economic Perspectives. Hal was an advisory editor. The editorial board was thinking about commissioning regular features for the journal. The clever Barry Nalebuff would write one on economics-based brainteasers and puzzles. Hal and I came up with an idea for a feature that I might write on anomalies. The editor of the journal, Joseph Stiglitz, who enjoys stirring the pot, was easily convinced, and the concept was approved.

But I still had to do a lot of boning up on new topics, since I ended up writing the final versions of all of them. That meant that these columns were taking time away from what most academics would consider to be “real research,” meaning discovering new facts, developing new theories, and publishing papers in refereed journals.* The potential payoff, however, was huge. The AEA at one point conducted a survey of its members to see what they thought of the new journal. They asked members whether they read it and specifically whether they read the features. Half the members of the AEA who responded to the survey reported that they read the “Anomalies” feature “regularly,” whatever that means. To put this in perspective, the average article written in a specialized academic journal is probably lucky to find 100 readers. These anomalies articles were reaching over 5,000 economists.

pages: 425 words: 122,223

Capital Ideas: The Improbable Origins of Modern Wall Street by Peter L. Bernstein


Albert Einstein, asset allocation, backtesting, Benoit Mandelbrot, Black-Scholes formula, Bonfire of the Vanities, Brownian motion, buy low sell high, capital asset pricing model, corporate raider, debt deflation, diversified portfolio, Eugene Fama: efficient market hypothesis, financial innovation, financial intermediation, fixed income, full employment, implied volatility, index arbitrage, index fund, interest rate swap, invisible hand, John von Neumann, Joseph Schumpeter, Kenneth Arrow, law of one price, linear programming, Louis Bachelier, mandelbrot fractal, martingale, means of production, money market fund, Myron Scholes, new economy, New Journalism, Paul Samuelson, profit maximization, Ralph Nader, RAND corporation, random walk, Richard Thaler, risk/return, Robert Shiller, Robert Shiller, Ronald Reagan, stochastic process, the market place, The Predators' Ball, the scientific method, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, transfer pricing, zero-coupon bond, zero-sum game

Following up on his collaboration with Samuelson, he had continued to work on options valuation and its broader applications to the valuation of the corporation as a whole. He had drafted a major paper on the subject titled “The Theory of Rational Option Pricing.” While Merton was considering where to send his paper for publication, a colleague at the Sloan School, Paul McAvoy, had recently become editor of a new journal to be published by the Bell Laboratories, the research arm of the American Telephone Company. McAvoy expressed interest in Merton’s work, even though Merton warned him that it was “pretty thick” and would probably run to about forty pages in print. McAvoy, eager to get his new journal off the ground, said, “We’ll publish any size paper. We’ll also pay you $500 for the manuscript.” This was irresistible bait for a young assistant professor still earning a starting salary of $11,500.24 Merton was reluctant to have his article appear ahead of Black and Scholes’s main paper, because his paper drew on and commented on theirs.

The Commission, sponsored and supervised by an advisory council consisting of members of the Econometric Society, remained in Colorado Springs until it moved to Chicago in 1939; under Nobel laureate James Tobin’s direction, it later moved to Yale. The Commission was home to Nobel laureate Harry Markowitz in the 1950s and is still home to many other famous scholars. Plans were also made to establish the new journal, to be called Econometrica. That journal is now nearly sixty years old and commands wide respect among economists, statisticians, and mathematicians. The first issue of Econometrica, which appeared in January 1933, contained an introductory article by the famous Harvard economist and the first president of the Econometric Society, Joseph Schumpeter, as well as a timely paper by Irving Fisher titled “The Debt-Deflation Theory of Great Depressions.”

pages: 964 words: 296,182

Karl Marx: Greatness and Illusion by Gareth Stedman Jones


anti-communist, battle of ideas, Berlin Wall, British Empire, colonial rule, Corn Laws, deindustrialization, Fall of the Berlin Wall, feminist movement, fixed income, joint-stock company, land reform, land tenure, means of production, New Journalism, New Urbanism, night-watchman state, On the Economy of Machinery and Manufactures, The Wealth of Nations by Adam Smith, trade liberalization, unemployed young men, wage slave

He thought that ‘the moment of decision inasmuch as it will express itself in an external rupture’ was ‘coming ever closer’ and ‘who can say how government will behave at that point’.35 For that reason, Bauer urged Karl not to abandon the cause of philosophy. The Hallische Jahrbücher had become tedious. It was clear that ‘the terrorism of true theory must clear the field’ and this meant that a new journal had to come into being. ‘In the summer we must already get the material together’, so that the journal could be published in Michaelmas.36 ‘It would be nonsense to devote yourself to a practical career. Theory is now the strongest form of practical activity, and we still cannot predict in how large a sense it will be practical.’37 Talk about the new plan lasted between March and December 1841. The new journal would be entitled The Archives of Atheism.38 Unlike his brother, Edgar, Bauer had never expressed any confidence in the intentions of the new king; and even before the new reign he had expressed distrust of the Prussian government on account of its ambivalence on the question of Rhineland Catholics.

Karl had earlier hoped to co-edit Deutscher Bote (German Messenger) with Herwegh in Zurich, and on 19 February Herwegh wrote about a possible collaboration. But this plan ended when the authorities closed down the Bote and expelled Herwegh. Arnold Ruge had also agreed to the Bote plan, but his primary aim was to secure the ‘essential rebirth’ of the Deutsche Jahrbücher. So next he offered Karl co-editorship and a fixed income of 550–600 thalers with another 250 thalers for other writings. The new journal would establish ‘radical philosophy on the foundations of the freedom of the press’ and would ‘articulate the question of the political crisis or of general consciousness as it begins to form itself’. The immediate aim would be ‘to prepare ourselves, so that later we may jump in among the philistines fully armed and knock them out with one blow’.6 Karl’s politics had closely followed those of Ruge ever since the end of the 1830s.

By contrast, the publication of a Deutsch-Französische Jahrbücher would be ‘An undertaking about which one can be enthusiastic.’49 Ruge accepted Karl’s ‘Gallo-Germanic principle’, but between March and August, perhaps due to Jenny’s misgivings, Karl dropped the Strasbourg idea.50 Ruge explored the possibility of Brussels, but found it contained few intellectuals and nothing to compare with the 85,000 Germans supposedly living in Paris.51 Paris was therefore agreed as the place of publication. Some idea of what Karl and Ruge initially expected of the new journal was set out in correspondence from the spring and summer of 1843, which was later reprinted in the journal. Karl optimistically compared the Prussian king with the Stuarts and Bourbons, and likened Germany to ‘a ship of fools’ destined to go down in an ‘impending revolution’.52 Ruge’s reply was deeply pessimistic, the result of his experience as a German republican, a political prisoner and a persecuted editor.

pages: 379 words: 109,612

Is the Internet Changing the Way You Think?: The Net's Impact on Our Minds and Future by John Brockman


A Declaration of the Independence of Cyberspace, Albert Einstein, AltaVista, Amazon Mechanical Turk, Asperger Syndrome, availability heuristic, Benoit Mandelbrot, biofilm, Black Swan, British Empire, conceptual framework, corporate governance, Danny Hillis, Douglas Engelbart, Douglas Engelbart, Emanuel Derman, epigenetics, Flynn Effect, Frank Gehry, Google Earth, hive mind, Howard Rheingold, index card, information retrieval, Internet Archive, invention of writing, Jane Jacobs, Jaron Lanier, John Markoff, Kevin Kelly, lifelogging, lone genius, loss aversion, mandelbrot fractal, Marc Andreessen, Marshall McLuhan, Menlo Park, meta analysis, meta-analysis, New Journalism, Nicholas Carr, out of africa, Paul Samuelson, peer-to-peer, Ponzi scheme, pre–internet, Richard Feynman, Richard Feynman, Rodney Brooks, Ronald Reagan, Schrödinger's Cat, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, Skype, slashdot, smart grid, social graph, social software, social web, Stephen Hawking, Steve Wozniak, Steven Pinker, Stewart Brand, Ted Nelson, telepresence, the medium is the message, the scientific method, The Wealth of Nations by Adam Smith, theory of mind, trade route, upwardly mobile, Vernor Vinge, Whole Earth Catalog, X Prize

The Journal of Organic Chemistry started in 1936 and continues to the present. Its demands on library shelf space have increased over time: The first volume contained only 583 pages, whereas the 2009 edition had 9,680. The arrival of the Internet rescued libraries from the space crisis created by the proliferation of new journals and the vast increase in the size of existing ones. Many paper subscriptions were replaced by electronic ones, and past holdings were converted to digital form. It is not hard to imagine a future time when paper copies of the scientific literature will no longer exist. Many new journals are appearing only in digital form. This conversion has produced many benefits for readers. In the past, I had to leave my office, ride an elevator, walk several blocks, take another elevator, and make my way through a maze of shelves to find a paper I needed.

pages: 357 words: 99,684

Why It's Still Kicking Off Everywhere: The New Global Revolutions by Paul Mason


back-to-the-land, balance sheet recession, bank run, banking crisis, Berlin Wall, capital controls, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, creative destruction, credit crunch, Credit Default Swap, currency manipulation / currency intervention, currency peg, eurozone crisis, Fall of the Berlin Wall, floating exchange rates, Francis Fukuyama: the end of history, full employment, ghettoisation, illegal immigration, informal economy, land tenure, low skilled workers, mass immigration, means of production, megacity, Mohammed Bouazizi, Naomi Klein, Network effects, New Journalism, Occupy movement, price stability, quantitative easing, race to the bottom, rising living standards, short selling, Slavoj Žižek, Stewart Brand, strikebreaker, union organizing, We are the 99%, Whole Earth Catalog, WikiLeaks, Winter of Discontent, women in the workforce, working poor, working-age population, young professional

And for many, politics has become gestural: it is about refusing to engage with power on power’s own terms; about action, not ideas; about the symbolic control of territory to create islands of utopia. The format of the book reflects the zeitgeist: it brings together reportage, essay, tweet, anecdote and cyber-psychology; plus some economic insights gathered amid clouds of tear gas. And the role of ‘the book’ itself is changing. Writers of my generation stood in awe of the New Journalism of the 1960s, when the sudden swing to truthful reportage could end presidencies and terminate wars. But the equivalent in this era will not be like the grand reportage of the Sixties at all. Rather, it is the combined input of thousands of people into the freely accessible public record of social media: the thoughts they tweeted, the jokes they cracked as their friends panicked in the crush of crowds, the football shirts they wore as they toted Kalashnikovs through liberated Tripoli.

I. 46 Len-len 193–96, 209 Liberal Democrats 43–44, 46 liberalizers 31 Libya 25, 31, 119; National Transitional Council 178 Life and Fate (Grossman) 129 Lilico, Andrew 121 link-shorteners 75 Linux 139–40 @littlemisswilde 41–42, 44, 45, 135–36, 138 living conditions, urban slums 196–99 London: anti-capitalist demonstrations 33; arrests 61–62; Day X, 24 November 2010 41–42, 46–48; the Dubstep Rebellion 48–52; Fortnum & Mason 60–61; HM Revenue and Customs building 51; Hyde Park 60; Millbank riot 42–44; Millbank Tower 43; Museum Tavern 1; National Gallery teach-in 53, 53–54; Oxford Circus 60; Palladium Theatre 51; Parliament Square 49, 51, 52–53; Piccadilly Circus 58; police–student confrontation 50–51; Regent Street 58; Ritz Hotel 60; Tate Modern 53; trade-union demonstration, March 2011 57–61; Trafalgar Square 47; Victoria Street 50; Victorinox 59 London School of Oriental and African Studies, occupation of 44–46 López, Fernando 166–67, 170 Lopez, Gina 200–2 Lopez Inc. 200–2 Loubere, Leo 174 Loukanikos (riot dog) 94, 96 L’Ouverture, Toussaint 149 LulzSec 151 McIntyre, Jody 51 McPherson, James 182 Madison, Wisconsin revolt 184–87 Madrid 33 Mahalla uprising, 2008 10, 71 Maher, Ahmed 83 Mahfouz, Asmaa, @AsmaaMahfouz 11, 177 Mahmoud (Zamalek Sporting Club ultra) 16–17 Makati, Manila 204–6 malnutrition 9 Mandelson, Peter 17, 26, 114 Manila 33; Estero de Paco 200–2; Estero de San Miguel 196–99; Makati 204–6; waterways 200–2 manipulated consciousness 29–30 Manufacturing Consent (Chomsky and Herman) 28–29 Mao Tse Tung 46 Marxism 141–45 Marx, Karl 46, 141–45, 174, 187, 188–89, 190, 192 Masai with a mobile, the 133–34 Masoud, Tarek 27 Masry Shebin El-Kom textile factory 22–23 mass culture 29–30 Matrix, The (film) 29 Meadows, Alfie 51 media, the 28–29 @mehri912 34 Meltdown (Mason) 31–32 memes 75, 150–52, 152 Merkel, Angela 96, 98, 99, 112 Michas, Takis 103 Middle East: balance of power 178; Facebook usage 135; failure of specialist to understand 25–27 Milburn, Alan 114 Miliband, Ed 58, 60, 188 Millbank riot 42–44 Millennium Challenge 2002 82–83 Miller, Henry 128 misery 209 mobile telephony 75–76, 133–34 modernism 28 mortgage-backed securities 106–8 Moses, Jonathan 48 Mousavi, Mir-Hossein 33–34 movement without a name 66 Mubarak, Alaa 17–18 Mubarak, Gamal 8, 10, 17–18, 26 Mubarak, Hosni 9, 10, 14, 15, 18–19, 19–20, 26, 31 Murdoch, Rupert 31, 106, 148–49 Muslim Brotherhood 21, 177 NAFTA 166–67 Napoleon III 172, 191 Nasser, Gamal Abdel 19 National Gallery teach-in 53, 53–54 nationalism 124 Native Americans 162, 163 Negri, Toni 42 Netanyahu, Binyamin 180 network animals 147 networked individualism 130, 130–33, 141 networked protests 81–82, 85 networked revolution, the 79–85; erosion of power relations 80–81; informal hierarchies 83; networked protests 81–82; network relationships 81; swarm tactics 82–83 network effect, the 2, 74–75, 77; erosion of power relations 80–81; strength 83; usefulness 84 network relationships 81 Nevins, Allan 182 New Journalism 3 News Corporation 148—49 News of the World 49; phone hacking scandal 61, 148–49 New Unrest, social roots of 65–66, 85; demographics of revolt 66–73; information tools 75–76; the networked revolution 79–85; organizational format 77–78; technology and 74–79; the urban poor 70–72 New York Times 170 1984 (Orwell) 30, 129 Nomadic Hive Manifesto, The 53–54 @norashalaby 13 North Africa: demographics of revolt 66; students and the urban poor 71 Obama, Barack 72, 116–18, 120, 122, 162, 167, 170, 180, 183, 187 OccupiedLondon blog 88–89 Occupy Wall Street movement, the 139, 144, 187, 210 Office for National Statistics 115 Ogden-Nussbaum, Anna, @eponymousthing 184 Oklahoma 153, 153–56 Oldouz84 36, 37 Olives, Monchet 202–4 online popularity 75 On the Jewish Question (Marx) 143 Open Source software 139–40 Operation Cast Lead 33 organizational format, changing forms of 77–78 Organisation of Labour, The (Blanc) 187 organized labour 71–72, 143 Ortiz, Roseangel 161 Orwell, George 30, 129, 208, 210 Owen, Robert 142 Palafox, Felino 204–5 Palamiotou, Anna 97 Palestine 25, 121, 179, 180 Palin, Sarah 181, 182 PAME (Greek trade union) 90 Papaconstantinou, George 91, 97 Papandreou, George 88, 96 Papayiannidis, Antonis 103 Paris 39; 1968 riots 46; revolution of 1848 171, 172 Paris Commune, the 1, 72–73, 84, 132 PASOK 89, 91, 98, 99 Paulson, Hank 110 Petrache, Ruben 203–4 Philippines: Calauan, Laguna Province 202–4; Estero de Paco, Manila 200–2; Estero de San Miguel, Manila 196–99, 205–6, 206–9; Gapan City 193–96; Makati, Manila 204–6; New People’s Army 203 Philippines Housing Development Corporation 198 philosophy 29 phone hacking scandal 61, 148–49 Picasso, Pablo 127, 128, 132 Pimco 170 Poland 172 police car protester (USA) 4 Policy Exchange think tank 55 political mainstream, youth disengagement from 89–90 popular culture 65, 176 Porter, Brett 154, 155, 156 Port Huron Statement, the 129–30, 145 Portugal 92, 112, 188 postmodernism 28 poverty 121–22, 210, 211 Powell, Walter 77 power, refusal to engage with 3 power relations, erosion of 80–81 Procter & Gamble 23 propaganda of the deed 62 property 48 property bubble collapse 106–8 protectionism 124 protest, changing forms of 54–57 pro-Western dictators, support for 31 Prussia 191 Puente 165 Putnam, Robert 134 Quantitative Easing II 120–23 radicalization 33, 37, 47–48 radical journalists 149 Ramírez, Leticia 165 Real Estate Tax Authority Workers (Egypt) 19 Really Free School, the 1–2 @rebeldog_ath 96 reciprocity 77 Reed Elsevier 146 Reider, Dimi 179 Research and Destroy group 38–39 revolt, demographics of 66, 66–73 revolutionary wave 65 revolution, definition 79–80 revolutions: 1848 171–73, 173–75, 191, 192; 1917 173; 1968 173; 1989 173 Reynalds, Jeremy 159–60, 162–63 rice crops 195 Riches, Jessica, @littlemisswilde 41–42, 44, 45, 135–36, 138 Rimbaud, Arthur 132 River Warriors 201 Roads to Freedom (Sartre) 129 Road to Wigan Pier, The (Orwell) 208 Romer, Christina 117 Roosevelt, Franklin D. 169–70 Rove, Karl 30–31, 32 Rowan, Rory 54 Said, Edward 26–27 Said, Khaled 11, 148 @Sandmonkey 13 Sandra (Joy Junction resident) 160 Santa Cruz, University of California 37–39 Sarkozy, Nicolas 91–92, 98 @sarrahsworld 11–12, 14, 135 Sartre, Jean-Paul 129 Saudi Arabia 121 savings, and investment 107 Savio, Mario 4 SB1070 (USA) 164, 165–66, 166–67 self-esteem, and consumption 80–81 self-interest 111 self-reliance 68 self, the, social networks impact on 136–38 Sennett, Richard 68, 80–81, 131 Sentimental Education (Flaubert) 171 el-Shaar, Mahmoud 22 Shafiq, Mohammed 20–22 Shalit, Gilad 179 shared community 84 Sharp, Gene 83 Sharpton, Al 184 Shirky, Clay 138, 139, 140, 146 Sinclair, Cameron 199, 208 Sioras, Dr Ilias 90–91 Situationist movement 46–47 Situationist Taliban 1 slum-dwellers 68; numbers 198 social capital 134 social democracy 145 social housing 199 Socialist International 19–20 social justice 177, 191, 192, 209, 210 social media 7, 74–75, 77; collective mental arena 137; lack of control 37; power of 34–35; role of 56; and the spread of ideas 151 social micro-history 173 social networks 77, 82; impact of 147; impact on activism 138–41; and the self 136–38 social-republicanism 187 solidaristic slum, the 207 Solidarity 42 ‘Solidarity Forever’ (song) 42 Soviet Union 28 Spain 66, 104, 105, 188 Spanish Civil War 209–10 species-being 143 @spitzenprodukte (art activist) 1 spontaneous horizontalists 44–46 spontaneous replication 55 Starbucks Kids 79 Steinbeck, John 153, 155, 159, 163, 164, 169 Stephenson, Paul 52 Stiglitz, Joseph 118 Strategy Guide (Sharp) 83 Strauss-Kahn, Dominique 188 strongman threat, the 177–78 student occupations 37–39, 44–46, 53, 53–54 students: economic attack on 38; expectations 67–68; population 70 Sudan 25 Suez Canal Port Authority 19 Supreme Council of the Armed Forces (SCAF) (Egypt) 18, 20 surveillance 148 swarm tactics 82–83 swine flu epidemic 9 Switzerland 123 syndicalism 175–76 synthesis, lack of 57 Syria 25 tactics 54–57 Tahrir Square, Cairo 6, 69, 89, 139; chants 191, 211; Day of Rage, 28 May 15–17; demonstration, 25 January 10–14; numbers 13; Twitter feeds 13; volunteer medics 20–22 Taine, Hippolyte 73 Tantawi, General 19 Tarnac Nine, the 189 Tea Party, the 117–18, 124–25, 180–81 tear gas 93–94, 100–1 technology 65, 66, 74–79, 85, 133–36, 138–39; and the 1848 revolutions 173–74 Tehran, Twitter Revolution 34–37 teleology 131, 152 Tent City jail, Arizona 164–67 Territorial Support Group 50 Thatcher, Margaret 106 @3arabawy 10, 22, 71 Third Way, the 31 Time magazine 36 Tim (human rights activist) 1–2 Tim (Joy Junction resident) 160 Tocqueville, Alexis de 192 totalitarianism 147–48 toxic debt 110–11 trade wars 122, 124–25 transnational culture 69 Transparency International 119 Trichet, Jean-Claude 112 Truman Show, The (film) 29 trust 57 Tunisia: Army 178; economic growth 119; inflation 121; organized workforce 72; revolution 10, 11, 25–26; unemployment 119 Turkle, Sherry 136 Twitpic 75 Twitter and tweets 3, 74, 137–38; #wiunion 184, 185; @Ghonim 13; @mehri912 34; @norashalaby 13; @rebeldog_ath 96; @Sandmonkey 13; Egyptian revolution 13, 14; importance of 135–36; Iranian revolution and 33–37; Madison, Wisconsin revolt 184; news dissemination 75; real-time organization 75; reciprocity 77; user numbers 135; virtual meetings 45 Twitter Revolution, Iran 33–37, 78, 178 Ukraine 177–78 UK Uncut 54–57, 58, 61 ultra-social relations 138 unemployment: America 159–63; Egypt 119; Spain 105; Tunisia 119; youth 66, 105, 119–20 UN-Habitat 199 Unison 57 United Nations, The Challenge of Slums 198–99 United States of America: agriculture 154–56; Albuquerque 159, 159–63; Arizona 164–67, 183; armed struggle 181–83; Bakersfield, California 168–70; budget cuts 156, 161, 167, 170; California 168–70; campus revolts, 1964 4; Canadian River 159; cattle prices 156; collapse of bipartisan politics 116–19; culture wars 179, 180–84; current-account deficit 107; debt 118; deportations 166; devaluation 123; Dodd–Frank Act 167; the Dust Bowl 154–55; economic decline 183–84; economic growth 170; Federal budget 156, 161; fiscal management 183; fiscal stimulus 117–18; fruit pickers 169; hamburger trade 156; healthcare bill 180, 183; homeless children 160; homelessness 159–63; Indiana 116–17, 125; Interstate 40 157, 170; job market 161; Joy Junction, Albuquerque 159–63; Madison, Wisconsin revolt 184–87; minimum wage workers 158; the Mogollon Rim 163; motels 157–58, 162–63; the New Deal 169–70; Oklahoma 153, 153–56; Phoenix, Arizona 164–67; police car protester 4; political breakdown, 1850s 182–83; property bubble 106–8; Quantitative Easing II 120–23; radical blogosphere 184; the religious right 118; repossessions 168; Route 66 157–59; San Joaquin valley 169; SB1070 164, 165–66, 166–67; State Department 178; states’ rights 183; student occupation movement 37–39; the Tea Party 117–18, 124–25, 180–81, 186; Tent City jail, Arizona 164–67; Tucson, Arizona 182; undocumented migrants 164–67; unemployment 159–63; wages 108; war spending 162; welfare benefits 162, 170 Unite Union 55 university fees 44, 47, 50, 54 urban poor 70–72 urban slums 191; Calauan, Laguna Province 202–4; clearance policies 198–99; education levels 207; Estero de Paco, Manila 200–2; Estero de San Miguel, Manila 196–99, 205–6, 206–9; Gapan City, Philippines 193–96; improvement policies 199, 205–6; internet access 207; labour force 208; living conditions 196–99; Moqattam, Cairo 6–10; population numbers 198 Vail, Theodore 74 Vanderboegh, Mike 181 Van Riper, Lieutenant General Paul 82 Venizelos, Evangelos 97–98 Vietnam War 129 virtual meetings 45 virtual societies 134 Vodafone 54–55 Vradis, Antonis 87–89 wages 108, 112 Walker, Scott 184 Walorski, Jackie 116–17 Walt, Stephen M. 26 war, threat of 178 Warwick University, Economics Conference 67–68 Washington Times 35 Wasim (Masry Shebin El-Kom delegate) 23 water supplies 194 wave creation 78 wealth, monopolization of 108 We Are Social 148 Weeks, Lin, @weeks89 184 Wellman, Barry 130 Wertheim, Margaret 136 White House, the 92 ‘Why the Tunisian revolution won’t spread’ (Walt) 26 WikiLeaks 140 Wikipedia 46, 140 wikis 140–41 #wiunion 184, 185 Wobblies 176 Women’s liberation 132 Woods, Alan 33 Woollard, Edward 43 working class 68, 71–72, 79–80, 145; culture 72; revolutions, 1848 172–73 World of Yesterday, The (Zweig) 128 World Trade Organization 122 Yemen 25, 119, 121 youth 68; alienation 62; British 41–42, 44, 53–54; culture 70; disconnected 190; disengagement from political mainstream 89–90; radicalization 33, 37, 47–48; unemployment 66, 119–20 YouTube 75; Egyptian revolution on 11, 14, 15; Iranian revolution on 34, 35 Zamalek Sporting Club, ultras 16–17 Zapatistas 1 Zekry, Musa 5–6, 7, 23–24 Zola, Emil 191 Zweig, Stefan 128, 132–33, 152, 176 Copyright This revised and updated second edition first published by Verso 2013 First published by Verso 2012 © Paul Mason 2012, 2013 All rights reserved The moral rights of the author have been asserted Verso UK: 6 Meard Street, London W1F 0EG US: 20 Jay Street, Suite 1010, Brooklyn, NY 11201 Verso is the imprint of New Left Books ISBN: 978-1-781-68245-6 (e-book) British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record for this book is available from the Library of Congress Typeset in Fournier by MJ Gavan, Truro, Cornwall Printed by ScandBook AB, Sweden

pages: 321 words: 97,661

How to Read a Paper: The Basics of Evidence-Based Medicine by Trisha Greenhalgh


call centre, complexity theory, conceptual framework, correlation coefficient, correlation does not imply causation, deskilling, knowledge worker, meta analysis, meta-analysis, microbiome, New Journalism, p-value, personalized medicine, placebo effect, publication bias, randomized controlled trial, selection bias, the scientific method

While the need of healthcare professionals for information of the best quality has never been greater, barriers abound: lack of time, lack of facilities, lack of searching skills, lack of motivation and (perhaps worst of all) information overload [2]. The medical literature is far more of a jungle today than it was when the first edition of this book was published in 1996. The volume and complexity of published literature has grown: Medline alone has over 20 million references. While Medline is the flagship database for journal articles in the health sciences, it is a very conservative resource, slow to pick up new journals or journals published outside the USA, so there are many thousands of high-quality papers that may be available via other databases but are not included in Medline's 20 million. The proliferation of databases makes the information jungle that much more confusing, especially because each database covers its own range of journals and each has its own particular search protocols. How will you cope?

They can, if necessary, be written up and published within days, which gives them a definite edge over clinical trials (whose gestation period can run into years) or meta-analyses (even longer). There are certainly good theoretical grounds for the reinstatement of the humble case report as a useful and valid contribution to medical science, not least because the story is one of the best vehicles for making sense of a complex clinical situation. Richard Smith, who edited the British Medical Journal for 20 years, recently set up a new journal called Cases dedicated entirely to ‘anecdotal’ accounts of single clinical cases (see The following are clinical situations in which a case report or case series is an appropriate type of study. A doctor notices that two babies born in his hospital have absent limbs (phocomelia). Both mothers had taken a new drug (thalidomide) in early pregnancy. The doctor wishes to alert his colleagues worldwide to the possibility of drug-related damage as quickly as possible [20].

pages: 309 words: 95,644

On Writing Well (30th Anniversary Edition) by William Zinsser


affirmative action, Alistair Cooke, Donald Trump, feminist movement, In Cold Blood by Truman Capote, New Journalism, Norman Mailer, popular capitalism, telemarketer, Thomas L Friedman

I know that it’s just not possible to write a competent interview without some juggling and eliding of quotes; don’t believe any writer who claims he never does it. But many shades of opinion exist on both sides of mine. Purists would say that Joseph Mitchell has taken a novelist’s wand to the facts. Progressives would say that Mitchell was a pioneer—that he anticipated by several decades the “new journalism” that writers like Gay Talese and Tom Wolfe were hailed for inventing in the 1960s, using fictional techniques of imagined dialogue and emotion to give narrative flair to works whose facts they had punctiliously researched. Both views are partly right. What’s wrong, I believe, is to fabricate quotes or to surmise what someone might have said. Writing is a public trust. The nonfiction writer’s rare privilege is to have the whole wonderful world of real people to write about.

., 27–29, 65, 99, 207, 212 Mencken (Rodgers), 98 Metaphor, 202–3 Michener, James, 202–3 Mitchell & Ruff (Zinsser), 107, 279 Mitchell, Dwike, 107, 279–80 Mitchell, Joseph, 99, 112–14 Mitchell, Margaret, 103 Models, writing, 96–97, 218, 235–36 Modern English Usage (Fowler), 74 Monty Python, 218 Mood changers of, 73–74 unity of, 50 Moore, Marianne, 42 Morley, Christopher, 103 Morris, Edmund, 98 Morrison, Toni, 243 Mortimer, John, 144 “Mr. Hunter’s Grave” (Mitchell), 112–14 Mumford, Lewis, 38 My Life and Hard Times (Thurber), 148 Nabokov, Vladimir, 135 Narrative, 262 Nast, Thomas, 212 New Journalism, 114 New School, 254 Newsletters, 168–70, 175 New Yorker, The, 50, 75, 79, 98, 111, 112, 204, 220 New York Herald Tribune, 201, 205, 241 New York Public Library, 101 “Night the Bed Fell, The,” (Thurber), 227 Nixon, Richard M., 12, 44, 237 Nouns adjectives as, 32 concept, 75–76, 172 creeping, 76 plain, 238 as verbs, 15, 32, 43 One Writer’s Beginnings (Welty), 136–37 Oral histories, 106 Oral language, 40–41, 107, 238 O’Reilly, John, 242 Orwell, George, 14, 166–67 Out of Egypt (Aciman), 135 Overstatement, 77 Ozick, Cynthia, 204–5 Paine, Thomas, 35–36 Panda’s Thumb, The (Gould), 158 Paper, The (Kluger), 98 Paper Lion (Plimpton), 182 Paragraphs, 79–80 transitions between, 55, 261–62 Parker, Dorothy, 194 Parody, 207–11 Parting the Waters (Branch), 98 Passive voice, 67–68, 298 Path Between the Seas, The (McCullough), 98 Perelman, S.

pages: 318 words: 93,502

The Two-Income Trap: Why Middle-Class Parents Are Going Broke by Elizabeth Warren, Amelia Warren Tyagi


activist fund / activist shareholder / activist investor, business climate, Columbine, declining real wages, equal pay for equal work, feminist movement, financial independence, labor-force participation, late fees, McMansion, mortgage debt, new economy, New Journalism, payday loans, school choice, school vouchers, telemarketer, urban sprawl, women in the workforce

Petersburg Times “My advice for a great way to start on the road back to fiscal solvency, or to avoid falling into this trap altogether, is to invest $26 of your dwindling discretionary income on THE TWO-INCOME TRAP. The solutions and advice it provides might change the financial future for you and your children, today, tomorrow, and forever.” —Lowell Sun “The book should be mandatory reading for any couple before they begin a family.” —Pensacola News Journal “Well-constructed book [with a] very persuasive argument” —“Sound Money,” NPR “An extremely thoughtful, well-presented, relevant book that challenges some of the basic assumptions in America today . . . this excellent work deserves to be considered by all, and most currently by policy-makers looking for creative solutions.” —Tampa Tribune “[A] comfort to parents who are sick of being told it is their own fault their families are struggling financially.

Bureau of the Census, American Housing Survey: 1975, Indicators of Housing and Neighborhood Quality, Current Housing Reports, H-150-75B (February 1977), Table A-4, Selected Neighborhood Characteristics, 1975; American Housing Survey, 1999, Current Housing Reports, H150/99 (October 2000), Table 3-8, Neighborhood—Owner Occupied Units. 46 Danilo Yanich, “Location, Location, Location: Urban and Suburban Crime on Local TV News,” Journal of Urban Affairs 23, no. 3-4 (2001): 221-241, Table 2, Rates of Selected Crimes in Baltimore and Philadelphia, 1977 and 1996. 47 Yanich, “Location, Location, Location,” p. 222. 48 While this is not exclusively an urban-suburban dichotomy, urban dwellers are more than twice as likely as suburbanites to say that the public elementary schools are so bad that they would like to move. Similarly, parents who have young children and own homes in urban areas are almost 70 percent more likely to be unsatisfied with the public elementary schools in their neighborhoods than those living in the suburbs.

pages: 134 words: 39,353

The Bridge: The Building of the Verrazano-Narrows Bridge by Gay Talese, Bruce Davidson


delayed gratification, fixed income, New Journalism, Tacoma Narrows Bridge, transcontinental railway

"Only a writer in love with his subject could have produced so charming a narrative about a bridge. There are many stories within the story of The Bridge. All are worth reading." —Houston Post "Talese has spun a fascinating, engrossing account of the construction of the Verrazano-Narrows Bridge. This is an absorbing drama; superbly written." —Times Union (Jacksonville) "No finer tribute in print will ever be found than this book." —Wilmington News Journal "Talese tells warm, funny and tragic stories of men, women, steel and concrete. This book is fine reading." —Denver Post "Fine writing and story-telling. . . . Superbly well does Talese tell his story, one that combines sadness, high humor, bawdiness, danger, death and poignancy in one fine package that readers will find hard to put down." —Arizona Republic "Talese is a shining example for all writers.

pages: 554 words: 164,923

Unbroken: A World War II Story of Survival, Resilience, and Redemption by Laura Hillenbrand


Menlo Park, New Journalism

Louis Globe, undated article from Phillips scrapbook, NPN; “Their Raid on Wake Biggest of Year,” Mansfield News-Journal, January 2, 1943; “Tells of Raid on Wake Island,” Mansfield News-Journal, January 2, 1943; “Nobody Scared in Raid on Wake Island, Ace Says,” Ada Evening News, January 2, 1943; Walter Clausen, “Hawaii Fliers Get Jap Planes in Wake Raid,” undated article from Phillips scrapbook, NPN; Britt, p. 12; Jesse Stay, “Twenty-nine Months in the Pacific,” unpublished memoir. 18 New Year’s: Louis Zamperini, war diary, January 1, 1943, entry. 19 STEEL FILLS JAP SOX: Undated article from Phillips scrapbook, NPN. 20 “fled in terror”: “Tells of Raid on Wake Island,” Mansfield News-Journal, January 2, 1943. 21 Japan finished within the year: “U.S. Can Take Care of Japan, Halsey Thinks,” Ada Evening News, January 2, 1943. 22 “it’s a little premature”: Russell Allen Phillips, letter to Kelsey Phillips, December 31, 1942.

pages: 387 words: 120,092

The Idea of Israel: A History of Power and Knowledge by Ilan Pappe


affirmative action, Ayatollah Khomeini, Boycotts of Israel, British Empire, double helix, facts on the ground, feminist movement, Francis Fukuyama: the end of history, mass immigration, New Journalism, one-state solution, postnationalism / post nation state, stem cell, urban planning, Yom Kippur War

Azure provided the ideological infrastructure for a new era in the history of the State of Israel, in which the idea of Israel would be interpreted as an existential struggle against the Palestinians, particularly those who were Israeli citizens, as well as against the enemies from within, which is to say, whoever would be deemed a post-Zionist. The first struggle would be conducted in the Knesset and the second in academia. But the battlefield also extended to foreign policy – aggression towards the state’s neighbours and the Palestinians under occupation – and towards the educational system and the media. Ofir Haivry, the editor of the new journal, explained that his team hoped to set up in the near future a Zionist academia and media, since these realms had, from his point of view, been overtaken by post-Zionists. At the time, the centre and its members looked esoteric at best and pathetic at worst. Within a decade, however, their agenda had become the idea of Israel in the twenty-first century. Not only was it a far cry from post-Zionism; it was also a very different animal from the Liberal or Labour Zionism that had informed the idea in the previous century.

Noam Demsky of the Ma’aleh School of Television, Film & the Arts, Jerusalem, received 40,000 NIS in 2013 from Minister Livnat for a film called The Strength to Tell, which seeks to communicate ‘a new sense of relevancy of the Holocaust and its lessons’.5 In 2012 the composer Doron Toister received a prize for his Zionist musical piece We Are Your People. One can assume that there was nothing Zionist about the music, the arrangement or the composition, so the award must have been given for the title. Appropriately Zionist poetry is now to be found in a new journal, Meshiv Ruah (Fresh Air), devoted to ‘national religious poetry’. There is also a Zionist plastic art, it seems. Yoav Ben-Dov and Serjio Daniel Chertko won a prize for their piece In the Spirit of Hope. ‘This work was particularly pleasing [for the ministry]’, wrote the critic Alon Idan, cynically, in Haaretz, since ‘it constantly fused the Star of David and the national anthem, “Hatikva”, in their work’ while broadcasting the universal and national meanings of Zionism.6 An obvious winner a year later was the author A.

pages: 461 words: 128,421

The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street by Justin Fox


activist fund / activist shareholder / activist investor, Albert Einstein, Andrei Shleifer, asset allocation, asset-backed security, bank run, beat the dealer, Benoit Mandelbrot, Black-Scholes formula, Bretton Woods, Brownian motion, capital asset pricing model, card file, Cass Sunstein, collateralized debt obligation, complexity theory, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, discovery of the americas, diversification, diversified portfolio, Edward Glaeser, Edward Thorp, endowment effect, Eugene Fama: efficient market hypothesis, experimental economics, financial innovation, Financial Instability Hypothesis, fixed income, floating exchange rates, George Akerlof, Henri Poincaré, Hyman Minsky, implied volatility, impulse control, index arbitrage, index card, index fund, information asymmetry, invisible hand, Isaac Newton, John Meriwether, John Nash: game theory, John von Neumann, joint-stock company, Joseph Schumpeter, Kenneth Arrow, libertarian paternalism, linear programming, Long Term Capital Management, Louis Bachelier, mandelbrot fractal, market bubble, market design, Myron Scholes, New Journalism, Nikolai Kondratiev, Paul Lévy, Paul Samuelson, pension reform, performance metric, Ponzi scheme, prediction markets, pushing on a string, quantitative trading / quantitative finance, Ralph Nader, RAND corporation, random walk, Richard Thaler, risk/return, road to serfdom, Robert Bork, Robert Shiller, Robert Shiller, rolodex, Ronald Reagan, shareholder value, Sharpe ratio, short selling, side project, Silicon Valley, South Sea Bubble, statistical model, The Chicago School, The Myth of the Rational Market, The Predators' Ball, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, Thorstein Veblen, Tobin tax, transaction costs, tulip mania, value at risk, Vanguard fund, Vilfredo Pareto, volatility smile, Yogi Berra

They dubbed their new group the Econometric Society, and began to hold occasional small meetings where papers were presented. They didn’t have the money to do much more. A letter arrived in Fisher’s mailbox from Cowles. Fisher, who had known Cowles’s father and uncle at Yale, enlisted the newspaper heir as the society’s patron. For Cowles, who had been something of an ineffectual dabbler, the role gave him purpose and focus. He became treasurer of the organization, circulation manager of its new journal, Econometrica, and even chief note taker at its meetings. He also founded the Cowles Commission for Research in Economics in Colorado Springs, hiring the math professor he had initially consulted and a couple of young statisticians to help him in his research. In future years, even after he had moved back to Chicago to take over the family’s business interests and removed himself from the day-today activities of the Cowles Commission, he always proudly listed his profession in Who’s Who as “economist.”

But it may be that, while making particular inefficiencies disappear, they are only amplifying the oscillations of the overall market. Would these ideas have any impact on finance and economics? Arthur doubted his would. Waldrop’s book about Santa Fe, which portrayed him as a lonely hero out to show his blindered colleagues the error of their ways, “ended my career in economics,” he said. Farmer went out of his way to reach out, coauthoring several papers with mainstream finance scholars and launching a new journal, Quantitative Finance, that included Robert Merton and Myron Scholes (along with Kenneth Arrow and Benoit Mandelbrot) on its advisory board. But his work has yet to really penetrate the academic mainstream either.30 Still, even as they resist the incursions from Santa Fe, economists have been taking steps away from their near-exclusive reliance on equilibrium. This transformation has been most dramatic in the study of long-term economic growth, which by definition can’t really be about equilibrium.

pages: 214 words: 57,614

America at the Crossroads: Democracy, Power, and the Neoconservative Legacy by Francis Fukuyama


affirmative action, Ayatollah Khomeini, Berlin Wall, Bretton Woods, cuban missile crisis, David Brooks, European colonialism, failed state, Francis Fukuyama: the end of history, Internet Archive, Mikhail Gorbachev, Monroe Doctrine, mutually assured destruction, New Journalism, race to the bottom, RAND corporation, rent-seeking, road to serfdom, Ronald Reagan, Ronald Reagan: Tear down this wall, transaction costs, uranium enrichment, War on Poverty, Washington Consensus

It is much more Preface important to redefine American foreign policy in a way that moves beyond the Bush administration's legacy and that of its neoconservative supporters. This book is an attempt to elucidate the neoconservative legacy, explain where in my view the Bush administration has gone wrong, and outline an alternative way for the United States to relate to the rest of the world. This has also motivated my effort to start a new journal devoted to the question of America's role in the world, The America?! Interest ( The position I want to stake out is not captured by any existing schools within the U.S. foreign policy debate, but it is one that I think would win support from a fairly broad spectrum of Americans. I have labeled it "realistic Wilsonianism," which is an admittedly awkward locution since both realism and Woodrow Wilson's legacy are heavily loaded concepts.

pages: 171 words: 54,334

Barefoot Into Cyberspace: Adventures in Search of Techno-Utopia by Becky Hogge, Damien Morris, Christopher Scally


A Declaration of the Independence of Cyberspace, back-to-the-land, Berlin Wall, Buckminster Fuller, Chelsea Manning, citizen journalism, cloud computing, corporate social responsibility, disintermediation, Douglas Engelbart, Douglas Engelbart, Electric Kool-Aid Acid Test, Fall of the Berlin Wall, game design, Hacker Ethic, informal economy, information asymmetry, Jacob Appelbaum, jimmy wales, John Markoff, Julian Assange, Kevin Kelly, mass immigration, Menlo Park, moral panic, Mother of all demos, Naomi Klein, Network effects, New Journalism, Norbert Wiener, peer-to-peer, Richard Stallman, Silicon Valley, Skype, Socratic dialogue, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, technoutopianism, Telecommunications Act of 1996, Vannevar Bush, Whole Earth Catalog, Whole Earth Review, WikiLeaks

Permission to kill everyone in Iraq vid was asked for, and granted, BEFORE any mention of “RPG”. But to no avail. * * * A lot of people like to blame the destruction of the media on the internet. 2010 was also the year Rupert Murdoch put the online version of The Times newspaper behind a paywall, having decreed that his customers were “smart enough to know they can’t get something for nothing”. But in truth, the quality of news journalism was falling fast way before the rise of the web. As Nick Davies recounts in his excellent polemic against the modern news machine Flat Earth News, old-school newspaper proprietors of the sixties and seventies were focussed at least to some extent on quality investigative journalism. But they soon gave way to businessmen owners in the eighties and nineties who cared more for the bottom line.

pages: 197 words: 53,292

Isn't That Rich?: Life Among the 1 Percent by Richard Kirshenbaum, Michael Gross


Downton Abbey, McMansion, New Journalism, rolodex, women in the workforce

Richard had some fashion clients, which is how we met, and, I think, how we came to appreciate each other. He approached advertising the same way I approached fashion journalism, with tongue firmly in cheek and the rule book balancing on the lip of the trash. Back then, I worked for one of the legends of journalism, an editor named Clay Felker. He’d founded the first magazine I adored, New York, which was one of the crucibles of what was called New Journalism, and was all about “tell the truth, damn the consequences, and do it in a way that’s as entertaining as it is informative.” I went to work for Felker when he started another publication, long since mostly forgotten, that was the spiritual forefather of the formerly pink paper Richard now writes for. I bring this up because at one of our first editorial meetings, Felker said something to the new staff that I have never forgotten concerning the 1 percenters who would be our main subjects: remember that you are in their world, but you are not of it, and you will succeed in covering them.

pages: 181 words: 54,629

Fear and Loathing in Las Vegas by Hunter S. Thompson, Ralph Steadman

beat the dealer, New Journalism, South China Sea

Thompson was born in Louisville, Kentucky. A hell-raiser from the first, during his twenties Thompson moved quickly through a series of magazine and newspaper jobs – from TIME and The National Observer to a bowling magazine in Puerto Rico, where he wrote his first book, a novel called The Rum Diary that remained unpublished until the late ’90s. Thompson is best known as the godfather of Gonzo Journalism. Taking the New Journalism of the ’60s one step further, Thompson got to the heart of the action by becoming the star of his own reporting – whether by cycling with America’s toughest motorcycle gang, the Hell’s Angels, or downing a frightening collection of psychedelics in the name of the American Dream. In 1970, Hunter S. Thompson ran for Sheriff of Aspen, Colorado, the nearest city to his 100-acre farm in Woody Creek, and only narrowly lost.

pages: 289 words: 22,394

Virus of the Mind by Richard Brodie


cognitive dissonance, Douglas Hofstadter, Gödel, Escher, Bach, joint-stock company, New Journalism, phenotype, Ponzi scheme, profit motive, publish or perish, Ralph Waldo Emerson, Richard Feynman, Richard Feynman, Stephen Hawking, Steven Levy

That’s right—they show a scene you haven’t seen yet, out of order, in an attempt to create sufficient interest for you to stick around through the commercials! Argh! The point is, the institution of television, while originally created as entertainment, has evolved into a self-perpetuating cultural virus with little possibility of anything but broadcasting the 158 Cultural Viruses most gripping, button-pushing sounds and images. That’s true not only of the entertainment portion of television but also of the news. Journalism The idea behind freedom of speech, in the minds of the framers of the Constitution, was that if all ideas were given equal opportunity to compete in a sort of free market of the mind, the truth would emerge victorious. Unfortunately, this is not the case. It’s successful mind viruses that emerge victorious, spreading their selfish memes. Truth is not one of the strong selectors for memes.

pages: 229 words: 67,599

The Logician and the Engineer: How George Boole and Claude Shannon Created the Information Age by Paul J. Nahin


Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, Any sufficiently advanced technology is indistinguishable from magic, Claude Shannon: information theory, conceptual framework, Edward Thorp, Fellow of the Royal Society, finite state, four colour theorem, Georg Cantor, Grace Hopper, Isaac Newton, John von Neumann, knapsack problem, New Journalism, Pierre-Simon Laplace, reversible computing, Richard Feynman, Richard Feynman, Schrödinger's Cat, Steve Jobs, Steve Wozniak, thinkpad, Thomas Bayes, Turing machine, Turing test, V2 rocket

question, a new math journal was looking for manuscripts that might not be accepted by the established journals, perhaps (for example) for being too controversial.3 This was the Cambridge Mathematical Journal, which had begun publication in October 1837. From the very start it published papers from such talented people as Augustus De Morgan, Arthur Cayley, James Sylvester, and George Stokes, all mathematicians whose names are well known today. Perhaps, in fact, it was the appearance of this new journal that caused Boole to begin writing. The young editor of the Journal, less than three years older than Boole, was the Scottish mathematician Duncan F. Gregory (1813–1844), who had received a magnificent education that Boole could only have dreamed about. The youngest son of a professor of medicine at King’s College in Aberdeen, he had first attended Edinburgh Academy (where James Clerk Maxwell would later study), then was sent off to a private academy in Geneva, then brought back to Edinburgh University and, finally, finished his studies at Newton’s school, Trinity College, Cambridge.

pages: 279 words: 72,659

Gaza in Crisis: Reflections on Israel's War Against the Palestinians by Ilan Pappé, Noam Chomsky, Frank Barat


Ayatollah Khomeini, Boycotts of Israel, British Empire, desegregation, European colonialism, facts on the ground, failed state, friendly fire, ghettoisation, Islamic Golden Age, New Journalism, one-state solution, price stability, too big to fail

As part of his efforts to sabotage such a development, he enlisted an official (of Canadian origin) who worked in the UN’s public relations office: Isaiah L. “Si” Kenen. Kenen’s first assignment was to write an article alerting the public to the dangers incurred by the anti-Israeli orientation of U.S. policy in the Middle East. The same message was forcefully conveyed in a series of articles Kenen published in a new journal, the Near East Policy, which became the pro-Israeli lobby’s mouthpiece (funded partly by Israel). Kenen began organizing Jewish support, first in local trade unions and then in communities across the country. The Washington Institute for Near East Policy was founded around the journal as AIPAC’s think tank. The first visible result of Kenen’s activity was by Jewish members of the dockers’ union, who boycotted Arab ships in U.S. harbors in order to prevent U.S. aid reaching Arab states that did not recognize Israel.

Big Data at Work: Dispelling the Myths, Uncovering the Opportunities by Thomas H. Davenport


Automated Insights, autonomous vehicles, bioinformatics, business intelligence, business process, call centre, chief data officer, cloud computing, commoditize, data acquisition, Edward Snowden, Erik Brynjolfsson, intermodal, Internet of things, Jeff Bezos, knowledge worker, lifelogging, Mark Zuckerberg, move fast and break things, move fast and break things, Narrative Science, natural language processing, Netflix Prize, New Journalism, recommendation engine, RFID, self-driving car, sentiment analysis, Silicon Valley, smart grid, smart meter, social graph, sorting algorithm, statistical model, Tesla Model S, text mining

. • Quantitative analysts were segregated from business people and decisions in back offices. • Very few organizations competed on analytics—for most, ­analytics were marginal to their strategy. Data science first began to be discussed in earnest by academics around 2001; the Purdue statistician William S. Cleveland published a paper advocating for the field in that year, and in the following two years two new journals of data science were created.6 Beginning in 2003 or so, the commercial world began to take notice of big data, and let’s call the early 2000s the beginning of Analytics 2.0. The era began with the exploitation of online data in internet-based firms like Google, Yahoo!, and eBay—the earliest adopters of the “data economy.” Big data and analytics not only informed internal decisions, but also formed the basis for customer-facing products and processes.

pages: 678 words: 216,204

The Wealth of Networks: How Social Production Transforms Markets and Freedom by Yochai Benkler


affirmative action, barriers to entry, bioinformatics, Brownian motion, call centre, Cass Sunstein, centre right, clean water, commoditize, dark matter, desegregation, East Village, fear of failure, Firefox, game design, George Gilder, hiring and firing, Howard Rheingold, informal economy, invention of radio, Isaac Newton, iterative process, Jean Tirole, jimmy wales, John Markoff, Kenneth Arrow, market bubble, market clearing, Marshall McLuhan, New Journalism, optical character recognition, pattern recognition, peer-to-peer, pre–internet, price discrimination, profit maximization, profit motive, random walk, recommendation engine, regulatory arbitrage, rent-seeking, RFID, Richard Stallman, Ronald Coase, Search for Extraterrestrial Intelligence, SETI@home, shareholder value, Silicon Valley, Skype, slashdot, social software, software patent, spectrum auction, technoutopianism, The Fortune at the Bottom of the Pyramid, The Nature of the Firm, transaction costs, Vilfredo Pareto

What is left in determining the overall weight that these open-access journals will have in the landscape of scientific publication is the relatively conservative nature of universities themselves. The established journals, like Science or Nature, still carry substantially more prestige than the new journals. As long as this is the case, and as long as hiring and promotion decisions continue to be based on the prestige of the journal in which a scientist's work is published, the ability of the new journals to replace the traditional ones will be curtailed. Some of the established journals, however, are operated by professional associations of scientists. There is an internal tension between the interests of the associations in securing [pg 325] their revenue and the growing interest of scientists in open-access publication.

pages: 786 words: 195,810

NeuroTribes: The Legacy of Autism and the Future of Neurodiversity by Steve Silberman


Albert Einstein, Asperger Syndrome, assortative mating, crowdsourcing, Douglas Engelbart,, epigenetics, experimental subject, Golden Gate Park, Haight Ashbury, hypertext link, IBM and the Holocaust, index card, Isaac Newton, John Markoff, Larry Wall, megacity, meta analysis, meta-analysis, Mother of all demos, neurotypical, New Journalism, pattern recognition, placebo effect, scientific mainstream, side project, Silicon Valley, Simon Singh, Skype, slashdot, Stephen Hawking, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, the scientific method, union organizing, Whole Earth Catalog, women in the workforce, Yom Kippur War

The school staff assured her that Virginia was mute and likely deaf, but Richards heard her humming a Christmas hymn while pasting together paper chains. Kanner knew there must be many more children like Virginia, passing the empty hours in dayrooms and lockdown wards without anyone knowing who they really were. After seeing eight children who fit the pattern, he was ready to tell the world about his discovery. VII In January 1942, Ernest Harms, the editor of a new journal called The Nervous Child, asked Kanner if he would consider guest-editing an upcoming issue. Seeing an opportunity to position his work at the leading edge of a wave of research on affect disorders of childhood, Kanner intimated that he was on the verge of a major breakthrough. “I have followed a number of children who present a very interesting, unique and as yet unreported condition, which has both interested and fascinated me for quite some time,” he said.

capable of causing physical damage to the eardrum: “About Hearing Loss.” Centers for Disease Control and Prevention. Harvard Inductorium: “The First Stimulators—Reviewing the History of Electrical Stimulation and the Devices Crucial to Its Development,” L. A. Geddes. Engineering in Medicine and Biology Magazine, No. 4, Vol. 13, Aug.–Sept. 1994. used in canine obedience tests: Mansfield News Journal, March 31, 1963. “a commercially available device for shocking livestock”: “The Effects and Side Effects of Punishing the Autistic Behaviors of a Deviant Child,” Todd R. Risley. Journal of Applied Behavioral Analysis, No. 1, 1968. (Note: Risley says in the paper that the experiments described commenced in 1963.) a case for punishment: “Punishment,” Richard L. Solomon. American Psychologist, Vol. 19, No. 4, Apr. 1964, pp. 239–53.

Necessary Illusions by Noam Chomsky


anti-communist, Ayatollah Khomeini, British Empire, centre right, collective bargaining, colonial rule, cuban missile crisis, full employment, Howard Zinn, Khyber Pass, land reform, long peace, New Journalism, Ronald Reagan, strikebreaker, union organizing

This classic of modern scholarship was alleged to have demonstrated that in their incompetent and biased coverage reflecting the “adversary culture” of the sixties, the media in effect lost the war in Vietnam, thus harming the cause of democracy and freedom for which the United States fought in vain. The Freedom House study concluded that these failures reflect “the more volatile journalistic style—spurred by managerial exhortation or complaisance—that has become so popular since the late 1960s.” The new journalism is accompanied by “an often mindless readiness to seek out conflict, to believe the worst of the government or of authority in general, and on that basis to divide up the actors on any issue into the ‘good’ and the ’bad’.” The “bad” actors included the U.S. forces in Vietnam, the “military-industrial complex,” the CIA and the U.S. government generally; and the “good,” in the eyes of the media, were presumably the Communists, who, the study alleged, were consistently overpraised and protected.

Those segments of the media that can reach a substantial audience are major corporations and are closely integrated with even larger conglomerates. Like other businesses, they sell a product to buyers. Their market is advertisers, and the “product” is audiences, with a bias towards more wealthy audiences, which improve advertising rates.16 Over a century ago, British Liberals observed that the market would promote those journals “enjoying the preference of the advertising public”; and today, Paul Johnson, noting the demise of a new journal of the left, blandly comments that it deserved its fate: “The market pronounced an accurate verdict at the start by declining to subscribe all the issue capital,” and surely no right-thinking person could doubt that the market represents the public will.17 In short, the major media—particularly, the elite media that set the agenda that others generally follow—are corporations “selling” privileged audiences to other businesses.

pages: 846 words: 232,630

Darwin's Dangerous Idea: Evolution and the Meanings of Life by Daniel C. Dennett


Albert Einstein, Alfred Russel Wallace, anthropic principle, assortative mating, buy low sell high, cellular automata, combinatorial explosion, complexity theory, computer age, conceptual framework, Conway's Game of Life, Danny Hillis, double helix, Douglas Hofstadter, Drosophila, finite state, Gödel, Escher, Bach, In Cold Blood by Truman Capote, invention of writing, Isaac Newton, Johann Wolfgang von Goethe, John von Neumann, Murray Gell-Mann, New Journalism, non-fiction novel, Peter Singer: altruism, phenotype, price mechanism, prisoner's dilemma, QWERTY keyboard, random walk, Richard Feynman, Richard Feynman, Rodney Brooks, Schrödinger's Cat, selection bias, Stephen Hawking, Steven Pinker, strong AI, the scientific method, theory of mind, Thomas Malthus, Turing machine, Turing test

The more people looked into the attempt to extend his methods to more complex problems — chess, for instance, to say nothing of real-world, non-toy problems — the more the success of Samuel's Darwinian learner seemed to be attributable to the relative simplicity of checkers rather than to the power of the underlying learning capacity. Was this, then, the end of Darwinian AI? Of course not. It just had to hibernate for a while until computers and computer scientists could advance a few more levels of complexity. Today, the offspring of Samuel's program are multiplying so fast that at least three new journals have been founded in the last year or two to provide a forum: Evolutionary Computation, Artificial Life, and Adaptive Behavior. The first of these emphasizes traditional engineering concerns: using simulated evolution as a method to expand the practical design powers of programmers or software engineers. The "genetic algorithms" devised by John Holland (who worked with Art Samuel at IBM on his checkers program) have demonstrated their power in the no-nonsense world of software development and have mutated into a phylum of algorithmic variations.

Explicitly adaptationist approaches are ascendant in the sciences of ecology, ethology, and evolution because they have proven essential to discovery; if you doubt this claim, look at the journals. Gould and Lewontin's call for an alternative paradigm has failed to impress practicing biologists both because adaptationism is successful and well-founded, and because its critics have no alternative research program to offer. Each year sees the establishment of such new journals as Functional Biology and Behavioral Ecology. Sufficient research to fill a first issue of Dialectical Biology has yet to materialize. [Daly 1991, p. 219.] What particularly infuriates Gould and Lewontin, as the passage about the Eskimo face suggests, is the blithe confidence with which adaptationists go about their reverse engineering, always sure that sooner or later they will find the reason why things are as they are, even if it so far eludes them.

pages: 855 words: 178,507

The Information: A History, a Theory, a Flood by James Gleick


Ada Lovelace, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, AltaVista, bank run, bioinformatics, Brownian motion, butterfly effect, citation needed, Claude Shannon: information theory, clockwork universe, computer age, conceptual framework, crowdsourcing, death of newspapers, discovery of DNA, Donald Knuth, double helix, Douglas Hofstadter,, Eratosthenes, Fellow of the Royal Society, Gödel, Escher, Bach, Henri Poincaré, Honoré de Balzac, index card, informal economy, information retrieval, invention of the printing press, invention of writing, Isaac Newton, Jacquard loom, Jacquard loom, Jaron Lanier, jimmy wales, John von Neumann, Joseph-Marie Jacquard, lifelogging, Louis Daguerre, Marshall McLuhan, Menlo Park, microbiome, Milgram experiment, Network effects, New Journalism, Norbert Wiener, On the Economy of Machinery and Manufactures, PageRank, pattern recognition, phenotype, Pierre-Simon Laplace, pre–internet, Ralph Waldo Emerson, RAND corporation, reversible computing, Richard Feynman, Richard Feynman, Rubik’s Cube, Simon Singh, Socratic dialogue, Stephen Hawking, Steven Pinker, stochastic process, talking drums, the High Line, The Wisdom of Crowds, transcontinental railway, Turing machine, Turing test, women in the workforce

.… The concepts of structure, pattern, entropy, noise, transmitter, receiver, and code are (when properly interpreted) central to both.” He declared this to be larceny. “Having placed the discipline of psychology for the first time on a sound scientific basis, the author modestly leaves the filling in of the outline to the psychologists.” He suggested his colleagues give up larceny for a life of honest toil. These warnings from Shannon and Elias appeared in one of the growing number of new journals entirely devoted to information theory. In these circles a notorious buzzword was entropy. Another researcher, Colin Cherry, complained, “We have heard of ‘entropies’ of languages, social systems, and economic systems and of its use in various method-starved studies. It is the kind of sweeping generality which people will clutch like a straw.”♦ He did not say, because it was not yet apparent, that information theory was beginning to change the course of theoretical physics and of the life sciences and that entropy was one of the reasons.

“We are to admit no more causes of natural things than such as are both true and sufficient to explain their appearances,” said Newton, “for nature is pleased with simplicity.”♦ Newton quantified mass and force, but simplicity had to wait. Chaitin sent his paper to the Journal of the Association for Computing Machinery. They were happy to publish it, but one referee mentioned that he had heard rumors of similar work coming from the Soviet Union. Sure enough, the first issue of a new journal arrived (after a journey of months) in early 1966: , Problems of Information Transmission. It contained a paper titled “Three Approaches to the Definition of the Concept ‘Amount of Information,’ ” by A. N. Kolmogorov. Chaitin, who did not read Russian, had just time to add a footnote. Andrei Nikolaevich Kolmogorov was the outstanding mathematician of the Soviet era. He was born in Tambov, three hundred miles southeast of Moscow, in 1903; his unwed mother, one of three sisters Kolmogorova, died in childbirth, and his aunt Vera raised him in a village near the river Volga.

pages: 381 words: 101,559

Currency Wars: The Making of the Next Gobal Crisis by James Rickards


Asian financial crisis, bank run, Benoit Mandelbrot, Berlin Wall, Big bang: deregulation of the City of London, Black Swan, borderless world, Bretton Woods, BRICs, British Empire, business climate, capital controls, Carmen Reinhart, Cass Sunstein, collateralized debt obligation, complexity theory, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, Daniel Kahneman / Amos Tversky, Deng Xiaoping, diversification, diversified portfolio, Fall of the Berlin Wall, family office, financial innovation, floating exchange rates, full employment, game design, German hyperinflation, Gini coefficient, global rebalancing, global reserve currency, high net worth, income inequality, interest rate derivative, John Meriwether, Kenneth Rogoff, labour mobility, laissez-faire capitalism, liquidity trap, Long Term Capital Management, mandelbrot fractal, margin call, market bubble, Mexican peso crisis / tequila crisis, money market fund, money: store of value / unit of account / medium of exchange, Myron Scholes, Network effects, New Journalism, Nixon shock, offshore financial centre, oil shock, one-China policy, open economy, paradox of thrift, Paul Samuelson, price mechanism, price stability, private sector deleveraging, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, Ronald Reagan, sovereign wealth fund, special drawing rights, special economic zone, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, time value of money, too big to fail, value at risk, War on Poverty, Washington Consensus, zero-sum game

“Nations Act to Put Brakes on Yen’s Rise.” Wall Street Journal, March 18, 2011. Newman, Mark. “Power Laws, Pareto Distributions and Zipf’s Law.” Contemporary Physics 46 (September 2005): 323–51. Nixon, Richard M. “Address to the Nation Outlining a New Economic Policy: ‘The Challenge of Peace,’” August 15, 1971. Pastore, S., L. Ponta and S. Cincotti. “Heterogeneous Information-Based Artificial Stock Market.” New Journal of Physics 12 (2010). Plosser, Charles I. “Exit: Shadow Open Market Committee.” Speech Given in New York, March 25, 2011. ———. “The Scope and Responsibility of Monetary Policy.” Report prepared for GIC 2011 Global Conference Series: Monetary Policy and Central Banking in the Post-Crisis Environment, January 17, 2011. “Proposal for a General Allocation of SDRs.” Report prepared for International Monetary Fund, June 9, 2009.

pages: 367 words: 99,765

Maphead: Charting the Wide, Weird World of Geography Wonks by Ken Jennings


Asperger Syndrome, augmented reality, Bartolomé de las Casas, Berlin Wall, British Empire, clean water, David Brooks, digital map, don't be evil, dumpster diving, Eratosthenes, game design, Google Earth, helicopter parent, hive mind, index card, John Harrison: Longitude, John Snow's cholera map, Mercator projection, Mercator projection distort size, especially Greenland and Africa, Mikhail Gorbachev, New Journalism, openstreetmap, place-making, Ronald Reagan, Saturday Night Live, Skype, Stewart Brand, Tacoma Narrows Bridge, traveling salesman, urban planning

Now that the president of the United States is himself a TCK, the term seems a little less exotic. 31 “To be rooted”: Simone Weil, The Need for Roots: Prelude to a Declaration of Duties Toward Mankind (Boston: Beacon Press, 1955), p. 42. CHAPTER 3: FAULT 32 “To the people of Bolivia!”: Steve Neal, “A Casual Approach Amid Controversy,” Chicago Tribune, Jan. 9, 1983. 32 David Helgren sprang: The best account of Helgren’s fateful brush with fame is the article he himself wrote on the subject: “Place Name Ignorance Is National News,” Journal of Geography 82 (July–August 1983), pp. 176–178. 35 kidnapped a young woman: This was the notorious Gary Steven Krist case. His victim, Barbara Jane Mackle, lived to retell the story in her book 83 Hours till Dawn (New York: Doubleday, 1971). 36 Nouvelle Géographie: Quoted in “Old Maps and New,” Blackwood’s Edinburgh Magazine 94, no. 577 (November 1863), pp. 540–553. 37 Henry Kissinger told: In Years of Renewal (New York: Touchstone, 1999), p. 72, quoted in de Blij, Why Geography Matters, p. 13. 37 “Over the last”: 37 “the importance of”: Lourdes Heredia, “Spain Puzzled by McCain Comments,” BBC News, Sept. 18, 2008. 37 Africa was a country: Frank Rich, “The Moose Stops Here,” The New York Times, Nov. 16, 2008. 38 Al Franken’s favorite: A YouTube search for “al franken map” will return at least three such clips, spanning over twenty years. 38 “I personally believe”: Rebecca Traister, “Miss Dumb Blond USA?

pages: 316 words: 91,969

Gray Lady Down: What the Decline and Fall of the New York Times Means for America by William McGowan


affirmative action, Affordable Care Act / Obamacare, corporate governance, David Brooks, East Village, friendly fire, haute couture, illegal immigration, immigration reform, liberation theology, medical residency, New Journalism, obamacare, payday loans, postnationalism / post nation state, pre–internet, uranium enrichment, yellow journalism, young professional

The reason why Rosenthal was obsessed with keeping editors and reporters from putting their “thumbs on the scale,” wrote the Times columnist Thomas Friedman, was because he believed a “straight” New York Times was “essential to helping keep democracy healthy and our government honest.” Rosenthal kept the Times “straight” by battling what he saw as the ingrained left-liberal tendencies of the newsroom, particularly the Washington bureau. He scolded reporters and editors he thought were romanticizing the sixties counterculture, which he viewed as a destructive force. While encouraging reporters to write with more flair, Rosenthal eschewed the subjectivity of the New Journalism, seeing this genre as substituting reportorial ego for a commitment to fact. He was vigilant about conflicts of interest, once firing a reporter who was found to have been sleeping with a Pennsylvania politician she covered while working for the Philadelphia Inquirer. “I don’t care if my reporters are fucking elephants,” Rosenthal was said to have declared, “as long as they aren’t covering the circus.”

pages: 299 words: 83,854

Shortchanged: Life and Debt in the Fringe Economy by Howard Karger


big-box store, blue-collar work, corporate social responsibility, credit crunch, delayed gratification, financial deregulation, fixed income, illegal immigration, labor-force participation, late fees, London Interbank Offered Rate, low skilled workers, microcredit, mortgage debt, negative equity, New Journalism, New Urbanism, offshore financial centre, payday loans, predatory finance, race to the bottom, Silicon Valley, Telecommunications Act of 1996, telemarketer, underbanked, working poor

CHAPTER 7: FRINGE HOUSING 1 Joint Center for Housing Studies of Harvard University, The State of the Nation’s Housing (Cambridge, MA: Harvard University, 2003), 22. 2 Eric Stein, Quantifying the Economic Cost of Predatory Lending, Coalition for Responsible Lending and the Reinvestment Fund, Durham, NC, 2001. 3 Prime-rate mortgages are low-interest loans given to a bank’s most creditworthy customers. 4 Thomas Feran, “Two Incomes Still Don’t Add Up,” Houston Chronicle, September 22, 2003. 5 Joint Center for Housing Studies of Harvard University, The State of the Nation’s Housing. 6 Edward Gramlich, remarks, Federal Reserve Bank of Philadelphia, Community and Consumer Affairs, Washington, DC, December 6, 2000. 7 Ibid. 8 Ibid. 9 Securitization is the process of aggregating similar instruments, such as loans or mortgages, into a negotiable security. 10 National Low Income Housing Coalition, 2003 Advocates’ Guide to Housing and Community Development Policy, Washington, DC, 2003; Jonathan Epstein, “Sub-prime Loan Growth: Minorities in Wilmington Pay Higher Fees,” The News Journal, November 27, 2002. 11 Center for Responsible Lending, “Newsbrief: Predatory Loan Terms and Subprime Foreclosures,” January 26, 2005, 12 Thomas Goetz, “Loan Sharks, Inc.,” The Village Voice, July 15, 1997. 13 Edward M. Gramlich, “Subprime Mortgage Lending” (presentation to Roundtable Annual Housing Policy Meeting, Chicago, Illinois, May 21, 2004. 14 Roberto G.

pages: 354 words: 26,550

High-Frequency Trading: A Practical Guide to Algorithmic Strategies and Trading Systems by Irene Aldridge


algorithmic trading, asset allocation, asset-backed security, automated trading system, backtesting, Black Swan, Brownian motion, business process, capital asset pricing model, centralized clearinghouse, collapse of Lehman Brothers, collateralized debt obligation, collective bargaining, computerized trading, diversification, equity premium, fault tolerance, financial intermediation, fixed income, high net worth, implied volatility, index arbitrage, information asymmetry, interest rate swap, inventory management, law of one price, Long Term Capital Management, Louis Bachelier, margin call, market friction, market microstructure, martingale, Myron Scholes, New Journalism, p-value, paper trading, performance metric, profit motive, purchasing power parity, quantitative trading / quantitative finance, random walk, Renaissance Technologies, risk tolerance, risk-adjusted returns, risk/return, Sharpe ratio, short selling, Small Order Execution System, statistical arbitrage, statistical model, stochastic process, stochastic volatility, systematic trading, trade route, transaction costs, value at risk, yield curve, zero-sum game

Forthcoming in Handbook of Financial Intermediation and Banking, ed. A.W.A. Boot and A.V. Thakor. Pástor, Lubos and Robert F. Stambaugh, 2003. “Liquidity Risk and Expected Stock Returns.” Journal of Political Economy 111, 642–685. Pearce, Douglas K. and V. Vance Roley, 1983. “The Reaction of Stock Prices to Unanticipated Changes in Money: A Note.” Journal of Finance 38, 1323–1333. Pearce, D.K. and V. Vance Roley, 1985. “Stock Prices and Economic News.” Journal of Business 58, 49–67. Perold, A.F., 1988. “The Implementation Shortfall: Paper Versus Reality.” Journal of Portfolio Management 14 (Spring), 4–9. Perold, A. and W. Sharpe, 1988. “Dynamic Strategies for Asset Allocation.” Financial Analysts Journal 51, 16–27. Perraudin, W. and P. Vitale, 1996. “Interdealer Trade and Information Flows in the Foreign Exchange Market.” In J. Frankel, G. Galli, and A.

pages: 282 words: 89,436

Einstein's Dice and Schrödinger's Cat: How Two Great Minds Battled Quantum Randomness to Create a Unified Theory of Physics by Paul Halpern


Albert Einstein, Albert Michelson, Arthur Eddington, Brownian motion, clockwork universe, cosmological constant, dark matter, double helix, Ernest Rutherford, Fellow of the Royal Society, Isaac Newton, John von Neumann, lone genius, Murray Gell-Mann, New Journalism, Richard Feynman, Richard Feynman, Schrödinger's Cat, Solar eclipse in 1919, The Present Situation in Quantum Mechanics

However, it also applied to the reporting of his own unified field theory attempts, which in many cases were treated as breakthroughs rather than just works in progress. For example, during the media hullabaloo over his 1929 theory of distant parallelism, instead of quashing speculations he added to them with his own public statements about its importance. After Einstein’s critical response was published in venues such as Pathfinder, a Washington-based news journal, as well as in the Irish Press, Schrödinger issued his own press statement, framing the matter as an issue of academic freedom: “Surely Professor Einstein is the last to dispute an academician’s right of reporting to his Academy and giving his opinion freely.”32 As Anny recalled, there was even talk of lawsuits, with each thinking of charging the other with plagiarism. When Pauli found out, he decided to mediate.

pages: 353 words: 110,919

The Road to Character by David Brooks


Cass Sunstein, David Brooks, desegregation, Donald Trump, follow your passion, George Santayana, Mahatma Gandhi, meta analysis, meta-analysis, moral hazard, New Journalism, Ralph Waldo Emerson, rent control, Snapchat, Steve Jobs, Triangle Shirtwaist Factory, union organizing, Upton Sinclair, upwardly mobile

He starred in pantyhose commercials, challenging old-fashioned notions of masculinity. He famously had six-inch shag carpets in his bachelor pad, and he popularized the use of the word “foxes” for women. He wrote an autobiography titled I Can’t Wait Until Tomorrow ’Cause I Get Better Looking Every Day. This is not a title Johnny Unitas would have chosen. Namath came to stardom at a time when New Journalism was breaking the mold of the old reporting. Namath was the perfect subject. Without a reticent bone in his body, he’d bring reporters along as he worked his way through bottles of scotch the night before games. He openly bragged about what a great athlete he was, how good-looking he was. He cultivated a brashly honest style. “Joe! Joe! You’re the most beautiful thing in the world!” he shouted to himself in the bathroom mirror of the Copacabana one night in 1966, as a reporter from The Saturday Evening Post tagged along.6 Fiercely independent, he did not want to make a deep commitment to any woman.

pages: 445 words: 105,255

Radical Abundance: How a Revolution in Nanotechnology Will Change Civilization by K. Eric Drexler


3D printing, additive manufacturing, agricultural Revolution, Bill Joy: nanobots, Brownian motion, carbon footprint, Cass Sunstein, conceptual framework, continuation of politics by other means, crowdsourcing, dark matter, double helix, failed state, global supply chain, industrial robot, iterative process, Mars Rover, means of production, Menlo Park, mutually assured destruction, New Journalism, performance metric, reversible computing, Richard Feynman, Richard Feynman, Silicon Valley, South China Sea, Thomas Malthus, V2 rocket, Vannevar Bush, zero-sum game

Genetic engineering and molecular biology pioneered new fields of science and technology, but they could also be seen as opening the door to manufacturing in a new environment and on a scale that could be important for the future of humanity. I followed this field with particular attention, and by 1976 my thoughts were drawn to the question of where it might lead. (Libraries were the cause once again. As an information omnivore, I’d been casting a net into the flow of knowledge that crossed the new-journals shelves of the MIT Science Library.) The following spring, after toying with ideas about computing with molecular devices, I found myself asking several crucial questions—not just “What could be built by programming nature’s machines?” but a question a step beyond: “What could be built using the machines that nature’s own machines could be programmed to build?” And then, another question a further step beyond: “What could be built using machines that could be built using those machines?”

pages: 336 words: 113,519

The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis


Albert Einstein, availability heuristic, Cass Sunstein, choice architecture, complexity theory, Daniel Kahneman / Amos Tversky, Donald Trump, Douglas Hofstadter, endowment effect, feminist movement, framing effect, hindsight bias, John von Neumann, Kenneth Arrow, loss aversion, medical residency, Menlo Park, Murray Gell-Mann, Nate Silver, New Journalism, Paul Samuelson, Richard Thaler, Saturday Night Live, statistical model, the new new thing, Thomas Bayes, Walter Mischel, Yom Kippur War

Along with the prizes came a steady drizzle of books and articles praising Amos for the work he had done with Danny, as if he had done it alone. When others spoke of their joint work, they put Danny’s name second, if they mentioned it at all: Tversky and Kahneman. “You are very generous in giving me credit for articulating the relationship between representativeness and psychoanalysis,” Amos wrote to a fellow psychologist who had sent Amos his new journal article. “These ideas, however, were developed in discussions with Danny so you should mention both our names or (if that appears awkward) omit mine.” An author of a book credited Amos with noticing the illusory sense of effectiveness felt by Israeli Air Force flight instructors after they’d criticized a pilot. “I am somewhat uncomfortable with the label the ‘Tversky effect,’” Amos wrote to the author.

pages: 389 words: 109,207

Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street by William Poundstone


Albert Einstein, anti-communist, asset allocation, beat the dealer, Benoit Mandelbrot, Black-Scholes formula, Brownian motion, buy low sell high, capital asset pricing model, Claude Shannon: information theory, computer age, correlation coefficient, diversified portfolio, Edward Thorp,, Eugene Fama: efficient market hypothesis, high net worth, index fund, interest rate swap, Isaac Newton, Johann Wolfgang von Goethe, John Meriwether, John von Neumann, Kenneth Arrow, Long Term Capital Management, Louis Bachelier, margin call, market bubble, market fundamentalism, Marshall McLuhan, Myron Scholes, New Journalism, Norbert Wiener, offshore financial centre, Paul Samuelson, publish or perish, quantitative trading / quantitative finance, random walk, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Shiller, Ronald Reagan, Rubik’s Cube, short selling, speech recognition, statistical arbitrage, The Predators' Ball, The Wealth of Nations by Adam Smith, transaction costs, traveling salesman, value at risk, zero-coupon bond, zero-sum game

Black and Scholes accounted for this. Otherwise, the formulas were equivalent. The Black-Scholes formula, as it was quickly christened, was published in 1973. That name deprived both Merton and Thorp of credit. In Merton’s case, it was a matter of courtesy. Because he had built on Black and Scholes’s work, he delayed publishing his derivation until their article appeared. Merton published his paper in a new journal that was being started by AT&T, the Bell Journal of Economics and Management Science. This journal was an acknowledgment of how profoundly quantitative methods from information theory and physical science were transforming formerly alien fields like finance. Thorp considers the Merton paper “a masterpiece.” “I never thought about credit, actually,” Thorp said, “and the reason is that I came from outside the economics and finance profession.

pages: 283 words: 85,824

The People's Platform: Taking Back Power and Culture in the Digital Age by Astra Taylor


A Declaration of the Independence of Cyberspace, American Legislative Exchange Council, Andrew Keen, barriers to entry, Berlin Wall, big-box store, Brewster Kahle, citizen journalism, cloud computing, collateralized debt obligation, Community Supported Agriculture, conceptual framework, corporate social responsibility, creative destruction, cross-subsidies, crowdsourcing, David Brooks, digital Maoism, disintermediation, don't be evil, Donald Trump, Edward Snowden, Fall of the Berlin Wall, Filter Bubble, future of journalism, George Gilder, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, Internet Archive, Internet of things, invisible hand, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, John Markoff, Julian Assange, Kevin Kelly, Kickstarter, knowledge worker, Mark Zuckerberg, means of production, Metcalfe’s law, Naomi Klein, Narrative Science, Network effects, new economy, New Journalism, New Urbanism, Nicholas Carr, oil rush, peer-to-peer, Peter Thiel, Plutocrats, plutocrats, pre–internet, profit motive, recommendation engine, Richard Florida, Richard Stallman, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, slashdot, Slavoj Žižek, Snapchat, social graph, Steve Jobs, Stewart Brand, technoutopianism, trade route, Whole Earth Catalog, WikiLeaks, winner-take-all economy, Works Progress Administration, young professional

“ABC has shut down its offices in Moscow, Paris and Tokyo; NBC closed bureaus in Beijing, Cairo and Johannesburg. Aside from a one-person ABC bureau in Nairobi, there are no network bureaus left at all in Africa, India or South America—regions that are home to more than 2 billion people.” Pamela Constable, “Demise of the Foreign Correspondent,” Washington Post, February 18, 2007. 20. Natalie Fenton, New Media, Old News: Journalism and Democracy in the Digital Age (New York: Sage Publications, 2009), 191. The Paul Starr article is also relevant on this issue, in addition to Nat Ives, “It’s Not Newspapers in Peril; It’s Their Owners,” Advertising Age, February 23, 2009; and Mark Edge, “Not Dead Yet: Newspaper Company Annual Reports Show Chains Still Profitable,” paper presented to the Association for Education in Journalism and Mass Communication Annual Convention, Chicago, Illinois, August 9–12, 2012, 21.

pages: 346 words: 92,984

The Lucky Years: How to Thrive in the Brave New World of Health by David B. Agus


3D printing, active transport: walking or cycling, Affordable Care Act / Obamacare, Albert Einstein, butterfly effect, clean water, cognitive dissonance, crowdsourcing, Danny Hillis, Drosophila, Edward Lorenz: Chaos theory,, epigenetics, Kickstarter, medical residency, meta analysis, meta-analysis, microbiome, microcredit, mouse model, Murray Gell-Mann, New Journalism, pattern recognition, personalized medicine, phenotype, placebo effect, publish or perish, randomized controlled trial, risk tolerance, statistical model, stem cell, Steve Jobs, Thomas Malthus, wikimedia commons

My guess is that future studies and technologies will be able to tell us that even the most elusive, rare types of cancer that seem to be due to bad luck can actually be influenced by our environment and lifestyle. And knowing that cancer is preventable and can be impacted by behavior is, to me, empowering. Most Medical Studies Are Wrong Regrettably, most medical studies are wrong; they are biased and flawed, each in its own unique way. By some estimates, on average only 3,000 of 50,000 new journal articles published every year are sufficiently well designed and relevant to inform patient care.16 That’s 6 percent. A whopping 94 percent of studies published do not carry significant enough valid data to warrant a change in how doctors treat patients, nor will their findings impact patient outcomes. Richard Horton, the current editor in chief of The Lancet, has been critical of the reliability in published research despite the fact that he’s at the helm of one of the most well-respected medical journals in the world.

pages: 341 words: 93,764

The Postman by David Brin

indoor plumbing, New Journalism

Something was wrong, here. He had expected to be amused by junk mail and personal correspondence. But there didn’t seem to be a single advertisement in the bag, And while there were many private letters, most of the envelopes appeared to be on one or another type of official stationery. Well, there wasn’t time for voyeurism anyway. He’d take a dozen or so letters for entertainment, and use the backsides for his new journal. He avoided thinking about the loss of the old volume— sixteen years’ tiny scratchings, now doubtless being perused by that onetime stockbroker robber. It would be read and preserved, he was sure, along with the tiny volumes of verse he had carried in his pack, or he had misread Roger Sep-tien’s personality. Someday, he would come and get them back. What was a U.S. Postal Service jeep doing out here, anyway?

pages: 385 words: 133,839

The Coke Machine: The Dirty Truth Behind the World's Favorite Soft Drink by Michael Blanding


carbon footprint, clean water, collective bargaining, corporate social responsibility, Exxon Valdez, Gordon Gekko, Internet Archive, laissez-faire capitalism, market design, Naomi Klein, New Journalism, Ponzi scheme, profit motive, Ralph Nader, rolodex, Ronald Reagan, shareholder value, The Wealth of Nations by Adam Smith, Thorstein Veblen, union organizing, Upton Sinclair

Page 126 just over $2 per gallon: Mintel International Group, “Bottled Water—US—2008, Executive Summary.” Page 126 one- or two-tenths of a cent per gallon: Natural Resources Defense Council; Food & Water Watch. Page 127 idea of the Tap Water Challenge: Gigi Kellett, interview by the author. Page 127 Newark or Philadelphia tap water: Gary Haber, “Dozens Protest Coca-Cola Outside Annual Meeting,” News Journal (Wilmington, DE), April 20, 2006; Akweli Parker, “Taking the Water Taste Test; Actually, No One Bothered to Keep Score in This Bottled vs. Tap Challenge. Activists Felt They Made Their Point,” Philadelphia Inquirer, March 22, 2006. NOTES 327 Page 127 sources its water from an underground aquifer: Lee Klein, “Bottled Water Gets the Boot,” Miami New Times, August 14, 2008. Page 128 17 million . . . three times that: Peter H.

pages: 479 words: 133,092

The Coke Machine by Michael Blanding


carbon footprint, clean water, collective bargaining, corporate social responsibility, Exxon Valdez, Gordon Gekko, Internet Archive, laissez-faire capitalism, market design, Naomi Klein, New Journalism, Ponzi scheme, profit motive, Ralph Nader, rolodex, Ronald Reagan, shareholder value, The Wealth of Nations by Adam Smith, Thorstein Veblen, union organizing, Upton Sinclair

Page 126 just over $2 per gallon: Mintel International Group, “Bottled Water—US—2008, Executive Summary.” Page 126 one- or two-tenths of a cent per gallon: Natural Resources Defense Council; Food & Water Watch. Page 127 idea of the Tap Water Challenge: Gigi Kellett, interview by the author. Page 127 Newark or Philadelphia tap water: Gary Haber, “Dozens Protest Coca-Cola Outside Annual Meeting,” News Journal (Wilmington, DE), April 20, 2006; Akweli Parker, “Taking the Water Taste Test; Actually, No One Bothered to Keep Score in This Bottled vs. Tap Challenge. Activists Felt They Made Their Point,” Philadelphia Inquirer, March 22, 2006. Page 127 sources its water from an underground aquifer: Lee Klein, “Bottled Water Gets the Boot,” Miami New Times, August 14, 2008. Page 128 17 million . . . three times that: Peter H.

pages: 349 words: 134,041

Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives by Satyajit Das


accounting loophole / creative accounting, Albert Einstein, Asian financial crisis, asset-backed security, beat the dealer, Black Swan, Black-Scholes formula, Bretton Woods, BRICs, Brownian motion, business process, buy low sell high, call centre, capital asset pricing model, collateralized debt obligation, commoditize, complexity theory, computerized trading, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, currency peg, disintermediation, diversification, diversified portfolio, Edward Thorp, Eugene Fama: efficient market hypothesis, Everything should be made as simple as possible, financial innovation, fixed income, Haight Ashbury, high net worth, implied volatility, index arbitrage, index card, index fund, interest rate derivative, interest rate swap, Isaac Newton, job satisfaction, John Meriwether, locking in a profit, Long Term Capital Management, mandelbrot fractal, margin call, market bubble, Marshall McLuhan, mass affluent, mega-rich, merger arbitrage, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mutually assured destruction, Myron Scholes, new economy, New Journalism, Nick Leeson, offshore financial centre, oil shock, Parkinson's law, placebo effect, Ponzi scheme, purchasing power parity, quantitative trading / quantitative finance, random walk, regulatory arbitrage, Right to Buy, risk-adjusted returns, risk/return, Satyajit Das, shareholder value, short selling, South Sea Bubble, statistical model, technology bubble, the medium is the message, the new new thing, time value of money, too big to fail, transaction costs, value at risk, Vanguard fund, volatility smile, yield curve, Yogi Berra, zero-coupon bond

They quickly realized the rich opportunity that risk management represented, and became risk evangelists. They proselytized about risk, risk management was now the key to success in a new volatile world, you gotta have risk management! To get risk management you needed to buy truckloads of computer hardware and software, then pay millions for consultants to help you implement those systems, and more still to use them. Academics contributed erudite papers in new journals devoted to the subject. It went on and on. These days the risk management industry is big on conferences which are sponsored by risk consultants and technology firms. I recently attended one after a gap of almost ten years. The session was entitled something like DAS_C06.QXP 8/7/06 4:43 PM Page 156 Tr a d e r s , G u n s & M o n e y 156 Risk Management: The New Paradigm. As a general rule, it is unwise to read or attend anything with the word ‘paradigm’ in its title.

pages: 552 words: 143,074

Without Copyrights: Piracy, Publishing, and the Public Domain (Modernist Literature and Culture) by Robert Spoo


invisible hand, Network effects, New Journalism, peer-to-peer, Ronald Reagan, transaction costs

In an unpublished and undated typescript entitled “The Joyce Incident” (SR), Roth stated that at the time he was negotiating to publish an anthology of American poetry, with Pound as collaborator, Pound “suggested that perhaps I was the very one to carry on, as editor, from where Jane Heap and Margaret Anderson had left off.” This would place Pound’s suggestion in the spring or early summer of 1921. 93. Kugel states that Pound in July 1922 “supported Roth’s proposal to feature a serialization of Ulysses in the new journal,” but she offers no documentary evidence other than Roth’s own assertions (“‘Wroth Wracked Joyce,’” 243). Gertzman notes the slim support for her claim (“Not Quite Honest,” 36, 43). 94. Pound to Roth, 7/4/1922, SR. Pound’s carbon copy of the letter is in WB–EP. Pound’s July 4 letter refers to one he wrote Roth the previous day in which he also made suggestions for Two Worlds. Kugel was convinced that the July 3 letter, which has never been found, contained Pound’s permission regarding Ulysses (“‘Wroth Wracked Joyce,’” 243).

Frozen in Time by Mitchell Zuckoff


belly landing, Mars Rover, New Journalism

Press, n.d. 326 “How can I tell them what’s in my heart”: Ibid. 327 “the circulation still isn’t back to normal”: Lloyd Puryear to Alexander Tucciarone, April 2, 1943, provided by Peter Tucciarone. 328 “ill with a lung ailment”: Pearl Puryear to Angelina Tucciarone, December 15, 1943, provided by Peter Tucciarone. 328 “one of its favorite and most beloved native sons”: Lloyd Puryear obituary, News-Journal, January 13, 1944. 328 “under rigorous Arctic conditions”: Distinguished Flying Cross citation for Lieutenant Bernard W. Dunlop, May 8, 1943. 328 served as a lawyer: Nancy Dunlop, daughter of Bernard Dunlop, interview, March 23, 2012. 328 promoted to major in July 1944: “Military Promotions,” Salt Lake Tribune, July 25, 1944. 329 went to officer candidate school in Miami: “Glacier Hero Gets Officer’s Bars,” San Antonio Light, September 1, 1943. 329 “Bernt Balchen Saves 7 on Ice Cap”: Chicago Tribune, May 4, 1943. 329 “Flier of the Snows”: “Flier of the Snows,” unsigned editorial, New York Times, May 5, 1943. 329 secret orders to wipe out a German weather station: Balchen, Come North with Me, pp. 246–47; Matz, History of the 2nd Ferrying Group, p. 145. 330 flown over the North Pole: Balchen, Come North with Me, p. 66.

pages: 404 words: 118,759

The Bohemians: Mark Twain and the San Francisco Writers Who Reinvented American Literature by Ben Tarnoff


California gold rush, interchangeable parts, mass immigration, Maui Hawaii, new economy, New Journalism, Plutocrats, plutocrats, Ralph Waldo Emerson, Ronald Reagan, South of Market, San Francisco, South Sea Bubble, transcontinental railway, traveling salesman

For more of the buzz in the Era about a new paper, see Bret Harte, “About the Inigo Boy,” Golden Era, November 15, 1863, and Charles Henry Webb, “Things,” Golden Era, November 29, 1863. They shared a single All quotes: Bret Harte, “Things,” Golden Era, November 8, 1863. For more on the shift in San Francisco’s literary climate, see SFLF, pp. 177–184. In early 1864 The first issue of the new journal, the Californian, appeared on May 28, 1864, and advertised itself as not only the “Best Journal on the Pacific Coast” but also the “Equal of Any on This Continent!” It also listed its offices at 728 Montgomery Street. This is the Genella Building, built in the early 1850s by the merchant Joseph Genella on the site of the first meeting of Freemasons in California. Miraculously, it is still standing.

pages: 476 words: 120,892

Life on the Edge: The Coming of Age of Quantum Biology by Johnjoe McFadden, Jim Al-Khalili


agricultural Revolution, Albert Einstein, Alfred Russel Wallace, bioinformatics, complexity theory, dematerialisation, double helix, Douglas Hofstadter, Drosophila, Ernest Rutherford, Gödel, Escher, Bach, invention of the printing press, Isaac Newton, James Watt: steam engine, Louis Pasteur, New Journalism, phenotype, Richard Feynman, Richard Feynman, Schrödinger's Cat, theory of mind, traveling salesman, uranium enrichment, Zeno's paradox

Patki, eds., Quantum Aspects of Life (London: Imperial College Press, 2008). 4 A. Patel, “Quantum algorithms and the genetic code,” Pramana Journal of Physics, vol. 56 (2001), pp. 367–81; available at Chapter 10: Quantum biology: life on the edge of a storm 1 M. B. Plenio and S. F. Huelga, “Dephasing-assisted transport: quantum networks and biomolecules,” New Journal of Physics, vol. 10 (2008), 113019; F. Caruso, A. W. Chin, A. Datta, S. F. Huelga and M. B. Plenio, “Highly efficient energy excitation transfer in light-harvesting complexes: the fundamental role of noise-assisted transport,” Journal of Chemical Physics, vol. 131 (2009), 105106–21. 2 M. Mohseni, P. Rebentrost, S. Lloyd and A. Aspuru-Guzik, “Environment-assisted quantum walks in photosynthetic energy transfer,” Journal of Chemical Physics, vol. 129: 17 (2008), 174106. 3 B.

Little Failure: A Memoir by Gary Shteyngart


Albert Einstein, anti-communist, Anton Chekhov, East Village, glass ceiling, Gordon Gekko, greed is good, New Journalism, Ronald Reagan, Yom Kippur War, young professional

PERMISSIONS ACKNOWLEDGMENTS Portions of this work appeared in the following publications in different form: Chapter 1: Travel + Leisure, The New York Times, The New Yorker Chapter 2: New York Chapter 4: Travel + Leisure; Made in Russia: Unsung Icons of Soviet Design, edited by Michael Idov (Rizzoli); The Threepenny Review Chapter 6: The New Yorker Chapter 7: an essay first published privately and then in New York magazine’s My First New York (Ecco); The Threepenny Review Chapter 8: The Threepenny Review, The New Yorker Chapter 9: The Threepenny Review Chapter 10: The Threepenny Review, Granta Chapter 11: Gourmet, The New York Times Magazine, The Threepenny Review Chapter 12: The New Yorker, The Threepenny Review Chapter 13: The New Yorker Chapter 14: The Threepenny Review Chapter 15: The New York Times Magazine, The New Yorker Chapter 16: The New York Times Magazine, The New Yorker Chapter 17: The New York Times Magazine Chapter 18: The New York Times Magazine Chapter 21: GQ Chapter 23: GQ, Granta, The New Yorker Chapter 24: GQ, The New Yorker, Travel + Leisure BY GARY SHTEYNGART Little Failure Super Sad True Love Story Absurdistan The Russian Debutante’s Handbook ABOUT THE AUTHOR GARY SHTEYNGART was born in Leningrad in 1972 and came to the United States seven years later. He is the author of the novels Super Sad True Love Story (2010), Absurdistan (2006), and The Russian Debutante’s Handbook (2002), and the memoir Little Failure. Super Sad True Love Story won the Bollinger Everyman Wodehouse Prize and was selected as one of the best books of the year by more than forty news journals and magazines around the world. Absurdistan was chosen as one of the ten best books of the year by The New York Times Book Review and Time magazine. The Russian Debutante’s Handbook won the Stephen Crane Award for First Fiction and the National Jewish Book Award for Fiction. His fiction and essays have appeared in The New Yorker, Granta, Esquire, GQ, Travel + Leisure, The New York Times Magazine, and many other publications.

pages: 504 words: 139,137

Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined by Lasse Heje Pedersen


activist fund / activist shareholder / activist investor, algorithmic trading, Andrei Shleifer, asset allocation, backtesting, bank run, banking crisis, barriers to entry, Black-Scholes formula, Brownian motion, buy low sell high, capital asset pricing model, commodity trading advisor, conceptual framework, corporate governance, credit crunch, Credit Default Swap, currency peg, David Ricardo: comparative advantage, declining real wages, discounted cash flows, diversification, diversified portfolio, Emanuel Derman, equity premium, Eugene Fama: efficient market hypothesis, fixed income, Flash crash, floating exchange rates, frictionless, frictionless market, Gordon Gekko, implied volatility, index arbitrage, index fund, interest rate swap, late capitalism, law of one price, Long Term Capital Management, margin call, market clearing, market design, market friction, merger arbitrage, money market fund, mortgage debt, Myron Scholes, New Journalism, paper trading, passive investing, price discovery process, price stability, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, random walk, Renaissance Technologies, Richard Thaler, risk-adjusted returns, risk/return, Robert Shiller, Robert Shiller, selection bias, shareholder value, Sharpe ratio, short selling, sovereign wealth fund, statistical arbitrage, statistical model, survivorship bias, systematic trading, technology bubble, time value of money, total factor productivity, transaction costs, value at risk, Vanguard fund, yield curve, zero-coupon bond

French (1993), “Common Risk Factors in the Returns on Stocks and Bonds,” Journal of Financial Economics 33, 3–56. Fama, E., and K. French (2010), “Luck versus Skill in the Cross-Section of Mutual Fund Returns,” The Journal of Finance 65, 1915–1947. Fama, E. F., and MacBeth, J. D. (1973), “Risk, Return, and Equilibrium: Empirical Tests,” Journal of Political Economy 81(3), 607–636. Frazzini, A. (2006), “The Disposition Effect and Underreaction to News,” Journal of Finance 61, 2017–2046. Frazzini, A., and L. H. Pedersen (2013), “Embedded Leverage,” working paper, AQR Capital Management and New York University. Frazzini, A., and L. H. Pedersen (2014), “Betting Against Beta,” Journal of Financial Economics 111(1), 1–25. Frazzini, Andrea, Ronen Israel, and Tobias Moskowitz (2012), “Trading Costs of Asset Pricing Anomalies,” working paper, AQR Capital Management and University of Chicago.

pages: 509 words: 132,327

Rise of the Machines: A Cybernetic History by Thomas Rid


1960s counterculture, A Declaration of the Independence of Cyberspace, agricultural Revolution, Albert Einstein, Alistair Cooke, Apple II, Apple's 1984 Super Bowl advert, back-to-the-land, Berlin Wall, British Empire, Brownian motion, Buckminster Fuller, business intelligence, Claude Shannon: information theory, conceptual framework, connected car, domain-specific language, Douglas Engelbart, Douglas Engelbart, dumpster diving, Extropian, full employment, game design, global village, Haight Ashbury, Howard Rheingold, Jaron Lanier, job automation, John Markoff, John von Neumann, Kevin Kelly, Marshall McLuhan, Menlo Park, Mother of all demos, new economy, New Journalism, Norbert Wiener, offshore financial centre, oil shale / tar sands, pattern recognition, RAND corporation, Silicon Valley, Simon Singh, speech recognition, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, technoutopianism, Telecommunications Act of 1996, telepresence, V2 rocket, Vernor Vinge, Whole Earth Catalog, Whole Earth Review, Y2K, Yom Kippur War, Zimmermann PGP

Meanwhile, the cybernetic research program appeared serious, even threatening to some. Cybernetics was coherent and convincing enough to be an emerging field, and it was incoherent enough to attract a wide range of scholars.50 Mathematicians, physicists, and biologists, as well as philosophers and sociologists, seized the cybernetic vision and produced thousands of books and research articles between the late 1950s and early 1970s. New journals sprang up. International conferences were held. New graduate degrees on cybernetics emerged. The neologism found its way into the world’s languages and dictionaries. Early cybernetic work sought to articulate and apply the principles by which systems could be controlled. Later cybernetic scholarship became more abstract: cyberneticists asked how systems would describe themselves, how they organize themselves, and how they control themselves.

pages: 434 words: 135,226

The Music of the Primes by Marcus Du Sautoy


Ada Lovelace, Andrew Wiles, Arthur Eddington, Augustin-Louis Cauchy, computer age, Dava Sobel, Dmitri Mendeleev, Eratosthenes, Erdős number, four colour theorem, Georg Cantor, German hyperinflation, global village, Henri Poincaré, Isaac Newton, Jacquard loom, Jacquard loom, music of the spheres, New Journalism, Paul Erdős, Richard Feynman, Richard Feynman, Rubik’s Cube, Search for Extraterrestrial Intelligence, Simon Singh, Solar eclipse in 1919, Stephen Hawking, Turing machine, William of Occam, Wolfskehl Prize, Y2K

Nonetheless, Hardy recognised Littlewood’s potential, and although he failed that year to be elected a Fellow of the college, there was a gentleman’s agreement to elect him next time round. He joined Hardy at Trinity in October 1910. Cambridge was beginning to blossom as it opened its doors to the influences of the intellectual tradition across the Channel. Travel between the Continent and England was becoming easier, and Hardy and other academics were making the effort to visit many of the European centres of learning. The new contacts they made encouraged a flow of new journals, books and ideas from abroad. Trinity College in particular became an extraordinarily vibrant community in the early twentieth century. The Senior Combination Room was no longer a gentleman’s club, but a place of research. Conversation at high table did not confine itself to port and claret but was infused with the ideas of the day. Also at Trinity, working alongside Hardy and Littlewood, were the two most eminent philosophers active in England: Bertrand Russell and Ludwig Wittgenstein.

pages: 528 words: 146,459

Computer: A History of the Information Machine by Martin Campbell-Kelly, William Aspray, Nathan L. Ensmenger, Jeffrey R. Yost


Ada Lovelace, air freight, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Apple's 1984 Super Bowl advert, barriers to entry, Bill Gates: Altair 8800, borderless world, Buckminster Fuller, Build a better mousetrap, Byte Shop, card file, cashless society, cloud computing, combinatorial explosion, computer age, deskilling, don't be evil, Donald Davies, Douglas Engelbart, Douglas Engelbart, Dynabook, fault tolerance, Fellow of the Royal Society, financial independence, Frederick Winslow Taylor, game design, garden city movement, Grace Hopper, informal economy, interchangeable parts, invention of the wheel, Jacquard loom, Jacquard loom, Jeff Bezos, jimmy wales, John Markoff, John von Neumann, light touch regulation, linked data, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Menlo Park, natural language processing, Network effects, New Journalism, Norbert Wiener, Occupy movement, optical character recognition, packet switching, PageRank, pattern recognition, Pierre-Simon Laplace, pirate software, popular electronics, prediction markets, pre–internet, QWERTY keyboard, RAND corporation, Robert X Cringely, Silicon Valley, Silicon Valley startup, Steve Jobs, Steven Levy, Stewart Brand, Ted Nelson, the market place, Turing machine, Vannevar Bush, Von Neumann architecture, Whole Earth Catalog, William Shockley: the traitorous eight, women in the workforce, young professional

The face of Providence is shining upon it, and clouds are parted to make way for it. Marching onward as to war, it has skirted the slough of depression and averted the quicksands of false booms. Save for a few lulls that may be described as breathing spells, its growth has been strong and steady. And the best was yet to come. 3 BABBAGE’S DREAM COMES TRUE IN OCTOBER 1946 the computing pioneer Leslie John Comrie reminded British readers in the science news journal Nature of their government’s failure to support the construction of Babbage’s calculating engine a century earlier: The black mark earned by the government of the day more than a hundred years ago for its failure to see Charles Babbage’s difference engine brought to a successful conclusion has still to be wiped out. It is not too much to say that it cost Britain the leading place in the art of mechanical computing.

pages: 494 words: 132,975

Keynes Hayek: The Clash That Defined Modern Economics by Nicholas Wapshott


airport security, banking crisis, Bretton Woods, British Empire, collective bargaining, complexity theory, creative destruction, cuban missile crisis, Francis Fukuyama: the end of history, full employment, Gordon Gekko, greed is good, Gunnar Myrdal, if you build it, they will come, Isaac Newton, Joseph Schumpeter, liquidationism / Banker’s doctrine / the Treasury view, means of production, Mont Pelerin Society, mortgage debt, New Journalism, Northern Rock, Paul Samuelson, Philip Mirowski, price mechanism, pushing on a string, road to serfdom, Robert Bork, Ronald Reagan, Simon Kuznets, The Chicago School, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Malthus, trickle-down economics, War on Poverty, Yom Kippur War

I must say it was an exciting experience and I found a lot of people quite prepared to give the paper serious attention.”41 Abba Lerner, a Hayekian graduate student at the LSE spending a term at Cambridge, approached Richard Kahn and other Circus members “to suggest that the young generation on each side should get together and settle the debate amongst themselves.”42 The Cambridge contingent agreed, and both sides decided that an account of the debates should be logged in a new journal, Review of Economic Studies. There were also face-to-face meetings between the two sides at a public house in Newport, Essex. The location was significant. Newport was in an intellectual no-man’s-land about halfway between Cambridge and London. At the first meeting, in August 1933, in the Cambridge corner were Kahn, Joan and Austin Robinson, and James Meade; on the LSE team were Lerner, Sol Adler, Ralph Arakie, and Aaron Emanuel.43 Typical of the tone of the discussion was Kahn’s remark, “If Hayek believes that the spending of newly printed currency on employment and consumption will worsen our current terrible depression, then Hayek is a nut.”44 Joint seminars were also held one Sunday each month in either Cambridge, Oxford, or London, with young economists such as Hugh Gaitskell45 from University College London joining.

pages: 216 words: 115,870

The Player of Games by Iain M Banks - Culture 02


always be closing, ghettoisation, gravity well, invisible hand, Network effects, New Journalism

The ship went up, passing level upon level of bay doors, blank hull, hanging gardens, and whole jumbled arrays of opened accommodation sections, where people walked or danced or sat eating or just gazing out, watching the fuss of airborne activity, or played sports and games. Some waved. Gurgeh watched on the lounge screen, and even recognised a few people he'd known, flying past in an aircraft, shouting goodbye. Officially, he was going on a solo cruising holiday before travelling to the Pardethillisian Games. He had already dropped hints he might forgo the tournament. Some of the theoretical and news journals had been interested enough in his sudden departure from Chiark - and the equally abrupt cessation of his publications - to have representatives on theLittle Rascal interview him. In a strategy he'd already agreed with Contact, he'd given the impression he was growing bored with games in general, and that the journey - and his entry in the great tournament - were attempts to restore his flagging interest.

pages: 497 words: 161,742

The Enemy Within by Seumas Milne

active measures, anti-communist, Berlin Wall, collective bargaining, corporate governance, Edward Snowden, Etonian, Fall of the Berlin Wall, invisible hand, market fundamentalism, Mikhail Gorbachev, Naomi Klein, Neil Kinnock, New Journalism, Ronald Reagan, strikebreaker, union organizing, Washington Consensus, Winter of Discontent, éminence grise

Gloucestershire Echo ‘Seumas Milne has produced a book to match any fictional best-seller. It has it all … But the most disturbing aspect of The Enemy Within is that this is no work of fiction, but a meticulously researched piece of journalism.’ Bolton Evening News ‘The Enemy Within is compulsive reading and I recommend it wholeheartedly. Read it, analyse it and then tell your friends to read it.’ Camden New Journal ‘This book is a must.’ Scottish Trade Union Review ‘Dogged research and incontrovertible evidence.’ Stoke Evening Sentinel ‘Seumas Milne has written an important book, and a brave one.’ Socialist Review ‘The Enemy Within is a tribute to every NUM member and Women Against Pit Closures activist who has fought over the past decade to save pits and miners’ jobs and to sustain mining communities.’ 1995 NUM Annual Report ‘Part detective thriller and part political primer, The Enemy Within … should be read by every trade unionist.’

pages: 416 words: 129,308

The One Device: The Secret History of the iPhone by Brian Merchant

Airbnb, Apple II, Apple's 1984 Super Bowl advert, citizen journalism, Claude Shannon: information theory, computer vision, conceptual framework, Douglas Engelbart, Dynabook, Edward Snowden, Elon Musk, Ford paid five dollars a day, Frank Gehry, global supply chain, Google Earth, Google Hangouts, Internet of things, Jacquard loom, Jacquard loom, John Gruber, John Markoff, Jony Ive, Lyft, M-Pesa, more computing power than Apollo, Mother of all demos, natural language processing, new economy, New Journalism, Norbert Wiener, offshore financial centre, oil shock, pattern recognition, peak oil, pirate software, profit motive, QWERTY keyboard, ride hailing / ride sharing, rolodex, Silicon Valley, Silicon Valley startup, skunkworks, Skype, Snapchat, special economic zone, speech recognition, stealth mode startup, Stephen Hawking, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, Tim Cook: Apple, Turing test, Upton Sinclair, Vannevar Bush, zero day

To get to the heart of Wayne Westerman’s story—Apple wouldn’t make him available for an interview—I interviewed Ellen Hoerle, his older sister and only living nuclear-family member. Wayne’s vividly written 1999 dissertation on multi-finger gestures was essential to this chapter, and surprisingly fun to read. I plumbed early interviews with his alma mater’s newspaper, the New York Times, and the News Journal, which are where any quotes attributed to him originate. Jeff White, the erstwhile FingerWorks CEO, gave an interview to, which quotes are drawn from. As a nontouch aside, it’s also worth noting that Tim Berners-Lee built the World Wide Web using a NeXT Cube—the computer made by the company Steve Jobs founded after getting fired from Apple. 5. Lion Batteries SQM organized the tour of their facility in Atacama and allowed us to stay on-site so that we could visit both Salar de Atacama, where the lithium is harvested, and Salar de Carmen, where it is refined and prepared for distribution (I paid for the travel and the rest of the lodgings).

pages: 634 words: 185,116

From eternity to here: the quest for the ultimate theory of time by Sean M. Carroll


Albert Einstein, Albert Michelson, anthropic principle, Arthur Eddington, Brownian motion, cellular automata, Claude Shannon: information theory, Columbine, cosmic microwave background, cosmological constant, cosmological principle, dark matter, dematerialisation, double helix,, gravity well, Harlow Shapley and Heber Curtis, Henri Poincaré, Isaac Newton, John von Neumann, Lao Tzu, lone genius, New Journalism, Norbert Wiener,, Pierre-Simon Laplace, Richard Feynman, Richard Feynman, Richard Stallman, Schrödinger's Cat, Slavoj Žižek, Stephen Hawking, stochastic process, the scientific method, wikimedia commons

This problem was tackled by Henri Poincaré, who in his early thirties was already recognized as one of the world’s leading mathematicians. He did not solve it, but submitted an essay that seemed to demonstrate a crucial feature: that the orbits of the planets would be stable. Even without knowing the exact solutions, we could be confident that the planets would at least behave predictably. Poincaré’s method was so ingenious that he was awarded the prize, and his paper was prepared for publication in Mittag-Leffler’s new journal, Acta Mathematica.169 Figure 52: Henri Poincaré, pioneer of topology, relativity, and chaos theory, and later president of the Bureau of Longitude. But there was a slight problem: Poincaré had made a mistake. Edvard Phragmén, one of the journal editors, had some questions about the paper, and in the course of answering them Poincaré realized that he had left out an important case in constructing his proof.

pages: 584 words: 170,388

Hyperion by Dan Simmons


gravity well, invisible hand, New Journalism, Norbert Wiener

The effect was to plunge the dining platform and the curved canopy of leaves beneath it into night, but instead of a few thousand stars dotting the sky, as would have been the case from a planet’s surface, literally a million suns blazed above, beside, and beneath the group at the table. Hyperion was a distinct sphere now, hurtling directly at them like some deadly missile. ‘Read,’ said Martin Silenus. FROM THE JOURNAL OF FATHER PAUL DURÉ: Day 1: So begins my exile. I am somewhat at a loss as to how to date my new journal. By the monastic calendar on Pacem, it is the seventeenth day of Thomas-month in the Year of Our Lord 2732. By Hegemony Standard, it is October 12, 589 P.C. By Hyperion reckoning, or so I am told by the wizened little clerk in the old hotel where I am staying, it is the twenty-third day of Lycius (the last of their seven forty-day months), either 426 A.D.C. (after dropship crash!) or the hundred and twenty-eighth year of the reign of Sad King Billy, who has not reigned for at least a hundred of those years.

pages: 624 words: 180,416

For the Win by Cory Doctorow


barriers to entry, Burning Man, creative destruction, double helix, Internet Archive, inventory management, loose coupling, Maui Hawaii, microcredit, New Journalism, Ponzi scheme, Post-materialism, post-materialism, random walk, RFID, Silicon Valley, skunkworks, slashdot, speech recognition, stem cell, Steve Jobs, Steve Wozniak, supply-chain management, technoutopianism, union organizing, urban renewal, wage slave

Every complex ecosystem has parasites after all. Maybe you just call up San Francisco and brief them on what to expect from this guy and take it from there.” Once they were off the line, Lester came up behind her and hugged her at the waist, squeezing the little love-handles there, reminding her of how long it had been since she’d made it to yoga. “You think that’ll work?” “Maybe. I’ve been talking to the New Journalism Review about writing a piece on moral responsibility and paid journalism, and if I can bang it out this aft, I bet they’ll publish it tomorrow.” “What’s that going to do?” “Well, it’ll distract him from Perry, maybe. It might get his employer to take a hard look at what he’s writing—I mean that piece is just lies, mischaracterizations, and editorial masquerading as reportage.” She put her lid down and paced around the condo, looking at the leaves floating in the pool.

pages: 760 words: 218,087

The Pentagon: A History by Steve Vogel


Berlin Wall, City Beautiful movement, cuban missile crisis, East Village, Fall of the Berlin Wall, New Journalism, Norman Mailer, Ronald Reagan, Works Progress Administration

Symbol, Latino Muscle,” WP, 4 Apr. 2002; Fredrick Kunkle, “At Pentagon, Healing and Rebuilding,” WP, 22 Jan. 2002; Carter, author interview; Catlow, author interview; Evey, author interview, 2002; Stephen Ludden, author interview, 3 Apr. 2006. Everyone worked with purpose Fredrick Kunkle, “On the Job With Pride and Pain,” WP, 18 Feb. 2002; Travis Fox, “Rebuilding a Fortress, Rebuilding a Life,” 16 Aug. 2002,; “The Early Show,” CBS, 11 Mar. 2002; Wilmington News-Journal, 11 Apr. 2002. The odd couple Evey and Kilsheimer Kilsheimer, author interview; Vogel, “From Ruins, Pentagon Rises Renewed.” Working seven days a week Ibid.; Evey e-mail about Kilsheimer, 28 Nov. 2001, Evey papers; Ori Nir, “A Son of Survivors Raises the Pentagon from the Ashes,” Forward, 20 Sept. 2002; Kilsheimer, OSD interview; Kilsheimer Fairfax remarks. Whenever questions were raised Ibid.; Evey, author interview, 2005.

Frommer's San Diego 2011 by Mark Hiss


airport security, California gold rush, car-free, desegregation, Donald Trump, East Village, El Camino Real, glass ceiling, New Journalism, Norman Mailer, Skype, South of Market, San Francisco, sustainable-tourism, transcontinental railway, urban renewal, white picket fence, Works Progress Administration

Around the same time Chandler was writing Playback, another La Jolla resident, Theodore Seuss Geisel, better known simply as Dr. Seuss, published the legendary children’s book The Cat in the Hat. Geisel later skewered his uppity neighbors in The Sneetches. 14 05_626214-ch02.indd 1405_626214-ch02.indd 14 7/23/10 11:16 PM7/23/10 11:16 PM 2 SAN DIEGO IN DEPTH San Diego in Pop Culture In the 1960s, Tom Wolfe showed a different side of La Jolla in The Pump House Gang. Written in Wolfe’s “New Journalism” style, the piece offered a portrait of the surf scene centered at Windansea Beach. MUSIC San Diego’s musical tradition was greatly enriched by the closing of New Orleans’s red-light district Storyville in 1917; that brought many Big Easy jazz cats out west, including composer and pianist Jelly Roll Morton, who had a regular gig at the US Grant hotel until he quit upon learning his group was being paid less than the house white band.

pages: 826 words: 231,966

GCHQ by Richard Aldrich


belly landing, Berlin Wall, British Empire, colonial exploitation, cuban missile crisis, friendly fire, illegal immigration, index card, Menlo Park, Mikhail Gorbachev, Neil Kinnock, New Journalism, packet switching, private military company, Robert Hanssen: Double agent, Ronald Reagan, South China Sea, University of East Anglia, Yom Kippur War, Zimmermann PGP

Although they were ‘very friendly’, they said they had no choice but to keep to the ‘party line’, and told Welchman that he must not give away the ‘methodological secrets’ of code-breaking.83 Welchman went ahead regardless. When he finally ‘sprung’ his book on GCHQ in 1982, it was horrified. Entitled The Hut Six Story, it first appeared in the United States in order to evade censorship. Welchman continued to publish on code-breaking history, and in 1985 he wrote an article in a new journal founded by the historians Christopher Andrew and Michael Handel which would soon become the premier outlet for the new field of intelligence history. Welchman followed proper procedure and submitted his article to the D-Notice Committee, which requested no deletions. However, a few days later he received a stiff letter from the new Director of GCHQ that spoke of the ‘great shock’ his book had caused at GCHQ, and claimed his writings had done ‘direct damage to security’ and had ‘let us down’.

pages: 1,088 words: 228,743

Expected Returns: An Investor's Guide to Harvesting Market Rewards by Antti Ilmanen


Andrei Shleifer, asset allocation, asset-backed security, availability heuristic, backtesting, balance sheet recession, bank run, banking crisis, barriers to entry, Bernie Madoff, Black Swan, Bretton Woods, buy low sell high, capital asset pricing model, capital controls, Carmen Reinhart, central bank independence, collateralized debt obligation, commoditize, commodity trading advisor, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, debt deflation, deglobalization, delta neutral, demand response, discounted cash flows, disintermediation, diversification, diversified portfolio, dividend-yielding stocks, equity premium, Eugene Fama: efficient market hypothesis, fiat currency, financial deregulation, financial innovation, financial intermediation, fixed income, Flash crash, framing effect, frictionless, frictionless market, George Akerlof, global reserve currency, Google Earth, high net worth, hindsight bias, Hyman Minsky, implied volatility, income inequality, incomplete markets, index fund, inflation targeting, information asymmetry, interest rate swap, invisible hand, Kenneth Rogoff, laissez-faire capitalism, law of one price, Long Term Capital Management, loss aversion, margin call, market bubble, market clearing, market friction, market fundamentalism, market microstructure, mental accounting, merger arbitrage, mittelstand, moral hazard, Myron Scholes, negative equity, New Journalism, oil shock, p-value, passive investing, Paul Samuelson, performance metric, Ponzi scheme, prediction markets, price anchoring, price stability, principal–agent problem, private sector deleveraging, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, random walk, reserve currency, Richard Thaler, risk tolerance, risk-adjusted returns, risk/return, riskless arbitrage, Robert Shiller, Robert Shiller, savings glut, selection bias, Sharpe ratio, short selling, sovereign wealth fund, statistical arbitrage, statistical model, stochastic volatility, survivorship bias, systematic trading, The Great Moderation, The Myth of the Rational Market, too big to fail, transaction costs, tulip mania, value at risk, volatility arbitrage, volatility smile, working-age population, Y2K, yield curve, zero-coupon bond, zero-sum game

Fox, Justin (2009), The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street, HarperBusiness. Francis, Jack Clark; and Roger G. Ibbotson (2009), “Contrasting real estate with comparable investments, 1978 to 2008,” Journal of Portfolio Management 36(1), 141–155. Franzoni, Francesco A.; Eric Nowak; and Ludovic Phalippou (2010), “Private equity and liquidity risk,” Swiss Finance Institute working paper. Frazzini, Andrea (2006), “The disposition effect and underreaction to news,” Journal of Finance 61(4), 2017–2046. Frazzini, Andrea; and Owen A. Lamont (2008), “Dumb money: Mutual fund flows and the cross-section of stock returns,” Journal of Financial Economics 88, 299–322. Frazzini, Andrea; and Lasse H. Pedersen (2010), “Betting against beta,” AQR Capital Management working paper. French, Kenneth R. (2008), “Presidential address: The cost of active investing,” Journal of Finance 63, 1537–1573.

pages: 618 words: 180,430

The Making of Modern Britain by Andrew Marr


anti-communist, banking crisis, Bernie Madoff, British Empire, business climate, Corn Laws, Etonian, garden city movement, illegal immigration, imperial preference, New Journalism, New Urbanism, Plutocrats, plutocrats, Red Clydeside, rent control, strikebreaker, trade liberalization, V2 rocket, wage slave, women in the workforce

Within a few years it was such an established part of British life that there were music-hall songs and jokes about the Mail, or the Daily Liar. Harmsworth was called the enemy of the human race and the man who was ruining the Empire. In turn, he shunned the establishment, though he accepted a peerage in 1905, at the time the youngest person to get one. The Edwardian political elite did not know quite how to respond to Northcliffe and the ‘new journalism’ which he represented. It was possible to demonize the man, but it was not possible to brush aside his readership, because it was identical to the newly enfranchised rising classes. He represented a fresh force in Britain, unpredictable and crude but rising, while the aristocracy and ‘country-house government’ was falling. Politicians would woo him in private and denounce him in public – Churchill was particularly guilty of this – but they understood that the popular press was now far more important than the old political journalism.

pages: 559 words: 169,094

The Unwinding: An Inner History of the New America by George Packer


Affordable Care Act / Obamacare, Apple's 1984 Super Bowl advert, bank run, big-box store, citizen journalism, cleantech, collateralized debt obligation, collective bargaining, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, diversified portfolio, East Village, El Camino Real, Elon Musk, family office, financial independence, financial innovation, fixed income, Flash crash, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, housing crisis, income inequality, informal economy, Jane Jacobs, life extension, Long Term Capital Management, low skilled workers, Marc Andreessen, margin call, Mark Zuckerberg, market bubble, market fundamentalism, Maui Hawaii, Menlo Park, Neil Kinnock, new economy, New Journalism, obamacare, Occupy movement, oil shock, peak oil, Peter Thiel, Ponzi scheme, Richard Florida, Robert Bork, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, side project, Silicon Valley, Silicon Valley startup, single-payer health, smart grid, Steve Jobs, strikebreaker, The Death and Life of Great American Cities, the scientific method, too big to fail, union organizing, urban planning, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, white picket fence, zero-sum game

On March 22, the bill made it out of Dodd’s Banking Committee. There was a pale version of the Volcker Rule, weak regulation of derivatives, and no clear lines about how much liability banks could sustain. Connaughton and Kaufman drafted a biting critique. “This is really going to piss off Dodd and the administration,” Connaughton warned him. “I’m speaking to the ages,” Kaufman said. The speeches began to be noticed. The News Journal in Wilmington covered them on its front page and quoted them favorably in its editorials, Time magazine profiled Kaufman, and Huffington praised him. Dodd was sufficiently annoyed to call from Central America, where he was leading a congressional delegation, and tell Kaufman, “Stop saying bad things about my bill.” Connaughton spoke to Dodd’s Banking Committee staff director, who reassured him: “Don’t worry about being critical.

pages: 756 words: 228,797

Ayn Rand and the World She Made by Anne C. Heller


affirmative action, Albert Einstein, anti-communist, Bolshevik threat, conceptual framework, greed is good, laissez-faire capitalism, Milgram experiment, money market fund, Mont Pelerin Society, New Journalism, open borders, price stability, profit motive, rent control, rolodex, Ronald Reagan, Silicon Valley, the scientific method, theory of mind, Thorstein Veblen, transcontinental railway, upwardly mobile, wage slave, War on Poverty, Works Progress Administration, young professional

at best to commit a social gaffe: BBTBI. chronicles of the period bear her out: An especially interesting view is provided by Kai Bird and Martin J. Sherwin in American Prometheus: The Triumph and Tragedy of J. Robert Oppenheimer (New York: Random House, 2005). “practically in every line”: Letter to DeWitt Emery, May 17, 1943 (LOAR, pp. 72–77). other publications gradually took it up: For example, Mansfield [Ohio] News-Journal, July 8, 1943, p. 8. “individualism” would re-enter the language: BBTBI. Ogden lacked the power: BBTBI. The public mood “is going our way”: Letter to DeWitt Emory, May 17, 1943 (LOAR, pp. 72–77); letter to Lorine Pruette, May 18, 1943 (LOAR, p. 75). wait to collect any royalties: BBTBI. she estimated the ten thousand dollars she needed: Letter to Monroe Shakespeare, November 16, 1943 (LOAR, p. 100).

pages: 636 words: 202,284

Piracy : The Intellectual Property Wars from Gutenberg to Gates by Adrian Johns


active measures, banking crisis, Berlin Wall, British Empire, Buckminster Fuller, business intelligence, commoditize, Corn Laws, demand response, distributed generation, Douglas Engelbart, Douglas Engelbart, Edmond Halley, Ernest Rutherford, Fellow of the Royal Society, full employment, Hacker Ethic, Howard Rheingold, informal economy, invention of the printing press, Isaac Newton, James Watt: steam engine, John Harrison: Longitude, Marshall McLuhan, Mont Pelerin Society, new economy, New Journalism, Norbert Wiener, pirate software, Republic of Letters, Richard Stallman, road to serfdom, Ronald Coase, software patent, South Sea Bubble, Steven Levy, Stewart Brand, Ted Nelson, the scientific method, traveling salesman, Whole Earth Catalog

There was no great precedent for using print to circulate learned claims periodically in this way, although several Continental groups and individuals had advanced ideas along comparable lines. Periodical publication itself was far more widely, and justly, associated with newsbooks and the like – organs as renowned for their claims to truth and accuracy as for their actual peddling of lies and errors. And sure enough, the new journal’s footing remained precarious, not least because Oldenburg never managed to produce the Latin version on which his plans for economic independence had depended. At first it often missed its intended monthly appearance (it did not help that the first two years of its life happened to be those of the plague and the Great Fire). Yet as the Philosophical Transactions filtered through the channels of the international book trade – being translated, excerpted, reprinted, and reread as it went – so it took with it an image of the Royal Society’s conventions, and of the centrality to those conventions of reading and registration.

pages: 544 words: 168,076

Red Plenty by Francis Spufford


affirmative action, anti-communist, Anton Chekhov, asset allocation, Buckminster Fuller, clean water, cognitive dissonance, computer age, double helix, Fellow of the Royal Society, John von Neumann, Kitchen Debate, linear programming, market clearing, New Journalism, oil shock, Philip Mirowski, Plutocrats, plutocrats, profit motive, RAND corporation, Simon Kuznets, the scientific method

Leonid Vitalevich is moving there later this year with a group of his graduate students, to set up a lab.’ ‘Yes; and the Academy’s managed to get a special decree authorising release from any job – any job at all, I believe – if you’re someone the Siberian Division wants to employ. Might be worth looking into, if you’re really interested.’ ‘Quite a nice package,’ said Nemchinov. ‘Mimeo reports to be circulated without pre-approval; new journals if you want to start one; decent company to work in. Economics, maths, biology, geology, automation research, physics. A cyclotron or two for the physicists to play with; a computer centre for everyone else. Machine time on demand, apparently. Apartments half a hectare wide, to compensate for life on the banks of the Ob. No, ah, nationality issues. And political backing for useful results. We’re expecting to see quite a piece of what we need come out of there.’

pages: 558 words: 168,179

Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right by Jane Mayer


affirmative action, Affordable Care Act / Obamacare, American Legislative Exchange Council, anti-communist, Bakken shale, bank run, battle of ideas, Berlin Wall, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Climategate, Climatic Research Unit, collective bargaining, corporate raider, crony capitalism, David Brooks, desegregation, diversified portfolio, Donald Trump, energy security, estate planning, Fall of the Berlin Wall, George Gilder, housing crisis, hydraulic fracturing, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, job automation, low skilled workers, mandatory minimum, market fundamentalism, mass incarceration, Mont Pelerin Society, More Guns, Less Crime, Nate Silver, New Journalism, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, oil shock, Plutocrats, plutocrats, Powell Memorandum, Ralph Nader, Renaissance Technologies, road to serfdom, Ronald Reagan, school choice, school vouchers, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, the scientific method, University of East Anglia, Unsafe at Any Speed, War on Poverty, working poor

“This is false”: Leon Wieseltier, interview with author. According to one 2006 report: Public Citizen and United for a Fair Economy, Spending Millions to Save Billions: The Campaign of the Super Wealthy to Kill the Estate Tax, April 2006, One member of their network: Cris Barrish, “Judge Shuts Down Heiress’ Effort to Alter Trust with Adoption Plot,” Wilmington News Journal, Aug. 2, 2011. “It used to be”: Corn, Showdown, 76. “failed to withstand”: Barry Ritholtz, “What Caused the Financial Crisis? The Big Lie Goes Viral,” Washington Post, Nov. 5, 2011. “right-wing lunacy”: Noam Scheiber, The Escape Artists: How Obama’s Team Fumbled the Recovery (Simon & Schuster, 2011). According to a New York Times analysis: These projections of the fallout from cuts in Ryan’s budget refer to its 2012 iteration and appeared in Jonathan Weisman, “In Control, Republican Lawmakers See Budget as Way to Push Agenda,” New York Times, Nov. 13, 2014.

pages: 1,294 words: 210,361

The Emperor of All Maladies: A Biography of Cancer by Siddhartha Mukherjee


Barry Marshall: ulcers, conceptual framework, discovery of penicillin, experimental subject, iterative process, life extension, Louis Pasteur, medical residency, meta analysis, meta-analysis, mouse model, New Journalism, phenotype, randomized controlled trial, scientific mainstream, Silicon Valley, social web, statistical model, stem cell, women in the workforce, éminence grise

“Remote sympathy” 55 In treating of cancer: Samuel Cooper, A Dictionary of Practical Surgery vol. 1 (New York: Harper & Brothers, 1836), 49. 55 “If a tumor is not only movable”: John Hunter, Lectures on the Principles of Surgery (Philadelphia: Haswell, Barrington, and Haswell, 1839). 56 “I did not experience pain”: See a history of ether at (accessed January 5, 2010). 56 “It must be some subtle principle”: M. Percy, “On the Dangers of Dissection,” New Journal of Medicine and Surgery, and Collateral Branches of Science 8, no. 2 (1819): 192–96. 57 It “occurred to me”: Joseph Lister, “On the Antiseptic Principle in the Practice of Surgery,” British Medical Journal 2, no. 351 (1867): 246. 57 In August 1867, a thirteen-year-old: Ibid., 247. 58 In 1869, Lister removed a breast tumor: James S. Olson, Bathsheba’s Breast (Baltimore: Johns Hopkins University Press, 2002), 67. 58 Lister performed an extensive amputation: Edward Lewison, Breast Cancer and Its Diagnosis and Treatment (Baltimore: Williams and Walkins, 1955), 17. 58 “The course so far is already”: Harold Ellis, A History of Surgery (Cambridge: Cambridge University Press, 2001), 104. 59 Billroth’s gastrectomy: See Theodor Billroth, Offenes schreiben an Herrn Dr.

pages: 710 words: 164,527

The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order by Benn Steil


activist fund / activist shareholder / activist investor, Albert Einstein, Asian financial crisis, banks create money, Bretton Woods, British Empire, capital controls, currency manipulation / currency intervention, currency peg, deindustrialization, European colonialism, facts on the ground, fiat currency, financial independence, floating exchange rates, full employment, global reserve currency, imperial preference, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Rogoff, margin call, means of production, money: store of value / unit of account / medium of exchange, Monroe Doctrine, New Journalism, open economy, Paul Samuelson, Potemkin village, price mechanism, price stability, psychological pricing, reserve currency, road to serfdom, seigniorage, South China Sea, special drawing rights, The Great Moderation, the market place, trade liberalization, Works Progress Administration

Treasury and, 295–96, 298, 323; Venona Project and, 291, 324–29, 358, 366, 368, 375n67, 399n87, 403n93; White and, 35–39, 45–46, 293–97, 318–29, 374n65, 403n93 Ethiopia, 47 Eton College, 62 European Union, 315 exchange rates: anchors and, 33, 76, 138, 252, 340; bancor and, 81, 143–49, 160–63, 173–74, 185, 258, 335, 344, 404n16; benchmarks and, 1; Britain and, 26, 31, 72–73, 77, 84, 109, 193, 254, 257, 260; British pound and, 67, 74, 109, 257, 359; Catto clause and, 217; China and, 235–36, 342–43; Clearing Union and, 142, 158–65, 168, 170, 177–78, 183, 185, 190, 192, 247, 303, 356, 361, 365; convertibility issues and, 69, 77, 84, 147, 150, 177, 181, 195, 215, 218, 225, 251–52, 258, 282, 288, 309–11, 330–33, 364, 392n52; devaluations and, 25, 30–34, 84, 86, 125, 134–35, 144, 147, 166, 178, 225, 253, 289, 331, 334, 338; Eccles and, 235–36; fixed, 134, 136, 143, 194, 258, 274, 330, 338–40, 366, 369; floating, 33, 76, 136, 140, 257, 336–37, 339–40, 343, 360, 404n28; gold standard and, 24, 77 (see also gold standard); intensified swings of, 340; IMF and, 2 (see also International Monetary Fund (IMF)); International Exchange Union and, 170; Keynes and, 73, 76, 139–41, 143, 150, 162, 166–67, 171, 173, 193–94, 196, 217, 289, 331; parity and, 74–77, 178, 230, 256–57, 331, 338–39; pegging and, 7, 33, 48–49, 67–68, 342–43, 376n82, 386n25; Roosevelt and, 26; Rueff and, 335; Russia and, 235–36, 274; Schweitzer on, 338; stabilization of, 256 (see also stabilization); unitas and, 147–49, 173, 176, 185, 258; U.S. dollar and, 24, 67, 74, 109, 136, 342, 359, 376n82; White and, 20, 22, 24, 128, 133–34, 150, 171, 173, 198, 257, 274 Export-Import Bank, Canada, 289 exports: Britain and, 14, 30–31, 85, 115–17, 138, 141, 143, 149, 153, 187, 191–92, 210, 217–18, 230, 256, 261–63, 269, 281, 309, 335; China and, 165; Export-Import Bank, Canada and, 289; Germany and, 72; gold standard and, 384n12; ICB accounts and, 143–44; Latin America and, 230, 341; Lend-Lease effects and, 261–62; Russia and, 236–37; subsidies and, 135, 143, 153; Triffin model and, 334–35; United States and, 21, 23–25, 48, 50, 72, 97, 132, 135–36, 149, 153, 165, 171, 192, 208, 212, 257, 263, 289, 332, 341, 346–47 Faith, Reason, and Civilization (Laski), 43 Farm Credit Administration, 26 Farm Security Administration, 295 fascism, 13, 55, 85, 97, 99, 295 Faussig, Frank, 20 Federal Bureau of Investigation (FBI): Chambers and, 293–97; espionage and, 55, 249, 293–99, 318–19, 323, 325, 327, 329, 351–53, 368, 376, 400n10, 402n78; Hoover and, 297–99, 325, 361–62, 368, 400n13; “Text of Address by Truman Explaining to Nation His Actions in the White Case” and, 352–53; White investigation and, 297–99, 318–19, 352–53, 400n10 Federal Deposit Insurance Corporation, 206 Federation of British Industries, 260 Feis, Herbert, 156, 162, 360 Feltus, Randolph, 255 Financial News journal, 166 First National Bank of Chicago, 207 First United States Army Group, 201 fiscal stimulus, 29, 91, 380n63 Fisher, Irving, 75 floating currencies, 33, 76, 136, 140, 257, 336–40, 343, 360, 404n28 Foley, Edward, 105–6, 360 Foreign Affairs magazine, 347–48 Foreign Economic Administration, 206 Fort Knox, 208 Fourteen Points, 71 franc, 32–33, 72, 346 France: Blum and, 32, 264; Clayton’s European integration plan and, 311–12, 314–15; Clemenceau and, 71; congressional obstruction issues and, 32; de Gaulle and, 334, 359; devaluations and, 32–33; Dunkirk evacuation and, 100–1, 285, 371n2; The Economic Consequences of the Peace and, 71, 73, 77, 369; franc and, 32–33, 72, 346; gold standard and, 25; internationalism and, 99; Italy’s attack on, 101; Munich Agreement and, 50, 100; Operation Overlord and, 201, 215; Popular Front and, 32; postwar setbacks of, 332; quotas and, 237, 242; Rueff and, 73, 91–93, 335, 339–40, 342, 366, 381n95, 404nn13, 16; Schweitzer removal and, 339; Suez Crisis and, 332; surrender of, 101; Treaty of Versailles and, 71, 363; Tripartite Agreement and, 32–33, 37, 49, 110, 256; undervalued currencies and, 25–26 Frankfurter, Felix, 105 Freemasons, 207 free trade, 265; Acheson and, 278; Beaverbrook and, 181; China and, 343; Clayton and, 314, 358; Hull and, 109, 116, 146, 160, 278, 311, 362; Keynes and, 65–66, 74, 82–83, 141, 160, 278; Robbins and, 365; White and, 133, 135, 278; White Plan and, 135 Friedman, Milton, 22, 75, 339–40, 360, 368, 404n28 Fund Commission, 215, 220 Funk, Walther, 234, 360 Geithner, Timothy, 144, 343 General Agreement on Tariffs and Trade (GATT), 314, 383n7 George III, King of England, 10 George VI, King of England, 96 German Army, 172, 272 Germany: American supply line and, 67; armistice and, 19, 71; Atlantic Charter and, 127; beginnings of World War II and, 96–97; Channel dash of, 126; Czechoslovakia and, 94; deception operation against, 201; destruction of Sixth Army of, 172; deutsche mark and, 209, 274, 336–38, 346; exports and, 72; as fifth-rate power, 268; floating mark and, 336–37; hegemony and, 268; Hitler and, 12, 34, 43, 49–50, 94–95, 100–1, 105–8, 244, 247, 264, 267, 271; invasion of Russia by, 58, 118, 295; Marshall Plan and, 315; Molotov-Ribbentrop Pact and, 95; Morgenthau Plan and, 177, 266–74, 315, 322, 360; Munich Agreement and, 50, 100; murder of civilians by, 100; naval aspirations of, 347; Nazis and, 56–57, 95, 100, 102, 108, 112, 201, 226, 234, 271–72, 288, 293, 307, 324–25, 356; Nazi-Soviet Pact and, 56–57, 293, 324–25; pastoralization of, 270; postwar setbacks of, 332; “Program to Prevent Germany from Starting a World War III” and, 267–68; redemption of marks and, 209; reparation payments and, 72–73; Ruhr and, 266; Saar and, 266; siege of Leningrad and, 118; submarine warfare and, 67; surrender of Berlin and, 264; Upper Silesia and, 266; von Rundstedt and, 12; White’s hard line against, 50–52; Wilson’s declaration of war on, 18 Glasser, Harold, 38, 294–95, 298, 318, 321, 326, 360 global trade imbalances, 165, 342 Gold, Sonia, 295, 298, 326 Goldenweiser, Emanuel, 211, 219, 360, 372n12 Gold Reserve Act, 28, 33–34 gold standard, 1, 20, 23, 65, 92, 345, 385n21; Britain and, 24–25, 31, 80, 84–85, 115, 138, 284, 346; Churchill and, 76–77; collapse of, 24–25; diminution of, 64–65; exports and, 384n12; France and, 25; imports and, 24, 384n12; India and, 64; International Clearing Bank (ICB) and, 143–48, 150–53; Keynes and, 75–76, 129, 131, 133, 137–53, 161, 163, 165, 167–69, 172, 187, 195, 252; laissez-faire and, 287; Lend-Lease and, 180; lingering Bretton Woods issues and, 251–52, 256–59, 262, 265, 277, 281, 284, 287, 290; public confidence in, 25; purchasing power and, 384n12; return to, 31–33, 76–77, 184, 256–57, 335, 339–40, 345–46; revival of, 340; Roosevelt and, 25, 27, 33; Rueff and, 92; Special Drawing Right (SDR) and, 335–36, 344–45, 404n18; stabilization and, 20; Triffin and, 335, 339–40; Tripartite Agreement and, 32–33, 37, 49, 110, 256; U.S. abandonment of, 25; U.S. dollar and, 25–27, 33–34, 43, 84, 112, 132, 177, 195, 215, 251–52, 258, 331–38, 341, 364, 385n21, 392n52, 393n53; vital role of, 130; White and, 128–34, 128–35, 129–37, 147–54, 148–49, 149–53, 159–60, 160–61, 166–67, 172, 195, 204, 387n62 Golos, Jacob, 295, 298, 360 Graham, Lindsey, 343 Grant, Duncan, 66, 361 Great Depression, 1, 11, 20, 39, 79, 89, 145 Great Moderation, 341 Great Society, 258 Greece, 231, 235, 308–9 Greenspan, Alan, 341 Gregory, T.

pages: 752 words: 201,334

Like Dreamers: The Story of the Israeli Paratroopers Who Reunited Jerusalem and Divided a Nation by Yossi Klein Halevi


back-to-the-land, Boycotts of Israel, Burning Man, facts on the ground, friendly fire, ghettoisation, illegal immigration, mass immigration, New Journalism, out of africa, Ronald Reagan, Transnistria, Yom Kippur War

If Hebron doesn’t belong to the people of Israel, a settler called out, then neither does Tel Aviv. By coming to demonstrate here, another settler shouted, you’re telling the Arabs that it’s permitted to spill our blood. Avital and his friends ignored the settlers’ taunts. Faith and memory versus art and peace: sacrament against sacrament. Avital laid his calves’ heads on the street and set them on fire. NEW JOURNALISM, OFRA STYLE MORNINGS, YISRAEL HAREL drove from his home near Ramallah to the Tel Aviv offices of the newspaper Yediot Aharonot. Professionally, personally, he had every reason to feel satisfied. He had fulfilled his lifelong dream of becoming a pioneer, and had managed to preserve his journalism career despite moving to Ofra. The Harels’ cramped space was filled with the happy freneticism generated by four children and their friends, so unlike Yisrael’s childhood home.

pages: 620 words: 214,639

House of Cards: A Tale of Hubris and Wretched Excess on Wall Street by William D. Cohan

asset-backed security, call centre, collateralized debt obligation, corporate governance, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Deng Xiaoping, diversification, Financial Instability Hypothesis, fixed income, Hyman Minsky, Irwin Jacobs, John Meriwether, Long Term Capital Management, margin call, merger arbitrage, money market fund, moral hazard, mortgage debt, mutually assured destruction, Myron Scholes, New Journalism, Northern Rock, Renaissance Technologies, Rod Stewart played at Stephen Schwarzman birthday party, savings glut, shareholder value, sovereign wealth fund, too big to fail, traveling salesman, Y2K, yield curve

That's pretty nifty when a guy working for you does that, right? But he doesn't know that I know.” Sherman had also called Schwartz, as had Barrow, and told him: “You guys better do something because I'm hearing rumblings. You've got to take over or your good people are going to leave.” Schwartz did his best to deflect the shareholders' calls. Then Cayne called Sherman when he heard about the new Journal and Times articles. Sherman had been a longtime Bear shareholder, unlike both Lewis and Barrow, and had been euphoric in his praise of Cayne when the stock was steaming toward its all-time high a year earlier. Sherman's sentiment had changed. Cayne said he had decided, on January 4, the time had come. “This seemed to me to be a very good time to make a deal with Bear Stearns,” Cayne said, “where I would say to Alan, ‘I'm going to give up the CEO.

pages: 1,199 words: 332,563

Golden Holocaust: Origins of the Cigarette Catastrophe and the Case for Abolition by Robert N. Proctor


bioinformatics, carbon footprint, clean water, corporate social responsibility, Deng Xiaoping, desegregation, facts on the ground, friendly fire, germ theory of disease, index card, Indoor air pollution, information retrieval, invention of gunpowder, John Snow's cholera map, language of flowers, life extension, New Journalism, optical character recognition, pink-collar, Ponzi scheme, Potemkin village, publication bias, Ralph Nader, Ronald Reagan, selection bias, speech recognition, stem cell, telemarketer, Thomas Kuhn: the structure of scientific revolutions, Triangle Shirtwaist Factory, Upton Sinclair, Yogi Berra

German tobacco magnates also tried to capture a kind of scientific high ground by establishing journals, research bodies, and honorific academies dedicated to glorifying tobacco. An industry-friendly Institute for Tobacco Research in Forchheim had existed since the 1920s, along with two prominent tobacco trade journals, the Deutsche Tabakzeitung and Süddeutsche Zeitung. Nazi health fears prompted the creation in 1937 of a new journal devoted principally to defending the golden weed, Der Tabak, redubbed Chronica Nicotiana in 1940 with aspirations to be “the global journal of tobacco.” An International Association for Scientific Tobacco Research was established in Bremen in 1938 to coordinate the industry’s counterpunch, which included sponsorship of an international tobacco congress and an annual Prize for Progress in Tobacco Research.

pages: 1,152 words: 266,246

Why the West Rules--For Now: The Patterns of History, and What They Reveal About the Future by Ian Morris


Admiral Zheng, agricultural Revolution, Albert Einstein, anti-communist, Arthur Eddington, Atahualpa, Berlin Wall, British Empire, Columbian Exchange, conceptual framework, cuban missile crisis, defense in depth, demographic transition, Deng Xiaoping, discovery of the americas, Doomsday Clock,, falling living standards, Flynn Effect, Francisco Pizarro, global village, God and Mammon, hiring and firing, indoor plumbing, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, Isaac Newton, James Watt: steam engine, Kitchen Debate, knowledge economy, market bubble, mass immigration, Menlo Park, Mikhail Gorbachev, mutually assured destruction, New Journalism, out of africa, Peter Thiel, phenotype, pink-collar, place-making, purchasing power parity, RAND corporation, Ray Kurzweil, Ronald Reagan, Scientific racism, sexual politics, Silicon Valley, Sinatra Doctrine, South China Sea, special economic zone, Steve Jobs, Steve Wozniak, Steven Pinker, strong AI, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, Thomas Malthus, trade route, upwardly mobile, wage slave, washing machines reduced drudgery

These ideas would have been troubling enough if they had been limited to intellectuals arguing in Latin in ivy-clad colleges. But they were not. First in Paris, then more widely, wealthy women sponsored salons where scholars rubbed shoulders with the mighty and new thinking moved back and forth. Amateurs established discussion clubs, inviting lecturers to explain new ideas and demonstrate experiments. Cheaper printing, better distribution, and rising literacy allowed new journals, combining reporting with social criticism and readers’ letters, to spread the ferment to tens of thousands of readers. Three centuries before Starbucks, enterprising coffeehouse owners realized that if they provided free newspapers and comfortable chairs, patrons would sit there—reading, arguing, and buying coffee—all day long. Something new was coming into being: public opinion. Opinion makers liked to say that enlightenment was spreading across Europe, shining illumination into dark recesses obscured by centuries of superstition.

Fateful Triangle: The United States, Israel, and the Palestinians (Updated Edition) (South End Press Classics Series) by Noam Chomsky


active measures, anti-communist, Ayatollah Khomeini, Berlin Wall, centre right, colonial rule, David Brooks, European colonialism, facts on the ground, Fall of the Berlin Wall, Monroe Doctrine, New Journalism, random walk, Ronald Reagan, Silicon Valley, strikebreaker, the market place, Thomas L Friedman

Knesset Member Amnon Rubinstein brought up in the Knesset the issue of “terrifying incidents in Ansar,” alleging that “intolerable conditions that are a stain on Israel’s reputation” prevail in the camp: “Prisoners walk about barefoot in the severe cold and there have been many incidents of assaults against them.”156 In the United States, little has been said about the topic. We return to the Israeli response to an Amnesty International appeal on the matter. Israeli soldiers returning from duty in Lebanon in the reserves add more to the picture. One, a student at Tel Aviv University, reports what he saw in Koteret Rashit (a new journal with Labor support, including many Labor doves). In 1978, he had been arrested in Argentina on suspicion of spying and had spent ten days in an Argentine prison, but had seen nothing there to compare with what he found in the IDF headquarters in Sidon in January 1983, where he spent a month. At Classics in Politics: The Fateful Triangle Noam Chomsky Peace for Galilee 411 least 10 people were arrested each day and forced to perform menial labor for the IDF and the Israeli Border Guards, cleaning latrines and private quarters, washing floors, etc.

The Dream Machine: J.C.R. Licklider and the Revolution That Made Computing Personal by M. Mitchell Waldrop


Ada Lovelace, air freight, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, anti-communist, Apple II, battle of ideas, Berlin Wall, Bill Duvall, Bill Gates: Altair 8800, Byte Shop, Claude Shannon: information theory, computer age, conceptual framework, cuban missile crisis, Donald Davies, double helix, Douglas Engelbart, Douglas Engelbart, Dynabook, experimental subject, fault tolerance, Frederick Winslow Taylor, friendly fire, From Mathematics to the Technologies of Life and Death, Haight Ashbury, Howard Rheingold, information retrieval, invisible hand, Isaac Newton, James Watt: steam engine, Jeff Rulifson, John von Neumann, Leonard Kleinrock, Marc Andreessen, Menlo Park, New Journalism, Norbert Wiener, packet switching, pink-collar, popular electronics, RAND corporation, RFC: Request For Comment, Robert Metcalfe, Silicon Valley, Steve Crocker, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Ted Nelson, Turing machine, Turing test, Vannevar Bush, Von Neumann architecture, Wiener process, zero-sum game

But it did make him the integrator and synthesizer, the one who was doing as much as or more than any of the others to envision what a fully computerized world might be like, to imagine what interactivity might mean in human terms, to articulate where computers were going and what researchers would have to do to get there. In short, Lick was the one who provided the road map. The paper was basically written as a favor, remembers Jerry Elkind. In the fall of 1959, about the same time DEC was setting up its prototype PDP-1 in the lobby, Elkind had agreed to edit a new journal called IRE Transactions on Human Factors in Electronics (IRE was the Institute for Radio Engineers, a professional as- 176 THE DREAM MACHINE sociation that has since been renamed the Institute for Electrical and Electronics Engineers, or IEEE). "So for the first issue I wanted a lead article that would speak to the future of human factors, not to the past," he explains. "The future was with computing.

pages: 1,117 words: 270,127

On Thermonuclear War by Herman Kahn


British Empire, defense in depth, John von Neumann, mutually assured destruction, New Journalism, oil shale / tar sands, Project Plowshare, RAND corporation, zero-sum game

I would like to make some comments on the situation, not to prolong that controversy (though it might be desirable to do so), but only to discuss the issues involved and to point out that it is necessary to react vigorously to "hypothetical" changes in the threat if we are not to run excessive risks. In discussing this problem, I will assume that in 1957 the Strategic Air Command was normally stationed on about twenty-five bases.1 The Russians announced in August 1957 that they had tested an intercontinental ballistic missile, and in October 1957 they launched their first Sputnik. At the same time there were many stories in United States news journals and magazines to the effect that the Russians had had a very vigorous ballistic missile program for many years and had developed reliable intermediate and short-range missiles. This indicated to many people that the Russians might possess a rather advanced missile technology and that it might only be a few years, if the Russians went into a crash program, before they might have quite a large number of reliable ICBM's in their operational force.

Debt of Honor by Tom Clancy


airport security, banking crisis, Berlin Wall, buttonwood tree, complexity theory, cuban missile crisis, defense in depth, job satisfaction, margin call, New Journalism, oil shock, Silicon Valley, tulip mania

He'd seen two of the three movies—on other flights—and the third wasn't all that interesting. The sky-news radio channel had held his interest for the forty minutes required to update him on the happenings of the world, but after that it became repetitive, and his memory was too finely trained to need that. The KAL magazine was only good for thirty minutes—even that was a stretch—and he was current on the American news journals. What remained was crushing boredom. At least Ding had his course material to divert him. He was currently reading through the Masseys' classic Dreadnought, about how international relations had broken down a century earlier because the various European nations—more properly their leaders—had failed to make the leap of imagination required to keep the peace. Clark remembered having read it soon after publication.

pages: 1,336 words: 415,037

The Snowball: Warren Buffett and the Business of Life by Alice Schroeder


affirmative action, Albert Einstein, anti-communist, Ayatollah Khomeini, barriers to entry, Bob Noyce, Bonfire of the Vanities, Brownian motion, capital asset pricing model, card file, centralized clearinghouse, collateralized debt obligation, computerized trading, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, desegregation, Donald Trump, Eugene Fama: efficient market hypothesis, global village, Golden Gate Park, Haight Ashbury, haute cuisine, Honoré de Balzac, If something cannot go on forever, it will stop - Herbert Stein's Law, In Cold Blood by Truman Capote, index fund, indoor plumbing, intangible asset, interest rate swap, invisible hand, Isaac Newton, Jeff Bezos, John Meriwether, joint-stock company, joint-stock limited liability company, Long Term Capital Management, Louis Bachelier, margin call, market bubble, Marshall McLuhan, medical malpractice, merger arbitrage, Mikhail Gorbachev, money market fund, moral hazard, NetJets, new economy, New Journalism, North Sea oil, paper trading, passive investing, Paul Samuelson,, Plutocrats, plutocrats, Ponzi scheme, Ralph Nader, random walk, Ronald Reagan, Scientific racism, shareholder value, short selling, side project, Silicon Valley, Steve Ballmer, Steve Jobs, supply-chain management, telemarketer, The Predators' Ball, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, transcontinental railway, Upton Sinclair, War on Poverty, Works Progress Administration, Y2K, yellow journalism, zero-coupon bond

When the bankers from Affiliated Publications, publisher of the Boston Globe, were struggling to place its deal, Buffett broke his unwritten rule against buying public offerings and took four percent of Affiliated at a discount price. Berkshire wound up its largest shareholder. He grabbed stock in Booth Newspapers, Scripps Howard, and Harte-Hanks Communications, a San Antonio–based chain. The Sun’s elevated status as a Pulitzer Prize winner enabled him to network his way through the newspaper world, talking with publishers as one of their peers. He chatted up the owners of the Wilmington News Journal, hoping to buy the paper. Alas, while newspaper stocks were cheap because investors failed to see their value, newspaper owners were not so blind. Competing with them, Buffett and Munger’s efforts to buy whole newspapers had all come to naught. Still, by late spring 1973 Buffett had accumulated more than five percent of the Washington Post stock.6 He now sent a letter to Graham. She had never lost her terror that somehow her company would be taken away from her, even though Beebe and Gillespie had structured the Washington Post’s stock in two classes so that an unfriendly buyer could never do that.7 Buffett’s letter told her that he owned 230,000 shares and meant to buy more.

pages: 1,106 words: 335,322

Titan: The Life of John D. Rockefeller, Sr. by Ron Chernow

California gold rush, collective bargaining, death of newspapers, delayed gratification, double entry bookkeeping, endowment effect, family office, financial independence, Frederick Winslow Taylor, George Santayana, God and Mammon, income inequality, invisible hand, Joseph Schumpeter, Louis Pasteur, Mahatma Gandhi, Menlo Park, New Journalism, oil rush, oil shale / tar sands, passive investing, Plutocrats, plutocrats, price discrimination, profit motive, Ralph Waldo Emerson, refrigerator car, The Chicago School, Thorstein Veblen, transcontinental railway, traveling salesman, union organizing, Upton Sinclair, white picket fence, yellow journalism

According to Gates, Harper flouted several clear understandings with Rockefeller: that the university would never be indebted; would never use endowment funds for university buildings; and would never form an alliance with any medical college in Chicago. When Gates put these points in writing and asked Harper to circulate them to board members, they mysteriously disappeared. When he remonstrated with Harper for hiring more expensive professors and launching new journals, the university president simply ignored him. Soon after Gates insisted that he forgo new buildings, Harper appealed to Chicago’s citizens to support a new building campaign. Just as Rockefeller feared, Harper had rashly leaped straight from a small college to a big university. As Harper rolled up deficits, his patron kept adding millions to the endowment, but he could only be pushed so far.