WSJ: “The consumer-price index tells us nothing about changes in affordability. To measure affordability, we must compare the prices of goods and services to hourly compensation (wages and benefits). We call the resulting ratio the time price. The original proponent of time prices was Yale economist and Nobel laureate William Nordhaus, who in the 1990s produced a paper showing that traditional economic data have understated progress in lighting technologies—from whale oil to light-emitting diodes—by a factor of thousands. At the same time, economic data fail to capture the rise in living standards made possible by these lighting innovations. Extending the Nordhaus insight across a range of consumer products and technologies, one of us (Mr. Pooley) and Cato Institute researcher Marian Tupy demonstrated in a book, “Superabundance” (2022), that similar innovations allowing manufacturers to produce goods more cheaply in less time since the Industrial Revolution have made nearly all goods and services drastically more affordable. The Industrial Revolution also brought about a tenfold rise in the global population and an explosion in new knowledge.”
HBR on “How Leaders React” which won the 2024 Prize: “To be successful, CEOs must articulate a compelling vision, align people around it, and motivate them to execute it. But there’s one thing that can make or break top leaders: how they respond in real time to unforeseen events. In this article, Nitin Nohria, a professor and former dean of Harvard Business School, examines how CEOs should address unexpected issues, which his research shows consume 36% of their time, on average. Not all problems merit a leader’s attention. Nohria presents a framework that will help CEOs decide which ones to focus on, by sorting them into four categories—normal noise, clarion calls, whisper warnings, and siren songs—and offers guidance on how leaders should handle each type.”
Hiba Faisal: “AI SEO isn’t about churning out more content using AI tools. It’s about getting discovered within AI-powered search platforms – tools like ChatGPT, Gemini, and Perplexity – by being recognised as a credible, authoritative source. Businesses that understand this distinction early will gain a powerful advantage. Because AI SEO is now one of the most under-utilised lead generation channels – and it’s completely free (at least for now, until ads inevitably follow). If you’re not showing up in AI search results, you’re missing a growing segment of where people go to find answers, compare products, and make decisions.”
Arnold Kling: “In addition to making robots easier to program, Large Language Models make it easier to interpret the enemy’s communications, provided that they are intercepted. This places a premium on securing our own communications and on being able to listen in on the enemy’s communications. Encryption becomes vulnerable, and decryption becomes potentially powerful. I continue to believe that 20th-century weaponry, such as large ships, tanks, and aircraft, is becoming more vulnerable and less potent. I would be investing more in robots and in communication technology.”
NYTimes: “Bargaining, a common practice in many countries, may seem daunting to first timers. Here are some tips to get a fair deal, and maybe even make a new friend…If you spot something you’re desperate to possess, do some comparison shopping first. You can always come back if the item is unique. While you’re browsing, set a mental price limit so you don’t get pressured into overpaying, and bring enough cash in small bills. You may also benefit from first practicing your haggling skills on a less expensive item that you could live without.”
