Ok, so basically, the author is saying that you can spend the prime working years of your life living on a small stipend, in exchange for a 20% chance of a middle class salary when you're 40. Let's assume the worst, that tenured professors work like retirees. This amounts to getting five people to work for one-fourth pay in exchange for allowing one of them - just one - to retire 25 years early. Who's being scammed, again? ;-)
(In reality, everyone is motivated by the pursuit of knowledge, and maybe a little by the pursuit of fame, including underpaid grad students, and tenured professors, and even the actual retirees (emeritus professors) who often keep working.)
Very much yes: Knowledge is valuable itself. We're discovering the secrets of the universe.
The owners of capital have created an amazing, self-serving ideology in the US (and elsehwere): If something doesn't help them make money, it's worthless. People seem to think that's part of the US - in the Declaration of Independence and Constitution.
Even more amazing is that I hear scholars in non-profitable fields parrot those ideas. I think capitalism - and especially free markets - work well in many ways, but it's a means to an end, not a religion. Capitalism serves us, not vice-versa.
This is not a capitalism issue. During the communist revolution, scientists were persecuted if their work was too "intellectual" and didn't have immediate use.
The Church of Capitalism (as opposed to small-c capitalism) is the ideology of here and now; that's what I was talking about. The capitalist-communist dichotomy - a favorite of ideologues in both groups - is not something I was referring to.
These perspectives bother me a lot, because I want to invest passively, but if people are out there thinking like that, maybe nothing is priced right...
Priced right if money is moving from the bottom 90% to the top 10%. Stock market growth is because theres excess money and people need to invest the money. Supply and demand. There's reason why you can buy any ultra luxury car right(look at ferrari's revenue growth) and private jet industry is booming.
The market is only "right" in the very long term, and probably not in a way that's useful (companies that die eventually price to 0...but not a useful signal if its riding high all the way before it crashes).
What does "priced right" even mean? For whom? When a public company makes billions in profits by selling insanely overpriced hardware, then that's "priced right" for the shareholders.
When a supermarket gives out 25% discount stickers to use, then the price of the good is closer to being priced right for the consumer, as long as you apply the sticker. There is, of course, no reason to assume that the supermarket would operate at a loss or close to cost. These 25% are already priced in and anyone not using the stickers is paying extra.
Nothing has been priced right ever since they've (the collective of anyone willing to sell something) figured out that they can ask for however-much people are willing to pay, which is quite more than what MY FELLOW HUMANS would need to pay.
For everyone else, who aren't willing to pay deliberately inflated prices, there's usually always some form of discount for some product, somewhere to be found.
In the context of investing there is a correct price for financial assets that is given by trading everything back to dollars in the present. There is one remaining parameter (the exchange rate between future payouts on different dates, the "discount rate"), but all the subjectivity reduces to that one number.
However if everyone is deluded about what the future payouts of different insturments will be, you can get $10 for $1 in one place and $0.001 for $1 in another (given that in both cases the influence weighted participants think they're selling you a dollar). That invalidates the picture of reducing the unknowns to the discount rate.
In your examples, you're talking about goods and services, which have different values to different people. They have an equilibrium price but as you say, that's not the "right price for everyone," like there is for say a bond.
> In the context of investing there is a correct price for financial assets that is given by trading everything back to dollars in the present.
This doesn't make sense though. The only reason I would buy an investment is if I believe it will grow in value from the point that I bought it. That means I'm pricing it at its future ccost.obviously other people are doing the same, so the actual cost of the investment will always rise above current value if people believe its a good investment.
The reason the stock market is generally "priced right", which we see in the strong long term returns of index funds, is because the winners get more money and get more influence, and the losers get less.
So you have a self selecting system, that have (over time) proved itself. Whatever you might think of the effect of certain effects (such as immigrant labors) you can end up reflecting in your investments, as others do - and if you end up being correct, you'll have more power to influence the price in the future.
I agree with you but disagree with how you phrased your comment. They aren't being threatened, they were either born into poverty/starvation or went into poverty. In their perspective (or at least some of them), they view it as a sacrifice to lead their families into a better life.
I think it's perfectly reasonable to have distaste for farming out unpleasant work to poorer countries. But also I think it's perfectly reasonable to accept that it's a fact of life and realise that it's literally redirecting wealth from the richest companies in the world to some of the poorer people in the world.
I'm more bothered by the fact that once again an article focuses on the plight of an identity deemed oppressed rather than broader concern for working classes. All it does is sell it as pandering rather than exposing a genuine issue. And as usual from the post-modern left, dividing rather than uniting. The article's entire justification for this is the absolute cop-out: >Women form half or more of this workforce.
As another example, I read an article the other day complaining about an advertising campaign from a colossal multinational company replacing the "o"s in London tube stop names with "0.0"s. Why? Not because of excessive corporate encroachment into public spaces, but because it might be confusing for disabled people. Maybe it would be, but once again the broader problem of capitalist overreach is ignored in favour of identity. Corporate exploitation is fine as long as it doesn't impact people who aren't able white men
It is perfectly reasonable to not like it. But it's important to point out that generally you don't go from mass starvation to Starbucks on every corner in one step. There are coal mines and abusive videos in between.
Are you asking why the person who indirectly implied a question about the meaning of an ambiguous statement would leave it to the subtext to suggest they suspected that the unclear motive of the author of an ambiguous license was to leave some room for interpretation?
I think it sounds more like "why is the town square covered in ads now , who installed actual mantraps in the town square , why is everything we do in the town square used against us , town squares were fine less than two decades ago and we let the rich parasitize them for profit"
Except you're doing nothing about that besides going "let's keep the town square terrible" and ensuring kids are 100% unprepared for the way the modern world communicates in the 21st century lol
Zealous parents are using this as an opportunity to take phones, computers and means of digital communication away. Hell, by law, you can't even use Discord without verifying your age lol
Imagine if they banned video games and texting 20 years ago because parents were convinced their kids were addicted to Halo and T9Word. They could always roll hoops in the street and send letters to each other with a little planning, too.
Which just begs the question, how much can you really change social media? How much are you really in control of your feed? This is where the "pubic square" analogy breaks down. Besides, there are a lot of communication mediums/messaging apps that are not social media.
Even back in the early 2010s I've been trying to consume social media mindfully. I made sure to follow pages with meaningful content (e.g., The Dalai Lama, The Long Now Foundation, Aeon Magazine, tech-related pages, SpaceX, Elon Musk, indie creators). I don't just add or follow blindly.
Back then I could justify why my selection was "good" but even then, they were drowned out by the tedium of vacations, new restaurants, felt-cute-might-delete-later selfies. Slop/engagement bait is quicker to produce than meaningful thought-provoking content.
I am also pretty sure Facebook's negative signals (unfollow, don't show me this type of content) did not work back then, at least not deterministically. If something I did not like had enough traction, it will still pop up in my feed.
And of course, goes without saying that a lot of my choices aged like milk. Elon Musk turned out to be, well, Elon Musk. Some of the tech pages started shilling out crypto (and nowadays doubtless AI). The indie creators either stopped posting or fell out of favor with the algorithm which meant exodus from the platform. All that goes on top of my pre-existing grievances against my feed recommendations.
If having a credit card and the ability to make purchases was good enough as an ID system, they could have simply made it the law instead of requiring tech companies to collect those sweet, sweet personal ID document photos.
The UK law doesn't say you have to use ID photos, that's porn companies knowing that charging even £1 a visit would be devastating to the business. Credit card verification is a completely legal method in the UK.
They can check for credit cards without requiring any payment. Are you sure that's sufficient given these vaguely worded laws? If so many HN readers could solve the whole problem by making websites which issued digital signatures of random numbers to anyone who can support a £0.01 debit which is then immediately reversed.
The problem is porn companies know full well nobody, nobody, wants that on their credit card statement. Kinda weird that something supposedly as natural as rain needs such levels of privacy; the hypocrisy is notable (if it's so natural and so many people do it, own it).
Authorizations may not show on statements; but they are full well in financial records which could come up in court or a divorce claim later. Credit card companies are absolutely not allowed to turn a blind eye to any kind of usage.
I have always wondered how this would go if you applied for a loan through your bank. Or a rental that wanted 'last three months financial transactions' in the application.
I'm confused by what you mean (I'm an American though).
I don't think I'm unique for putting miscellaneous stuff like this on a credit card, and not even necessarily the one my bank offers. Not to hide the transaction, but because charging to debit/checking would make tracking my monthly expenses less straightforward. Payments online are also safer on credit in case a chargeback is required.
Also, are you sure you don't mean "proof of employment" showing the last three months of direct deposits? I've never heard of anyone asking for any other transactions. Similarly, pretty sure loan applications are based on credit reports. Transactions aren't relevant unless they got flagged for something so bad they showed up in the credit report (fraud, missed/late payments, etc).
All the properties ive rented over the last decade required an application with "full financial transaction history" for three months. I know ive submitted a statement before where a lot of expenses were "paying off credit card" and they complained the credit card expenses werent shown. I would have to imagine a rental agent looking at months worth of pornhub spending is going to count it against you.
Ive never been hit by something like this but I have friends who have:
That's absurd and error prone for even the most cooperative of tenants. What does "full financial transaction history" even mean? Lazy and corrupt is what it means.
If they're too cheap to pay for a basic background check, there's no telling what kind of shady people will be your neighbors or how unmaintained those apartments are. Just find somewhere else or provide the bare minimum that will convince them (checking account only). Clearly they have no way to find what else you have, and nobody else is taking this that literally.
Whilst I agree in principle, its a bit like saying "never apply for a job that requires whiteboard coding or leetcode questions". Our rental market is abysmal and people can spent months sitting through rejections, without doing more of their own.
I once rented a place where you needed either a decent credit rating or three months of full bank statements to prove income. (Paycheck stubs were not deemed sufficient.) Very invasive, fortunately I passed the requirements and didn’t need to provide that info.
(In reality, everyone is motivated by the pursuit of knowledge, and maybe a little by the pursuit of fame, including underpaid grad students, and tenured professors, and even the actual retirees (emeritus professors) who often keep working.)
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