VIRGINIA EUBANKS ~ AUTOMATING INEQUALITY ~ 2017

~ P-P-A-P-T-P ~ Profile – Police – And – Punish – The – Poor

~ YA-NAOTMDTSOL-WMBHB-T-WHCMOTD-MPT-SM-AES-RA-A-PRM-C-WNGP-WFANR-WIS-LFE-AWIIFF ~ Years Ago – Nearly All Of The Major Decisions That Shape Our Lives – Were Made By Human Beings – Today – We Have Ceded Much Of That Decision-Making Power To – Sophisticated Machines – Automated Eligibility Systems – Ranking Algorithms – And – Predictive Risk Models – Control – Which Neighborhoods Get Policed – Which Families Attain Needed Resources – Who Is Short-Listed For Employment – And – Who Is Investigated For Fraud

~ H-CFIARP-TTGMOIICB-P-N-C ~ Health-Care Fraud Is A Real Problem – Though The Great Majority Of It Is Committed By – Providers – Not – Consumers

~ TTTABTBAA:YGASOAPITDN-AEETTY-BYCPYFOEWA ~ That’s The Thing About Being Targeted By An Algorithm: You Get A Sense Of A Pattern In The Digital Noise – An Electronic Eye Turned Toward You – But You Can’t Put Your Finger On Exactly What’s Amiss

~ TIN-SL-TCCTRT-ID-OT-DFDS ~ There Is No – Sunshine Law – That Compels Companies To Release The – Inner Details – Of Their – Digital Fraud Detection Systems

~ WTNEO-CR-WHRLAT-T-E-A-A-M-TSO-LC ~ With The Notable Exception Of – Credit Reporting – We Have Remarkably Limited Access To – The – Equations – Algorithms – And – Models – That Shape Our – Life Chances

~ DSG-CIAU-MIAOB-A-CATR-TASDWITFOSLT-MOTTWDENWABWAA ~ Digital Security Guards – Collect Information About Us – Make Inferences About Our Behavior – And – Control Access To Resources – They Are So Deeply Woven Into The Fabric Of Social Life That – Most Of The Time We Don’t Even Notice We Are Being Watched And Analyzed

~ PP-L-NITW-IWIT-HSOSP-A-RTCNTTWAPAA-C/L/S-A ~ Performative Politics – Legislation – Not Intended To Work – It Was Intended To – Heap Stigma On Social Programs – And – Reinforce The Cultural Narrative That Those Who Access Public Assistance Are – Criminal / Lazy / Spendthrift – Addicts

~ DTAD-MHBRI-P-PF-M-CR-CS-BM-F-A-TAOPP ~ Digital Tracking And Decision-Making Systems Have Become Routine In – Policing – Political Forecasting – Marketing – Credit Reporting – Criminal Sentencing – Business Management – Finance – And – The Administration Of Public Programs

~ TNROD-CPAW-CP-O-DTPO-LTM-A-UTHR-TDRBANFSM? ~ The New Regime Of Data – Constricts Poor And Working-Class People’s – Opportunities – Demobilizes Their Political Organizing– Limits Their Movement – And – Undercuts Their Human Rights – How Has The Digital Revolution Become A Nightmare For So Many?

~ PAW-CP-ATB-NTODPM-A-FL-TCAAR-AES-DTFCPRTTNTSAT ~ Poor And Working-Class People – Are Targeted By – New Tools Of Digital Poverty Management – And – Face Life-Threatening Consequences As A Result – Automated Eligibility Systems – Discourage Them From Claiming Public Resources That They Need To Survive And Thrive

~ AD-M-STSSN-CTP-ID-A-CODNV-IR-SSDAWWAAWWWTB-A-SEP ~ Automated Decision-Making – Shatters The Social Safety Net – Criminalizes The Poor – Intensifies Discrimination – And – Compromises Our Deepest National Values – It Reframes – Shared Social Decisions About Who We Are And Who We Want To Be – As – Systems Engineering Problems

~ AWTMSDD-MTATIWCBC-‘LRE’ -WTAFEO-PAAT-SFDF-TP-WE-BUOE ~ And While The Most Sweeping Digital Decision-Making Tools Are Tested In What Could Be Called – “Low Rights Environments” – Where There Are Few Expectations Of – Political Accountability And Transparency – Systems – First Designed For – The Poor – Will Eventually – Be Used On Everyone

~ WHF-A-DP-F-D-A-A-RM-IPTETRAROETCB ~ We Have Forged – A Digital Poorhouse – From – Databases – Algorithms – And – Risk Models – It Promises To Eclipse The Reach And Repercussions Of Everything That Came Before

~ WM-TIP-IOTEO-SR-F-EP ~ We Mange – The Individual Poor – In Order To Escape Our – Shared Responsibility – For – Eradicating Poverty

~ O-NDT-SF-P-M-VOP-A-CASOH-TCAI ~ Our – New Digital Tools – Spring From – Punitive – Moralistic – Views Of Poverty – And – Create A System Of High-Tech Containment And Investigation

~ TDP-DTPFAPR-PTL/S/S/P-TTPTFB-A-PACTWDNCWID ~ The Digital Poorhouse – Deters The Poor From Accessing Public Resources – Polices Their Labor / Spending / Sexuality / Parenting – Tries To Predict Their Future Behavior – And – Punishes And Criminalizes Those Who Do Not Comply With Its Dictates

~ WMS ~ Welfare Management System

~ WMS ~ Workflow Management System

~ HMIS ~ Homeless Management Information System

~ CAWH ~ Crimes Associated With Homelessness

~ OASOS-R-IA-TTHTBIBTWCS-IC-I-ND-BS-TTOEFTD-TTCATDC-NB ~ Older Analog Systems Of Surveillance – Required – Individualized Attention – The Target Had To Be Identified Before The Watcher Could Surveil – In Contrast – In – New Data-Based Surveillance – The Target Often Emerges From The Data – The Targeting Comes After The Data Collection – Not Before

~ MAOIAC-OAWVOIAG-T-TDIM-A-A-S-IOTIPTFMTS ~ Massive Amounts Of Information Are Collected – On A Wide Variety Of Individuals And Groups – Then – The Data Is Mined – Analyzed – And – Searched – In Order To Identify Possible Targets For More Thorough Scrutiny

~ WPTPIAPATHOTATMOPP-DIEAE ~ We Pretend That Poverty Is A Puzzling Aberration That Happens Only To A Tiny Minority Of Pathological People – Denial Is Exhausting And Expensive

~ T-OPL-ARATCBEAB-BD/IB/CP-IF-PIAO-TS-EC-BAHNOP-FWDBDANIROB ~ The – Official Poverty Line – A Regrettable Anomaly That Can Be Explained Away By – Poor Decisions / Individual Behavior / Cultural Pathology – In Fact – Poverty Is An Often-Temporary State – Experienced Cyclically – By A Huge Number Of People – From Wildly Different Backgrounds Displaying A Nearly Infinite Range Of Behaviors

~ WPPOAFFTRAS-TW ~ When Poor People Organize And Fight For Their Rights And Survival – They Win

~ TDPIHTU-T-S/A/M-TPI-ACAOS ~ The Digital Poorhouse Is Hard To Understand – The – Software / Algorithms / Models – That Power It – Are Complex And Often Secret

~ TTTOTPWEBUOE ~ Technological Tools Tested On The Poor Will Eventually Be Used On Everyone

~ A-NC-OA-PRC-MJ-TDOTDPFSC-ATCS ~ A – National Catastrophe – Or A – Political Regime Change – Might Justify – The Deployment Of The Digital Poorhouse’s Full Surveillance Capability – Across The Class Spectrum

~ AIHUA ~ Automated Inequality Hurts Us All

~ H-TT-HAB-IAAPOO-TOLUTBTTDALDTTMBH-B-BII-T-PC-DS-A-PM ~ High-Tech Tools – Have A Built-In Authority And Patina Of Objectivity – That Often Lead Us To Believe That Their Decisions Are Less Discriminatory Than Those Made By Humans – But – Bias Is Introduced – Through – Programming Choices – Data Selection – And – Performance Metrics

~ TDPHPP ~ The Digital Poorhouse Preempts Politics

~ WCDTDP ~ We Can Dismantle The Digital Poorhouse

~ TMISI-DTDP-ICHW-T/T/F-AP-ACAIMS-TBCFTMOBDITBS ~ The Most Important Step In – Dismantling The Digital Poorhouse – Is Changing How We – Think / Talk / Feel – About Poverty – As Counterintuitive As It May Sound – The Best Cure For The Misuse Of Big Data Is Telling Better Stories

~ TBSPOAP-IIYWBP-BPITQOY-E-TRIYN-YETVAT-A-YH ~ The Best Single Predictor Of Adult Poverty – Is If You Were Born Poor – Because Poverty Impacts The Quality Of Your – Education – The Resources In Your Neighborhood – Your Exposure To Violence And Trauma – And – Your Health

~ TGNITTMIAWUW-BIMTEP-LBTP-HBOTR ~ The Good News Is That This Mission Is Already Well Under Way – Broadbased Inclusive Movements To End Poverty – Led By The Poor – Have Been On The Rise

~ T-RA-TWUWWROCS-IA-E-ST-V-F ~ The – Righteous Anger – That Wells Up When We Recognize Our Common Suffering – Is An – Earthshaking – Structure-Tumbling – Visionary – Force

~ WTTBTIIWTAN-PP? ~ Would The Tool Be Tolerated If It Was Targeted At Non-Poor People?

~ DND-BSTOAELROTP ~ Design No Data-Based System That Overturns An Established Legal Right Of The Poor

~ ETVOTDPWRAGDOC ~ Exposing The Violence Of The Digital Poorhouse Will Require A Great Deal Of Courage

GUY HARRISON ~ HOW TO THINK LIKE A SCIENTIST ~ THINK BEFORE YOU LIKE ~ 2017

~ RLAS-PATBMADIM-AGIATATATM-AASSWSYWOSM ~ React Like A Scientist – Pause And Think Before Making Any Decisive Intellectual Moves – Avoid Granting Immediate And Total Acceptance To Anything That Matters – Adopting A Scientific Stance Will Serve You Well On Social Media

~ DYR-THTITHBCBTUWICTSI-PL;PBC;AETMSAHAUOGFW ~ Do Your Research – The Hard Truth Is That Human Beings Cannot Be Trusted Unconditionally When It Comes To Sharing Information – People Lie; People Become Confused; And Even The Most Sensible And Honest Among Us Often Get Facts Wrong

~ CUWYOHOT-TTEHACMBTOF-S-IPEFAIOC-TNTDTDWOTIMLTBT ~ Come Up With Your Own Hypothesis Or Theory – Try To Explain How A Claim Might Be True Or False – Speculate – Image Possible Explanations For An Idea Or Claim – Then Narrow Them Down To Determine Which Of Them Is More Likely To Be True

~ CYOEOT-FOHTTACCBD-BIIDMOTN-FOIOHATOITT ~ Conduct Your Own Experiment Or Test – Figuring Out How To Test A Claim Can Be Difficult – But It Is Doable More Often Than Not – Find Out If Others Have Already Tested Or Investigated The Topic

~ SYC-NITTAOPTLFEIYR-SYCW-TS-MS-PYK ~ Share Your Conclusion – Now It’s Time To Ask Other People To Look For Errors In Your Reasoning – Share Your Conclusion With – The Smartest – Most Sensible – People You Know

~ LO-C-C-APA-YCOD~ Let Others – Consider – Challenge – And Pick Apart Your Conclusion Or Decision

~ F-IIVTYCWIYRFOABWTCYMIN ~ Finally – It Is Vital That You Consider Whatever Input You Receive From Others And Be Willing To Change Your Mind If Necessary

~ IS-POAMOAF-IYR-DBTIOO-BGTYHBGTCTMALCT-TAR ~ If Someone – Points Out A Mistake Or A Flaw – In Your Reasoning – Don’t Be Too Irritated Or Offended – Be Grateful That You Have Been Given The Chance To Move A Little Closer To – Truth And Reality

GUY HARRISON ~ THINK BEFORE YOU LIKE ~ 2017

~ AWB’ESOO’?~ Are We Becoming – “Efficient Shadows Of Ourselves”?

~ FAS-FM-DOD ~ Fleeting And Soon-Forgotten Micro-Doses Of Dopamine

~ WWMP? ~ Will We Miss Privacy?

~ YOASNDYAAP-B-I-TD ~ Your Online Activities Should Not Define You As A Person – But – Increasingly – They Do

~ WD-‘F’-C? ~ What Does – “Free” – Cost?

~ ATMAMOTTCBBFU?-WCK-BTCTBITSWOPTAADHTTUWTK-O-WTTTK-AU-WDHTLRTCT ~ Are There Misinformation And Misinterpretations Out There That Could Be Bad For Us? – We Can’t Know – Because The Companies That Barter In The Shadows With Our Private Thoughts And Activities Don’t Have To Tell Us What They Know – Or – What They Think They Know – About Us – We Don’t Have The Legal Right To Check Them

~ WCPTH-HEAMC-WWDEKTTE ~ We Can’t Petition To Have – Harmful Errors And Misjudgments Corrected – When We Don’t Even Know That They Exist

~ TRONWBD ~ The Renaissance Of Nonsense Will Be Digitized

~ TPV-BPN-WUB-CA-C-A-TSD ~ The Positive Features – Become Powerful Negatives – When Used By – Con Artists – Crackpots – And – The Sincerely Deluded

~ TLSM ~ Terrorists Love Social Media

~ SPB-SMWDNLTSTWBUIANAOC-O-H-WTSMMHTFDUAIASCO-F/H/S ~ Some People Believe – Social Media Will Do Nothing Less Than Save The World By Ushering In A New Age Of Connectivity – Others – However – Warn That Social Media Might Help To Finally Drown Us All In A Sad Cesspool Of – Fear / Hate / Stupidity

~ SOTWMVADGCUSMTOAGTRIPODG ~ Some Of The World’s Most Violent And Destructive Groups Currently Uses Social Media To Organize And Grow Their Ranks In Pursuit Of Dark Goals

~ WT-YVO-C-B-B-O-PR-M-AL ~ Welcome To – Your Very Own – Customized – Biased – Bubble – Of – Psychological Reinforcement – Manipulation – And Lies

~ ROTA ~ Rise Of The Algorithms

~ OTA-CB-TCBSEIT-EHI-A-EUI-C-BHIAHAIEOMYMVTTPO-CB-RTLV ~ One Thing About – Confirmation Bias – That Cannot Be Stressed Enough Is That – EVERYONE HAS IT – And – EVERYONE USES IT – Counterintutively – Being Highly Intelligent And Having An Impressive Education Often Makes You More Vulnerable To The Problem Of – Confirmation Bias – Rather Than Less Vulnerable

~ TRB ~ The Reality Bubble

~ IYWTAALDITVOT-TYMBHETBH ~ If You Want To Always At Least Dwell In The Vicinity Of Truth – Then You Must Be Honest Enough To Be Humble

~ WWDKITLDUARNHFSMTBAFEIWTT ~ What We Do Know Is That Lies Dressed Up As Respectable News Have Found Social Media To Be A Fertile Environment In Which To Thrive

~ HCSWBAKN? ~ How Concerned Should We Be About Fake News?

~ FN-I-DN-THBCAPFTSPOM-R/L/V-WKFI-TGCIA-F-GCFP-T-MPG ~ Fake News – Is – Dishonest News – That Has Been Crafted And Published For The Specific Purpose Of Misleading – Readers / Listeners / Viewers – With Knowingly False Information – That Goal Can Include Anything – From – Garnering Clicks For Profit – To – Making Political Gains

~ HNNBACIAWAFN ~ Humour Need Not Be A Casualty In Anyone’s War Against Fake News

~ CFOF’ ~ Contradictory “Fountains Of Facts”

~ WBTS? ~ Who Believes This Stuff?

~ ACCASIINSAAAOF-TFTBF ~ Accepting Crazy Claims And Stupid Ideas Is Now Seen As An Aspect Of Freedom – The Freedom To Be Fooled

~ BSOE ~ Be Skeptical Of Everything

~ CTS ~ Consider The Source

~ DSG ~ Don’t Spread Garbage

~ O-B-FATGP-ASFAGS-AEI-CL-OJPOG ~ Our – Brains – For All Their Glorious Powers – Are Suckers For A Good Story – An Exciting Image – Convenient Lie – Or Just Plain Old Gossip

~ FNM ~ Fake News Matters

~ DLTD ~ Delusions Lead To Danger

~ SOCTIHGUC ~ Scarcity Of Critical Thinking Is Humankind’s Great Unrecognized Crisis

~ WHWYDKWYDK? ~ What Happens When You Don’t Know What You Don’t Know?

~ CINTSTAK ~ Confidence Is Not The Same Thing As Knowledge

~ WCYDTAG?-BDSN ~ What Can You Do To Avoid Groupthink? – Build Diverse Social Networks

~ BTB-CCBW-PINARMOTAR ~ Beware The Bandwagon – Crowds Can Be Wrong – Popularity Is Not A Reliable Measure Of Truth And Reality

~ A:TFITHYSMAATYANRFWSTSFYCTADAI ~ Anchoring: The First Input That Hits Your Subconscious Mind About A Topic You Are Not Reasonably Familiar With Sets The Stage For Your Conscious Thoughts And Decisions About It

~ OAMEFTIA ~ Others Are More Easily Fooled Than I Am

~ WASC-WTTSNOOPBWTAUBEODTAFAW ~ We Are Social Creatures – We Tend To Synchronize Not Only Our Physical Behavior With Those Around Us But Even Our Deepest Thoughts And Feelings As Well

~ AB-TT-TTIABIBSPTBAAF ~ Authority Bias – The Tendency – To Trust In And Be Influenced By Someone Perceived To Be An Authority Figure

~ ABIAATTB ~ Authority Bias Is An Amazing Thing To Behold

~ AEIOTINAEIE ~ An Expert In One Thing Is Not An Expert In Everything

~ SIAT-AHI-ATAOU-TUDITTOODL ~ Science Is A Tool – A Human Invention – Available To All Of Us – To Use Down In The Trenches Of Our Daily Lives –

~ NOWBATDTNFGTITWIDIL ~ No One Will Be Able To Deny The Need For Good Thinking If The World Is Drowning In Lies

~ NMWYAOWYD-TAAALAFTYWRKOOTROARSOSWDLYAMECYG ~ No Matter Who You Are Or What You Do – There Likely Are At Lest A Few Things You Would Rather Keep Out Of The Reach Of A Random Stranger Or Someone Who Doesn’t Like You And Might Enjoy Causing You Grief

~ HI-TET-FC-A-I-PAI-E-THETD-S-A-AS-IOT-MAJT ~ Humans In – The Early Twenty-First Century – Are – Ill-Prepared And Ill-Equipped – To Have Everything They Do – Surveilled – Analyzed – And Stored – In Order To – Manipulate And Judge Them

~ AT-A-TMODW-T-I-C-H-S-JIT-DR-DR-DE ~ A Tried-And-True Method Of Dealing With – Trolls – Is – Cold – Hard – Silence – Just Ignore Them – Don’t React – Don’t Reply – Don’t Engage

~ DBD ~ Defined By Data

~ E-BPT ~ Emotion-Based Precision Targeting

~ ASMUABUAGP ~ All Social Media Users Are Being Used As Guinea Pigs

~ TDYSMI-VIS ~ Trim Down Your Social Media Identity – Vague Is Safer

~ AQ-NBYOICATN-B-BWNTBTATN ~ Ask Questions – Not Because You Or I Can Answer Them Now – But – Because We Need To Be Thinking About Them Now

~ WCLTI-GTW-O-W-DACTBTAU ~ We Can’t Let – The Internet – Go To Waste – Or – Worse – Degrade And Corrupt The Best Things About Us

JOSEPH HEATH ~ FILTHY LUCRE ~ 2009

~T-S&F-O-TWS-HFB-TLATR-TWVBP-TRACCOTITAOTSTA-TLHBFTGUO-C-W-TRHBFTGUO-L ~ The – Successes And Failures – Of – The Welfare State – Have Forced Both – The Left And The Right – To Swallow Very Bitter Pills – To Renounce A Core Component Of The Ideologies That At One Time Set Them Apart – The Left Has Been Forced To Give Up On – Communism – While – The Right Has Been Forced To Give Up On – Libertarianism

~ C:TSSDE-L:TSSDN-BIANTD ~ Communism: The State Should Do Everything – Libertarianism: The State Should Do Nothing – Both Ideas Are Now Thoroughly Discredited

~ TCO-C-I-OC-SBK-BIMFBT-B-TCO-L-ITTCWJAC ~ The Collapse Of – Communism – Is – Of Course – Somewhat Better Known – Because It Made For Better Television – But – The Collapse Of – Libertarianism – In The Twentieth Century Was Just As Complete

~ AWBO-II-JDAUTO-GI ~ A Whole Bunch Of – Individual Interest – Just Don’t Add Up To One – Group Interest

~ DHTSO-PONT-‘VH’-OGTSI-IOTGETAIAWTAPTCO ~ Despite Having The Same Objectives – People Often Need The – “Visible Hand” – Of Government To Step In – In Order To Get Everyone To Act In A Way That Actually Promotes Their Common Objectives

~ SWNTHA-S-YCGAMEOOS-IA-WIR-AWS-ICP-IAHEA-T-PPP-ETVOE-A-TEF-TEA-MRN-ISCSBATTHB ~ So We Need To Have A – State – You Can’t Get A Market Economy Out Of Self-Interest Alone – What Is Required – And What Self-Interest Cannot Provide – Is An Honest Enforcement Agency – To – Protect Private Property – Ensure The Voluntariness Of Exchange – And – To Enforce Contracts – This Enforcement Agency – Must Remain Neutral – Its Services Cannot Simply Be Available To The Highest Bidder

~ IYLATLOSPBTGTETSFOTCE-OJTMLEFI-TRIPI ~ If You Look At The List Of Services Provided By The Government To Ensure The Smooth Functioning Of The Capitalist Economy – Or Just To Make Life Easier For Investors – The Range Is Pretty Impressive

~ TITBSBATRCTTGETTGROIRN-AAR-TSSESEPTIOCT-SPFC ~ The Idea That Businesspeople Should Be Able To Run Crying To The Government Every Time They Get Ripped Off Is Relatively New – As A Result – The State Spends Enormous Sums Essentially Protecting The Integrity Of Commercial Transactions – Social Programs For Capitalists

~ TCT-‘LG-A-‘LF’C-TOTBNSM-APDOIL-A-AAPOTIOTWMTI’LG’-TBACT ‘KTPTBTW-SEE’-ATSDQAAPP ~ The Commitment To – “Limited Government” – And – “Laissez-Faire” Capitalism – Turns Out To Be Not So Much – A Principled Defense Of Individual Liberty – As – An Arbitrary Privileging Of The Interests Of Those With Money To Invest – “Less Government” – Therefore Becomes A Call To – “Keep Those Programs That Benefit The Wealthy – Scrap Everything Else”

~ IM-EWTD ~ Incentives Matter – Except When They Don’t

~ EAFFBTAHAI-MBS-I-TSTDRBT-WTDBITAHAI-U-AAR-TWUIFSAOHPMD ~ Economists Are Famous For Believing That All Human Action Is – Motivated By Self-Interest – Technically Speaking They Don’t Really Believe This – What They Do Believe Is That All Human Action Is – Unprincipled – As A Result – They Wind Up Ignoring Fairly Significant Aspects Of How People Make Decisions

~ SS-WTMSAC-‘S’-WTWTIAASCT-‘E’ ~ Social Scientists – Who Take Morality Seriously Are Called – “Sociologists” – Whereas Those Who Think It’s All A Scam Call Themselves – “Economists”

~ TFIT-PACNOWTCOTA-BAWTPTGT ~ The Fact Is That – People Are Concerned Not Only With The Consequences Of Their Actions – But Also With The Principles That Govern Them

~ PANATWESTS ~ People Almost Never Act The Way Economist Say They Should

~ TFITKOTTEHTTSIPB-OD-A-TKOTTEHTTSIPB-OD ~ The Fact Is The Kinds Of Things That Economists Have Traditionally Thought Should Influence People’s Behavior – Often Don’t – And – The Kinds Of Things That Economist Have Traditionally Thought Shouldn’t Influence People’s Behavior – Often Do

~ EIB-PHATTOTIOEIIMHC ~ Extrinsic Incentive Bias – People Have A Tendency To Overestimate The Importance Of External Incentives In Motivating Human Conduct

~ IANTOTTM-IAOIC ~ Incentives Are Not The Only Things That Matter – Incentives Are Often Incredibly Complex

~ YPPIM-CP-ATCOT-‘LOE’-BU-WOIAHEAAB ~ Yet People Persist In Making – Confident Predictions – About The Consequences Of The – “Laws Of Economics” – Based Upon – Wildly Oversimplified Ideas About How Economic Actors Actually Behave

~ THBASMT-S-C-BE-WTP-TA-ATNS-PALMAT-HPAB ~ There Has Been A Significant Move Toward – So-Called – Behavioral Economics – Within The Profession – This Approach – As The Name Suggests – Pays A Lot More Attention To – How People Actually Behave

~ TAASO-‘IH’-AWITITGODL-MOWHNTDWTM ~ There Are All Sorts Of – “Invisible Hands” – At Work In The Institutions That Govern Our Daily Lives – Many Of Which Have Nothing To Do With The Marketplace

~ TS-IF-PETSAOWA-TM-WITS-IP-NAA-P-PW-A-PCW ~ The State – In Fact – Produces Exactly The Same Amount Of Wealth As – The Market – Which Is To Say – It Produces – None At All – People – Produce Wealth – And – People – Consume Wealth

~ I-SA-TS-O-TM-NPNCA-TSCMTWPCTPACOW ~ Institutions – Such As – The State – Or – The Market – Neither Produce Nor Consume Anything – They Simply Constitute Mechanisms Through Which People Coordinate Their Production And Consumption Of Wealth

~ ALOEIERAFTTTTEIATTWP ~ A Lot Of Errors In Economic Reasoning Arise From The Tendency To Treat Economic Institutions As Though They Were People

~ PWAF-TSOPOPPOTGO-C-OOTAOCTAEI-PM-WUTAOCTEI-TPS ~ People Who Argue For – The Superiority Of Private Over Public Provision On The Grounds Of – Choice – Often Overstate The Amount Of Choice That Actually Exists In – Private Markets – While Understating The Amount Of Choice That Exists In – The Public Sector

~ MOTSMAIATWTTOA – ‘S’ – HALMTDW-RP-TW-E-O-DJ-AICWTMSIGPIR-IIUBTATPIW-WEG-NW-LROI ~ Many Of The Social Movements And Institutional Arrangements That We Traditionally Think Of As – “Socialist” – Have A Lot More To Do With – Risk-Pooling – Than With – Equality – Or – Distributive Justice – And In Cases Where These Movements Succeed In Generating Permanent Institutional Reform – It Is Usually Because The Arrangements They Promote Involve Win-Win Efficiency Gains – Not Win-Lose Redistributions Of Income

~ FWPHNTRI ~ Fiddling With Prices Has Nothing To Recommend It

~ C-DHALTTILTIT-B-TSD-P ~ Corporations – Do Have A Lamentable Tendency To Ignore Laws That Inconvenience Them – But – Then So Do – People

~ WMSTSIV-RTJIV-ICHTEOSUTEE ~ When Money Starts To Seem Intrinsically Valuable – Rather Than Just Instrumentally Valuable – It Can Have The Effect Of Seizing Up The Entire Economy

~ PDI-OOTMISPFC-EETPOROOCB ~ Public Deposit Insurance – One Of The Most Important Social Programs For Capitalists – Essentially Eliminated The Problem Of Runs On Ordinary Commercial Banks

~ TR-IN-C-IIS ~ Tax Revenue – Is Not – Consumed – It Is Spent

~ TQI-H-TM-ITB-M-HIAHTSITB-A-HTBABOCATBD ~ The Question Is – How – The Market – Is To Be – Managed – How Inclusive And Humane The System Is To Be – And – How The Benefits And Burdens Of Cooperation Are To Be Distributed

~ U-PNTWT-AWIAOOTMISOICAD ~ Ultimately – People Need To Work Together – And Wage Inequalities Are One Of The Most Important Sources Of Internal Conflict And Dissension

~ FAETOTGITFOE-BPFTA-C-WITFTEDUEE ~ Fallacies Are Especially Thick On The Ground In The Field Of Economics – Because People Fail To Appreciate – Complexity – We Ignore The Fact That Everything Depends Upon Everything Else

~ MBR-PA ~ Mutually Beneficial Risk-Pooling Arrangements

JOSEPH HEATH ~ WHO SHALL WE SAY IS RESPONSIBLE? ~ FILTHY LUCRE ~ 2009

~ T-C-W-BAHTS/HCNA? ~ The – Consumer – Who – Bought A House That She/He Could Never Afford?

~ TB-W-L-TM? ~ The – Bank – Who – Lent – The Money?

~ T-I-W-WTATLIWMTBTLI? ~ The – Investor – Whose – Willingness To Assume The Loan Is What Motivated The Bank To Lend It?

~ T-IC-W-WTUTCRIWMTITATL? ~ The – Insurance Company – Whose – Willingness To Underwrite The Credit Risk Is What Motivated The Investor To Assume The Loan?

~ T-G-WDBT-MTICSASMTCSP? ~ The – Government – Which Didn’t Bother To – Make These Insurance Companies Set Aside Some Money To Cover Such Policies?

~ TYP-TPIT-EDSW ~ Take Your Pick – The Point Is That – Everyone Did Something Wrong

~ T-S-T-LICU-TS-IOT-ETMH ~ The – Solution – Therefore – Lies In Cleaning Up – The System – In Order To – Eliminate The Moral Hazards

JOSEPH HEATH ~ FOUR BIG IDEAS ~ FILTHY LUCRE ~ 2009

~ TA-FBI-YNTKIM-WYTA-‘S’:PAS/TIOE/EDUEE/CTHTAU ~ There Are – Four Big Ideas – You Need To Keep In Mind – Whenever You Think About – “Society”: People Aren’t Stupid / The Importance Of Equilibrium / Everything Depends Upon Everything Else / Certain Things Have To Add Up

~ PAS-YNTRTEEIPASAW-TMNBDAGJOI-B-TADI-A-IOFYPASTWO-YGTHTTTIC-ECT-TSDOSA ~ People Aren’t Stupid – You Need To Remember That Everyone Else Is Planning And Scheming As Well – They May Not Be Doing A Great Job Of It – But – They Are Doing It – And – In Order For Your Plans And Schemes To Work Out – You’re Going To Have To Take Theirs Into Consideration – Economists Call This – The Strategic Dimension Of Social Action

~ TIOE-UAAOTHNTTC-BPATBIRTCITE-YCPWTGTDJBLAWTACD-YHTFOHTGTRTTC-AWTRIGTCFC-ASO ~ The Importance Of Equilibrium ~ Understood As An Outcome That Has No Tendency To Change – Because People Adjust Their Behavior In Response To Changes In Their Environment – You Can’t Predict What They’re Going To Do Just By Looking At What They Are Currently Doing – You Have To Figure Out How They’re Going To Respond To The Change – And Whether This Response Is Going To Cause Further Changes – And So On

~ EDUEE-BTATALOQRDDUTATALOOQ-WSHAWWTCIE-WHTMSTWTTBFE ~ Everything Depends Upon Everything Else – Because The Answers To A Lot Of Questions Really Do Depend Upon The Answers To A Lot Of Other Questions – Whenever Something Happens And We Want To Consider Its Effects – We Have To Make Sure That We’re Tracing Them Back Far Enough

~ CTHTAU-ETSSS-SEMBS-BTOWTSSITSITSE ~ Certain Things Have To Add Up – Every Time Someone Sells Something – Someone Else Must Buy Something – Because The Only Way To Sell Something Is To Sell It To Someone Else

NICHOLAS DUNBAR ~ THE DEVIL’S DERIVATIVES ~ 2011

~ RTDIA ~ Ready To Do It Again

~ TBAHFMCTB ~ The Bankers And Hedge Fund Managers Celebrating Their Bonuses

~ TBTMBS ~ The Bets That Made Banking Sexy

~ IWCA-CDS-RTBLT-CM-IR-S-O-C-TDWLT-UFD:TDOLOB-IWABLBIPOSEL-TCOPFRNHAQPTCBTED ~ It Was Called A – Credit Default Swap – Rather Than Being Linked To – Currency Markets – Interest Rates – Stocks – Or – Commodities – These Derivatives Were Linked To – Unmitigated Financial Disaster: The Default Of Loans Or Bonds – It Was A Bit Like Buying Insurance Policy On Someone Else’s Life – The Cost Of Protection From Risk Now Had A Quantifiable Price That Could Be Traded Every Day

~ T-S-S-D-O-H-T-LB ~ The – Sad – Strange – Death – Of – Hate-To-Lose Banking

~ TFAOR ~ The False Apostles Of Rationality

~ BRTMTT ~ Bending Reality To Match The Textbook

~ AD-SHIYL ~ A Derivatives-Shaped Hole In Your Life

~ A-FL-W-PF ~ A – Free Lunch – With – Processed Food

~ TDAEMP ~ The Debt And Equity Morality Play

~ BATG ~ Barbarians Among The Gatekeepers

~ STU ~ Selling The Unsellable

~ RC ~ Regulatory Capture

~ PTB ~ Passing The Bucks

~ ‘SI’/’LD’-’LL’ ~ “Stated Income” / “Limited Documentation” – “Liar Loans”

~ P-T-EL ~ Primed-To-Explode Loans

~ A-BCDS ~ Asset-Backed Credit Default Swaps

~ NINJA ~ No Income / No Job / No Assets

~ TF-SMOTFSWNOACOMA ~ The Full-Scale Meltdown Of The Financial System Was Now Only A Couple Of Months Away

~ BITS ~ Banking In The Shadows

~ T-S-I-WL-R-AM-S-DITE-‘R’-FESOTIP ~ The – Self-Interest – Was Less – Rational – And More – Selfish – Driving Individuals To Extract – “Rent” – From Each Step Of The Innovation Process

~ BBPM ~ Banking By Photocopy Machine

~ TCOASA-H/L/U-O-TBG-TF-WAYU ~ The Consequences Of Allowing Such A – Huge / Leveraged / Unregulated – Off-Track Betting Game – To Flourish – Were As Yet Unimagined

~ PGTB ~ Pop Goes The Bubble

~ MCD ~ Massive Collateral Damage

~ ‘STBYOV…’ ~ “Sorry To Bother You On Vacation…”

~ CITS ~ Cracks In The Street

~ L-A-D-O-PD ~ Life – And – Death – On – Planet Derivative

~ WHBMRBIU-BPHOBODITS-GQTWOU-APU-PD ~ What Had Been Measurable Risk Became Immeasurable Uncertainty – By Pouring Hundreds Of Billions Of Dollars Into The System – Governments Quenched The Wildfire Of Uncertainty – And Propped Up – Planet Derivative

~ JTATOTB ~ Just Throw A Tarp Over The Body

~ ASOILADMAAD-AOTUPUBTG-PFBT ~ A Series Of Increasingly Large And Desperate Merger And Acquisition Deals – All Of Them Ultimately Propped Up By The Government – Paid For By Taxpayers

~ BHMHRC ~ But How Much Has Really Changed?

~ UB ~ Unchastened Banks

~ TM-NCTATBRIB ~ The Multi-Nationals Continue To Argue That Bigger Really Is Better

~ DS(M)U-THITTRATHT-TOIP-TCOC-TUATWOC ~ Derivatives Still (Mostly) Unbound – The Huge Incentives To Take Risks And Then Hedge Them – The Opacity In Pricing – The Contagion Of Collateralization – The Uncertainty About The Web Of Counterparties

~ BB ~ Buyers Beware