TIM WU ~ THE ATTENTION MERCHANTS ~ 2016

~ TWOATW-WBCOTL-MPOL-H/S/SI-AT-WS-SFAAC-WHCTAAVDWOB-WNEBOOLICETTEICB ~ There Was Once A Time When – Whether By Convention Or Technological Limitation – Many Parts Of Life – Home / School / Social Interaction – Among Them – Were Sanctuaries – Sheltered From Advertising And Commerce – We Have Come To Accept A Very Different Way Of Being – Whereby Nearly Every Bit Of Our Lives Is Commercially Exploited To The Extent It Can Be

~ WAAR-WQFRI-O-LLTALOOTWI ~ We Are At Risk – Without Quite Fully Realizing It – Of – Living Lives That Are Less Our Own Than We Imagine

~ ITHOACTUAIIT-TLAOT-A-WR-R-S-I ~ If The History Of Attention Capture Teaches Us Anything It Is That – The Limits Are Often Theoretical – And – When Real – Rarely – Self-Imposed

~ ARA-O-ATSOH-I-O-CTD ~ As Remarkable As – Our – Ability To See Or Hear – Is – Our – Capacity To Disregard

~ BTDAUIBTNC-MPPHNNTITG ~ Before The Democratic Age Ushered In By The Nineteenth Century – Most Political Powers Had No Need To Influence The Governed

~ TTSUTS-PM-ASRUT-EI-TSDODABSIPI ~ The Techniques Successfully Used To Sell – Patent Medicine – Are Still Routinely Used Today – Exotic Ingredients – The Supposed Degree Of Difference Afforded By Some Ingenious Proprietary Innovation

~ FAOSRATA-PF-STTCOMT-REITHP-AOTATAI ~ For All Our Secular Rationalism And Technological Advances – Potential For – Surrender To The Charms Of Magical Thinking – Remains Embedded In The Human Psyche – Awaiting Only The Advertiser To Awaken It

~ TCOAPDOAR ~ The Complicity Of A Press Dependent On Advertising Revenue

~ SA: CTDFPTOMNE-‘DE’+TRNDO-‘B’-CL-BCTI-VON-TSTSIAFOLI=TFDO-‘T’-A-ATTYMBIS-ANCKA-TFC ~ Scientific Advertising: Creating The Desire For Products That Otherwise Might Not Exist – “demand Engineering” + The Relatively New Discipline Of – “Branding” – Creating Loyalty – By Creating The Impression – Valid Or Not – That Something Truly Set It Apart From Others Like It + The First Deployment Of – “Targeted” – Advertisements – Addressed To The Yet Mysterious But Increasingly Sought-After New Creature Known As – The Female Consumer

~ DWEBSNSMTTPWSTPBTTPEAA ~ Demand Was Engineered By Showing Not So Much That The Product Would Solve The Problem But That The Problem Existed At All

~ TMOPFFP ~ The Manipulation Of Public Fears For Profit

~ GFBTQOUOEQAAMOBD-ABTIPWTAATCCIW ~ Going Far Beyond The Question Of Usefulness Or Even Quality As A Matter Of Brand Development – Advertisers Began To Imbue Products With Traits And Associations That Consumers Could Identify With

~ CE ~ Celebrity Endorsements

~ TIV-‘S’-T-TAIHBAIEEFCAIR-IDSBBINFPO-GC-PW-ACRITSA-PSPHADS-BN-NSOACWDSITSOC-AIMIAUFTSC ~ Through Its Variously – “Scientific” – Techniques – The Advertising Industry Had Become An Increasingly Efficient Engine For Converting Attention Into Revenue – It Did So By Beginning Its Now Familiar Practice Of – Giving Consumers – Particularly Women – A Constantly Receding Ideal To Strive After – Perhaps Social Practice Had Always Done So – But Now – New Strategies Of Attention Capture Were Doing So In The Service Of Commerce – An Infinitely More Insatiable And Unyielding Force Than Social Convention

~ TMEBA-DNTTCYTMAC-B-RTCYTTINC-TBA-ITAENSMTPATC-AIMS-ICA-PC-WLCBIB-MI ~ The Most Effective Brand Advertising – Does Not Try To Convince You To Make A Choice – But – Rather To Convince You That There Is No Choice – True Brand Advertising – Is Therefore An Effort Not So Much To Persuade As To Convert – At Its Most Successful – It Creates A – Product Cult – Whose Loyalists Cannot Be Influenced By – Mere Information

~ BMONT-AAIM-C-WEWHBFMOAMS-TH ~ By Means Of New Technologies – Advertising And Its Master – Commerce – Would Enter What Had Been For Millennia Our Attention’s Main Sanctuary – The Home

~ R-‘S’-I-15MS-TAOTS-TPO-AEO-TBIGAWTHAEAUMBTBOEPATOA-BTP-RWHITAAEDNM ~ Radio – “Serial” – In – 15 Minute Instalments – The Ancestor Of The Sitcoms – The Power Of – An Entertainment Offering – To Bring In Giant Audiences Willing To Hear Advertising Effected An Unlikely Merger Between The Business Of Entertainment Producers And That Of Advertisers – Before This Point – Received Wisdom Had It That Advertising And Entertainment Did Not Mix

~ HPTFITEH-BWPTCOPOTDLWAAYU-R-STWFSWDSO-TWAHWLTD-TTATMCTHBS ~ Having Planted The Flag In The Evening Hours – Broadcasters Would Proceed To Colonize Other Parts Of The Day Laden With Attention As Yet Un-Reaped – Soon They Would Find Success With Daytime Soap Operas – Targeting Women At Home With Little To Do – Thanks To All The Modern Conveniences They Had Been Sold

~ TIO-PT-IAWAI-EF-TSD-BWWPAT-TNFOAEPLTTSSATSTEDCNHBC-ANDOSA-ESI-PT-W(ATALDR)AMROCA-AFDPT ~ The Invention Of – Prime Time – Insofar As We Are Influenced – Even Formed – To Some Degree – By Whatever We Pay Attention To – The Novel Fact Of An Entire Population Listening To The Same Show At The Same Time Every Day Could Not Help But Create – A New Degree Of Shared Awareness – Even Shared Identity – Prime Time – Was (And To A Lesser Degree Remains) A Massive Ritual Of Collective Attention – A Force Drawing People Together

~ BR-W-IIED-TOAAMOS-A-SABR-TOTBFOCI-IWTBFT-E-E-A-E-OT-P

~ Broadcast Radio – Was – In Its Early Days – Thought Of As A Miracle Of Science – A – Sacred And Blessed Realm – That Ought Be Free Of Commercial Intrusion – It Was To Be For The – Education – Entertainment – And – Enlightenment – Of The – Public

~ QMOAC-ATBTPAMAVOTA ~ Quantitative Measure Of Attention Capture – Allowed The Broadcaster To Put A More Accurate Value On The Airtime

~ C-MBTCOIF-B-ATHOHS-TUTSTSLATTTSCBJAU-INMS-TPAAHAUT ~ Choice – May Be The Cornerstone Of Individual Freedom – But – As The History Of Humanity Shows – The Urge To Surrender To Something Larger And To Transcend The Self Can Be Just As Urgent – If Not More So – The Greatest Propagandists And Advertisers Have Always Understood This

~ ATIPOTMSWBITH-SCASTIMBAFFGON-JWUWTAGBTBPT? ~ As The Immersive Power Of The Movie Screen Was Brought Into The Home – Some Could Already See That It Might Be A Force For Greatness Or Nothingness – Just What Uses Would The Attention Gathered By Television Be Put To?

~ TTTEOT-PIM-BWFTAWST ~ Thanks To The Erosion Of The – Public Interest Model – Broadcasters Were Free To Air What Suited Them

~ AI-OC-HASO-N ~ All Individualism – Of Course – Harbor A Strain Of – Narcissism

~ TAEI ~ Technology Always Embodies Ideology

~ TDTIOCOOAWSHTVOE ~ Technologies Designed To Increase Our Control Over Our Attention Will Sometimes Have The Very Opposite Effect

~ TTS ~ The Third Screen

~ TMEWOMABINWACPR-B-RWWIT-‘VR’-TI-RTVITFOM-BCRIIFMPT-‘E’-TBIR ~ The Most Effective Way Of Maintaining A Behaviour Is Not With A Consistent Predictable Reward – But – Rather With What Is Termed – “Variable Reinforcement” – That Is – Rewards That Very In Their Frequency Or Magnitude – Behavior Consistently Rewarded Is In Fact More Prone To – “Extinction” – Than Behaviour Inconsistently Rewarded

~ E-A-OOHGFOMSC-TAPO-C-I-TRCHA ~ Email – Arguably – One Of History’s Greatest Feats Of Mass Skinneresque Conditioning – The Almighty Power Of – Check-In – To Regularly Collect Human Attention

~ TPOTAMIR-FICCFCIQAE ~ The Path Of The Attention Merchants Is Risky – For It Can Call For Compromises In Quality And Ethics

~ T-C-I-C ~ The – Celebrity-Industrial – Complex

~ C-A-P-E ~ Celebrity-Attention-Product-Endorsers

~ PV ~ Pathology Voyeurism

~ HCE ~ Here Comes Everyone

~ AVAP ~ A Virtual Attention Plantation

~ TIOBM ~ The Importance Of Being Microfamous

~ TD-L ~ The D-List

~ TFSATMON ~ The Fourth Screen And The Mirror Of Narcissus

~ TAMMD-FNO-WTG-YSG-T-A-OC-TA ~ The Attention Merchant’s Manifest Destiny – From Now On – Whither Thou Goest – Your Smartphone Goes – Too – And – Of Course – The Ads

~ OTCC-TMVHR-INO-CAP-ILTB-OOCAMS ~ Over The Coming Century – The Most Vital Human Resource – In Need Of – Conservation And Protection – Is Likely To Be – Our Own Consciousnesses And Mental Space

SIVA VAIDHYANATHAN ~ ANTISOCIAL MEDIA ~ 2018

~ TA-TD-TTO-TIG-TP-A-TIT-SARTTT:TSIABTP-ITCGTROUSTFOB-THATG ~ The Autocrat – The De-Territorialzied Terrorist Organization – The Insurgent Group – The Prankster – And – The Internet Troll – Share A Relationship To The Truth: They See It As Beside The Point – If They Can Get The Rest Of Us Scrambling To Find Our Balance – They Have Achieved Their Goals

~ ‘ML’-ATWCEAOWTTM ~ “Media Literacy” – Assume That We Could Even Agree On What That Term Means

~ U-TOUWWFA-HPC-WHT-SOI-SA-L-S-U-A-CSO-TMOREWKAC ~ Ultimately – Those Of Us Who Wish For A – Healthier Public Culture – Will Have To – Strengthen Other Institutions – Such As – Libraries – Schools – Universities – And – Civil Society Organizations – That Might Offer Richer Engagement With Knowledge And Community

~ WMSOCT-WMSAT ~ We Must Sharpen Our Critical Tools – We Must Stop And Think

~ I-COA-METTTTPUTBHAMETTTCUAOU-MOWWE-IMOORAI-LUTB-S-F-A-A-E-YWKCB-A-WCSTQ ~ It – Captures Our Attention – Maximize Exposure To The Things That Push Us To Be Happier And Minimize Exposure To Things That Cause Us Anxiety Or Unhappiness – Much Of What We Encounter – Including Many Of Our Responses And Interactions – Leads Us To Be – Sad – Frustrated – Angry – And – Exhausted – Yet We Keep Coming Back – And – We Can’t Seem To Quit

~ DTB-H-F-LA-SB-ICUBIR-T-I-C-L-L-F

~ Designed To Be – Habit-Forming – Like A – Skinner Box – It Conditions Us By Intermittent Reinforcement – Through – Instant – Constant – Low-Level – Feedback

~ WHSAPOCATWAWVAADGM-ATVMT-OADMHCTO-OH-OM-OW-OFO-A-OM ~ We Have Seen A Proliferation Of Casinos Across The World Along With Video And Algorithmically Driven Gambling Machines – At The Very Movement That – Other Algorithmically Driven Machines Have Come To Occupy – Our Hands – Our Minds – Our Time – Our Work – Our Family Obligations – And – Our Money

~ WFCIDO-TM-WPTBWWWPAS ~ We Find Comfort In Declaring Our – Tribal Membership – We Perform Tribal Membership With What We Post And Share

~ AFFT ~ A Forum For Tribalism

~ APM-BA-AAM-AAM-A-A-RM ~ A Pleasure Machine – But Also – An Anxiety Machine – An Anger Machine – And – A – Resentment Machine

~ SS-PO-IPS-TCBS ~ Surveillance System – Part Of – Its Pleasure System – They Cannot Be Severed

~ TMPSSITHOTW ~ The Most Pervasive Surveillance System In The History Of The World

~ CSOIUOBOIAC ~ Commercial Surveillance Of Its Users On Behalf Of Its Advertising Clients

~ S-AL-M-A-A-TSDAJ-T-GCOHAPEAC-SCU-BPT-I-GDTROCTG ~ States – Authoritarian Leaders – Monitor – Activity – And – Track Suspected Dissidents And Journalists – They – Generate Campaigns Of Harassment Against Perceived Enemies And Critics – States Can Use – Bogus Profiles To – Infiltrate – Groups Devoted To Reforming Or Challenging The Government

~ DCISCAETIUTJAPWATDMGI-FAS-CFAAQL ~ Data Collection Is So Cheap And Easy That It’s Unnecessary To Judge A Priori What Among The Data Might Be Important – Firms And States – Collect First And Ask Questions Later

~ TC:AIIEOMCASS ~ The Cryptopticon: An Inscrutable Information Ecosystem Of Massive Corporate And State Surveillance

~ TWOTCA-C-H-S-AM-OCNBSWIWWAFWP ~ The Workings Of The Cryptopticon Are – Cryptic – Hidden – Scrambled – And – Mysterious – One Can Never Be Sure Who Is Watching Whom And For What Purpose

~ TLBSACSHMA-ASSSRRSDSOPMAHJBAFOBLTDOTOM ~ The Line Between State And Commercial Surveillance Hardly Matters Anymore – A State Security Services Regularly Receive Significant Data Sets On People’s Movement And Habits Just By Asking For Or By Licensing The Data On The Open Market

~ WSPETAO(P)N-T-ACMS-TWFTWOICDAPPATNFCNTUTCG ~ We So Precipitously Entered The Age Of (Potentially) Near-Total And Continuous Mutual Surveillance – That We Failed To Weigh Our Individual Consumer Desires And Personnel Predilections Against The Need For Certain Norms To Uphold The Common Good

~ OPADUDNMITAE-TAIAD ~ Our Privacy And Dignity Ultimately Do Not Matter In The Attention Economy – They Are Inconvenient And Disposable

~ TAE ~ The Attention Economy

~ TVONBFRHACOAFTBT ~ The Virtues Of Not Being Famous Rarely Have A Champion Or A Fairy Tale Behind Them

~ TMWS-GOS-PADOTA-TMWGATTH ~ The More Time We Spend – Grooming Our Self-Presentation And Declaring Our Tribal Affiliations – The More We Grow Acculturated To This Habit

~ WMHR-‘PA’ ~ We May Have Reached – “Peak Advertising”

~ PDIP ~ Personal Data Into Propaganda

~ TGS ~ The Great Scramble

~ ‘R’-HNRT-TH-TE-TM-TE-O-TT ~ “Relevance” – Has No Relationship To – The Helpful – The Enlightening – The Moral – The Educational – Or – The True

~ SIESPC ~ Specializing In Ethically Suspect Paid Content

~ JIFTBTSI-A-TINJCDAI ~ Journalism Is Feeding The Beast That Starves It – And – There Is Nothing Journalists Can Do About It

~ FAGAQLTHOC-T-R-C-A-W-TAFON-TNAIATHEITAU-MPM-C-HS-O-P-CHOBDADSODF ~ Firms And Governments Are Quickly Learning The Hazards Of – Connecting – Thermostats – Robots – Cars – And – Watches – To A Fairly Open Network – These Networks Are Insecure And The Humans Embedded In Them Are Undependable – Malevolent Political Movements – Criminals – Hostiles States – Or – Pranksters – Can Hijack Or Bring Down A Delicate System Of Data Flows

~ LWATS-WSTTAMA-INMT-TSU ~ Like With Any Technological System – We Shape These Technologies As Much As – If Not More Than – They Shape Us

~ DI ~ Digital Imperialism

~ DBV-C-RT-P-BTF-A-M-RT-EAL-BTAOP ~ Dollars Became Votes – Commerce – Rather Than – Politics – Became The Forum – And – Markets – Rather Than – Elections And Legislatures – Became The Aggregators Of Preferences

~ IA-GAC-LIVAODOI-TBU-T-LC-A-I-AF-TIICW-D-DS-SMTBU-A-TLWCCLAUAC ~ If A – Global Advertising Company – Leverages Its Vast Array Of Dossiers On Its – Two Billion Users – To – Limit Competition – And – Invite – Antidemocratic Forces – To Infest Its Channels With – Disinformation – Democratic States – Should Move To Break It Up – And – To Limit What Companies Can Learn And Use About Citizens

~ BE ~ Be Evil

~ BTEO-2010-TITSMW-RR-SABAT-A-UDP-W-ATISOE ~ By The End Of – 2010 – The Idea That Social Media Would – Revolutionize Revolutions – Strike A Blow Against Tyranny – And – Unleash Democratic Participation – Was – A Theory In Search Of Evidence

~ T-N-A-IOPHOT-T-A-T-TLWIAI ~ Techno-Narcissism – Assumes – If Only People Had Our Tools – Toys – And – Techniques – Their Lives Would Improve Almost Instantly

~ D-CG ~ Democracy-Colored Glasses

~ ITHO-PM-NMWAI-YSCODTTO ~ In The History Of – Protest Movements – New Media Were Always Important – Yet Seldom Crucial Or Determinative To Their Outcomes

~ P-Q-CQC? ~ Psychographics – Qu’est-Ce Que C’est?

~ TDAOP ~ The Dark Arts Of Psychometrics

~ PE-TPOHDAC-A-GATTEFROTMLTBMBTM ~ Political Engineering – The Process Of Harvesting Data About Citizens – And – Generating Algorithmic Tools That Efficiently Focus Resources On Those Most Likely To Be Moved By Tailored Messages

~ M-HCFSL-P-TSL-E-SH-P ~ Marketing – Has Changed From Something Like – Poetry – To Something Like – Engineering – So Has – Politics

~ TCOPHBC:EOUIAWACOPIGFUAOIGRTGFO-C-N-O-W ~ The Culture Of Politics Has Become Customized: Each Of Us Is Asked Whether A Candidate Or Platform Is Good For Us And Our Immediate Gratification Rather Than Good For Our – Community – Nation – Or – World

~ C-G-‘T’-ATMILWCR-BI-C-C-A-C ~ Citizenship – Grows – “Thin” – As Too Much Information Lies Within Convenient Reach – But Is – Cacophonous – Confusing – And – Contradictory

~ NO-TR-WDIH-OU-O-HIUTD ~ No Obligation – To Reveal – What Data It Has – On Us – Or – How It Uses Those Data

~ WW-MACOT-A-WIIRACIOLWCOTL-TC-WMFOO ~ When We – Make A Cult Of Technology – And – Welcome Its Immediate Rewards And Conveniences Into Our Lives Without Consideration Of The Long-Term Costs – We Make Fools Of Ourselves

~ WHB-D-PFA-D-A-D ~ We Have Become – Data-Producing Farm Animals – Domesticated – And – Dependent

~ ‘TI’-A-ID ~ “The Internet” – And – Its Discontents

~ IWAGT-R-TRIO-A-ROIE-WMDIS-TGD-Q ~ If We Are Going To – Resist – The Rising Illiberal Oliopoly – And – Reform Our Information Ecosystem – We Must Do It Soon – It’s Getting Dark – Quickly

MARIANA MAZZUCATO ~ THE VALUE OF EVERYTHING ~ 2018

~ ILPV-WWLCTLIPAM?-IFDNCV-HDTBSR? ~ If Labour Produced Value – Why Was Labour Continuing To Live In Poverty And Misery? – If Financiers Did Not Create Value – How Did They Become So Rich?

~ TLTOVDWN-TEOANSOITITEAT-VWNIOCOP-T-CE-LTCTAND-TN ~ The Labour Theory Of Value’s Days Were Numbered – The Emergence Of A New Set Of Ideas That Inverted The Earlier Argument That – Value Was Nested In Objective Conditions Of Production – The – Classical Economists – Lost Their Crown To A New Dynasty – The Neoclassicals

~ T-MUTOV-STAIIRFAPU ~ The – Marginal Utility Theory Of Value – States That All Income Is Reward For A Productive Undertaking

~ TMCIAT-S-O-GAA-WBM-PB-MAM-TNAMVOP-LT-COCB-BTFATSC-B-LOUFSB-TCO-IU-WHTIW-NAGOB-B-HCGCBRTEITTMTBTHOH ~ The Medieval Church Inveighed Against The – Sin – Of – Greed And Avarice – Which Broadly Meant – Profiteering By – Middlemen And Moneylenders – This Normative And Moral View Of Price – Linked To – Cheating Or Criminal Behaviour – Began To Fade After The Seventeenth Century – But – Lingered On Until Firmly Supplanted By – The Concept Of – Individual Utility – Which Held That It Was – Not About Good Or Bad – But – How Common Goals Could Be Reached Through Each Individual Trying To Maximize The Benefit To His- Or Herself

~ TN-VT-M-IBOTNO-UAS-AI-S:TVOTIMBTUTTC-TI-T-N-‘O’-SOV-SUMVBIAADT-TUDATAOATTIHOCI-P-TR-T-U-T-BGFT-TSTA-THT-MU-TMCWBWTPFT ~ The – New – Value Theory – Marginalism – It Is Based On The Notions Of – Utility And Scarcity – And Is – Subjective: The Value Of Things Is Measured By Their Usefulness To The Consumer – There Is – Therefore – No – “Objective” – Standard Of Value – Since Utility May Vary Between Individuals And At Different Times – This Utility Decreases As The Amount Of A Thing That Is Held Or Consumed Increases – Prices – Then – Reflect – The – Utility – That – Buyers Get From Things – The Scarcer They Are – The Higher Their – Marginal Utility – The More Consumers Will Be Willing To Pay For Them

~ TPAWACMIWMTHOHTTA(M)UOAC-TTMWP-IWTSII-‘E’-AIRO-HGHTUT-TS-CCOTEAEF-DASTI-P-A-P-‘O’-S-E-T-STOV-B-TRFTPOE-PIADMOV-W-NLM-TLTPTGITE-A-BTM-A-HMWWC ~ The Point At Which A Consumer’s Money Is Worth More To Him Or Her Than The Additional (Marginal) Unit Of A Commodity – That Their Money Would Purchase – Is Where The System Is In – “Equilibrium” – An Idea Reminiscent Of – How Gravity Held The Universe Together – The Smooth – Continuous Curves Of These Equilibrating And Evolutionary Forces – Depict A System That Is – Peaceful – And – Potentially – “Optimal” – Self-Equilibrating – This – Scarcity Theory Of Value – Became – The Rationale For The Price Of Everything – Price Is A Direct Measure Of Value – We – No Longer Measure – The Labour That Produced The Goods In The Economy – And – By This Means – Assess – How Much Wealth Was Created

~ T-MOU-HBEBTEST-EHB ~ The – Maximization Of Utility – Has Been Extended Beyond The Economic Sphere To – Explain Human Behavior

~ B-DTC-MUT-P-AI-HI-TNEVTWWABFPC-H-I-A-CTI-GPATOPMB ~ But – Despite The Critiques – Marginal Utility Theory – Prevails – And Is – Highly Influential – The Narrow Equilibrium View That We Will All Benefit From Perfect Competition – Has – Influenced – And – Continues To Influence – Government Policies And Those Of Powerful Multilateral Bodies

~ WSLAMITC-HPAD-TANTTTI-OOOMDATTAV ~ When Students Learn About Microecnomics In The Classroom – How Prices Are Determined – They Are Not Told That This Is – Only One Of Many Different Approaches To Thinking About Value

~ AT-M-B-VDFP-SEAVHSIIOTPAW-ATST-AHDAJAA-ISTRTPFW:TUOWATOL ~ According To – Marginalists – Because – Value Derives From Price – Somebody Earning A Very High Salary Is Indicative Of Their Productivity And Worth – At The Same Time – Anybody Holding Down A Job At All – Is Supposed To Reflect Their Preference For Work: The Utility Of Work Against That Of Leisure

~ MUT-HAFTAFOOTKPIMC:TEAOTFS ~ Marginal Utility Theory – Has Also Failed To Account For One Of The Key Problems In Modern Capitalism: The Extractive Activities Of The Financial Sector

~ ITCOCUPIBB-SOTTP-IICA-E-TCI-‘O’-TPP-A-LA-A-I-GDP ~ If The Cost Of Cleaning Up Pollution Is Borne By – Someone Other Than The Polluter – It Is Called An – Externality – The Cost Is – “Outside” – The Polluter’s Profit-And-Loss Account – And – Increases – GDP

~ T-‘BP’-HTETPOF-PVR ~ The – “Banking Problem” – How To Estimate The Productiveness Of Finance – Profits Versus Rents

~ T-FS-FSA-U-N-ACOV ~ The – Financial Sector – Formerly Seen As – Unproductive – Now – A Creator Of Value

~ TCOF-B-PLAEB-I-H-NUSA-E ~ The Celebration Of Finance – By – Political Leaders And Expert Bankers – Is – However – Not Universally Shared Among – Economists

~ PFITVOFWUBI2008I-I-TRTTGFCWTITMOEE-‘C’-SBATP-SB-A-TSTWAU-RMP-N-ZIR-SB-CBBUOGOECBTKTPH ~ Policymakers’ Faith In The Value Of Finance Was Undiminished By Its 2008 Implosion – Indeed – Their Reaction To The Global Financial Crisis Was To Insist That More Of Each Economy’s – “Capital” – Should Be Assigned To Private-Sector Banks – And – To Support Them With An Ultra-Relaxed Monetary Policy – Near-Zero Interest Rates – Supplemented By – Central Banks’ Buying Up Of Government Or Even Corporate Bonds To Keep Their Prices High

~ FSWHR-B-ALIHOBCAFOFIS-SH-LTT-FFCELDM-A-ISD-DREAAECSU-WBC-TTTOEMIHRTSFEMRIP-UD(AB)S ~ Financial Sectors Were Heavily Regulated – Because – A Long International History Of Bank Crashes And Failed Or Fraudulent Investment Schemes – Showed How – Left To Themselves – Financial Firms Could Easily Lose Depositors’ Money – And – In So Doing – Disrupt Real Economic Activity And Even Cause Social Unrest – When Banks Competed – They Tended To Offer Ever More Improbably High Returns To Savers By Funding Ever More Risky Investment Projects – Until Disaster (And Bankruptcy) Struck

~ IITTWICOT-TTRR-BOTB ~ It Is The Taxpayer Who Is Called On To – Take The Real Risk – Bailing Out The Banks

~ TCOHRALRTOTBASI ~ The Golden Combination Of High Return And Low Risk Turned Out To Be A Statistical Illusion

~ SEGTHB-‘PK’ ~ Sustaining Economic Growth Through Household Borrowing – “Privatized Kenesianism”

~ ‘SB’- DFITCB-LABANRAB-P-L-F-MAFAMAAQOTGFS ~ “Shadow Banking” – Diverse Financial Intermediaries That Carryout Bank-Like Activities But Are Not Regulated As Banks – Pawnbrokers – Lenders – Funds – May Account For As Much As A Quarter Of The Global Financial System

~ TFSNAFASAGSOTEVAAP-B-O-15%-OTFGGT-BIN-FI-TRITBFI-MMSFMCH-S-NT-‘RE’-B-I ~ The Financial Sector Now Accounts For A Significant And Growing Share Of The Economy’s Value Added And Profits – But – Only – 15 Per Cent – Of The Funds Generated Go To – Businesses In Non-Financial Industries – The Rest Is Traded Between Financial Institutions – Making Money Simply From Money Changing Hands – Serving – Not The – “Real Economy” – But – Itself

~ MUT:FIVBIIV-A-IEPAPOTV ~ Marginalism’s Ultimate Tautology: Finance Is Valuable Because It Is Valued – And – Its Extraordinary Profits Are Proof Of That Value

~ RINP-FR-CBUT-RL-T-A-AHT-DFTTRE-AOT-FOI ~ Reform Is Not Impossible – Financial Regulation – Can Be Used To – Reward Long-Termism – And – Also Help To – Direct Finance Towards The Real Economy – As Opposed To – Feeding On Itself

~ MSV ~ Maximizing Shareholder Value

~ S-TAUI ~ Short-Termism And Unproductive Investment

~ FAI ~ Financialization And Inequality

~ SV ~ Stakeholder Value

~ PVE ~ Patented Value Extraction

~ IA-COTFT-TI-SB-RTT-N-STB ~ If Anything – Companies Owing Their Fortunes To – Taxpayer Investment – Should Be – Repaying The Taxpayer – Not – Seeking Tax Breaks

~ UTPS ~ Undervaluing The Public Sector

~TMOA~ The Myths Of Austerity

~ MN-TOOTA-SBNTNP ~ Magic Numbers – Taken Out Of Thin Air – Supported By Neither Theory Nor Practice

~ T-A-PO-CTAGS-DNRIAEG-WTRPIWD ~ The – Austerity – Policy Of – Cutting Taxes And Government Spending – Does Not Revive Investment And Economic Growth – When The Real Problem Is Weak Demand

~ TOIHWOE ~ Too Often Ideology Has Won Over Experience

~ TCOVMOAFIRPATCOET ~ The Concept Of Value Must Once Again Find Its Rightful Place At The Centre Of Economic Thinking

ROBERT FRANK ~ RICHISTAN ~ 2007

~ TRWJGR-TWB-FF-C-TOCWAC-TOSWAS-A-TOEWAE-TWC-R ~ The Rich Weren’t Just Getting Richer – They Were Becoming – Financial Foreigners – Creating – Their Own Country Within A Country – Their Own Society Within A Society – And – Their Own Economy Within An Economy – They Were Creating – Richistan

~ R-ARTNO-CC ~ Richistanis – Are Reinventing The Notion Of – Conspicuous Consumption

~ ‘A’-TURI ~ “Affluent” – The Ultimate Richistani Insult

~ TLOURHBIC-TRT-TC-‘FO’-LCDETSAFD-T-DN-FIALWTTPAHHS ~ The Lives Of Upper Richistanis Have Become Incredibly Complicated – To Run Them – They’re Creating – “Family Offices” – Large Companies Dedicated Entirely To Serving A Family’s Day-To-Day Needs – From Investments And Legal Work To Travel Plans And Hiring House Staff

~ B ~ Billionaireville

~ B-OOTF-GJ ~ Butlering – One Of The Fastest-Growing Jobs

~ Y-IITGI-F-MTAOF-APTB-R-F-TEB ~ Yet – It Is The Growth In – Finance – More Than Any Other Factor – Allowing People To Become – Richer – Faster – Than Ever Before

~ EOW-EC-CNATKOWORF-R-TE ~ Executives Of Well-Established Companies – Can Now Amass The Kind Of Wealth Once Reserved For – Risk-Taking Entrepreneurs

~ I ~ Instapreneurs

~ TNLC ~ The New Leisure Class

~ F-R-WHBTP-A-PHBTW-YAJ-ANLWCGTATRTKW-EITFITMOSATA ~ For – Richistanis – Work Has Become Their Play – And – Play Has Become Their Work – Yachts And Jets – Are Now Loaded With Communications Gear To Allow The Rich To Keep Working – Even If They’re Floating In The Mediterranean Or Soaring Above The Atlantic

~ TCE-R-LTTOTAOP-AWEF ~ The Conflicted Elite – Richistanis – Like To Think Of Themselves As Ordinary People – Albeit With Extraordinary Fortunes

~ FOF-WTNRCMGFIRT-TCLTJAQ ~ Fear Of Falling – While The New Rich Can Make Giant Fortunes In Record Time – They Can Lose Them Just As Quickly

~ BBB ~ Beach Blanket Billionaires

~ Y:WTSPCS ~ Yachts: When The Stripper Pole Comes Standard

~ B-DC-ART-FR ~ Big-Dog Cars – A Return To – Flashy Rides

~ PBN ~ Painting By Numbers – The Art Market

~ P ~ Plutonomics

~ PP-GFR ~ Performance Philanthropy – Giving For Results

~ CA-PHNBMF-RWAC ~ Competitive Altruism – Philanthropy Has Never Been More Fashionable – Rebel With A Cause

~ WW-TTWM-TFTO-WSG ~ Worried Wealth – The Trouble With Money – They’d Formed Their Own – Wealth Support Groups

~ TIM ~ The Inner Millionaire

~ A-WTNTW-CDLSOMOD-THTD-BLS-CU-MM-WWOP-STUTROHSAP-TPGITWOHM ~ Aristokids – Without The Need To Work – Children Develop Little Sense Of Motivation Or Drive – They Have Trouble Developing – Basic Life Skills – Cleaning Up – Managing Money – Working With Other People – Since They’re Used To Relying On House Staff And Parents – The Privilege Gets In The Way Of Healthy Maturation

~ MGPTATBTWOOLE ~ Money Gives People The Ability To Buy Their Way Out Of Life Experiences

~ IWOG-WC-H-TTWUTWTHTSDP ~ Inequality Will Only Grow – We Can – Hope – That They Will Use Their Wealth To Help Target Society’s Deepest Problems

DALE CARNEGIE ~ BE A LEADER ~ CHANGING YOUR PEOPLE’S ATTITUDES AND BEHAVIORS ~ HOW TO WIN FRIENDS AND INFLUENCE PEOPLE ~ 1936

~ BS-DNPATYCD-FATBTYACOTBTTOP ~ Be Sincere – Do Not Promise Anything That You Cannot Deliver – Forget About The Benefits To Yourself And Concentrate On The Benefits To The Other Person

~ KEWIIYWTOPTD ~ Know Exactly What It Is You Want The Other Person To Do

~ BE-AYWIITOPRW ~ Be Empathetic – Ask Yourself What It Is The Other Person Really Wants

~ CTBTPWRFDWYS-MTBTTOPW ~ Consider The Benefits That Person Will Receive From Doing What You Suggest – Match Those Benefits To The Other Person’s Wants

~ WYMYR-PIIAFTWCTTOPTIT[S/]HPWB ~ When You Make Your Request – Put It In A Form That Will Convey To The Other Person The Idea That [S/]He Personally Will Benefit

~ BWPAHA ~ Begin With Praise And Honest Appreciation

~ CATPMI ~ Call Attention To People’s Mistakes Indirectly

~ TAYOMBCTOP ~ Talk About Your Own Mistakes Before Criticizing The Other Person

~ AQIOGDO ~ Ask Questions Instead Of Giving Direct Orders

~ LTOPSF ~ Let The Other Person Save Face

~ PTSIAPEI ~ Praise The Slightest Improvement And Praise Every Improvement

~ GTOPAFRTLUT ~ Give The Other Person A Fine Reputation To Live Up To

~ UE-MTFSETC ~ Use Encouragement – Make The Fault Seem Easy To Correct

~ MTOPHABTTYS ~ Make The Other Person Happy About Doing The Thing You Suggest

DALE CARNEGIE ~ WIN PEOPLE TO YOUR WAY OF THINKING ~ HOW TO WIN FRIENDS AND INFLUENCE PEOPLE ~ 1936

~ TOWTGTBOAAITAI ~ The Only Way To Get The Best Of An Argument Is To Avoid It

~ SRFTOPO-NS-‘YW’ ~ Show Respect For The Other Person’s Opinions – Never Say – “You’re Wrong”

~ IYAW-AIQAE ~ If You Are Wrong – Admit It Quickly And Emphatically

~ BIAFW ~ Begin In A Friendly Way

~ GTOPS-‘Y-Y’-I ~ Get The Other Person Saying – “Yes – Yes” – Immediately

~ LTOPDAGDOTT ~ Let The Other Person Do A Great Deal Of The Talking

~ LTOPFTTIIHOH ~ Let The Other Person Feel That The Idea Is His Or Hers

~ THTSTFTOPPOV ~ Try Honestly To See Things From The Other Person’s Point Of View

~ BSWTOPIAD ~ Be Sympathetic With The Other Person’s Ideas And Desires

~ ATTNM ~ Appeal To The Nobler Motives

~ DYI ~ Dramatize Your Ideas

~ TDAC ~ Throw Down A Challenge