Greetings from the University of New Hampshire - FOB LHH! It’s that time of the semester when it feels like a sprint to the finish line. Classes end next Thursday, with finals running through the following week.
If you are an ACHE member looking for an opportunity to earn 1.5 F2F credits, I will be moderating a panel on COVID-19 response next Friday, 11 Dec, 1030-12 EST. We have a great panel lined up including Colonel Kim Aiello who was in charge of the Javits Center in NYC at the height of the pandemic there. For more information or to register click here.
It was a typical late fall week here in Durham - chilly and overcast. I was too busy to go for a paddle, but I did get a chance to walk my dog down by the river, which is always so pleasingly peaceful, even if I can’t be out on it (pic above).
Stay well and stay safe!
Read
What: Foundation for Economic Education, 30 of Walter Williams's Best Quotes on Liberty, Rights, Property, and Coercion
https://fee.org/articles/30-of-walter-williamss-best-quotes-on-liberty-rights-property-and-coercion/
Why: Walter Williams spent his life advocating for social justice and equality for African Americans. It is what led him to study economics and to be a voice for individual rights and freedom. He passed away this past week at the age of 84, having taught his last class at George Mason University the day before. Williams taught the first semester microeconomics course in the GMU economics PhD program, which is where I encountered him.
One of the most important lessons I learned in my economics training came from an exchange I had with him in that first semester during class. I don’t remember what it was I challenged him on exactly, but I remember his response, which applies generically to most economic inquiry. He told me, “People aren’t stupid. If you see people doing something that you think is stupid, then you have missed something.” Note he said, “people” not individuals. There are stupid individuals, and individuals can be fooled, but when you see groups of people doing something that does not seem to make sense, then you need to examine your own understanding of what is happening. It was a lesson in epistemic humility. I often charge forward thinking I know the Truth about a thing. Economics teaches us that people respond to incentives. To understand people, you have to invest effort in understanding the incentives they are responding to.
If you’ve never heard of Williams, I’m not surprised. I hadn’t before I met him in class. It just means you get your news and opinion from main stream (i.e., left leaning) media. He’s something of a giant in libertarian-conservative circles. He was deeply thoughtful and challenged many of my assumptions. If you are truly interested in diversity, you need to familiarize yourself with some of his work. I suggest starting with this biographic documentary Walter Williams: Suffer No Fools.
I am a better person for my time with Professor Williams and am deeply saddened at his passing.
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What: Wealthsimple Magazine, The Code That Controls Your Money
https://www.wealthsimple.com/en-ca/magazine/cobol-controls-your-money
Why: This is a great piece about the programming language called COBOL, which is the backbone of the financial system. Fewer and fewer people are learning how to program in COBOL, so the financial system is running on old software. This reminded me of when I worked as a comptroller in the Army, we used a managerial accounting system with the acronym MEPRS. MEPRS was old and clunky, and written in a programming language called MUMPS. By the time I retired in 2015, I understood there were only about three or four programmers left who could write code in MUMPS, and most of them were semi-retired. The data that came out of MEPRS was a major driver for decision making in the Military Health System (MHS), so it had to be right. But because we didn’t have ready access to programmers who could work in MUMPS, the system was cutting edge for 1982, but not for 2015. Banking and finance around the world are in the same shape as the MHS with its MUMPS-based MEPRS system - there are fewer programmers and people are afraid to touch the old software for fear of breaking it. From the article:
They were also likely terrified that if they tried to change something crucial, they’d break it. This is the other paradox of COBOL’s success. Because it’s fast and it’s stable, over the years and decades, governments and banks grew to rely on those old systems. So even if you want to change them, it’s too dangerous to try. At the bank Stern worked at, you could lose hair over the stress of tinkering with truly ancient, mission-critical code.
This is a fascinating piece about pipes and plumbing of business.
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Watch
What:Keynote: Scott Adams, creator of Dilbert (33 min)
Why: So as you can imagine, a talk by the creator of Dilbert has some pretty humorous moments. But if you haven’t listened to Adams speak, you are in for a treat. He actually has a lot to say beyond making funny cartoons that lampoon office life. I think his most interesting observation is about the nature of complementary skills. He talks about the fact that he is probably not the best artist and not the funniest person, but that he’s pretty good at both of them, and it’s the complementary nature of skills that matters more than being the best at any one of them. I like that observation - it implies we all have unique combinations of skills that can potentially be valuable if we find the right way to express them. It’s a very optimistic talk about work and careers, with some humor sprinkled throughout.
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Listen
What: People I Mostly Admire, Peter Attia: “I Definitely Lost a Lot of IQ Points That Day”
https://omny.fm/shows/people-i-mostly-admire/peter-attia-i-definitely-lost-a-lot-of-iq-points-t
Why: This is Steven Levitt’s new podcast (Levitt is the co-author of Freakonomics). In this interview he talks with Attia who is a physician with an interest in longevity. Attia has an interesting personal story, and we hear a bit about how he trained to be a professional boxer when he was younger, and how he has turned that intensity to the study of medicine and now to the study of longevity. He comes off as a radically intense guy - clearly somewhere far right tail of intensity - which explains why he has been able to execute on so many of his ideas. I wish I had some of that intensity. He did convince my wife and I that we should try fasting a few days a month for the health benefits. I’ve been thinking about that for a while - maybe I will finally get my intensity up to act on it. Any of you do some sort of fasting routine?
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What: Grumpy Economist Podcast: The Future Of Cities. A Conversation With Harvard’s Ed Glaeser
https://grumpyeconomist.podbean.com/e/the-future-of-cities-a-conversation-with-harvard-s-ed-glaeser/
Why: Interesting conversation about the future of cities. Some cities, like SF and NY were already seeing significant outmigration because of bad policy, especially around housing. This happens from time to time and is part of normal market cycles. The pandemic has accelerated this process. Some cities bounce back - NY did in the 90s - and some don’t - like Detroit. There is an interesting conversation around this and why some do and some don’t. There was also a conversation about telework and how that would impact cities. Network effects attract talent and companies to cities. But what if talent can be had from anywhere? Bangalore stands to gain dramatically.
Thanks for reading and see you next week! If you come across any interesting stories, won't you send them my way? I'd love to hear what you think of these suggestions, and I'd love to get suggestions from you. Feel free to drop me a line at mark.bonica@unh.edu , or you can tweet to me at @mbonica .
If you’re looking for a searchable archive, you can see my draft folder here: https://drive.google.com/drive/folders/1jwGLdjsb1WKtgH_2C-_3VvrYCtqLplFO?usp=sharing
Finally, if you find these links interesting, won’t you tell a friend? They can subscribe here: https://markbonica.substack.com/welcome
See you next Friday!
Mark
Mark J. Bonica, Ph.D., MBA, MS
Assistant Professor
Department of Health Management and Policy
University of New Hampshire
(603) 862-0598
mark.bonica@unh.edu
Health Leader Forge Podcast: http://healthleaderforge.org
'It is the small things, everyday deeds of ordinary folk, that keep the darkness at bay. Simple acts of kindness and love.' - Gandalf (The Hobbit: An Unexpected Journey)