Greetings from the University of New Hampshire! I’m a day late with the Wednesday links because I had a bonkers day yesterday, but hopefully not a dollar short. I taught a finance class in the morning for a physician leadership course, then we had a fabulous alumni event in the evening to celebrate some of our alumni who have given back to the program in special ways. In between, I wrote a finance exam which my juniors are taking as I write this to you.
Daughter #3 was at the drugstore Monday and saw these Hot Tamale Peeps on after-Easter clearance and bought them for me because she knows I love spicy stuff, and Hot Tamale candy has always been a favorite of mine. I love that we live in a country where free markets come up with things like Hot Tamale Peeps. I didn’t know I needed Hot Tamale Peeps until I had them.
OK - here are the links for this week - apologies for being late. I’ll be back Sunday with an essay. As usual, willing good for all of you!
Read
What: Jaed Coffin, Roughhouse Friday: A Memoir
Why: This is a memoir written by one of my colleagues in the English Department here at UNH. Jaed’s memoir is modern Hemingway - it starts with a 1,000 mile solo kayak journey from Washington State to Alaska, then learning how to box in a small town in Alaska. Underneath the adventure is a reflection on becoming a man and what that means. I thoroughly enjoyed the book and I recommend it.
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What: Arnold Kling, The Muddle of Labor and Capital
Why: To understand what Kllng is talking about in this post, you have to understand that when macroeconomists look at national income (all the money earned), they divide the earnings into two buckets: those that accrue to “labor” and those that accrue to “capital”. Earnings that accrue to labor are all of the salaries earned by all of the people in a country. Everything else is allocated to “capital”. This made some sense when our economy was mostly smokestack factories, where labor was relatively unskilled, and corporations owned all the equipment that was used to make stuff. But what equipment does a law firm own? Or a software company? Even a hospital, which is capital intensive, owes most of its income to the human capital inside of it.
Here’s what he says:
If an unskilled worker can earn $25,000 a year and a software engineer can earn $200,000, then $175,000 of the software engineer’s income should count as capital income. Thinking this way about the economy as a whole, labor’s share of income is not the 60 percent that you get by putting all of the software engineer’s income (and that of other skilled workers) into “labor” income. Labor’s share would probably be closer to 5 percent.
He’s a very clear writer - I suggest the whole post.
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Watch
What: Convict poker at Angola Prison Rodeo (3 min)
Why: This week we have been talking about special populations in my US Health Systems class. One of the special populations we talked about was the incarcerated population. I showed the class this video of “convict poker” - something I actually had the opportunity to see many years ago when I attended the Angola Prison Rodeo. One of the things we talked about in light of the Prison Rodeo was the idea of consent. I brought up Angola because Forrest Whitaker made a beautiful documentary about the hospice program at Angola, staffed by inmates. One thing the documentary shows is how we can pursue dignity even in unlikely places.
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Listen
What: People I (Mostly) Admire: Adding Ten Healthy Years to Your Life (56 min)
Why: I have heard physician Peter Attia talk about longevity experiments a few times. He hits some of the same topics - exercise, nutrition, sleep - and how they all contribute not just to longer life, but a better quality, longer life. I have always been pretty good about exercise - spend 26 years in the Army and you kind of don’t have a choice. But I struggle with nutrition (Hot Tamale Peeps, anyone?) and sleep. This interview offers some impactful points - for example, just how dramatically exercise affects all of our health outcomes. Even moderate exercise.
I’ve bought his new book, Outlive: The Science of Longevity, and I am looking forward to reading it. I’ll circle back with more detailed thoughts once I get through it. But do check out the interview - it should provide you some motivation to take better care of yourself.
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What: Top Traders Unplugged: The Secrets of a Natural Resource Speculator ft. Rick Rule (81 min)
Why: This podcast is part of their Global Macro series where they interview leaders in the investment field about high level (macro) trends in the markets and in the world. The guest is an expert in natural resource commodities (gold, oil, nickel, aluminum, etc.). He talks about investing in companies that produce these resources, and how they flow around the world. One of the points he makes is in light of the present “de-globalization”, it is difficult for us to stop the flow from one country to another. It’s a very interesting reminder of the limits of policy.