Economists continue to debate the extent to which free markets are truly efficient.
It seems to me that two things are certain:
free markets are remarkably efficient at …
1. accumulating wealth, and
2. consolidating power.
Beyond that, it seems to me that free markets are not that efficient at all.
As the economy continues to sour, consumers have gone on strike. For the past few months, I have been contemplating the following economic and social trends that seem to explain why.
Rising productivity is what enables companies to increase employee’s pay. Increases in pay result in the overall rise in our standard of living. However, in the last decade, this relationship between productivity and rising employee pay seems to have been fractured.
[A]s a few strokes on the nose will make a puppy head shy, so a few rebuffs will make a boy shy all over. But whereas a puppy will cringe away or roll on its back, groveling, a little boy may cover his shyness with nonchalance, with bravado, or with secrecy. And once a boy has suffered rejection, he will find rejection even where it does not exist—or, worse, will draw it forth from people simply by expecting it.
— John Steinbeck, East of Eden
Today’s quote is the third in a three-part series on self confidence. Wednesday Martin Luther King, Jr. said, “A man can’t ride your back unless it’s bent.” Thursday Eleanor Roosevelt said, “No man can make you feel inferior without your consent.” These quotes are important to me because they underscore the fact that we are victims less often that we think. If I feel inferior, or intimidated it is because I have chosen to feel that way.
Books must be read as deliberately and reservedly as they are written.
— Henry David Thoreau, Walden
I have always been a deliberate reader. When I stumbled across this quote while reading Walden so many years ago, it simply gave me permission to enjoy the pace at which I read. Good writing is more than just conveying ideas or recounting a story. Good writing creates a mood, and images, and evokes emotions — and these cannot be digested while speed reading.
One of my favorite writers is Pat Conroy, and my favorite book of his is Prince of Tides. When I read this poetic prose I am drawn in to the rich and colorful images Conroy is able to create. Every sentence feels like a sculpture carefully crafted.
Growth for the sake of growth is the ideology of the cancer cell.
Perhaps it is my natural temperament to do things deliberately and with purpose (after all, it is the tortoise who wins the race). Maybe it is my persistent skepticism. Quite possibly it is an outgrowth of my intuitive personality type (INTJ). Whatever the reason, I have always been resistant to Wall Street’s incessant demand for growth from public companies.
Last summer I had a Delta flight out of La Guardia bound for Detroit. It was a Saturday morning and the airport was swarming with passengers, the gate area for my flight was like a mosh pit. As we approached the time to board, a gate agent announced that the flight was oversold by seven passengers. An audible groan rippled through the waiting area as we all clutched our boarding passes and jockeyed further for position in the boarding process. This was not going to be easy.
The Delta / traveler negotiation process began when the agent offered the usual $400 travel voucher for anyone willing to take a later flight. In a delightful New York accent, a lady standing beside me smirked, “They’ll pay more.” Sure enough, moments later they announced that a $500 voucher was now available to any travelers with flexible travel plans. I smiled as I acknowledged the prophetic power of my fellow traveler. As my plans did not feel flexible, I gratefully made my way onto the plane.
After the plane was fully loaded, with the last few passengers jamming bags into the overhead bins, a voice rang out over the airplane announcement system that Delta still needed one more passenger to give up their seat. This time, however, they had upped the ante.
