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.
With all the volatility in the stock market lately it is a good time to remind ourselves that “the market” is not the same as “the economy.” The best that I can tell — at least as of the last few years — “the market” has contracted to a relatively small group of:
This tight-knit circle trades amongst itself with very little relevance to what we think of as “the economy.” In contrast to this closed group, the economy is the vast sum of the creation and delivery of the goods and services we want and need.
It seems to me that the Dow Jones Industrial Average and S&P 500 bears little connection to these things these days.
Don’t be afraid. Now is the time to be bold. If you don’t like the economy, let’s go out and make one of our own.
I think there is only one book to a man. It is true that a man may change or be so warped that he becomes another man and has another book but I do not think that it is so with me.
— John Steinbeck, Journals of a Novel: The East of Eden Letters
East of Eden was the first book that I read by Steinbeck. It was moving and well written and rich with characters. Then I discovered Journals of a Novel: The East of Eden Letters and suddenly I felt I had been given a back stage pass to the mind of a writer.
Steinbeck had already written Of Mice and Men (1937) and The Grapes of Wrath (1939) when he set out to write East of Eden (1951). In the intervening years he lived through two divorces and served as a war correspondent. Despite the critical success of his earlier works, his standing as a major novelist had faded. As today’s quote reveals, Steinbeck also felt that he had not yet told the one story that was within him. His editor, Pascal Covici, did all that he could to encourage Steinbeck. Covici sent Steinbeck a number of notebooks and instructed Steinbeck to use them to write.
What’s happening here, now, isn’t as important to me as what could be happening anywhere else.
— Renny Gleeson
I watched Renny Gleeson in a brilliant, short Ted Talk this morning talk about the sneaky, anti-social behaviors we demonstrate with our smartphones. When I am sitting in a meeting, or at an event, and I can’t resist the urge to pull out my iPhone and check my email or peruse my Twitter updates, I am actually telling those around me that what is happening in the here and now is not as important as literally anything that could come across that tiny screen.
Here is a test to find out whether your mission on earth is finished; if you’re alive, it isn’t.
— Richard Bach, Illusions: The Adventures of a Reluctant Messiah
I came to Richard Bach via Neil Diamond’s soundtrack to Jonathan Livingston Seagull. While the metaphors in Jonathan Livingston Seagull are rather obvious now, the wisdom and insights from Illusions remain much more subtle and lasting.
Richard Bach was quite popular in the late 70’s and 80’s. Amazon calls him the Kahil Gibran of the Me! generation. I was in my twenties at the time and, like most people in that decade of their life, I had an overwhelming sense of calling. I had a deep sense that I was placed on this earth to complete a mission, to help people see themselves, and the world, in a fresh way.
Much has transpired since those heady days of youth. I think I have helped many people along the way, albeit never in the grand style I envisioned in my twenties. Nevertheless, on a quite day, I can still hear that voice calling inside. Since I am very much alive again today, it is good to know that my mission is not yet complete.
I am an avid fan of podcasts. I listen to many hours a week of interesting and compelling content completely on my own schedule. The TWiT Network produces some of the best, including This Week in Tech, MacBreak Weekly and Roz Rows the Pacific. Leo Laporte is a master behind the microphone.
Leo continues to chase profitability by adding an ever-increasing array of sponsors for his “netcasting” ventures. Drobo and GoToMeeting are recent additions and he is pushing the boundaries of tolerance with the seemingly endless droning on about Visa’s security protection for online fraud. …