Market Mechanism Quotes

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The Encyclopedia Galactica defines a robot as a mechanical apparatus designed to do the work of a man. The marketing division of the Sirius Cybernetics Corporation defines a robot as "Your Plastic Pal Who's Fun to Be With. The Hitchhiker's Guide to the Galaxy defines the marketing devision of the Sirius Cybernetic Corporation as "a bunch of mindless jerks who'll be the first against the wall when the revolution comes,
Douglas Adams (The Hitchhiker’s Guide to the Galaxy (Hitchhiker's Guide to the Galaxy, #1))
The idea of a “free market” separate and distinct from government has functioned as a useful cover for those who do not want the market mechanism fully exposed. They have had the most influence over it and would rather keep it that way. The mythology is useful precisely because it hides their power.
Robert B. Reich (Saving Capitalism: For the Many, Not the Few)
...To allow the market mechanism to be sole director of the fate of human beings and their natural environment, indeed, even of the amount and use of purchasing power, would result in the demolition of society. For the alleged commodity, "labor power" cannot be shoved about, used indiscriminately, or even left unused, without affecting the human individual who happens to be the bearer of this peculiar commodity. In disposing of a man's labor power the system would, incidentally, dispose of the physical, psychological, and moral entity of "man" attached to the tag. Robbed of the protective covering of cultural institutions, human beings would perish from the the effects of social exposure; they would die as the victims of acute social dislocation through vice, perversion, crime, and starvation. Nature would be reduced to its elements, neighborhoods and landscapes defiled, rovers polluted, military safety jeopardized, the power to produce food and raw materials destroyed...
Karl Polanyi (The Great Transformation: The Political and Economic Origins of Our Time)
There is a powerful case for the market mechanism, but it is not that markets are perfect; it is that in a world dominated by imperfect understanding, markets provide an efficient feedback mechanism for evaluating the results of one's decisions and correcting mistakes.
George Soros
The idealized market was supposed to deliver ‘friction free’ exchanges, in which the desires of consumers would be met directly, without the need for intervention or mediation by regulatory agencies. Yet the drive to assess the performance of workers and to measure forms of labor which, by their nature, are resistant to quantification, has inevitably required additional layers of management and bureaucracy. What we have is not a direct comparison of workers’ performance or output, but a comparison between the audited representation of that performance and output. Inevitably, a short-circuiting occurs, and work becomes geared towards the generation and massaging of representations rather than to the official goals of the work itself. Indeed, an anthropological study of local government in Britain argues that ‘More effort goes into ensuring that a local authority’s services are represented correctly than goes into actually improving those services’. This reversal of priorities is one of the hallmarks of a system which can be characterized without hyperbole as ‘market Stalinism’. What late capitalism repeats from Stalinism is just this valuing of symbols of achievement over actual achievement. […] It would be a mistake to regard this market Stalinism as some deviation from the ‘true spirit’ of capitalism. On the contrary, it would be better to say that an essential dimension of Stalinism was inhibited by its association with a social project like socialism and can only emerge in a late capitalist culture in which images acquire an autonomous force. The way value is generated on the stock exchange depends of course less on what a company ‘really does’, and more on perceptions of, and beliefs about, its (future) performance. In capitalism, that is to say, all that is solid melts into PR, and late capitalism is defined at least as much by this ubiquitous tendency towards PR-production as it is by the imposition of market mechanisms.
Mark Fisher (Capitalist Realism: Is There No Alternative?)
Now let's take up the minorities in our civilisation, shall we? Bigger the population, the more minorities. Don't step on the toes of the dog-lovers, the cat-lovers, doctors, lawyers, merchants, chiefs, Mormons, Baptists, Unitarians, second-generation Chinese, Swedes, Italians, Germans, Texans, Brooklynites, Irishmen, people from Oregon or Mexico. The people in this book, this play, this TV serial are not meant to represent any actual painters, cartographers, mechanics anywhere. The bigger your market, Montag, the less you handle controversy, remember that!
Ray Bradbury (Fahrenheit 451)
Unless we realize that the present market society, structured around the brutally competitive imperative of “grow or die,” is a thoroughly impersonal, self-operating mechanism, we will falsely tend to blame technology as such or population growth as such for environmental problems. We will ignore their root causes, such as trade for profit, industrial expansion, and the identification of “progress” with corporate self-interest. In short, we will tend to focus on the symptoms of a grim social pathology rather than on the pathology itself, and our efforts will be directed toward limited goals whose attainment is more cosmetic than curative.
Murray Bookchin
In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
Benjamin Graham (Security Analysis)
A capitalist economy cannot be maintained, however, if it oscillates between threats of an imminent collapse of asset values and employment and threats of accelerating inflation and rampant speculation, especially if the threats are sometimes realized. If the market mechanism is to function well, we must arrange to constrain the uncertainty due to business cycles so that the expectations that guide investment can reflect a vision of tranquil progress.
Hyman P. Minsky (Stabilizing an Unstable Economy)
In the half-century 1879–1929, Western societies developed into close-knit units, in which powerful disruptive strains were latent. The more immediate source of this development was the impaired self-regulation of market economy. Since society was made to conform to the needs of the market mechanism, imperfections in the functioning of that mechanism created cumulative strains in the body social. Impaired self-regulation was an effect of protectionism.
Karl Polanyi (The Great Transformation: The Political and Economic Origins of Our Time)
the freedom of individuals has – we may presume – an anthropological foundation. This is admittedly a doctrine which cannot be proved or disproved in the normal sense of the word ‘prove’. And yet our hope that freedom is not going to be ultimately destroyed by the joint pressure of totalitarianism and of general bureaucratisation of the world and indeed our very readiness to defend it depend crucially on our belief that the desire for freedom, for sovereign individual self-assertion in free choice, is not an accidental fancy of history, not a result of peculiar social conditions or a temporary by-product of specific economic life forms, of market mechanisms, but that it is rooted in the very quality of being human.
Leszek Kołakowski
No one has characterized market mechanisms better than Friederich von Hayek who, in the decades after World War II, was their leading interpreter and defender. His defense did not rest primarily upon the supposed optimum attained by them but rather upon the limits of the inner environment—the computational limits of human beings:31
Herbert A. Simon (The Sciences of the Artificial (The MIT Press))
Beautiful, seamless upgrade from Twitter today, making functionality smoother and cooler. We didn't have to lobby, didn't have to beg, didn't have to elect a new leader, didn't have to push or protest. Progress is built in to the structure of the mechanism itself: this company exists to please you and me. This is a far better system than any political system on earth.
Jeffrey Tucker
...the constrained vision does not defend existing inequalities... as just. According to Hayek, "the manner in which the benefits and burdens are apportioned by the market mechanism would in many instances have to be regarded as very unjust if it were the result of a deliberate allocation...
Thomas Sowell (A Conflict of Visions: Ideological Origins of Political Struggles)
You people of the South don't know what you are doing. This country will be drenched in blood, and God only knows how it will end. It is all folly, madness, a crime against civilization! You people speak so lightly of war; you don't know what you're talking about. War is a terrible thing! You mistake, too, the people of the North. They are a peaceable people but an earnest people, and they will fight, too. They are not going to let this country be destroyed without a mighty effort to save it … Besides, where are your men and appliances of war to contend against them? The North can make a steam engine, locomotive, or railway car; hardly a yard of cloth or pair of shoes can you make. You are rushing into war with one of the most powerful, ingeniously mechanical, and determined people on Earth — right at your doors. You are bound to fail. Only in your spirit and determination are you prepared for war. In all else you are totally unprepared, with a bad cause to start with. At first you will make headway, but as your limited resources begin to fail, shut out from the markets of Europe as you will be, your cause will begin to wane. If your people will but stop and think, they must see in the end that you will surely fail.
William T. Sherman
In a truly free-market society, pervasive private power of the kind exposed in the last several chapters should not exist. All capitalist institutions should be-to a greater or lesser extent-subject to the overwhelming power of the market mechanism. Instead, we find a world in which private institutions are able to dominate and control markets, while also dominating and controlling workers and manipulating entire states. Capitalism means rule by capital-not free markets.
Grace Blakeley (Vulture Capitalism: Corporate Crimes, Backdoor Bailouts, and the Death of Freedom)
Dictionaries, manuals, grammars, study guides and topic notes, classical authors and the entire book trade in de Viris, Quintus-Curtius, Sallust, and Livy peacefully crumbled to dust on the shelves of the old Hachette publishing house; but introductions to mathematics, textbooks on civil engineering, mechanics, physics, chemistry, astronomy, courses in commerce, finance, industrial arts- whatever concerned the market tendencies of the day - sold by the millions of copies.
Jules Verne (Paris in the Twentieth Century: The Lost Novel)
Now let’s take up the minorities in our civilization, shall we? Bigger the population, the more minorities. Don’t step on the toes of the dog-lovers, the cat-lovers, doctors, lawyers, merchants, chiefs, Mormons, Baptists, Unitarians, second-generation Chinese, Swedes, Italians, Germans, Texans, Brooklynites, Irishmen, people from Oregon or Mexico. The people in this book, this play, this TV serial are not meant to represent any actual painters, cartographers, mechanics anywhere. The bigger your market, Montag, the less you handle controversy, remember that! All the minor minor minorities with their navels to be kept clean. Authors, full of evil thoughts, lock up your typewriters. They did. Magazines became a nice blend of vanilla tapioca. Books, so the damned snobbish critics said, were dishwater. No wonder books stopped selling, the critics said. But the public, knowing what it wanted, spinning happily, let the comic books survive. And the three-dimensional sex-magazines, of course. There you have it, Montag. It didn’t come from the Government down. There was no dictum, no declaration, no censorship, to start with, no! Technology, mass exploitation, and minority pressure carried the trick, thank God. Today, thanks to them, you can stay happy all the time, you are allowed to read comics, the good old confessions, or trade journals.
Ray Bradbury (Fahrenheit 451)
All types of societies are limited by economic factors. Nineteenth century civilization alone was economic in a different and distinctive sense, for it chose to base itself in a motive rarely acknowledged as valid in history of human societies, and certainly never before raised to the level of justification of action and behavior in everyday life, namely, gain. The self-regulating market system was uniquely derived from this principle. The mechanism which the motive gain set in motion was comparable in effectiveness only to the most violent outburst of religious fervor in history. Within a generation the whole human world was subjected to its undiluted influence.
Karl Polanyi
Have you ever wondered the mechanics of popularization? How does someone go from being a real person, someone you actually knew, to a set of marketing and publicity points, consumed and lauded by fans who think they know them, but don't really, but understand this also, and celebrate them regardless?
R.F. Kuang (Yellowface)
Civilization is revving itself into a pathologically short attention span. The trend might be coming from the acceleration of technology, the short-horizon perspective of market-driven economics, the next-election perspective of democracies, or the distractions of personal multitasking. All are on the increase. Some sort of balancing corrective to the short-sightedness is needed—some mechanism or myth that encourages the long view and the taking of long-term responsibility, where “the long term” is measured at least in centuries.
Stewart Brand (The Clock Of The Long Now: Time and Responsibility)
Is precisely in market dealings that market prices are formed for all kinds of goods and services, which will be taken as the bases of calculation. Where there is no free market, there is no pricing mechanism; without a pricing mechanism, there is no economic calculation." "eben im Marktverkehr für alle Arten von verwendeten Gütern und Arbeiten Marktpreise gebildet werden, die zur Grundlage der Rechnung genommen werden können. Wo der freie Marktverkehr fehlt, gibt es keine Preisbildung; ohne Preisbildung gibt es keine Wirtschaftsrechnung.
Ludwig von Mises (Economic Calculation in the Socialist Commonwealth)
The Encyclopaedia Galactica defines a robot as a mechanical apparatus designed to do the work of a man. The marketing division of the Sirius Cybernetics Corporation defines a robot as ‘Your Plastic Pal Who’s Fun To Be With’.
Douglas Adams (The Hitchhiker's Guide to the Galaxy (The Hitchhiker's Guide to the Galaxy, #1))
Industrial capitalism transformed nature’s raw materials into commodities, and surveillance capitalism lays its claims to the stuff of human nature for a new commodity invention. Now it is human nature that is scraped, torn, and taken for another century’s market project. It is obscene to suppose that this harm can be reduced to the obvious fact that users receive no fee for the raw material they supply. That critique is a feat of misdirection that would use a pricing mechanism to institutionalize and therefore legitimate the extraction of human behavior for manufacturing and sale. It ignores the key point that the essence of the exploitation here is the rendering of our lives as behavioral data for the sake of others’ improved control of us. The remarkable questions here concern the facts that our lives are rendered as behavioral data in the first place; that ignorance is a condition of this ubiquitous rendition; that decision rights vanish before one even knows that there is a decision to make; that there are consequences to this diminishment of rights that we can neither see nor foretell; that there is no exit, no voice, and no loyalty, only helplessness, resignation, and psychic numbing; and that encryption is the only positive action left to discuss when we sit around the dinner table and casually ponder how to hide from the forces that hide from us.
Shoshana Zuboff (The Age of Surveillance Capitalism: The Fight for a Human Future at the New Frontier of Power)
The Encyclopedia Galactica defines a robot as a mechanical apparatus designed to do the work of a man. The marketing division of the Sirius Cybernetics Corporation defines a robot as “Your Plastic Pal Who’s Fun to Be With.” The Hitchhiker’s Guide to the Galaxy defines the marketing division of the Sirius Cybernetics Corporation as “a bunch of mindless jerks who’ll be the first against the wall when the revolution comes,” with a footnote to the effect that the editors would welcome applications from anyone interested in taking over the post of robotics correspondent. Curiously enough, an edition of the Encyclopedia Galactica that had the good fortune to fall through a time warp from a thousand years in the future defined the marketing division of the Sirius Cybernetics Corporation as “a bunch of mindless jerks who were the first against the wall when the revolution came.
Douglas Adams (The Hitchhiker's Guide to the Galaxy (Hitchhiker's Guide, #1))
There was a particular hostility to anything that smacked of price-fixing. One much-repeated story held that the Prophet himself had refused to force merchants to lower prices during a shortage in the city of Medina, on the grounds that doing so would be sacrilegious, since, in a free-market situation, “prices depend on the will of God.”82 Most legal scholars interpreted Mohammed’s decision to mean that any government interference in market mechanisms should be considered similarly sacrilegious, since markets were designed by God to regulate themselves.
David Graeber (Debt: The First 5,000 Years)
SO, WHERE DOES this leave us? If we can’t rely on the market forces of supply and demand to set optimal market prices, and we can’t count on free-market mechanisms to help us maximize our utility, then we may need to look elsewhere. This is especially the case with society’s essentials, such as health care, medicine, water, electricity, education, and other critical resources. If you accept the premise that market forces and free markets will not always regulate the market for the best, then you may find yourself among those who believe that the government (we hope a reasonable and thoughtful government) must play a larger role in regulating some market activities, even if this limits free enterprise. Yes, a free market based on supply, demand, and no friction would be the ideal if we were truly rational. Yet when we are not rational but irrational, policies should take this important factor into account.
Dan Ariely (Predictably Irrational: The Hidden Forces That Shape Our Decisions)
The theory is that free markets are principally about maximising efficiency, but in truth, free markets are not efficient at all. Admiring capitalism for its efficiency is like admiring Bob Dylan for his singing voice: it is to hold a healthy opinion for an entirely ridiculous reason. The market mechanism is loosely efficient, but the idea that efficiency is its main virtue is surely wrong, because competition is highly inefficient. Where I live, I can buy groceries from about eight different places; I’m sure it would be much more ‘efficient’ if Waitrose, M&S, Lidl and the rest were merged into one huge ‘Great Grocery Hall of The People’.
Rory Sutherland (Alchemy: The Dark Art and Curious Science of Creating Magic in Brands, Business, and Life)
Over recent years, [there's been] a strong tendency to require assessment of children and teachers so that [teachers] have to teach to tests and the test determines what happens to the child, and what happens to the teacher...that's guaranteed to destroy any meaningful educational process: it means the teacher cannot be creative, imaginative, pay attention to individual students' needs, that a student can't pursue things [...] and the teacher's future depends on it as well as the students'...the people who are sitting in the offices, the bureaucrats designing this - they're not evil people, but they're working within a system of ideology and doctrines, which turns what they're doing into something extremely harmful [...] the assessment itself is completely artificial; it's not ranking teachers in accordance with their ability to help develop children who reach their potential, explore their creative interests and so on [...] you're getting some kind of a 'rank,' but it's a 'rank' that's mostly meaningless, and the very ranking itself is harmful. It's turning us into individuals who devote our lives to achieving a rank, not into doing things that are valuable and important. It's highly destructive...in, say, elementary education, you're training kids this way [...] I can see it with my own children: when my own kids were in elementary school (at what's called a good school, a good-quality suburban school), by the time they were in third grade, they were dividing up their friends into 'dumb' and 'smart.' You had 'dumb' if you were lower-tracked, and 'smart' if you were upper-tracked [...] it's just extremely harmful and has nothing to do with education. Education is developing your own potential and creativity. Maybe you're not going to do well in school, and you'll do great in art; that's fine. It's another way to live a fulfilling and wonderful life, and one that's significant for other people as well as yourself. The whole idea is wrong in itself; it's creating something that's called 'economic man': the 'economic man' is somebody who rationally calculates how to improve his/her own status, and status means (basically) wealth. So you rationally calculate what kind of choices you should make to increase your wealth - don't pay attention to anything else - or maybe maximize the amount of goods you have. What kind of a human being is that? All of these mechanisms like testing, assessing, evaluating, measuring...they force people to develop those characteristics. The ones who don't do it are considered, maybe, 'behavioral problems' or some other deviance [...] these ideas and concepts have consequences. And it's not just that they're ideas, there are huge industries devoted to trying to instill them...the public relations industry, advertising, marketing, and so on. It's a huge industry, and it's a propaganda industry. It's a propaganda industry designed to create a certain type of human being: the one who can maximize consumption and can disregard his actions on others.
Noam Chomsky
By using repetition, images, and other strategies - all of which communicate truths in ways that are not cognitively or propositional - marketing forms us into the kind of persons who want to buy beer to have meaningful relationships, or to buy a car to be respected, or buy the latest thing to come along simply to satisfy the desire that has been formed and implanted in us. It is important to appreciate that these disciplinary mechanisms transmit values and truth claims, but not via propositions or cognitive means; rather, the values are transmitted more covertly...This covertness of the operation is also what makes it so powerful: the truths are inscribed in us through the powerful instruments of imagination and ritual.
James K.A. Smith (Who's Afraid of Postmodernism?: Taking Derrida, Lyotard, and Foucault to Church (The Church and Postmodern Culture))
The Encyclopedia Galactica defines a robot as a mechanical apparatus designed to do the work of a man. The marketing division of the Sirius Cybernetics Corporation defines a robot as “Your Plastic Pal Who’s Fun to Be With.” The Hitchhiker’s Guide to the Galaxy defines the marketing division of the Sirius Cybernetics Corporation as “a bunch of mindless jerks who’ll be the first against the wall when the revolution comes,” with a footnote to the effect that the editors would welcome applications from anyone interested in taking over the post of robotics correspondent.
Douglas Adams (The Hitchhiker's Guide to the Galaxy (Hitchhiker's Guide, #1))
The IPL, involving the socialist principle of a salary cap and the protectionist mechanism of quotas, is not perhaps the best example of a market left flourishingly to its own devices and dynamics.
Gideon Haigh
Now let’s take up the minorities in our civilization, shall we? Bigger the population, the more minorities. Don’t step on the toes of the dog-lovers, the cat-lovers, doctors, lawyers, merchants, chiefs, Mormons, Baptists, Unitarians, second-generation Chinese, Swedes, Italians, Germans, Texans, Brooklynites, Irishmen, people from Oregon or Mexico. The people in this book, this play, this TV serial are not meant to represent any actual painters, cartographers, mechanics anywhere. The bigger your market, Montag, the less you handle controversy, remember that! All the minor minor minorities with their navels to be kept clean. Authors,
Ray Bradbury (Fahrenheit 451)
It’s hard enough to invent and manufacture and market a product, but then the logistics, the mechanics, the hydraulics of getting it to the people who want it, when they want it—this is how companies die, how ulcers are born.
Phil Knight (Shoe Dog)
Our essential difficulty is that we are seeking in a mechanism, which is necessary, qualities it simply does not possess. The market does not lead, balance or encourage democracy. However, properly regulated it is the most effective way to conduct business. It cannot give leadership even on straight economic issues. The world-wide depletion of fish stocks is a recent example. The number of fish caught between 1950 and 1989 multiplied by five. The fishing fleet went from 585,000 boats in 1970 to 1.2 million in 1990 and on to 3.5 million today (1995). No one thought about the long- or even medium-term maintenance of stocks; not the fishermen, not the boat builders, not the fish wholesalers who found new uses for their product, including fertilizer and chicken feed; not the financiers. It wasn't their job. Their job was to worry about their own interests. (IV - From Managers and Speculators to Growth)
John Ralston Saul (The Unconscious Civilization)
Robert Rubin, a former Secretary of the United States Treasury, one of those who sign their names on the banknote you just used to pay for coffee, collected more than $120 million in compensation from Citibank in the decade preceding the banking crash of 2008. When the bank, literally insolvent, was rescued by the taxpayer, he didn’t write any check—he invoked uncertainty as an excuse. Heads he wins, tails he shouts “Black Swan.” Nor did Rubin acknowledge that he transferred risk to taxpayers: Spanish grammar specialists, assistant schoolteachers, supervisors in tin can factories, vegetarian nutrition advisors, and clerks for assistant district attorneys were “stopping him out,” that is, taking his risks and paying for his losses. But the worst casualty has been free markets, as the public, already prone to hating financiers, started conflating free markets and higher order forms of corruption and cronyism, when in fact it is the exact opposite: it is government, not markets, that makes these things possible by the mechanisms of bailouts. It is not just bailouts: government interference in general tends to remove skin in the game.
Nassim Nicholas Taleb (Skin in the Game: Hidden Asymmetries in Daily Life (Incerto, #5))
A partner who is not subservient and who himself is extremely logical . . . is probably the best mechanism you can have.” Munger, the ideal foil, has shot down so many investment ideas that Buffett refers to him as “The Abominable No-Man.
William P. Green (Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life)
his fingers stalled before they could get to it. It belonged to her, the pretty young mechanic at the market. The girl who was so easy to talk to. The girl who was so authentic, who didn’t pretend to be something she wasn’t. Or so he’d thought.
Marissa Meyer (Scarlet (The Lunar Chronicles, #2))
Our main political choices come down to which depersonalized mechanism will purportedly advance our freedom and security—the space of the market, which collects our billions upon billions of choices to provide for our wants and needs without demanding from us any specific thought or intention about the wants and needs of others; or the liberal state, which establishes depersonalized procedures and mechanisms for the wants and needs of others that remain insufficiently addressed by the market.
Patrick J. Deneen (Why Liberalism Failed)
It’s what we do now instead of bohemias,” he says. “Instead of what?” “Bohemias. Alternative subcultures. They were a crucial aspect of industrial civilization in the two previous centuries. They were where industrial civilization went to dream. A sort of unconscious R&D, exploring alternate societal strategies. Each one would have a dress code, characteristic forms of artistic expression, a substance or substances of choice, and a set of sexual values at odds with those of the culture at large. And they did, frequently, have locales with which they became associated. But they became extinct.” “Extinct?” “We started picking them before they could ripen. A certain crucial growing period was lost, as marketing evolved and the mechanisms of recommodification became quicker, more rapacious. Authentic subcultures required backwaters, and time, and there are no more backwaters. They went the way of geography in general. Autonomous zones do offer a certain insulation from the monoculture, but they seem not to lend themselves to recommodification, not in the same way. We don’t know why exactly.
William Gibson (All Tomorrow's Parties (Bridge, #3))
Some of us just had far more marketable skills to work with. Ones that might contribute to society,” August said with a grunt, shoving post hole diggers deeper into the ground. Adam scoffed. “Your research is in quantum mechanics. You might as well be a professional unicorn hunter.
Onley James (Mad Man (Necessary Evils, #5))
Voluntary cooperation is more than mechanical execution, where people do only what it takes to get by. It involves going beyond the call of duty, wherein individuals exert energy and initiative to the best of their abilities—even subordinating personal self-interest—to execute resulting strategies.3
W. Chan Kim (Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant)
Have you ever wondered at the mechanics of popularization? How does someone go from being a real person, someone you actually knew, to a set of marketing and publicity points, consumed and lauded by fans who think they know them, but don’t really, but understand this also, and celebrate them regardless?
R.F. Kuang (Yellowface)
The marketing department had cheaped out. Sure, they looked okay on the outside, and they mostly did the job you’d expect. But each pen had between thirty-five and forty-two clicks in it before the spring mechanism exploded. One of their more nervous sales reps had nearly lost an eye in the middle of a big pitch.
Lucy Score (Riley Thorn and the Dead Guy Next Door (Riley Thorn, #1))
Graphene has unique mechanical and electrical properties, which promise many applications. Inspired by graphene's promise, people have figured out some considerably more efficient ways to make it! One optimistic, but maybe not crazy, study forecasts that a 100 billion market in graphene will develop over the next few years.
Frank Wilczek (A Beautiful Question: Finding Nature's Deep Design)
Capitalism differs from other social forms because producers depend on the market for access to the means of production (unlike, for instance, peasants, who remain in direct, non-market possession of land); while appropriators cannot rely on 'extra-economic' powers of appropriation by means of direct coercion - such as the military, political and judicial powers that enable feudal lords to extract surplus labour from peasants - but must depend on the purely 'economic' mechanisms of the market. This distinct system of market dependence means that the requirements of competition and profit-maximization are the fundamental roles of life. Because of these rules, capitalism is a system uniquely driven to improve the productivity of labour by technical means. Above all, it is a system in which the bulk of society's work is done by propertyless labourers who are obliged to sell their labour-power in exchange for a wage in order to gain access to the means of life and of labour itself.
Ellen Meiksins Wood (The Origin of Capitalism: A Longer View)
...all around George, approaching him, crossing his path from every direction, is the male and female raw material which is fed daily into this factory, along the conveyor-belts of the freeways, to be processed, packaged and placed on the market... What do they think they are up to? Well, there is the official answer; preparing themselves for life which means a job and security in which to raise children to prepare themselves for life which means a job and security in which... Here, in their midst, George feels a sort of vertigo. Oh God, what will become of them all? What chance have they? Ought I yell out to them, right now, here, that it's hopeless? But George knows he can't do that. Because, absurdly, inadequately, in spite of himself almost, he is a representative of hope. And the hope is not false. No. It's just that George is like a man trying to sell a real diamond for a nickel, on the street. The diamond is protected from all but the tiniest few, because the great hurrying majority can never stop to dare to believe that it could conceivably be real.
Christopher Isherwood (A Single Man)
we are left with a stark choice: allow climate disruption to change everything about our world, or change pretty much everything about our economy to avoid that fate. But we need to be very clear: because of our decades of collective denial, no gradual, incremental options are now available to us. ”(…) That’s tough for a lot of people in important positions to accept, since it challenges something that might be even more powerful than capitalism, and that is the fetish of centrism—of reasonableness, seriousness, splitting the difference, and generally not getting overly excited about anything. This is the habit of thought that truly rules our era, far more among the liberals who concern themselves with matters of climate policy than among conservatives, many of whom simply deny the existence of the crisis. Climate change presents a profound challenge to this cautious centrism because half measures won’t cut it. (…) The challenge, then, is not simply that we need to spend a lot of money and change a lot of policies; it’s that we need to think differently, radically differently, for those changes to be remotely possible. Right now, the triumph of market logic, with its ethos of domination and fierce competition, is paralyzing almost all serious efforts to respond to climate change. (…) It seems to me that our problem has a lot less to do with the mechanics of solar power than the politics of human power—specifically whether there can be a shift in who wields it, a shift away from corporations and toward communities,
Naomi Klein (This Changes Everything: Capitalism vs. The Climate)
And since men obviously cannot live in a religious vacuum, they cling to surrogate religions of all kinds, to political passions, ideologies, and pipe dreams—unless, of course, they prefer to drug themselves with the sheer mechanics of producing and consuming, with sport and betting, with sexuality, with rowdiness and crime and the thousand other things which fill our daily newspapers
Wilhelm Röpke (A Humane Economy: The Social Framework of the Free Market)
As income and wealth have concentrated at the top, political power has moved there as well. Money and power are inextricably linked. And with power has come influence over the market mechanism. The invisible hand of the marketplace is connected to a wealthy and muscular arm. It is perhaps no accident that those who argue most vehemently on behalf of an immutable and rational “free market” and against government “intrusion” are often the same people who exert disproportionate influence over the market mechanism. They champion “free enterprise” and equate the “free market” with liberty while quietly altering the rules of the game to their own advantage. They extol freedom without acknowledging the growing imbalance of power in our society that’s eroding the freedoms of most people.
Robert B. Reich (Saving Capitalism: For the Many, Not the Few)
In a broad sense, this book, from its first edition in 2000, has been about trying to understand the change in thinking of the people whose actions ultimately drive the markets. It is about the psychology of speculation, about the feedback mechanism that intensifies this psychology, about herd behavior that can spread through millions or even billions of people, and about the implications of such behavior for the economy and for our lives. Although the book originally focused directly on current economic events, it was, and is, about how errors of human judgment can infect even the smartest people, thanks to overconfidence, lack of attention to details, and excessive trust in the judgments of others, stemming from a failure to understand that others are not making independent judgments but are themselves following still others—the blind leading the blind.
Robert J. Shiller (Irrational Exuberance: Revised and Expanded Third Edition)
As impressive as matrix mechanics was, it suffered from a severe marketing flaw. The mathematical formalism was highly abstract and difficult to understand. Einstein's reaction to the theory was typical: A veritable sorcerer's calculation. This is sufficiently ingenious and protected by its great complexity to be immune to any proof of its falsity. This from the guy who had proposed describing space-time in terms of non-Euclidian geometry.
Sean Carroll (Something Deeply HIdden: Quantum Worlds and the Emergence of Spacetime)
The “German problem” after 1970 became how to keep up with the Germans in terms of efficiency and productivity. One way, as above, was to serially devalue, but that was beginning to hurt. The other way was to tie your currency to the deutsche mark and thereby make your price and inflation rate the same as the Germans, which it turned out would also hurt, but in a different way. The problem with keeping up with the Germans is that German industrial exports have the lowest price elasticities in the world. In plain English, Germany makes really great stuff that everyone wants and will pay more for in comparison to all the alternatives. So when you tie your currency to the deutsche mark, you are making a one-way bet that your industry can be as competitive as the Germans in terms of quality and price. That would be difficult enough if the deutsche mark hadn’t been undervalued for most of the postwar period and both German labor costs and inflation rates were lower than average, but unfortunately for everyone else, they were. That gave the German economy the advantage in producing less-than-great stuff too, thereby undercutting competitors in products lower down, as well as higher up the value-added chain. Add to this contemporary German wages, which have seen real declines over the 2000s, and you have an economy that is extremely hard to keep up with. On the other side of this one-way bet were the financial markets. They looked at less dynamic economies, such as the United Kingdom and Italy, that were tying themselves to the deutsche mark and saw a way to make money. The only way to maintain a currency peg is to either defend it with foreign exchange reserves or deflate your wages and prices to accommodate it. To defend a peg you need lots of foreign currency so that when your currency loses value (as it will if you are trying to keep up with the Germans), you can sell your foreign currency reserves and buy back your own currency to maintain the desired rate. But if the markets can figure out how much foreign currency you have in reserve, they can bet against you, force a devaluation of your currency, and pocket the difference between the peg and the new market value in a short sale. George Soros (and a lot of other hedge funds) famously did this to the European Exchange Rate Mechanism in 1992, blowing the United Kingdom and Italy out of the system. Soros could do this because he knew that there was no way the United Kingdom or Italy could be as competitive as Germany without serious price deflation to increase cost competitiveness, and that there would be only so much deflation and unemployment these countries could take before they either ran out of foreign exchange reserves or lost the next election. Indeed, the European Exchange Rate Mechanism was sometimes referred to as the European “Eternal Recession Mechanism,” such was its deflationary impact. In short, attempts to maintain an anti-inflationary currency peg fail because they are not credible on the following point: you cannot run a gold standard (where the only way to adjust is through internal deflation) in a democracy.
Mark Blyth (Austerity: The History of a Dangerous Idea)
...Rusche and Kirchheimer relate the different systems of punishment with the systems of production within which they operate: thus, in a slave economy, punitive mechanisms serve to provide an additional labour force -- and to constitute a body of 'civil' slaves in addition to those provided by war or trading; with feudalism, at a time when money and production were still at an early stage of development, we find a sudden increase in corporal punishments -- the body being in most cases the only property accessible; the penitentiary (the Hopital General, the Spinhuis or the Rasphuis), forced labour and the prison factory appear with the development of the mercantile economy. But the industrial system requires a free market in labour and, in the nineteenth century, the role of forced labour in the mechanisms of punishment diminishes accordingly and 'corrective' detention takes its place.
Michel Foucault (Discipline and Punish: The Birth of the Prison)
The burden of deciding when to launch something is on the maker, not a marketer. If something is launched or a bug is fixed, data is instantly collected about how it's used, which serves as the basis to make quick revisions. There are no big schedules, few big plans, and no enforced mechanisms for coordination. It sounds like chaos, and it is. But if everyone understood chaos and perhaps liked the uncertainty, they would find freedom and opportunity.
Scott Berkun (The Year Without Pants: WordPress.com and the Future of Work)
In order to understand the dynamics of wage inequality, we must introduce other factors, such as the institutions and rules that govern the operation of the labor market in each society. To an even greater extent than other markets, the labor market is not a mathematical abstraction whose workings are entirely determined by natural and immutable mechanisms and implacable technological forces: it is a social construct based on specific rules and compromises.
Thomas Piketty (Capital in the Twenty-First Century)
But here again it must be observed that this is a matter of a variation brought about through dynamic agencies. The static state, for which the contention attributed to the adherents of the mechanical version of the Quantity Theory would be valid, is disturbed by the fact that the exchange-ratios between individual commodities are necessarily modified. Under certain conditions, the technique of the market may have the effect of extending this modification to the exchange-ratio between money and other economic goods also.
Ludwig von Mises (The Theory of Money and Credit)
As demographics in America have changed, the big studios have rushed to include actors that reflect those demographics. There is no cultural hegemony emanating from a particular people with a particular identity, merely a profit-driven system of production that responds to changes in the market, with the aim of reaching the most consumers possible. The only culture being imposed through this mechanism is anti-culture — moral and cultural universalism that dissolves social boundaries to make the maximum number of consumers feel included. While
Jack Donovan (Becoming a Barbarian)
My [Jewish] forebears counting coppers out of a clackdish are what have brought me to this station in life. Jews represent two precent of the population and 80% of the mathematicians. If those numbers were even a little more skewed we'd be talking about separate species. Isn't that farfetched? No. It's not fetched far enough.... Darwin's question remains unanswered. How do we come by mental abilities that have no history? How is it that the brain seems to prepare for what's coming? ... How does making change in the market prepare one's grandchildren for quantum mechanics?
Cormac McCarthy (Stella Maris (The Passenger, #2))
Segways are a classic example of this phenomenon. You've seen them on occasion in malls or in airports, looking something like an old-fashioned lawn mower gone vertical, ridden around by someone in a security professional's uniform. Kind of dorky looking, but don't kid yourself. The gyroscopic balance control is fabulous, and the control movements once mastered are graceful. The hope was these devices would become a universal transport mechanism. Why didn't that happen? In a word: stairs. Stairs are pesky little devils that crop up everywhere, and Segways do not handle them well at all. That's what we call a showstopper.
Geoffrey A. Moore (Crossing the Chasm: Marketing and Selling High-Tech Products to Mainstream Customers)
On the bright side,” he went on, gesturing to the massive quantities of alcohol they had laid out on the table for their lackeys, “You get to drink loads of expensive whiskey, instead.” “I don’t like whiskey,” Tyson told him.  “I like steak knives.” “Poddite,” Slade sighed. Tyson squinted at him.  “What?” “Poddite,” Slade said, carefully arranging his plastic cutlery.  “It means that your uninspired tastes mark you as one of the mindless ranks of pod-people that mechanically wander this earth, doing whatever their television or personal devices tell them to, like drinking piss because it’s been marketed as ‘refreshing.’” 
Sara King (Zero's Return (The Legend of ZERO, #3))
The easiest way to run developmentally efficient finance continues to be through a banking system, because it is banks that can most easily be pointed by governments at the projects necessary to agricultural and industrial development. Most obviously, banks respond to central bank guidance. They can be controlled via rediscounting loans for exports and for industrial upgrading, with the system policed through requirements for export letters of credit from the ultimate borrowers. The simplicity and bluntness of this mechanism makes it highly effective. Bond markets, and particularly stock markets, are harder for policymakers to control. The main reason is that it is difficult to oversee the way in which funds from bond and stock issues are used. It is, tellingly, the capacity of bank-based systems for enforcing development policies that makes entrepreneurs in developing countries lobby so hard for bond, and especially stock, markets to be expanded. These markets are their means to escape government control. It is the job of governments to resist entrepreneurs’ lobbying until basic developmental objectives have been achieved. Equally, independent central banks are not appropriate to developing countries until considerable economic progress has been made.
Joe Studwell (How Asia Works)
Sheepwalking I define “sheepwalking” as the outcome of hiring people who have been raised to be obedient and giving them a brain-dead job and enough fear to keep them in line. You’ve probably encountered someone who is sheepwalking. The TSA “screener” who forces a mom to drink from a bottle of breast milk because any other action is not in the manual. A “customer service” rep who will happily reread a company policy six or seven times but never stop to actually consider what the policy means. A marketing executive who buys millions of dollars’ worth of TV time even though she knows it’s not working—she does it because her boss told her to. It’s ironic but not surprising that in our age of increased reliance on new ideas, rapid change, and innovation, sheepwalking is actually on the rise. That’s because we can no longer rely on machines to do the brain-dead stuff. We’ve mechanized what we could mechanize. What’s left is to cost-reduce the manual labor that must be done by a human. So we write manuals and race to the bottom in our search for the cheapest possible labor. And it’s not surprising that when we go to hire that labor, we search for people who have already been trained to be sheepish. Training a student to be sheepish is a lot easier than the alternative. Teaching to the test, ensuring compliant behavior, and using fear as a motivator are the easiest and fastest ways to get a kid through school. So why does it surprise us that we graduate so many sheep? And graduate school? Since the stakes are higher (opportunity cost, tuition, and the job market), students fall back on what they’ve been taught. To be sheep. Well-educated, of course, but compliant nonetheless. And many organizations go out of their way to hire people that color inside the lines, that demonstrate consistency and compliance. And then they give these people jobs where they are managed via fear. Which leads to sheepwalking. (“I might get fired!”) The fault doesn’t lie with the employee, at least not at first. And of course, the pain is often shouldered by both the employee and the customer. Is it less efficient to pursue the alternative? What happens when you build an organization like W. L. Gore and Associates (makers of Gore-Tex) or the Acumen Fund? At first, it seems crazy. There’s too much overhead, there are too many cats to herd, there is too little predictability, and there is way too much noise. Then, over and over, we see something happen. When you hire amazing people and give them freedom, they do amazing stuff. And the sheepwalkers and their bosses just watch and shake their heads, certain that this is just an exception, and that it is way too risky for their industry or their customer base. I was at a Google conference last month, and I spent some time in a room filled with (pretty newly minted) Google sales reps. I talked to a few of them for a while about the state of the industry. And it broke my heart to discover that they were sheepwalking. Just like the receptionist at a company I visited a week later. She acknowledged that the front office is very slow, and that she just sits there, reading romance novels and waiting. And she’s been doing it for two years. Just like the MBA student I met yesterday who is taking a job at a major packaged-goods company…because they offered her a great salary and promised her a well-known brand. She’s going to stay “for just ten years, then have a baby and leave and start my own gig.…” She’ll get really good at running coupons in the Sunday paper, but not particularly good at solving new problems. What a waste. Step one is to give the problem a name. Done. Step two is for anyone who sees themselves in this mirror to realize that you can always stop. You can always claim the career you deserve merely by refusing to walk down the same path as everyone else just because everyone else is already doing it.
Seth Godin (Whatcha Gonna Do with That Duck?: And Other Provocations, 2006-2012)
Consider first the mechanisms pushing toward convergence, that is, toward reduction and compression of inequalities. The main forces for convergence are the diffusion of knowledge and investment in training and skills. The law of supply and demand, as well as the mobility of capital and labor, which is a variant of that law, may always tend toward convergence as well, but the influence of this economic law is less powerful than the diffusion of knowledge and skill and is frequently ambiguous or contradictory in its implications. Knowledge and skill diffusion is the key to overall productivity growth as well as the reduction of inequality both within and between countries. We see this at present in the advances made by a number of previously poor countries, led by China. These emergent economies are now in the process of catching up with the advanced ones. By adopting the modes of production of the rich countries and acquiring skills comparable to those found elsewhere, the less developed countries have leapt forward in productivity and increased their national incomes. The technological convergence process may be abetted by open borders for trade, but it is fundamentally a process of the diffusion and sharing of knowledge—the public good par excellence—rather than a market mechanism.
Thomas Piketty (Capital in the Twenty-First Century)
A bubble starts when any group of stocks, in this case those associated with the excitement of the Internet, begin to rise. The updraft encourages more people to buy the stocks, which causes more TV and print coverage, which causes even more people to buy, which creates big profits for early Internet stockholders. The successful investors tell you at cocktail parties how easy it is to get rich, which causes the stocks to rise further, which pulls in larger and larger groups of investors. But the whole mechanism is a kind of Ponzi scheme where more and more credulous investors must be found to buy the stock from the earlier investors. Eventually, one runs out of greater fools.
Malkiel Burton
Specialisation, accompanied by exchange, is the source of economic prosperity. Here, in my own words, is what a modern version of Smithism claims. First, the spontaneous and voluntary exchange of goods and services leads to a division of labour in which people specialise in what they are good at doing. Second, this in turn leads to gains from trade for each party to a transaction, because everybody is doing what he is most productive at and has the chance to learn, practise and even mechanise his chosen task. Individuals can thus use and improve their own tacit and local knowledge in a way that no expert or ruler could. Third, gains from trade encourage more specialisation, which encourages more trade, in a virtuous circle. The greater the specialisation among producers, the greater is the diversification of consumption: in moving away from self-sufficiency people get to produce fewer things, but to consume more. Fourth, specialisation inevitably incentivises innovation, which is also a collaborative process driven by the exchange and combination of ideas. Indeed, most innovation comes about through the recombination of existing ideas for how to make or organise things. The more people trade and the more they divide labour, the more they are working for each other. The more they work for each other, the higher their living standards. The consequence of the division of labour is an immense web of cooperation among strangers: it turns potential enemies into honorary friends. A woollen coat, worn by a day labourer, was (said Smith) ‘the produce of a great multitude of workmen. The shepherd, the sorter of the wool, the wool-comber or carder, the dyer, the scribbler, the spinner, the weaver, the fuller, the dresser . . .’ In parting with money to buy a coat, the labourer was not reducing his wealth. Gains from trade are mutual; if they were not, people would not voluntarily engage in trade. The more open and free the market, the less opportunity there is for exploitation and predation, because the easier it is for consumers to boycott the predators and for competitors to whittle away their excess profits. In its ideal form, therefore, the free market is a device for creating networks of collaboration among people to raise each other’s living standards, a device for coordinating production and a device for communicating information about needs through the price mechanism. Also a device for encouraging innovation. It is the very opposite of the rampant and selfish individualism that so many churchmen and others seem to think it is. The market is a system of mass cooperation. You compete with rival producers, sure, but you cooperate with your customers, your suppliers and your colleagues. Commerce both needs and breeds trust.
Matt Ridley (The Evolution of Everything: How New Ideas Emerge)
The pistol had been one hell of a find, because it hadn't quite been what she'd thought it was at first blush. Not simply the S&W Mk 39, but rather a modified version of the same, the Mk 22 Mod 0, also called the "hush puppy". It was Vietnam-era, not the most reliable gun in the world, but wonderfully silent, not only equipped with a silencer to eliminate the sound of gunfire, but also with a slide lock, to keep the actual mechanical operation of the gun quiet as well. She'd test-fired the gun at the market before purchasing, and been stunned that it still worked. The Uzbek vendor had offered to sell it to her cheap. "It's too quiet," he'd explained. "No one wants it." Chace shut her eyes, half smiling at the memory.
Greg Rucka (Private Wars (Queen & Country, #2))
Wild animals enjoying one another and taking pleasure in their world is so immediate and so real, yet this reality is utterly absent from textbooks and academic papers about animals and ecology. There is a truth revealed here, absurd in its simplicity. This insight is not that science is wrong or bad. On the contrary: science, done well, deepens our intimacy with the world. But there is a danger in an exclusively scientific way of thinking. The forest is turned into a diagram; animals become mere mechanisms; nature's workings become clever graphs. Today's conviviality of squirrels seems a refutation of such narrowness. Nature is not a machine. These animals feel. They are alive; they are our cousins, with the shared experience kinship implies. And they appear to enjoy the sun, a phenomenon that occurs nowhere in the curriculum of modern biology. Sadly, modern science is too often unable or unwilling to visualize or feel what others experience. Certainly science's "objective" gambit can be helpful in understanding parts of nature and in freeing us from some cultural preconceptions. Our modern scientific taste for dispassion when analyzing animal behaviour formed in reaction to the Victorian naturalists and their predecessors who saw all nature as an allegory confirming their cultural values. But a gambit is just an opening move, not a coherent vision of the whole game. Science's objectivity sheds some assumptions but takes on others that, dressed up in academic rigor, can produce hubris and callousness about the world. The danger comes when we confuse the limited scope of our scientific methods with the true scope of the world. It may be useful or expedient to describe nature as a flow diagram or an animal as a machine, but such utility should not be confused with a confirmation that our limited assumptions reflect the shape of the world. Not coincidentally, the hubris of narrowly applied science serves the needs of the industrial economy. Machines are bought, sold, and discarded; joyful cousins are not. Two days ago, on Christmas Eve, the U.S. Forest Service opened to commercial logging three hundred thousand acres of old growth in the Tongass National Forest, more than a billion square-meter mandalas. Arrows moved on a flowchart, graphs of quantified timber shifted. Modern forest science integrated seamlessly with global commodity markets—language and values needed no translation. Scientific models and metaphors of machines are helpful but limited. They cannot tell us all that we need to know. What lies beyond the theories we impose on nature? This year I have tried to put down scientific tools and to listen: to come to nature without a hypothesis, without a scheme for data extraction, without a lesson plan to convey answers to students, without machines or probes. I have glimpsed how rich science is but simultaneously how limited in scope and in spirit. It is unfortunate that the practice of listening generally has no place in the formal training of scientists. In this absence science needlessly fails. We are poorer for this, and possibly more hurtful. What Christmas Eve gifts might a listening culture give its forests? What was the insight that brushed past me as the squirrels basked? It was not to turn away from science. My experience of animals is richer for knowing their stories, and science is a powerful way to deepen this understanding. Rather, I realized that all stories are partly wrapped in fiction—the fiction of simplifying assumptions, of cultural myopia and of storytellers' pride. I learned to revel in the stories but not to mistake them for the bright, ineffable nature of the world.
David George Haskell (The Forest Unseen: A Year’s Watch in Nature)
Here, accordingly, we encounter two principal sets of institutions that depoliticize social needs: first, domestic institutions, especially the normative domestic form, namely, the modern, male-headed, nuclear family; and, second, official-economic capitalist system institutions, especially paid workplaces, markets,credit mechanisms, and “ private” enterprises and corporations. Domestic institutions depoliticize certain matters by personalizing and/or familializing them; they cast these as private-domestic or personal-familial matters in contradistinction to public, political matters. Official-economic capitalist system institutions depoliticize certain matters by economizing them; the issues in question here are cast as impersonal market imperatives or as “ private” ownership prerogatives or as technical problems for managers and planners, all in contradistinction to political matters.
Nancy Fraser (Fortunes of Feminism. From State-Managed Capitalism to Neoliberal Crisis)
It was as if he had set in motion a mechanism in her head and now her job was to put order into a chaotic mass of impressions. Increasingly intent, increasingly obsessed, probably overcome herself by an urgent need to find a solid vision, without cracks, she complicated his meager information with some book she got from the library. So she gave concrete motives, ordinary faces to the air of abstract apprehension that as children we had breathed in the neighborhood. Fascism, Nazism, the war, the Allies, the monarchy, the republic—she turned them into streets, houses, faces, Don Achille and the black market, Alfredo Peluso the Communist, the Camorrist grandfather of the Solaras, the father, Silvio, a worse Fascist than Marcello and Michele, and her father, Fernando the shoemaker, and my father, all—all—in her eyes stained to the marrow by shadowy crimes, all hardened criminals or acquiescent accomplices, all bought for practically nothing. She and Pasquale enclosed me in a terrible world that left no escape.
Elena Ferrante (My Brilliant Friend (L'amica geniale #1))
The fractal panopticon If, following Bentham, we regard panopticism as a modality of power that rests on the principle of ‘seeing without being seen’, made possible by a flow of information that turns real subjects and activities into data, shadowy projections of real subjects, then, combining these principles of panopticism with its property of modularisation and Hayek’s characterisation of the market as the coordinating mechanism of the action of private individuals, we can understand the rationale of the neoliberal project as one aiming at the construction of a system of interrelated virtual ‘inspection houses’, which we may call the ‘fractal panopticon’. Each panopticon, that is each set of interrelationships of control and resistance defined by a scale of social action, is in turn a singularity within a series of singularities, which stand in relation to each other in such a way that their action constitutes a ‘watchtower’ that is external to them, thus forming a greater panopticon – and so on, in a potentially infinite series.
Massimo De Angelis (The Beginning of History: Value Struggles and Global Capital)
Just as the printing press led to the appearance of a new set of possibilities for democracy, beginning five hundred years ago—and just as the emergence of electronic broadcasting reshaped those possibilities, beginning in the first quarter of the twentieth century—the Internet is presenting us with new possibilities to reestablish a healthy functioning self-government, even before it rivals television for an audience. In fact, the Internet is perhaps the greatest source of hope for reestablishing an open communications environment in which the conversation of democracy can flourish. It has extremely low entry barriers for individuals. The ideas that individuals contribute are dealt with, in the main, according to the rules of a meritocracy of ideas. It is the most interactive medium in history and the one with the greatest potential for connecting individuals to one another and to a universe of knowledge. An important distinction to make is that the Internet is not just another platform for disseminating the truth. It’s a platform for pursuing the truth, and the decentralized creation and distribution of ideas, in the same way that markets are a decentralized mechanism for the creation and distribution of goods and services. It’s a platform, in other words, for reason. But just as it is important to avoid romanticizing the printing press and the information ecosystem it created, it is also necessary to keep a clear-eyed view of the Internet’s problems and abuses. It is hard to imagine any human evil that is not somehow abundantly displayed somewhere on the Internet. Parents of young children are often horrified to learn what obscene, grotesque, and savage material is all too easily available to children whose Web-surfing habits are not supervised or electronically limited. Teen suicides, bullying, depravity, and criminal behavior of all descriptions are described and—some would argue—promoted on the Internet. As with any tool put at the disposal of humankind, it can be, and is, used for evil as well as good purposes. And as always, it is up to us—particularly those of us who live in a democracy—to make intelligent choices about how and for what we use this incredibly powerful tool.
Al Gore (The Assault on Reason)
The last statement reveals more than may appear at first glance: it indicates that Greenspan's mistake was to expect that the lending institutions' enlightened self-interest would make them act more responsibly, more ethically, in order to avoid short-term self-propelling cycles of wild speculation which, sooner or later, burst like a bubble. In other words, his mistake concerned not the facts, the objective economic data or mechanisms; it concerned rather the ethical attitudes generated by market speculation—in particular the premise that market processes will spontaneously generate responsibility and trust, since it is in the long-term self-interest of the participants themselves to act thusly. Clearly, Greenspan's error was not only and not simply one of overestimating the rationality of market agents—that is, their ability to resist the temptation of making wild speculative gains. What he forgot to include in the equation was the financial speculators' quite rational expectation that the risks would be worth taking, since, in the event of a financial collapse, they could count on the state to cover their losses.
Slavoj Žižek (First as Tragedy, Then as Farce)
I’m not suggesting anyone has acted illegally. To the contrary: CEOs believe they are supposed to maximize shareholder returns, and one means of accomplishing that goal is to play the political game as well as it possibly can be played and field the largest and best legal and lobbying teams available. Trade associations see their role as representing the best interests of their corporate members, which requires lobbying ferociously, raising as much money as possible for political campaigns of pliant lawmakers, and even offering jobs to former government officials. Public officials, for their part, perceive their responsibility as acting in the public interest. But the public interest is often understood as emerging from a consensus of the organized interests appearing before them. The larger and wealthier the organization, the better equipped its lawyers and its experts are to assert what’s good for the public. Any official who once worked for such an organization, or who suspects he may work for one in the future, is prone to find such arguments especially persuasive. Inside the mechanism of the “free market,” the economic and political power of the new monopolies feed off and enlarge each other.
Robert B. Reich (Saving Capitalism: For the Many, Not the Few)
TechCrunch, Fast Company, Mashable, Inc., Entrepreneur, and countless other publications. LinkedIn and Hacker News abound with job postings: Growth Hacker Needed. Their job isn’t to “do” marketing as I had always known it; it’s to grow companies really fast—to take something from nothing and make it something enormous within an incredibly tight window. And it says something about what marketing has become that these are no longer considered synonymous tasks. The term “growth hacker” has many different meanings for different people, but I’ll define it as I have come to understand it: A growth hacker is someone who has thrown out the playbook of traditional marketing and replaced it with only what is testable, trackable, and scalable. Their tools are e-mails, pay-per-click ads, blogs, and platform APIs instead of commercials, publicity, and money. While their marketing brethren chase vague notions like “branding” and “mind share,” growth hackers relentlessly pursue users and growth—and when they do it right, those users beget more users, who beget more users. They are the inventors, operators, and mechanics of their own self-sustaining and self-propagating growth machine that can take a start-up from nothing to something.
Ryan Holiday (Growth Hacker Marketing: A Primer on the Future of PR, Marketing, and Advertising)
Patients tend to assume that their generic drugs are identical to brand-name drugs, in part because they imagine a simple and amicable process: as a patent expires, the brand-name company turns over its recipe, and a generic company makes the same drug, but at a fraction of the cost, since it no longer has to invest in research or marketing. But in fact, generic drug companies fight a legal, scientific, and regulatory battle, often in the dark, from the moment they set out to develop a generic. Mostly, their drugs come to market not with help from brand-name drug companies, but in spite of their efforts to stop them. Brand companies often resort to “shenanigans” and “gaming tactics” to delay generic competition, as the exasperated FDA commissioner Scott Gottlieb put it. They will erect a fortress of patents around their drugs, sometimes patenting each manufacturing step—even the time-release mechanism, if there is one. They may make small alterations to their drugs and declare them new, to add years to their patents, a move known as “evergreening.” Rather than sell samples of their drugs, which generic makers need in order to study and reverse-engineer them, brand-name companies will withhold samples, which in 2018 led the FDA to begin publicly shaming the companies accused of such practices by posting their names on its website.
Katherine Eban (Bottle of Lies: The Inside Story of the Generic Drug Boom)
Humans are cognitive misers because their basic tendency is to default to Type I processing mechanisms of low computational expense. Using less computational capacity for one task means that there is more left over for another task if they both must be completed simultaneously. This would seem to be adaptive. Nevertheless, this strong bias to default to the simplest cognitive mechanism-to be a cognitive miser-means that humans are often less than rational. Increasingly, in the modern world we are presented with decisions and problems that require more accurate responses than those generated by heuristic processing. Type i processes often provide a quick solution that is a first approximation to an optimal response. But modern life often requires more precise thought than this. Modern technological societies are in fact hostile environments for people reliant on only the most easily computed automatic response. Think of the multi-million-dollar advertising industry that has been designed to exploit just this tendency. Modern society keeps proliferating situations where shallow processing is not sufficient for maximizing personal happiness-precisely because many structures of market-based societies have been designed explicitly to exploit such tendencies. Being cognitive misers will seriously impede people from achieving their goals.
Keith E. Stanovich (What Intelligence Tests Miss)
Feeding the urban fleet of horses hay and grain supported many thousands of farmers. An idle riding horse in New York City required about 9,000 calories of oats and hay per day. A draft horse in the same city working in construction required almost 30,000 calories of the same feeds. Annually, each draft horse consumed about 3 tons of hay and 62.5 bushels (1 ton) of oats. It took roughly four acres of good farmland to supply a working city horse that year’s worth of feed.9 At the beginning of the nineteenth century, when cities in America were limited largely to the East Coast, farmers seldom transported bulky loose hay more than twenty to thirty miles to city markets.10 The commercialization of the hay press in the 1850s, operated by hand or by horse-powered sweep, reduced the bulk and thus lowered the cost of shipping hay, while the opening of the Midwest’s tallgrass prairies to settlement and farming in the intervening years met the increasing demand for horse feed. By 1879, national hay production totaled 35 million tons, a figure that had nearly tripled to 97 million tons by 1909. More than half the land in New England was devoted to hay by 1909 as well, and at least twenty-two states harvested more than a million acres a year of hay and forage.11 The mechanization of American agriculture with horse-drawn or horse-powered machinery supported this vast expansion.
Richard Rhodes (Energy: A Human History)
In theory, the fact that the rich countries own part of the capital of poor countries can have virtuous effects by promoting convergence. If the rich countries are so flush with savings and capital that there is little reason to build new housing or add new machinery (in which case economists say that the “marginal productivity of capital,” that is, the additional output due to adding one new unit of capital “at the margin,” is very low), it can be collectively efficient to invest some part of domestic savings in poorer countries abroad. Thus the wealthy countries—or at any rate the residents of wealthy countries with capital to spare—will obtain a better return on their investment by investing abroad, and the poor countries will increase their productivity and thus close the gap between them and the rich countries. According to classical economic theory, this mechanism, based on the free flow of capital and equalization of the marginal productivity of capital at the global level, should lead to convergence of rich and poor countries and an eventual reduction of inequalities through market forces and competition. This optimistic theory has two major defects, however. First, from a strictly logical point of view, the equalization mechanism does not guarantee global convergence of per capita income. At best it can give rise to convergence of per capita output, provided we assume perfect capital mobility and, even more important, total equality of skill levels and human capital across countries—no small assumption.
Thomas Piketty (Capital in the Twenty-First Century)
Look,” she told me one day in a Millsport coffeehouse. “Shopping—actual, physical shopping—could have been phased out centuries ago if they’d wanted it that way.” “They who?” “People. Society.” She waved a hand impatiently. “Whoever. They had the capacity back then. Mail order, virtual supermarkets, automated debiting systems. It could have been done and it never happened. What does that tell you?” At twenty-two years old, a Marine Corps grunt via the street gangs of Newpest, it told me nothing. Carlyle took in my blank look and sighed. “It tells you that people like shopping. That it satisfies a basic, acquisitive need at a genetic level. Something we inherited from our hunter-gatherer ancestors. Oh, you’ve got automated convenience shopping for basic household items, mechanical food distribution systems for the marginalized poor. But you’ve also got a massive proliferation of commercial hives and speciality markets in food and crafts that people physically have to go to. Now why would they do that, if they didn’t enjoy it?” I probably shrugged, maintaining my youthful cool. “Shopping is physical interaction, exercise of decision-making capacity, sating of the desire to acquire, and an impulse to more acquisition, a scouting urge. It’s so basically fucking human when you think about it. You’ve got to learn to love it, Tak. I mean you can cross the whole archipelago on a hover; you never even need to get wet. But that doesn’t take the basic pleasure out of swimming, does it? Learn to shop well, Tak. Get flexible. Enjoy the uncertainty.
Richard K. Morgan (Altered Carbon (Takeshi Kovacs, #1))
The notion that property is the means to all other means was ruled out by the new radicals. The deep seated ressentiment towards private property, indeed towards anything private, blocked the conclusion that follows from any impartial examination of wealth-producing and freedom-favouring mechanisms: an effective world improvement would call for the most general possible propertization. Instead, the political metanoeticians enthused over general dispossession, akin to the founders of Christian orders who wanted to own everything communally and nothing individually. The most important insight into the dynamics of economic modernization remained inaccessible to them: money created by lending on property is the universal means of world improvement. They are all the blinder to the fact that for the meantime, only the modern tax state, the anonymous hyper-billionaire, can act as a general world-improver, naturally in alliance with the local meliorists - not only because of its traditional school power, but most of all thanks to its redistributive power, which took on unbelievable proportions in the course of the twentieth century. The current tax state, for its part, can only survive as long as it is based on a property economy whose actors put up no resistance when half of their total product is taken away, year after year, by the very visible hand of the national treasury for the sake of communal tasks. What the un-calm understands least of all is the simple fact that when government expenditures constitute almost 50 per cent of the gross national product, this fulfills the requirements of actually existing liberal-fiscal semi-socialism, regardless of what label is used to describe this situation - whether people call it the New Deal, 'social market economy' or 'neoliberalism'. What the system lacks for total perfection is a homogeneous worldwide tax sphere and the long-overdue propertization of the impoverished world.
Peter Sloterdijk (You Must Change Your Life)
An implicit assumption in many normative debates is that private solutions cannot be relied upon for complex problems. Can private governance facilitate cooperation in sophisticated transactions, in large groups, in heterogeneous populations, under conditions of anonymity, or across long distances? Or will problems such as free riding and prisoners’ dilemmas lead to market failure? All of these are empirical questions whose answers are usually assumed rather than investigated. Yet mechanisms of private governance are far more ubiquitous and far more powerful than commonly assumed. Mechanisms of private governance work in small and large groups, among friends and strangers, in ancient and modern societies, and for simple and extremely complex transactions. They often exist alongside, and in many cases in spite of, government legal efforts, and most of the time they are totally missed. The more that private governance solves problems behind the scenes, the more people overlook it and misattribute order to the state. Milton Friedman, for example, recognizes that private rule enforcement could work, but considers it rare: “I look over history, and outside of perhaps Iceland, where else can you find any historical examples of that kind of a system developing?” (Doherty and Friedman, 1995).3 After reading this book, I hope Friedman would answer instead that private order is all around us. Private governance is everywhere and responsible for creating order not just in basic markets but also in the world’s most sophisticated markets, including futures and advanced derivatives markets. If the success of private governance were limited to the examples in this book, the track record should be rated superb. Yet they are a fraction of what has worked and will work in the future. I hope this research inspires others to document some of the countless mechanisms that have made markets as robust as they are. Research in private governance not only
Edward P. Stringham (Private Governance: Creating Order in Economic and Social Life)
Business leadership is based on two elements: vision and technical competence. Top people in a given industry always embody at least one of those two elements. Sometimes, but rarely, they embody both of them. Simply put, vision is the ability to see what other people don’t. It’s a Ford executive named Lee Iacocca realizing that a market existed for an automobile that was both a racing car and a street vehicle—and coming up with the Mustang. It’s Steven Jobs realizing that computers needed to be sold in a single box, like a television sets, instead of piece by piece. About one hundred years ago, Walter Chrysler was a plant manager for a locomotive company. Then he decided to go into the car business, which was a hot new industry at the time. The trouble was, Walter Chrysler didn’t know a lot about cars, except that they were beginning to outnumber horses on the public roadways. To remedy this problem, Chrysler bought one of the Model T Fords that were becoming so popular. To learn how it worked, he took it apart and put it back together. Then, just to be sure he understood everything, he repeated this. Then, to be absolutely certain he knew what made a car work, he took it apart and put it together forty-eight more times, for a grand total of fifty. By the time he was finished, Chrysler not only had a vision of thousands of cars on American highways, he also had the mechanical details of those cars engraved in his consciousness. Perhaps you’ve seen the play called The Music Man. It’s about a fast-talking man who arrives in a small town with the intention of hugely upgrading a marching band. However, he can’t play any instruments, doesn’t know how to lead a band, and doesn’t really have any musical skills whatsoever. The Music Man is a comedy, but it’s not totally unrealistic. Some managers in the computer industry don’t know how to format a document. Some automobile executives could not change a tire. There was once even a vice president who couldn’t spell potato. It’s not a good idea to lack the fundamental technical skills of your industry, and it’s really not a good idea to get caught lacking them. So let’s see what you can do to avoid those problems.
Dale Carnegie (Make Yourself Unforgettable: How to Become the Person Everyone Remembers and No One Can Resist (Dale Carnegie Books))
It is easier to attain Marx's goal, however, if you do not have to rely on everyone being morally magnificent all the time. Socialism is not a society which requires resplendent virtue of its citizens. It does not mean that we have to be wrapped around each other all the time in some great orgy of togetherness. This is because the mechanisms which would allow Marx's goal to be approached would actually be built into social institutions. They would not rely in the first place on the goodwill of the individual.... One would expect any socialist institution to have its fair share of chancers, toadies, bullies, cheats, loafers, scroungers, freeloaders, free riders and occasional psychopaths...Communism would not spell the end of human strife. Only the literal end of history would do that. Envy, aggression, domination, possessiveness and competition would still exist. It is just that they could not take the forms they assume under capitalism - not because of some superior human virtue, but because of a change of institutions. These vices would no longer be bound up with the exploitation of child labour, colonial violence, grotesque social inequalities and cutthroat economic competition. Instead, they would have to assume some other form. Tribal societies have their fair share of violence, rivalry and hunger for power, but these things cannot take the form of imperial warfare, free-market competition or mass unemployment, because such institutions do not exist among the Nuer or the Dinka. There are villains everywhere you look, but only some of these moral ruffians are so placed as to be able to steal pension funds or pump the media full of lying political propaganda. Most gangsters are not in a position to do so. Instead, they have to content themselves with hanging people from meat hooks. In a socialist society, nobody would be in a position to do so. This is not because they would be too saintly, but because there would be no private pension funds or privately owned media. Shakespeare's villains had to find outlets for their wickedness other than firing missiles at Palestinian refugees. You cannot be a bullying industrial magnate if there isn't any industry around.
Terry Eagleton (Why Marx Was Right)
If one looks at modern society, it is obvious that in order to live, the great majority of people are forced to sell their labour power. All the physical and intellectual capacities existing in human beings, in their personalities, which must be set in motion to produce useful things, can only be used if they are sold in exchange for wages. Labour power is usually perceived as a commodity bought and sold nearly like all others. The existence of exchange and wage-labour seems normal, inevitable. Yet the introduction of wage-labour involved conflict, resistance, and bloodshed. The separation of the worker from the means of production, now an accepted fact of life, took a long time and was accomplished by force. In England, in the Netherlands, in France, from the sixteenth century on, economic and political violence expropriated craftsmen and peasants, repressed indigence and vagrancy, imposed wage-labour on the poor. Between 1930 and 1950, Russia decreed a labour code which included capital punishment in order to organise the transition of millions of peasants to industrial wage-labour in less than a few decades. Seemingly normal facts: that an individual has nothing but his labour power, that he must sell it to a business unit to be able to live, that everything is a commodity, that social relations revolve around market exchange… such facts now taken for granted result from a long, brutal process. By means of its school system and its ideological and political life, contemporary society hides the past and present violence on which this situation rests. It conceals both its origin and the mechanism which enables it to function. Everything appears as a free contract in which the individual, as a seller of labour power, encounters the factory, the shop or the office. The existence of the commodity seems to be an obvious and natural phenomenon, and the periodic major and minor disasters it causes are often regarded as quasi-natural calamities. Goods are destroyed to maintain their prices, existing capacities are left to rot, while elementary needs remain unfulfilled. Yet the main thing that the system hides is not the existence of exploitation or class (that is not too hard to see), nor its horrors (modern society is quite good at turning them into media show). It is not even that the wage labour/capital relationship causes unrest and rebellion (that also is fairly plain to see). The main thing it conceals is that insubordination and revolt could be large and deep enough to do away with this relationship and make another world possible.
Gilles Dauvé
We must look at the price system as . . . a mechanism for communicating information if we want to understand its real function,” Hayek
John Cassidy (How Markets Fail: The Logic of Economic Calamities)
this is not just the normal churn of capitalism’s creative destruction, a process that has previously helped lead to a new equilibrium of more jobs, higher wages, and a better quality of life for all. The free market is supposed to be self-correcting, but these self-correcting mechanisms break down in an economy driven by artificial intelligence. Low-cost labor provides no edge over machines, and data-driven monopolies are forever self-reinforcing.
Kai-Fu Lee (AI Superpowers: China, Silicon Valley, and the New World Order)
The attempt to make legislation flexible enough to fit individual cases also nullifies the universality of the law. A judge who has the option of giving a sentence which may be anywhere from two to ten years has nothing to guide him in his choice except his own private beliefs. Some judges are habitually lenient, and some habitually harsh, so that the fate of the accused usually depends as much on the personality and mood of his judge as on the actual circumstances of the case. Changing from a system of punishment in the form of prison sentences to a system of justice in the form of reparations payments to the victims would do nothing to solve this problem as long as the legal-judicial mechanism remained a function of government rather than of the free market. Free-market arbiters are guided in their choices by the desires of consumers, with profit and loss as a built-in “correction mechanism.” But government judges have no signals to guide their decisions. Even if they wanted to please their “customers,” they would have no signals to tell them how to do so. A government judge, faced with a flexible penalty, can have nothing to guide him but his own opinions and whims.
Morris Tannehill (Market for Liberty)
If only—just before that apple fell—young Isaac had also marvelled at how it grew: in a fascinating, ever-evolving interplay of trees and bees, sun and leaves, roots and rain, blossom and seeds. It might have led him to equally revolutionary insights into the nature of complex systems, thus transforming the history of science. It would have changed the course of economics too, inspiring his economic admirers with a far more fruitful metaphor. Today we would be talking not of the market mechanism but of the market organism—and we’d be so much the wiser for it.
Kate Raworth (Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist)
The form of argument used by Farjoun and Machover is rather alien to the tradition of political economy. The later has tended, from its inception, to look for explanations in terms of the actions of rational profit maximising individuals directing the economy towards some sort of equilibrium. Instead Farjoun and Machover, who were mathematicians not economists, imported the form of reasoning that had been used in thermodynamics or statistical mechanics. This branch of physics deals with the behaviour of large complex systems with huge numbers of degrees of freedom. The classical example of this type of system is gas composed of huge numbers of randomly moving molecules. In such a system it is fruitless to try and form a deterministic and microscopic picture of the interaction of individual molecules. But you can make a number of useful deductions about the statistical properties of the whole collection of molecules. It was from the statistical properties of such collections that Boltzmann was able to derive the laws of thermodynamics[Bol95]. What Farjoun and Machover did was apply this form of reasoning to another chaotic system with a large number of degrees of freedom : the market economy. In doing this they initiated a new discipline of study : econophysics. This, in a very radical way, views the economy as a process without a subject. It assumes nothing about knowing subjects, instead it attempts to apply the principle of parsimony. It assumes nothing about the individual economic actors. Instead it theorises the aggregate constraints and and statistical distributions of the system that arise from the assumption of maximal disorder. A such this approach is anathema to the subjectivist Austrian school9.
Paul Cockshott Dave Zachariah (Arguments for socialism)
And the Global North managed to replace the old colonial instruments of command and control with newer, and cheaper, mechanisms of ‘self-imposed’ market discipline.
Raj Patel (Stuffed and Starved: The Hidden Battle for the World Food System - Revised and Updated)
Yet when [Thomas Jefferson] discussed the effects of his policy toward Native Americans, about the violence heaped on them when various legal and market mechanisms failed to convince them to part with their land, he lapsed into passive voices and hapless tenses. Even after he gave precise instructions for how to lock Native Americans into predatory debt, followed by a threat of destruction, Jefferson, upon contemplating the consequences, acted as if he stood impotent before history, as if he and the government he brought into the world were not the means of the destruction.
Greg Grandin (The End of the Myth: From the Frontier to the Border Wall in the Mind of America)
If we can tackle the inequalities that make our current market societies so brutal, we might have a chance of deploying market mechanisms to organize consumption in an ecologically limited world, allowing all of us to come through capitalism and climate change as equals—“alive in the sunshine,” as the eco-socialist and Jacobin magazine editor Alyssa Battistoni says in a reference to Virginia Woolf.
Peter Frase (Four Futures: Life After Capitalism)
The mechanics of setting up a global food system involved the twin processes of colonization and the forced creation of markets.
Raj Patel (Stuffed and Starved: The Hidden Battle for the World Food System - Revised and Updated)
A few weeks later, the United States Steel Corporation was formed. It was a testament to the power of Morgan, and the entirely unregulated securities market, that he could go from a handshake to a public company in less than eight weeks. As the syndicate manager, Morgan’s firm deposited $25 million to execute the mechanics of the transaction. Morgan’s role was to organize the consolidation, sell shares to the public, and serve on its board of directors. Morgan himself was not a major shareholder of any of the consolidations he sponsored or underwrote. His compensation generally came in the form of fees for arranging these massive transactions. U.S. Steel combined every major steel consolidation of the previous three years, along with Carnegie Steel, into a superconsolidation. On March 29, when the shares were brought to market, U.S. Steel became the first company to be valued at over $1 billion.
Bhu Srinivasan (Americana: A 400-Year History of American Capitalism)
Twitter was never meant to have a discovery mechanism. It originated as simply a reverse-chronological stream of feeds. There was no way to seek out tweets on particular topics other than by scrolling through pages of unrelated and irrelevant content. Chris Messina, an engineer at Google, originally suggested the use of hashtags to annotate and discover similar tweets. Today, the hashtag has become a mainstay of Twitter.
Geoffrey G. Parker (Platform Revolution: How Networked Markets Are Transforming the Economy and How to Make Them Work for You: How Networked Markets Are Transforming the Economy―and How to Make Them Work for You)
For both consumers and producers: Access to curation mechanisms that enhance the quality of interactions. Consumers value access to high-quality goods and services that address their specific needs and interests, while producers value access to consumers who want their offerings and are willing to pay a fair price for them. Well-run platforms build and maintain curation systems that connect the right consumers with the right producers quickly and easily.
Geoffrey G. Parker (Platform Revolution: How Networked Markets Are Transforming the Economy and How to Make Them Work for You: How Networked Markets Are Transforming the Economy―and How to Make Them Work for You)
the late 1940s there were still only a few devices. Early in that decade IBM’s president, Thomas J. Watson, had allegedly (and notoriously) said, “I think there is a world market for about five computers.” Popular Mechanics magazine made a forecast typical of its time in 1949: “Computers in the future may have only 1000 vacuum tubes,” it argued, “and perhaps weigh only 1½ tons.” A decade after Bletchley, there were still only hundreds of computers around the world.
Mustafa Suleyman (The Coming Wave: AI, Power, and Our Future)
I see that you’re planning on having a metal part fabricated to hold that mechanism together, but if you switch to glass-filled plastic for the enclosure you might get the stiffness and tolerances you’re looking for without the need for a separate metal piece, and you’ll save a bundle.
Alan Cohen (Prototype to Product: A Practical Guide for Getting to Market)
This is particularly true for hardware, where creating revisions of circuits and mechanical components can take weeks or months. Sweating the details up front of what we’re trying to accomplish can easily avoid an extra round of revisions, shaving months and serious dollars from the project.
Alan Cohen (Prototype to Product: A Practical Guide for Getting to Market)