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Joey Alexander - Jazz Prodigy from Jakarta

5/21/2015

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Joey Alexander is a 11 year old Jazz prodigy. I don't know jazz well enough to tell good from great, but the experts say he's not your average run-of-the-mill prodigy--he's amazing.

Youtube: Joey Alexander, My Favorite Things (Behind the Scenes)

Besides the fact that a 11-year old can play like that, what's interesting to me is that he was born and brought up in Indonesia, far from the centers of the jazz scene. But he was still able to immerse himself in that world through CDs and YouTube videos. Yet another reminder of how technology has shrunk our world and expanded the boundaries of what's possible.
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The Econs

5/15/2015

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Richard Thaler on traditional economics:
Economists discount any factors that would not influence the thinking of a rational person. These things are supposedly irrelevant. But unfortunately for the theory, many supposedly irrelevant factors do matter.

Economists create this problem with their insistence on studying mythical creatures often known as Homo economicus. I prefer to call them “Econs”— highly intelligent beings that are capable of making the most complex of calculations but are totally lacking in emotions. Think of Mr. Spock in “Star Trek.” In a world of Econs, many things would in fact be irrelevant.

No Econ would buy a larger portion of whatever will be served for dinner on Tuesday because he happens to be hungry when shopping on Sunday. Your hunger on Sunday should be irrelevant in choosing the size of your meal for Tuesday. An Econ would not finish that huge meal on Tuesday, even though he is no longer hungry, just because he had paid for it. To an Econ, the price paid for an item in the past is not relevant in making the decision about how much of it to eat now.
Making good decisions is not easy. It requires time, effort, and brainpower. People mess up all the time, especially when it comes to highly complex choices like saving and investing. We are not econs, and it's great that behavioral economists catalog all the ways in which we fall short.

But, when it comes to policy prescriptions, here's what behavioral economists often forget: Us bumbling individuals making our imperfect choices in free markets make decisions more in keeping with our own self-interest than a government bureaucrat choosing for us would. That's why traditional economic theory gives roughly the right answers. Behavioralists are quick to point out flaws in individuals, but ascribe perfect benevolence and intelligence to government employees. They seem to think that the White House and Congress and the DMV and the local school board are all staffed by ... Econs! And these are not just your regular econs. They are perfectly knowledgeable, wise, and benevolent econs who are always acting in other people's interests. They are super-econs!

If you don't believe econs, how can you believe in super-econs?
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The Silent Majority in the Inner City

5/11/2015

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Sociologist Orlando Patterson on the makeup of inner cities:
According to recent surveys, between 20 and 25 percent of their permanent residents are middle class; roughly 60 percent are solidly working class or working poor who labor incredibly hard, advocate fundamental American values and aspire to the American dream for their children. Their youth share their parents’ values, expend considerable social energy avoiding the violence around them and consume far fewer drugs than their white working- and middle-class counterparts, despite their disproportionate arrest and incarceration rates.

In all inner-city neighborhoods, however, there is a problem minority that varies between about 12.1 percent (in San Diego, for example) and 28 percent (in Phoenix) that comes largely from the disconnected youth between ages 16 and 24.
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    Ben Mathew

    Author of Economics: The Remarkable Story of How the Economy Works

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