Vinyl LP Records Have Been Mostly Replaced, but in Kansas Not Completely Destroyed

In my Openness book, I argue that Schumpeter’s phrase “creative destruction” misleads by overemphasizing the extent of destruction in the process of breakthrough innovation, so I prefer to call the process “innovative dynamism.” A new innovation is often better than the old in many, but not all, traits. A minority of people who put heavy weight on the traits where the old product is better, will still prefer the old product. If the minority is large enough, and willing to pay enough for their preference, then there will be enough demand for the old product to remain in production, rather than be fully replaced (i.e., destroyed).

Illustrating my point, The New York Times ran two full pages on Chad Kassem, a Kansas entrepreneur who is working hard, with some success, at making higher quality vinyl LP records. He has 114 employees and annual revenue of over $1 million.

He is even introducing incremental innovations to the old product: (p. 6) “Kassem hired veterans of the record-making business and indulged their ideas for modernizing a process that (p. 7) had barely changed since the 1970s. Among other innovations, they introduced computerized controls and found ways to regulate the fluctuating temperature of vinyl in the presses.”

The New York Times article is:

Ben Sisario. “In a Digital World, Pursuing an Ideal Of Perfect Vinyl.” The New York Times, Arts&Leisure Section (Sun., March 9, 2025): 6-7.

(Note: the online version of The New York Times article on the resilience of vinyl was updated March 7, 2025, and has the title “The Wizard of Vinyl Is in Kansas.”)

My book mentioned in my initial comments is:

Diamond, Arthur M., Jr. Openness to Creative Destruction: Sustaining Innovative Dynamism. New York: Oxford University Press, 2019.

Democratic Donor Warren Buffett Praises DOGE

(p. A1) . . . at the end of Saturday’s Berkshire Hathaway annual meeting, the Oracle of Omaha dropped a bonbshell before a gathering of some 17,000 shareholders: that he’s set to step aside as Berkshire CEO, with vice chairman Abel taking his place.

. . .

(p. A4) It was little surprise that the very first question from moderator Becky Quick of CNBC in the Saturday [May 3, 2025] Q&A had to do with tariffs.

. . .

While critical of Trump’s tariffs, Buffett had little bad to say about Trump’s budget and program-slashing Department of Government Efficiency.

He called the current 7% gap between the federal government’s revenues and expenditures unsustainable. Whether that’s two or 20 years “it’s something that cannot go on forever,” he said. And if it isn’t brought under control, he said, it risks rampant inflation.

“I think it’s a job I don’t want, but it’s a job I think should be done, and Congress doesn’t seem to be doing it,” Buffett said.

For the full story, see:

Cordes, Henry J. “Buffett to Step Down as CEO of Berkshire.” Omaha World-Herald (Sunday, May 4, 2025): A1 & A4.

(Note: ellipses, and bracketed date, added.)

(Note: the online version of the article has the title “Warren Buffett stepping down as Berkshire Hathaway CEO at end of year; shareholders react.”)

A World with No Tariffs, No Barriers, No Subsidies

Art Laffer and Stephen Moore had an op-ed a few weeks ago in which they encouraged Donald Trump to be the best version of himself on the tariff and trade issue. Trump has made inconsistent statements on tariffs and trade. Sometimes his goal seems to be to seek long-term tariffs that bring in substantial revenue. But his best version seeks a mutual reduction in tariffs to zero–a world of free trade, which when combined with deregulation and downsizing of government will allow entrepreneurs to innovate and trade so that we all flourish.

The best version of Trump is the one who spoke the following words in 2018 at a meeting of the Group of Seven in Quebec:

“No tariffs, no barriers. That’s the way it should be. And no subsidies. I even said, ‘no tariffs.’ . . . Ultimately, that’s what you want. You want tariff-free, no barriers and you want no subsidies.”

Source of quote:

Arthur Laffer and Stephen Moore. “A Win-Win Exit Strategy For Trump on Tariffs.” The Wall Street Journal (Tues., April 8, 2025): A17.

(Note: ellipsis in original.)

(Note: the online version of the commentary has the date April 7, 2025, and has the same title as the print version.)

(Note: Stephen Moore wrote a nice blurb for my Openness book.

“If She Ever Had a Clever Thought, It Died Alone and Afraid”

I still smile whenever I see a Tesla Cybertruck. Boldly audacious–its mere existence gives me hope for the future. If I could charge its battery as fast as I can fill a tank of gas, I would buy one tomorrow. I still worry that Musk will implode or cave. But right now he looks like a genuine hero, defending free speech by buying Twitter, taking on the deep state by creating DOGE, solving the engineering challenges to make the dream of Mars a reality!

(p. B1) When Jennifer Trebb first pulled into her driveway two years ago with her sleek Tesla Model Y, it was — as she put it — “kind of like a ‘Back to the Future’ moment.”

She was helping the environment, she said, but driving a Tesla also had cachet. “It was definitely a little bit of a cool moment to have something that was innovative and different,” she said.

But Ms. Trebb recently made a U-turn, joining the ranks of Tesla owners in the United States and overseas — some well known, including the singer Sheryl Crow — who are selling their vehicles because the values and politics of the company’s billionaire chief executive, Elon Musk, are alienating them, they say.

. . .

(p. B6) In the United States, perhaps the most notable rebuke of the car brand was lodged by Ms. Crow, the singer-songwriter, who posted an Instagram video in February [2025] showing her waving goodbye as her electric vehicle was driven away on a flatbed truck.

. . .

In an appearance with Sean Hannity on Fox News, Senator John Kennedy, Republican of Louisiana, mocked Ms. Crow’s protest.

“I think she means well, but if she ever had a clever thought, it died alone and afraid,” Mr. Kennedy said.

For the full story see:

Neil Vigdor. “Tesla for Sale: Buyer’s Remorse Sets In For E.V. Owners Who’ve Soured on Musk.” The New York Times (Friday, March 7, 2025): B1 & B6.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the story was updated March 5, 2025, and has the title “Tesla for Sale: Buyer’s Remorse Sinks In for Elon Musk’s E.V.-Owning Critics.”)

Covid Handouts Raised Government Debt, Leading to Higher Inflation

During Covid, Democrats in Congress pushed for ever-greater government handouts to voters, that often were handed out to fraudsters, and substantially increased the U.S. debt. Former Democratic Secretary of the Treasury Larry Summers predicted that this would fuel inflation. Recent research by Ernie Tedeschi, the former Chief Economist at President Biden’s Council of Economic Advisors, confirms that increased debt results in higher prices.

The New York Times article summarizing Tedeschi’s research is:

Colby Smith. “Research Shows Link Between High Government Debt and Rising Prices.” The New York Times (Thurs., March 13, 2025): B3.

(Note: the online version of the article has the date March 12, 2024, and has the title “High Government Debt Is Seen as Stoking Inflation, Research Shows.”)

Colby Smith identifies Tedeschi as the author of the following research paper. The Budget Lab web site, where the paper is posted, does not identify the author:

“The Inflationary Risks of Rising Federal Deficits and Debt.” The Budget Lab at Yale. March 12, 2025.

Trump Hits ‘New High Water Mark’ for Deregulation

In my friendly debate with fellow libertarians, the passages quoted below support my claim/hope that Trump’s deregulation and downsizing efforts will prove to be substantial.

(p. A2) WASHINGTON—President Trump is following through on his pledge to usher in one of the most sweeping deregulatory drives in modern U.S. history, moving swiftly to slash environmental rules and bank oversight, remove barriers to cryptocurrencies, and reverse the Biden administration’s restrictions on energy production.

The most aggressive plans for a red-tape rollback have come from the Environmental Protection Agency, which in a single day announced 31 actions to deregulate U.S. environmental policies, including rules for power plants, the oil-and-gas industry, electric vehicles and wastewater.

Venture Global, a liquefied natural gas exporter, in early March announced an $18 billion investment in a Louisiana project, following the administration’s reversal of President Joe Biden’s freeze on approvals for LNG gas export plants, which has yielded plans for new projects and expansions. The Trump administration is “getting the red tape, getting the federal government off the back of the worker, off the back of companies,” Interior Secretary Doug Burgum said in an address to workers at the Louisiana facility.

. . .

Trump’s deregulatory moves are widespread: The Securities and Exchange Commission is backing away from Biden’s climate-related disclosure rules; the Federal Deposit Insurance Corp. rolled back a Biden-era policy that had stepped up scrutiny of large bank mergers; and the Interior and Housing and Urban Development departments are aiming to streamline regulations to spur the construction of housing on millions of acres of federal land.

Taken together, Trump’s moves are setting “the new high water mark in terms of the deregulatory agenda,” said Travis Fisher, who served in the first Trump administration and is now the director of energy and environmental policy studies at the Cato Institute, the libertarian think tank. He added that Trump is “moving more boldly than Ronald Reagan.”

Investors, bullish about Trump’s deregulatory agenda, sent stocks soaring after the election.

For the full story see:

Scott Patterson and Amrith Ramkumar. “Deregulation Hits ‘New High Water Mark’.” The Wall Street Journal (Sat., March 29, 2025): A2.

(Note: ellipsis added.)

(Note: the online version of the story has the date March 28, 2025, and has the title “Trump Ushers In ‘New High Water Mark’ for Deregulation.” The passages quoted include a couple of sentences that appear in the online, but not the printed, version of the article.)

Ramaswamy Avowed That the F.D.A. “Erects Unnecessary Barriers to Innovation”

The New York Times article quoted below worried that if Vivek Ramaswamy succeeded in “slashing regulation” of drugs, his own drug development firm would have benefitted. Maybe so, but that misses the main point–all the rest of us also would have benefitted by medical entrepreneurs being allowed to create more and quicker cures. Presumably The New York Times was relieved when Ramaswamy resigned from DOGE, but I was discouraged.

I was in favor of Elon Musk’s push to reduce the number of federal employees. But I was even more in favor of Vivek Ramaswamy’s push to deregulate innovative entrepreneurs.

[By the way, isn’t it predictable that The New York Times delights in highlighting Roivant’s one failure, but gives only passing scant mention to its six successes?]

(p. A10) Vivek Ramaswamy is the less famous and less wealthy half of the duo of billionaires that President-elect Donald J. Trump has designated to slash government costs.

. . .

At 39, he is one of the world’s youngest billionaires, having made his fortune in the pharmaceutical industry.  . . .

Mr. Ramaswamy, who owns a stake currently valued at nearly $600 million in a biotechnology company he started, has called for changes at the Food and Drug Administration that would speed up drug approvals.

. . .

Since being named to jointly lead DOGE, Mr. Ramaswamy had until recently been posting on Mr. Musk’s social media site X, hinting about where he may look to make changes in the government.

He called for slashing regulation, not just cutting government spending. He pointed to federal workers focused on diversity as potential targets for “mass firings.”

And he has been taking aim at the F.D.A. “My #1 issue with FDA is that it erects unnecessary barriers to innovation,” he wrote on X. He criticized the agency’s general requirement that drugmakers conduct two successful major studies to win approval rather than one.

Mr. Ramaswamy founded his biotechnology company, Roivant Sciences, in 2014, betting that he could find hidden gems whose potential had been overlooked by large drugmakers. The idea was to hunt for experimental medications languishing within large pharmaceutical companies, buy them for cheap and spin out a web of subsidiaries to bring them to market.

The venture is best known for a spectacular failure.

In 2015, Mr. Ramaswamy whipped up hype and investment around one of his finds, a potential treatment for Alzheimer’s disease being developed by one of his subsidiaries, Axovant. Two years later, a clinical trial showed that it did not work, erasing more than $1.3 billion in Axovant’s stock value in a single day.

Mr. Ramaswamy personally lost money on paper on the failure, but thanks to the savvy way he had structured his web of companies he and Roivant weathered the storm. Six products have won F.D.A. approval, and today Roivant has a market valuation of $8 billion.

Mr. Ramaswamy sold some of his Roivant stock to take a large payout in 2020, reporting nearly $175 million in capital gains on his tax return that year. But he is still one of the company’s largest shareholders.

If Mr. Ramaswamy recommends changes that speed up drug approvals through DOGE, that could be good news for Roivant, which is developing drugs that might come up for approval during Mr. Trump’s second term. The faster it can get medicines onto the market, the more valuable the company — and Mr. Ramaswamy’s stake in it — stands to become.

For the full story see:

Rebecca Robbins, Maureen Farrell and Jonathan Weisman. “From Ramaswamy’s High-Profile Perch, a Web of Potential Conflicts.” The New York Times (Thursday, January 16, 2025): A10.

(Note: ellipses added.)

(Note: the online version of the story has the date Jan. 15, 2025, and has the title “Ramaswamy Has a High-Profile Perch and a Raft of Potential Conflicts.” At one point this entry was posted on March 30. I had not noted that another entry had been posted for March 30, so for consistency I moved this entry to April 23.)

Signed Anti-Tariff Declaration and Would LIKE to Sign PRO-Deregulation and PRO-Government-Downsizing Declarations

My friend Tom Chappelear posted a response to my posting, and I responded:

You may be right, but I am inclined otherwise. How much of the off-shoring is due to other countries’ protectionist policies, and how much is due to the U.S. over-regulating manufacturing, so that labor is cheaper and more flexible abroad? I disagree with Oren Cass’s support for protectionism and industrial policy, but I found his chapter on environmental regulations eye-opening. Ever-more-onerous environmental regulations don’t do anything to make the air and water healthier, but do a lot to make manufacturing in the U.S. more expensive and less nimbly adaptive. Our labor regulations also make it much harder for U.S. entrepreneurs to hire U.S. laborers, and to deploy them in innovative ways.

“Effort Means That You Care About Something”

In my Openness book, I argue that we should allow each other the freedom to choose intensity over work-life balance. David Brooks is sometimes thought-provoking and eloquent, for instance in the passages quoted below where he defends intensity.

One question that Brooks discusses elsewhere in his essay is: how do you find your “passion,” your “misery,” your “vocation”? He tries but after reading his answers, I think the mystery mostly remains. The best answer to this question that I have found is in a book by John Chisholm called Unleash Your Inner Company. Chishom suggests that you should apply yourself to something worth doing, and work to do it better. If you do that, he suggests, you are likely to eventually find you increasingly care about what you are doing.

(p. 9) My own chosen form of misery is writing. Of course, this is now how I make a living, so I’m earning extrinsic rewards by writing. But I wrote before money was involved, and I’m sure I’ll write after, and the money itself isn’t sufficient motivation.

Every morning, seven days a week, I wake up and trudge immediately to my office and churn out my 1,200 words — the same daily routine for over 40 years. I don’t enjoy writing. It’s hard and anxiety-filled most of the time. Just figuring out the right structure for a piece is incredibly difficult and gets no easier with experience.

I don’t like to write but I want to write. Getting up and trudging into that office is just what I do. It’s the daily activity that gives structure and meaning to life. I don’t enjoy it, but I care about it.

We sometimes think humans operate by a hedonic or utilitarian logic. We seek out pleasure and avoid pain. We seek activities with low costs and high rewards. Effort is hard, so we try to reduce the amount of effort we have to put into things — including, often enough, the effort of thinking things through.

And I think we do operate by that kind of logic a lot of the time — just not when it comes to the most important things in our lives. When it comes to the things we really care about — vocation, family, identity, whatever gives our lives purpose — we are operating by a different logic, which is the logic of passionate desire and often painful effort.

. . .

. . . I have found that paradoxically life goes more smoothly when you take on difficulties rather than try to avoid them. People are more tranquil when they are heading somewhere, when they have brought their lives to a point, going in one direction toward an important goal. Humans were made to go on quests, and amid quests more stress often leads to more satisfaction, at least until you get to the highest levels. The psychologist Carol Dweck once wrote: “Effort is one of the things that gives meaning to life. Effort means that you care about something.”

All this toil is not really about a marathon or a newspaper article or a well-stocked shelf at the grocery store. It’s about slowly molding yourself into the strong person you want to be. It’s to expand yourself through challenge, steel yourself through discipline and grow in understanding, capacity and grace. The greatest achievement is the person you become via the ardor of the journey.

. . .

So, sure, on a shallow level we lead our lives on the axis of pleasure and pain. But at the deeper level, we live on the axis between intensity and drift. Evolution or God or both have instilled in us a primal urge to explore, build and improve. But life is at its highest when passion takes us far beyond what evolution requires, when we’re committed to something beyond any utilitarian logic.

For the full commentary see:

David Brooks. “A Surprising Route to the Best Life Possible.” The New York Times, SundayOpinion Section (Sun., March 30, 2025): 9.

(Note: ellipses added.)

(Note: the online version of the commentary has the date March 27, 2025, and has the same title as the print version. The first couple of paragraphs quoted above appear in the longer online version, but not in the shorter print version, of the commentary. In the third quoted paragraph, the words “like” and “want” are italicized.)

My book mentioned in my initial comments is:

Diamond, Arthur M., Jr. Openness to Creative Destruction: Sustaining Innovative Dynamism. New York: Oxford University Press, 2019.

The book by Chisholm that I praise in my initial comments is:

Chisholm, John. Unleash Your Inner Company: Use Passion and Perseverance to Build Your Ideal Business. Austin, TX: Greenleaf Book Group Press, 2015.

How a Progressive, About to Pretend to Be a Conservative, Dropped the Pretense

How does a person totally change from one viewpoint to a totally different viewpoint? A thought-provoking case study was presented in a full page article in The New York Times.

In 2020 Xaviaer DuRousseau was a black progressive scheduled to appear on “The Circle,” a Netflix reality contest show in which his role was to sometimes attempt to fool the other participants into thinking that he was a conservative. To prepare himself to effectively deceive, he started studying conservative popular media, including the video clips of PragerU and of black social media pundit Candace Owens.

As he worked through the arguments he planned to make as a faux conservative on “The Circle,” he gradually realized that he was more and more agreeing with them, and eventually could no longer honestly be a “faux” conservative. So DuRousseau dropped the “faux” and resigned from the Netflix show.

Now Xaviaer DuRousseau is a full-fledged conservative, himself making popular videos for PragerU.

A surprising story in a surprising venue.

The full-page article in The New York Times is:

Kellen Browning and Mark Abramson. “How a Black Progressive Became a Conservative Star.” The New York Times (Thurs., April 10, 2025): A12.

(Note: the online version of the article was updated April 3, 2025, and has the title “How a Black Progressive Transformed Into a Conservative Star.”)

Pfizer Waited Until Just After Trump Lost 2020 Election to Announce Success of Trump’s “Operation Warp Speed”

I have been suspicious of the timing of Pfizer’s announcement of the efficacy of their vaccine. They announced the efficacy the day after Joe Biden was proclaimed the winner of the election. They deny the obvious inference. The denial could be true, or they could be counting on our gullibility.

I remain suspicious.

(p. A3) Soon after President Trump won the presidential election in November [2024], British drugmaker GSK brought an unusual claim to federal prosecutors in Manhattan, according to people familiar with the matter.

A senior GSK scientist, who formerly worked at rival Pfizer, had told GSK colleagues that Pfizer delayed announcing the success of its Covid vaccine in 2020 until after that year’s election.

. . .

Over the past year, Pfizer executives including Chief Executive Albert Bourla have sought to build a relationship with Trump, . . .

. . .

During the development of Pfizer’s vaccine, Bourla aggressively pushed his employees to develop the vaccine and initially had wanted the vaccine done by October [2020]. He gave similar timelines publicly, telling the “Today” show that the company would know if it worked by October [2020].

. . .

Pfizer filmed and broadcast the moment executives learned the results from Pfizer’s senior scientists, on Nov. 8 [2020].

By then, Trump had lost the election. Joe Biden was declared the winner of the contest on Nov. 7 [2020]. Two days later, Pfizer said an early analysis showed its vaccine to work safely in protecting people from Covid-19.

Just after midnight on Nov. 10, [2020] Trump posted on social media: “As I have long said, @Pfizer and the others would only announce a Vaccine after the Election, because they didn’t have the courage to do it before.”

For the full story see:

Josh Dawsey, Gregory Zuckerman, and Jared S. Hopkins. “Tip on Pfizer Vaccine Timing Is Probed.” The Wall Street Journal (Thurs., March 27, 2025): A3.

(Note: ellipses, and bracketed years, added.)

(Note: the online version of the story was updated March 26, 2025, and has the title “U.S. Prosecutors Probe Tip About Timing of Pfizer Vaccine.”)