Category: Economics

Some Venture Capitalists “Act as Mentors,” Some Install Seasoned Veterans as C.E.O.s, and Some Are “Founder-Friendly,” Allowing Genius “to Do Its Work”

(p. C4) . . . Mallaby never quite settles on the story he wants to tell. He introduces the book by laying out what he intends to do: “to explain the venture-capital mind-set” and “to evaluate venture capital’s social impact.” This mind-set, he says, revolves around the “power law” of his title — the idea that the distribution of phenomena is not “normal” but skewed. Instead of a bell curve, picture a long tail, where “winners advance at an accelerating, exponential rate.” Adapt or die, sink or swim — there’s no middle ground. This is why V.C.s like to talk about “grand slams” and “moon shots”; Peter Thiel says that a fund’s top investment should generate returns so spectacular that it will outperform everything else in the fund put together.

This, clearly, isn’t the kind of logic that has much use for steady, incremental growth, to say nothing of a flourishing middle class. You might therefore wonder about the “social impact” of venture capital, which Mallaby deems to be, on the whole, good. He concedes that “V.C.s as individuals can stumble sideways into lucky fortunes,” or can sometimes do unhelpful things. But he is ultimately bullish on what they have to offer: “Venture capital as a system is a formidable engine of progress — more so than is frequently acknowledged.” That engine, Mallaby reminds us, has funded such ventures as the development of synthetic insulin and, more recently, plant-based alternatives to ecologically damaging meat.

. . .

He gives examples of the different kinds of funds, with their various personalities and philosophies. There are V.C.s who see it as their role to act as mentors and coaches to inexperienced founders. There are V.C.s who insist on installing seasoned outsiders at start-ups to serve as C.E.O.s. There are also “founder-friendly” V.C.s, who promise to be hands-off, allowing genius, no matter how unorthodox or weird, to do its work.

For the full review, see:

Jennifer Szalai. “BOOKS OF THE TIMES; A Funder-Friendly Look at Venture Capital.” The New York Times (Tuesday, February 1, 2022): C4.

(Note: ellipses added.)

(Note: the online version of the review has the date Jan. 31, 2022, and has the title “BOOKS OF THE TIMES; ‘The Power Law’ Is a Funder-Friendly Look at the World of Venture Capital.”)

The book under review is:

Mallaby, Sebastian. The Power Law: Venture Capital and the Making of the New Future. New York: Penguin Press, 2022.

Venture Capital’s “Massive” Role in Funding Innovation

(p. A15) The average venture-capital fund launched in 2011 outperformed the S&P 500 by 7% per year. But that statistic understates the astronomical returns earned by a few top performers—and the mediocre returns earned by the rest. Between 1979 and 2018, the median fund underperformed the S&P 500, while the top 5% of funds nearly tripled the index’s performance.

The investor Bill Gurley, of Benchmark, describes venture capital as a “grand-slam business.” In “The Power Law,” business journalist Sebastian Mallaby argues that venture is defined by its most extravagant successes. A few deals explain the majority of returns, a few funds drive the majority of asset-class performance, a few wild ideas change the world.

Venture’s contribution to innovation and entrepreneurship is massive. Mr. Mallaby notes that between 1995 and 2019 venture-backed companies accounted for nearly half of U.S. nonfinancial IPOs. These firms are orders of magnitude more likely to launch an IPO than startups that don’t receive venture backing. The U.S. economy’s dynamism depends in large part on the Silicon Valley ecosystem.

. . .

Though the book focuses on the winners, Mr. Mallaby doesn’t shy away from criticism, especially in his description of the decline of Kleiner Perkins. The firm was successful in the 1990s, but lead partner John Doerr became more interested in virtue signaling than in profit making. He started a cleantech fund, based on a conversation with his teenage daughter about saving the planet, that put a significant dent in the firm’s long-term track record. And he embarked on a highly publicized gender-equity campaign to hire female partners, only to see some of the most talented women quit and then see the firm be sued by a disgruntled employee for gender discrimination.

. . .

In his closing words in “The Power Law,” Mr. Mallaby warns that it’s “unwise” to bet against venture. But public markets have recently turned against IPOs and other venture-backed companies, sending venture-style portfolios like Cathie Wood’s ETF into steep losses. With the IPO window closing and tech stocks selling off, some venture investors might well be thinking: “There but by the grace of God go I.”

For the full review, see:

Daniel Rasmussen. “BOOKSHELF; Chasing Unicorns.” The Wall Street Journal (Thursday, February 3, 2022): A15.

(Note: ellipses added.)

(Note: the online version of the review has the date February 2, 2022, and has the title “BOOKSHELF; ‘The Power Law’ Review: Chasing Unicorns.”)

The book under review is:

Mallaby, Sebastian. The Power Law: Venture Capital and the Making of the New Future. New York: Penguin Press, 2022.

Middle Class Hurt by California Mandate for New Home Batteries and Solar Panels

(p. B1) This month, state regulators updated California’s building code to require some new homes and commercial buildings to have solar panels and batteries and the wiring needed to switch from heaters that burn natural gas to heat pumps that run on electricity. Energy experts say it is one of the most sweeping single environmental updates to building codes ever attempted by a government agency.

But some energy and building experts warn that California may be taking on too much, too quickly and focusing on the wrong target — new buildings, rather than the much larger universe of existing structures. Their biggest fear is that these new requirements will drive up the state’s already high construction costs, putting new homes out of reach of middle- and lower-income families that cannot as easily afford the higher upfront costs of cleaner energy and heating equipment, which typically pays for itself over years through (p. B3) savings on monthly utility bills.

. . .

Adding solar panels and a battery to a new home can raise its cost by $20,000 or more. While that might not matter to somebody buying a million-dollar property, it could be a burden on a family borrowing a few hundred thousand dollars to buy a home.

“You’re going to see the impact in office rents. You’re going to see it in the cost of the milk in your grocery store,” said Donald J. Ruthroff, a principal at Dahlin Group Architecture Planning in Pleasanton, Calif. “There’s no question this is going to impact prices across the board.”

. . .

The Sycamore Square townhouses were the last ones developed in San Bernardino before the solar mandate took effect last year. Glenn Elssmann, a partner in the project who hired Mr. Marini’s company as the contractor, said the added cost of the solar requirement would have made construction of the development impossible. Homes in Sycamore Square started at $340,000 for the four-bedroom, three-bath units and reached as high as $370,000.

Jimmie Joyce, 44, who works in payroll at the Los Angeles County Department of Public Health, will soon close on the purchase of a house in Sycamore Square after trying for almost a year to buy closer to Inglewood, a city near the Los Angeles International Airport where he lives now. His commute will likely increase from about 40 minutes to an hour and a half.

“I, for one, didn’t even plan on moving out that far,” Mr. Joyce said. “The way the market is, people are just overbidding to just try to get in things.” He said he made an offer $10,000 to $15,000 higher than the asking price on a home that ended up with more than 70 bids, including one that was $60,000 more than his.

His new home is already expensive for him, he said, and adding $10,000 to $20,000 more for solar, a battery and other amenities “would make that much more challenging.”

The changes regulators adopted this month will also require most new commercial buildings, including schools, hotels, hospitals, office buildings, retailers and grocery stores, and apartment buildings and condos above three stories to include solar and batteries. And regulators will require single-family homes to have wiring that will allow them to use electric heat pumps and water heaters, rather than ones that burn natural gas. About 55 percent of California’s homes use electric heat and 45 percent use natural gas.

For the full story, see:

Ivan Penn. “Greener Buildings, for a Lot of Green.” The New York Times (Monday, August 30, 2021): B1 & B3.

(Note: ellipses added.)

(Note: the online version of the story was updated Sept. 9, 2021, and has the title “California’s Plan to Make New Buildings Greener Will Also Raise Costs.”)

Less-Ventilated Energy-Efficient Buildings Reduce Indoor Air Quality, Harming Cognitive Performance

(p. D6) A new study shows that poor indoor air quality is associated with subtle impairments in a number of cognitive functions, including our ability to concentrate and process information. The study tracked 302 office workers in commercial buildings in six countries — the United States, Britain, China, India, Mexico and Thailand — for 12 months.

The scientists used monitors to measure ventilation and indoor air quality in the buildings, including levels of fine particulate matter, which includes dust and minuscule particles from smoking, cleaning products and outdoor air pollution that seeps into the building. The workers were asked to use an app to take regular cognitive tests during the workday. The tests included simple math problems, as well as a tricky color and word brain teaser called the Stroop test, in which a word like “blue” or “purple” is printed in green or red ink.  . . .

The study found that the office workers in buildings with the poorest indoor air quality tended to perform worse on the brain teasers. While the effect wasn’t dramatic, the findings add to a growing body of evidence suggesting that the air we breathe affects brain health.

. . .

“This study looked at how several factors in the indoor environment have an immediate impact on our cognitive function and performance,” said Joseph G. Allen, the director of the Harvard Healthy Buildings program and the study’s senior author. “This study shows that the air you’re breathing at your desk at that moment has an impact on how well you think.”

In the past, air quality control in buildings has been mostly focused on energy efficiency and comfort, with little consideration given to infection control or overall worker health.

. . .

Dr. Allen is the co-author of a new book, “Healthy Buildings: How Indoor Spaces Drive Performance and Productivity.” He said he’s been encouraged to see more businesses and individuals taking indoor air quality more seriously as a result of the pandemic. Recently he saw a job posting at a major company advertising for a “head of healthy buildings” in the company’s global real estate division.

“It tells you that serious companies are changing how they approach their buildings, and they’re not thinking about this as a one-off during Covid,” said Dr. Allen.

. . .

“The pressure is coming from employees, parents of kids in school, teachers — there’s a heightened level of awareness and expertise,” said Dr. Allen. “How many people were talking about MERV 13 filters prior to the pandemic? This knowledge that our indoor spaces have been underperforming is not going away. I think people are rightly frustrated and fed up with it.”

For the full story, see:

Tara Parker-Pope. “What Bad Indoor Air Could Do to Your Brain.” The New York Times (Tuesday, September 28, 2021): D6.

(Note: ellipses added.)

(Note: the online version of the story was updated Sept. 28, 2021, and has the title “Is Bad Indoor Air Dulling Your Brain?”)

The book co-authored by Allen, and mentioned above, is:

Allen, Joseph G., and John D. Macomber. Healthy Buildings: How Indoor Spaces Drive Performance and Productivity. Cambridge, MA: Harvard University Press, 2020.

Pandemic Increased Population Shift to the Exurbs

(p. A1) MURFREESBORO, Tenn.—This bucolic town 30 miles southeast of Nashville, Tenn., was once best known for its nearby Civil War battlefield and state college. Now it is one of the fastest-growing places in the country.

Surging housing costs and remote work are sending droves of people to live in new, fast-growing exurbs of metropolitan areas in the Southeast where suburban living has long been concentrated closer to the city.

Nashville, Charlotte, N.C., Charleston, S.C., and Jacksonville, Fla., are among the places getting the type of outer-ring residential development once found only around the country’s largest cities.

In 2020, net migration into a large group of exurban counties rose 37%, according to an analysis of U.S. Postal Service permanent change-of-address data by The Wall Street Journal. Nearly two-thirds of the flow came from large cities and their close-in suburbs.

Exurban areas, which include 240 counties as defined by the Brookings Institution, grew at almost twice the national rate over the past decade, a shift that began before the pandemic. There are signs it is accelerating this year as Americans prepare for an expected post-pandemic landscape where increased working from home reduces the need to commute.

Researchers differ in defining exurbs, but they gen-(p. A10)erally include the fast-growing outer fringes of large metro areas where single-family homes mix with farms and many workers have traditionally commuted a significant distance to the core of the metro area.”

For the full story, see:

Cameron McWhirter and Paul Overberg. “Pandemic Changes Swell Exurbs.” The Wall Street Journal (Monday, August 30, 2021): A1 & A10.

(Note: ellipsis added.)

(Note: the online version of the story has the date August 29, 2021, and has the title “New Life and Work Choices Revitalize Exurbs, Bringing New Strains.” The online version says that the title of the (New York?) print version was “Pandemic Stokes Exurbs Boom.” But my (National?) print version had the title “Pandemic Changes Swell Exurbs.”)

Jobs and Wages Improved for Black Americans During Pre-Pandemic Trump Years

(p. A11) Over the first three years of Mr. Trump’s presidency, blacks (and Hispanics) experienced record-low rates of unemployment and poverty, while wages for workers at the bottom of the income scale rose faster than they did for management. Whether that was the goal of the Trump administration or an unintended consequence is a debate I’ll leave to others. But there is no doubting that the financial situation of millions of working-class black Americans improved significantly under Mr. Trump’s policies.

. . .

. . . job growth accelerated, unemployment kept falling, and economic growth improved. In early 2017, the new president set about implementing what he had promised during the campaign: lower taxes and lighter regulation. He nominated Kevin Hassett, who had published research showing how corporate taxes depress wages for manufacturing workers, to lead the Council of Economic Advisers. He urged Congress to reduce the tax rate on corporate profits, which at 35% was one of the highest in the developed world.

. . .

Between 2017 and 2019, median household incomes grew by 15.4% among blacks and only 11.5% among whites. The investment bank Goldman Sachs released a paper in March 2019 that showed pay for those at the lower end of the wage distribution rising at nearly double the rate of pay for those at the upper end. Average hourly earnings were growing at rates that hadn’t been seen in almost a decade, but what “has set this rise apart is that it’s the first time during the economic recovery that began in mid-2009 that the bottom half of earners are benefiting more than the top half—in fact, about twice as much,” CNBC reported.

Citing a graph included in Goldman’s analysis, CNBC added that the “trend began in 2018”—the first year that the corporate tax cuts were in effect—“and has continued into this year and could be signaling a stronger economy than many experts think.”

For the full commentary, see:

Jason L. Riley. “The Trump Boom Lifted Black Americans.” The Wall Street Journal (Saturday, January 29, 2022): A11.

(Note: ellipses added.)

(Note: the online version of the commentary has the date January 28, 2022, and has the same title as the print version.)

The passages from Riley’s commentary quoted above were adapted from his book:

Riley, Jason L. The Black Boom. West Conshocken, PA: Templeton Press, 2022.

“People Are Now Coming to Their Own Conclusions About Covid”

(p. 3) Lauren Terry, 23, thought she would know what to do if she contracted Covid-19. After all, she manages a lab in Tucson that processes Covid tests.

But when she developed symptoms on Christmas Eve, she quickly realized she had no inside information.

“I first tried to take whatever rapid tests I could get my hands on,” Ms. Terry said. “I bought some over the counter. I got a free kit from my county library. A friend gave me a box. I think I tried five different brands.” When they all turned up negative, she took a P.C.R. test, but that too, was negative.

With clear symptoms, she didn’t believe the results. So she turned to Twitter. “I was searching for the Omicron rapid test efficacy and trying to figure out what brand works on this variant and what doesn’t and how long they take to produce results,” she said. (The Food and Drug Administration has said that rapid antigen tests may be less sensitive to the Omicron variant but has not identified any specific tests that outright fail to detect it.) “I started seeing people on Twitter say they were having symptoms and only testing positive days later. I decided not to see anybody for the holidays when I read that.”

She kept testing, and a few days after Christmas she received the result she had expected all along.

Though it’s been almost two years since the onset of the pandemic, this phase can feel more confusing than its start, in March 2020. Even P.C.R. tests, the gold standard, don’t always detect every case, especially early in the course of infection, and there is some doubt among scientists about whether rapid antigen tests perform as well with Omicron. And, the need for a 10-day isolation period was thrown into question after the Centers for Disease Control and Prevention announced that some people could leave their homes after only five days.

“The information is more confusing because the threat itself is more confusing,” said David Abramson, who directs the Center for Public Health Disaster Science at the N.Y.U. School of Global Public Health. “We used to know there was a hurricane coming at us from 50 miles away. Now we have this storm that is not well defined that could maybe create flood or some wind damage, but there are so many uncertainties, and we just aren’t sure.”

Many people are now coming to their own conclusions about Covid and how they should behave. After not contracting the virus after multiple exposures, they may conclude they can take more risks. Or if they have Covid they may choose to stay in isolation longer than the C.D.C. recommends.

And they aren’t necessarily embracing conspiracy theories. People are forming opinions after reading mainstream news articles and tweets from epidemiologists; they are looking at real-life experiences of people in their networks.

For the full story, see:

Alyson Krueger. “Covid Experts, the Self-Made Kind.” The New York Times, SundayStyles Section (Sunday, January 23, 2022): 3.

(Note: the online version of the story has the date January 21, 2022, and has the title “So You Think You’re a Covid Expert (but Are You?).”)

Ethnic Russians in Ukraine Identify as Ukrainians, Instead of as Russians (They Choose Freedom and Prosperity)

(p. A8) LSTANYTSIA LUHANSKA, Ukraine—The Russian-controlled areas of Ukraine’s Luhansk and Donetsk regions were once the engines of the country’s economy and dominated its politics.

They produced its richest man, billionaire industrialist Rinat Akhmetov, as well as former President Viktor Yanukovych, ousted by the street protests that triggered the Russian invasion in 2014.

Since then, however, the two areas—now nominally independent “people’s republics” inside the larger regions of Luhansk and Donetsk—have turned into impoverished, depopulated enclaves that increasingly rely on Russian subsidies to survive. As much as half the prewar population of 3.8 million has left, for the rest of Ukraine, more prosperous Russia or Europe. Those who remain are disproportionately retirees, members of the security services and people simply too poor to move. Current economic output has shrunk to roughly 30% of the level before the Russian invasion, economists estimate.

As Russian President Vladimir Putin is massing more than 100,000 troops for a possible broader invasion of Ukraine, the developments in Donetsk and Luhansk show what many fear could happen to the rest of the country if he were to carry that out. The dismal record of Russian rule is one reason so many Ukrainian citizens, including Russian-speakers, are ready to take up arms so that their hometowns won’t meet the same fate.

. . .

Isolyatsiya used to be a popular contemporary art space in Donetsk, hosting exhibitions and performances at a Soviet-era insulation materials factory. When Russian-backed militants took it over in 2014, saying the space was needed to store Russian humanitarian aid, they allowed staff to rescue a collection of Soviet-period social-realist paintings but smashed the contemporary art pieces, melting some of the statues and installations for scrap metal.

. . .

Weeks later, Isolyatsiya’s compound turned into a detention facility operated by the Donetsk republic’s ministry of state security. One of the hundreds of prisoners there was Ukrainian novelist and journalist Stanislav Aseev, who was detained in 2017 after local security officials discovered he was contributing under a pen name to Ukrainian news outlets. Mr. Aseev, who says he was repeatedly tortured with electric shock, was freed in December 2019 as part of a prisoner exchange and now lives near Kyiv.

“They’ve managed to rebuild a Soviet system in the occupied territories—and not the Soviet system of the 1960s and 1970s, but a Soviet system of the 1930s and 1940s, with dungeons, with torture chambers, a system where lives are ruined if you dare to write or say something negative about these republics and their authorities,” Mr. Aseev said.

. . .

Unlike in the wars of the former Yugoslavia, where religion and ethnicity created a permanent identity marker, here whether to consider oneself Ukrainian or Russian is a matter of choice and ideology rather than blood.

. . .

At the Slovyansk local museum, a room is dedicated to the 84 days when the town remained under the control of Russian militias in 2014. Exhibits include rocket-propelled grenades, artillery fragments and ballots of the referendum on independence from Ukraine that pro-Russian forces carried out at the time. Some 100 local residents died in Slovyansk, and more than 2,000 buildings were destroyed or damaged in the fighting. A suburb along the main highway still stands in ruins.

“It’s a big stress. Everyone is afraid, God forbid, that it will happen again,” said one of the museum’s curators, Oleksandr Gayevoy, who lived through the fighting in 2014. “People now prefer not to talk too much, because who knows who will come here next.”

Mr. Gayevoy added that one of his brothers, who remained in the Russian-controlled town of Yenakiyevo, former President Yanukovych’s hometown, was an ardent supporter of the Russian-installed regime there but has since changed his views.

“There used to be a lot of enthusiasm for the Donetsk people’s republic in the beginning, everyone chanted DPR, DPR, DPR! Now, there’s just a lot of disappointment,” said Mr. Gayevoy, who last visited the Russian-held areas in 2019. “My brother now tells me that they are ruled by cretins. The economy there has crumbled, the jobs are gone. There’s nothing good over there.”

For the full story, see:

Yaroslav Trofimov. “Dismal Life in Russian-Occupied Ukraine.” The Wall Street Journal (Saturday, February 5, 2022): A8.

(Note: ellipses added.)

(Note: the online version of the story has the date February 4, 2022, and has the title “Dismal Russian Record in Occupied Eastern Ukraine Serves as Warning.”)

Biden’s Cancer “Moonshot Is 100 Percent Hype”

(p. A17) WASHINGTON — President Biden unveiled a plan on Wednesday to reduce the death rate from cancer by at least 50 percent over the next 25 years — an ambitious new goal, he said, to “supercharge” the cancer “moonshot” program he initiated and presided over five years ago as vice president.

Mr. Biden, joined by his wife, Jill Biden, and Vice President Kamala Harris, also announced a campaign to urge Americans to undergo screenings that were missed during the coronavirus pandemic.

. . .

More screenings are not the answer — the only cancers for which screening has indisputably lowered the death rate are colon and cervical. Death rates for other cancers, like breast, have fallen, but a large part of the drop, if not all of it, is because of improved treatment, said Donald A. Berry, a biostatistician at the University of Texas M.D. Anderson Cancer Center who has spent decades studying these issues.

“Everybody loves early detection, but it comes with harms,” he said — principally, the harm of finding and treating tumors that do not need to be treated because they are innocuous. “The harms we know, but the benefits of screening are very uncertain,” he said.

If the age-adjusted cancer death rate were to plunge by 50 percent, it would have to be because cancers were being cured. Some treatments, like a drug that treats chronic myelogenous leukemia, have slashed death rates for that disease, but such marked effects in cancer are few and far between.

. . .

The White House billed the event as a fresh push by the president to “reignite” the moonshot program and “end cancer as we know it.”

. . .

Yet one Wall Street analyst who specializes in biotechnology and pharmaceuticals said that the time, money and effort might be better spent on initiatives to prevent cancer, like reducing smoking and rates of obesity. The Centers for Disease Control and Prevention says being obese increases a person’s risk of cancer. And reducing smoking is a proven way to cut the cancer death rate.

“This moonshot is 100 percent hype; this is the absolute wrong way to do this,” said the analyst, Stephen Brozak, the president of WBB Securities.

Presidents since Richard M. Nixon have sought to tackle cancer, of which there are more than 100 types of disease that can vary in how they grow, spread and respond to treatment. The cancer institute estimates that nearly 40 percent of men and women will be diagnosed with some type of cancer at some point during their lifetimes. The American Cancer Society estimates there will be 1.9 million new cases of cancer in the United States this year, and more than 609,000 cancer deaths.

For the full story, see:

Sheryl Gay Stolberg and Gina Kolata. “President Aims to Cut The Cancer Death Rate In Half Over 25 Years.” The New York Times (Thursday, February 3, 2022): A17.

(Note: ellipses added.)

(Note: the online version of the story has the date Feb. 2, 2022, and has the title “Biden Presents Ambitious Plan to Cut Cancer Death Rate in Half.”)

Amazon Warehouse Jobs Give “Economic Boost” to English Town

(p. B4) DARLINGTON, England—Many retailers in this old market town have long held Amazon.com Inc. partially to blame for the closures of a raft of local shops in recent years.

Then, Amazon opened a warehouse here.

The facility, which opened in early 2020, employs 1,300 full-time staff, making it one of the town’s biggest employers. It hired 500 additional seasonal workers during the end-of-year holidays. Wages start at £10 (equivalent to $13.25) an hour, above the legal minimum, and benefits include private healthcare and an £8,000 education allowance available in installments over four years.

The new jobs have all delivered an economic boost for the Northern England town of 100,000, while sparking a reassessment of the U.S. e-commerce giant. Nicola Reading, a gift-shop owner, still blames Amazon for the demise of the local retail scene but now sees an upside, too.

“It feels like Amazon employs half the population of Darlington now,” she said.

Already America’s second-biggest employer, after Walmart Inc., Amazon has been advancing in Europe and the U.K., investing €78 billion ($89 billion) since 2010 in a continentwide expansion that has significantly accelerated over the past few years. Amazon employs over 55,000 full-time U.K. staff.

. . .

Local officials in Darlington have applauded Amazon’s arrival, which they say has benefited the town, chiefly by creating jobs. Amazon’s presence is also encouraging young university graduates to stay in the town and attracting other companies, said Mark Ladyman, the Darlington Borough Council’s assistant director for economic growth.

For the full story, see:

Trefor Moss. “The Small Town That Amazon Upended, Then Saved.” The Wall Street Journal (Saturday, January 22, 2022): B4.

(Note: ellipsis added.)

(Note: the online version of the story was updated Jan. 21, 2022, and has the same title as the print version.)

Technology Allows College Students to Stay Attached to Friends and Family at Home

(p. C5) I sometimes forget that my daughter has left for college. She Facetimes me on her way from the library to the gym. I see a small portion of her head, blue sky behind her, headphones dangling from an ear, part of a cup of coffee. She texts me updates on her failing quest to find the right edition of “The Waste Land” for one of her classes. I am still part of the dailiness of her life in a way that I am quite sure my mother was not in mine when I left for college in the last century.

My daughter also stays in close contact with her friends from home via group texts, Snapchat, TikTok, private Instagram stories. They are warm, vivid presences in her life that would likely have faded in a different technological moment.

While I remember high-school friends drifting, high-school boyfriends vanishing by winter break, many people she knows have romantic interests from home that endure. After all, their relationships with their new friends are also, to some degree, on the phone. With smartphones, physical presence becomes less important; it is no longer necessary to be with someone to communicate incessantly with them. The people in front of you comprise only one of many social situations you have access to.

. . .

Some part of me wonders if there aren’t benefits to this new way of being, along with the obvious downsides. My daughter is attached to her college friends and her friends from home. She is almost living in two places simultaneously; she is inhabiting more than one possible world.

For the full commentary, see:

Katie Roiphe. “Even at College, Our Children Are Home.” The Wall Street Journal (Saturday, January 29, 2022): C5.

(Note: ellipsis added.)

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