Legitimacy of Capitalism Rests on Rich Earning their Wealth

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Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance at the University of Chicago. Source of photo and information in caption: http://faculty.chicagobooth.edu/luigi.zingales/research/date.html.

(p. A21) Luigi Zingales points out that the legitimacy of American capitalism has rested on the fact that many people, like Warren Buffett and Bill Gates, got rich on the basis of what they did, not on the basis of government connections. But over the years, business and government have become more intertwined. The results have been bad for both capitalism and government. The banks’ growing political clout led to the rule changes that helped create the financial crisis.

For the full commentary, see:
DAVID BROOKS. “The Bloody Crossroads.” The New York Times (Tues., September 8, 2009): A21.
(Note: the online version of the commentary is dated Sept. 7.)

The reference for the Zingales article is:
Zingales, Luigi. “Capitalism after the Crisis.” National Affairs, no. 1 (Fall 2009): 22-35.

Scientist Huxley: “The Great End of Life is Not Knowledge But Action”

John Barry calls our attention to the views of Thomas Huxley who gave the keynote address at the founding of the Johns Hopkins University:

(p. 13) A brilliant scientist, later president of the Royal Society, he advised investigators, “Sit down before a fact as a little child, be prepared to give up every preconceived notion. Follow humbly wherever and to whatever abysses nature leads, or you shall learn nothing.” He also believed that learning had purpose, stating, “The great end of life is not knowledge but action.”

Source:
Barry, John M. The Great Influenza: The Story of the Deadliest Pandemic in History. Revised ed. New York: Penguin Books, 2005.
(Note: from the context in Barry, I am not certain whether the Huxley quotes are from the keynote address, or from elsewhere in Huxley’s writings.)

The Epistemological Implications of Wikipedia

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Source of book image: online version of the WSJ review quoted and cited below.

I think the crucial feature of Wikipedia is in its being quick (what “wiki” means in Hawaiian), rather than in its current open source model. Academic knowledge arises in a slow, vetted process. Publication depends on refereeing and revision. On Wikipedia (and the web more generally) knowledge is posted first, and corrected later.
In the actual fact, Wikipedia’s coverage is vast, and its accuracy is high.
I speculate that Wikipedia provides clues to developing new, faster, more efficient knowledge generating institutions.
(Chris Anderson has a nice discussion of Wikipedia in The Long Tail, starting on p. 65.)

(p. A13) Until just a couple of years ago, the largest reference work ever published was something called the Yongle Encyclopedia. A vast project consisting of thousands of volumes, it brought together the knowledge of some 2,000 scholars and was published, in China, in 1408. Roughly 600 years later, Wikipedia surpassed its size and scope with fewer than 25 employees and no official editor.

In “The Wikipedia Revolution,” Andrew Lih, a new-media academic and former Wikipedia insider, tells the story of how a free, Web-based encyclopedia — edited by its user base and overseen by a small group of dedicated volunteers — came to be so large and so popular, to the point of overshadowing the Encyclopedia Britannica and many other classic reference works. As Mr. Lih makes clear, it wasn’t Wikipedia that finished off print encyclopedias; it was the proliferation of the personal computer itself.
. . .
By 2000, both Britannica and Microsoft had subscription-based online encyclopedias. But by then Jimmy Wales, a former options trader in Chicago, was already at work on what he called “Nupedia” — an “open source, collaborative encyclopedia, using volunteers on the Internet.” Mr. Wales hoped that his project, without subscribers, would generate its revenue by selling advertising. Nupedia was not an immediate success. What turned it around was its conversion from a conventionally edited document into a wiki (Hawaiian for “fast”) — that is, a site that allowed anyone browsing it to edit its pages or contribute to its content. Wikipedia was born.
The site grew quickly. By 2003, according to Mr. Lih, “the English edition had more than 100,000 articles, putting it on par with commercial online encyclopedias. It was clear Wikipedia had joined the big leagues.” Plans to sell advertising, though, fell through: The user community — Wikipedia’s core constituency — objected to the whole idea of the site being used for commercial purposes. Thus Wikipedia came to be run as a not-for-profit foundation, funded through donations.
. . .
It is clear by the end of “The Wikipedia Revolution” that the site, for all its faults, stands as an extraordinary demonstration of the power of the open-source content model and of the supremacy of search traffic. Mr. Lih observes that when “dominant encyclopedias” were still hiding behind “paid fire walls” — and some still are — Wikipedia was freely available and thus easily crawled by search engines. Not surprisingly, more than half of Wikipedia’s traffic comes from Google.

For the full review, see:
JEREMY PHILIPS. “Business Bookshelf; Everybody Knows Everything.” Wall Street Journal (Weds., March 18, 2009): A13.
(Note: ellipses added.)

The book being reviewed, is:
Lih, Andrew. The Wikipedia Revolution: How a Bunch of Nobodies Created the World’s Greatest Encyclopedia. New York: Hyperion, 2009.

RIP Marjorie Grene, Who Helped Polanyi with Personal Knowledge

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“Marjorie Grene in 2003.” Source of photo and caption: online version of the NYT obituary quoted and cited below.

The NYT reported, in the obituary quoted below, that philosopher Marjorie Grene died on March 16, 2009, at the age of 93.
Although I studied philosophy at the University of Chicago, my time there did not overlap with Marjorie Grene’s and I don’t believe that I ever met her, or ever even heard her speak (though I did occasionally walk past her former husband David Grene, on my way to talk to Stephen Toulmin).
I am increasingly appreciating Michael Polanyi’s book Personal Knowledge in which he introduced his view of what he called “tacit knowledge.” In particular, I am coming to believe that tacit knowledge is very important in understanding the role and importance of the entrepreneur.
So if Marjorie Grene was crucial to Personal Knowledge, as is indicated in the obituary quoted below, then she is deserving of serious consideration, and high regard.

(p. 23) In Chicago, she had met Michael Polanyi, a distinguished physical chemist turned philosopher; she ended up helping him research and develop his important book “Personal Knowledge” (1958). The book proposed a far more nuanced, personal idea of knowledge, and directly addressed approaches to science.

“There is hardly a page that has not benefited from her criticism,” Dr. Polanyi wrote in his acknowledgments. “She has a share in anything I may have achieved here.”
. . .
Her sense of humor sparkled when she was asked about being the first woman to have an edition of the Library of Living Philosophers devoted to her — Volume 29 in 2002. Previous honorees included Bertrand Russell and Einstein. “I thought they must be looking desperately for a woman,” Dr. Grene said.

For the full obituary, see:
DOUGLAS MARTIN. “Marjorie Grene, a Leading Philosopher of Biology, Is Dead at 98.” The New York Times, First Section (Sun., March 29, 2009): 23.
(Note: ellipsis added.)

The reference for the Polanyi book, is:
Polanyi, Michael. Personal Knowledge: Towards a Post-Critical Philosophy. Chicago: University Of Chicago Press, 1958.

The Ascent of Science Led to Belief that the World Could Improve

I believe the following paragraph expresses the central message of Steven Johnson’s book The Invention of Air:

(p. 211) In the popular folklore of American History, there is a sense in which the founders’ various achievements in natural philosophy—Franklin’s electrical experiments, Jefferson’s botany—serve as a (p. 212) kind of sanctified extracurricular activity. They were statesmen and political visionaries who just happened to be hobbyists in science, albeit amazingly successful ones. Their great passions were liberty and freedom and democracy; the experiments were a side project. But the Priestley view suggests that the story has it backward. Yes, they were hobbyists and amateurs at natural philosophy, but so were all the great minds of Enlightenment-era science. What they shared was a fundamental belief that the world could change—that it could improve— if the light of reason was allowed to shine upon it. And that believe emanated from the great ascent of science over the past century, the upward trajectory that Priestley had s powerfully conveyed in his History and Present State of Electricity. The political possibilities for change were modeled after the change they had all experience through the advancements in natural philosophy. With Priestley, they grasped the political power of the air pump and the electrical machine.

Source:
Johnson, Steven. The Invention of Air: A Story of Science, Faith, Revolution, and the Birth of America. New York: Riverhead Books, 2008.
(Note: italics in original.)

Adams, as a Point of Honor, Defended the Innovations of Science

(p. 211) It is no accident that, despite the long litany of injuries Adams felt had been dealt him in Jefferson’s letters to Priestley, he chose to begin his counterassault by denying, as a point of honor, that he had ever publicly taken a position as president that was resistant to the innovations of science. Remember that Jefferson had also insinuated that Adams had betrayed the Constitution with his “libel on legislation.” But Adams lashed out first at the accusation that he was anti-science. That alone tells us something about the gap that separates the current political climate from that of the founders.

Source:
Johnson, Steven. The Invention of Air: A Story of Science, Faith, Revolution, and the Birth of America. New York: Riverhead Books, 2008.

“The American Experiment Was, Literally, an Experiment”

(p. 199) This is politics seen through the eyes of an Enlightened rationalist. The American experiment was, literally, an experiment, like one of Priestley’s elaborate concoctions in the Fair Hill lab: a system of causes and effects, checks and balances, that could only be truly tested by running the experiment with live subjects. The political order was to be celebrated not because it had the force of law, or divine right, or a standing army behind it. Its strength came from its internal balance, or homeostasis, its ability to rein in and subdue efforts to destabilize it.

Source:
Johnson, Steven. The Invention of Air: A Story of Science, Faith, Revolution, and the Birth of America. New York: Riverhead Books, 2008.

In the United States “Innovation” Became a Positive Word

(p. 198) “All advances in science were proscribed as innovations.” Jefferson is using the older, negative sense of the word “innovation” here: a new development that threatened the existing order in a detrimental way. (The change in the valence of the word over the next century is one measure of society’s shifting relationship to progress.) But that regressive age was now over, and Priestley–the most forward-thinking mind of his generation–could now consider himself fully at home:

Our countrymen have recovered from the alarm into which art and industry had thrown them: science and honesty are replaced on their high ground, and you, my dear Sir, as their great apostle, are on its pinnacle. It is with heartfelt satisfaction that in the first moments of my public action, I can hail you with welcome to our land, tender to you the homage of its respect and esteem, cover you under the protection of those laws which were made for the wise and good like you, and disdain the legitimacy of that libel on legislation which under the form of a law was for some time placed among them.

Perhaps inspired by the legendary optimism of Priestley himself, Jefferson then added some of the most stirringly hopeful words that he ever put to paper:

(p. 199) As the storm is now subsiding, and the horizon becoming serene, it is pleasant to consider the phenomenon with attention. We can no longer say there is nothing new under the sun. For this whole chapter in the history of man is new. The great extent of our Republic is new. Its sparse habitation is new. The mighty wave of public opinion which has rolled over it is new. But the most pleasing novelty is, it’s so quietly subsiding over such an extent of surface to its true level again. The order and good sense displayed in this recovery from delusion, and in the momentous crisis which lately arose, really bespeak a strength of character in our nation which augurs well for the duration of our Republic; and I am much better satisfied now of it’s stability than I was before it was tried.

Source:
Johnson, Steven. The Invention of Air: A Story of Science, Faith, Revolution, and the Birth of America. New York: Riverhead Books, 2008.

Mary Priestley Praises the Middle Class

(p. 86) Joseph and Mary had not exactly entered English high society, but for the first time in their lives, they were down the hall from it. Mary was largely unimpressed by her firsthand view of the upper classes. One story has Shelburne arriving to welcome them at their new house in Calne, and finding Mary on a ladder, industriously papering the walls. Joseph apologized for their not providing a more gracious welcome, but Mary quickly dismissed her husband’s proprieties. “Lord Shelburne is a statesman,” she said, “and knows that people are best employed in doing their duty.” Later she would observe candidly to (p. 87) Shelburne, “I find the conduct of the upper so exactly like that of the lower classes that I am thankful I was born in the middle.”

Source:
Johnson, Steven. The Invention of Air: A Story of Science, Faith, Revolution, and the Birth of America. New York: Riverhead Books, 2008.

Bacon Died Experimenting and Hegel Died Contradicting Himself

(p. C32) The philosopher Francis Bacon, that great champion of the empirical method, died of his own philosophy: in an effort to observe the effects of refrigeration, on a freezing cold day he stuffed a chicken with snow and caught pneumonia.

As a philosopher dies, so he has lived and believed. And from the manner of his dying we can understand his thinking, or so the philosopher Simon Critchley seems to be saying in his cheekily titled “Book of Dead Philosophers.”
. . .
Mr. Critchley recounts that Voltaire, after decades of denouncing the Roman Catholic Church, announced on his deathbed that he wanted to die a Catholic. But the shocked parish priest kept asking him, “Do you believe in the divinity of Christ?” Voltaire begged, “In the name of God, Monsieur, don’t speak to me any more of that man and let me die in peace.”
Hegel, who, as much as any philosopher, Mr. Critchley says, saw philosophy as an abstraction, while he was dying of cholera, moaned, “Only one man ever understood me … and he didn’t understand me.”

For the full review, see:

DINITIA SMITH. “Books of The Times – Dying and Death: When You Sort It Out, What’s It All About, Diogenes?” The New York Times (Fri., January 30, 2009): C32.

(Note: ellipsis between paragraphs was added; ellipsis in Hegel quote was in original.)

The reference to Critchley’s book, is:
Critchley, Simon. The Book of Dead Philosophers. New York: Vintage Books, 2009.

Joe Biden’s “First Principle of Life”: “Get Up!”

(p. xxii) To me this is the first principle of life, the foundational principle, and a lesson you can’t learn at the feet of any wise man: Get up! The art of living is simply getting up after you’ve been knocked down. It’s a lesson taught by example and learned in the doing. I got that lesson every day while growing up in a nondescript split-level house in the suburbs of Wilmington, Delaware. My dad, Joseph Robinette Biden Sr., was a man of few words. What I learned from him. I learned from watching. He’d been knocked down hard as a young man, lost something he knew he could never get back. But he never stopped trying. He was the first one up in our house every morning, clean-shaven, elegantly dressed, putting on the coffee, getting ready to go to the car dealership, to a job he never really liked. My brother Jim said most mornings he could hear our dad singing in the kitchen. My dad had grace. He never, ever gave up, and he never complained. The world doesn’t owe you a living, Joey,” he used to say, but without rancor. He had no time for self-pity. He didn’t judge a man by how many times he got knocked down but by how fast he got up.

Get up! That was his phrase, and it has echoed through my life. The world dropped you on your head? My dad would say, Get up! You’re lying in bed feeling sorry for yourself? Get up! You got knocked on your ass on the football field? Get up! Bad grade? Get up! The girl’s parents won’t let her go out with a Catholic boy? Get up!

Source:
Biden, Joe. Promises to Keep: On Life and Politics. New York: Random House, 2007.
(Note: the italics in the quoted passage are in the original.)