DeSantis Upgrades Infrastructure to Mitigate Flooding

(p. A5) The Republican governor, unlike many of his Democratic counterparts, didn’t use the term “climate change” or endorse specific policies aimed at combating factors that most climate scientists say are driving warming, such as greenhouse-gas emissions. He focused on responding to the effects of a warming climate.

“What I’ve found is people, when they start talking about things like global warming, they typically use that as a pretext to do a bunch of left-wing things,” said Mr. DeSantis at the event. “We’re not doing any left-wing stuff.”

Governors and lawmakers in several Republican-led states, including Idaho, South Carolina and Texas, are taking a similar approach as concern about climate change increases. After natural disasters that research suggests are becoming more frequent and intense, they are taking measures such as infrastructure upgrades to mitigate flooding, wildfires and severe storms. Such moves are vital to their states’ economic livelihood, they say.

. . .

At the Oldsmar event, Mr. DeSantis outlined a proposal to dedicate more than $270 million to 76 projects aimed at bolstering defenses against rising sea levels and flooding. “We’re a low-lying state, we’re a storm-prone state, and we’re a flood-prone state,” he said.

For the full story, see:

Arian Campo-Flores. “Republicans Adjust Climate Message.” The Wall Street Journal (Monday, January 24, 2022): A5.

(Note: ellipsis added.)

(Note: the online version of the story has the date Jan. 23, 2022, and has the title “Millions Have Lost a Step Into the Middle Class, Researchers Say.”)

Machiavelli Described the Methods of Tyrants

(p. C12) But anyone who observes politics, business or even the loftiest social institutions will know that the world is rife with backstabbers, hypocrites and ethical ne’er-do-wells all thriving at the highest levels—beyond the reach of law or hashtag.

. . .

Machiavelli’s gift, Mr. Boucheron argues, was “naming with precision that which was happening.” He explains the behavior of tyrants not to excuse them, but to show the rest of us what to look out for, in the clearest terms possible. Machiavelli’s “lucidity,” says Mr. Boucheron, was the “weapon of the despairing.”

Other political thinkers have read Machiavelli this way. Jean-Jacques Rousseau wrote in “The Social Contract” that Machiavelli was not advising tyrants but “instructing the people on what they have to fear.” John Adams credited Machiavelli for helping him think through the likely threats to a young American republic.

For the full review, see:

Philip Delves Broughton. “A Poetics for Tyrants.” The Wall Street Journal (Saturday, January 25, 2020): C12.

(Note: ellipsis added.)

(Note: the online version of the review has the date January 24, 2020, and has the title “‘Machiavelli’ Review: A Poetics for Tyrants.”)

The book under review is:

Boucheron, Patrick. Machiavelli: The Art of Teaching People What to Fear. Translated by Willard Wood. New York: Other Press, 2020.

30 Million Workers May Have the Skills, but Not the Degrees, to Move to Jobs That Pay 70 Percent More

(p. B1) Over the last two decades, workers without four-year college degrees have lost ground in the occupations that used to be ladders to middle-class lives for them and their families.

While the trend has been well known, putting a number on the lost steppingstone jobs has been elusive. A new study, published on Friday, estimates that such workers have been displaced from 7.4 million jobs since 2000.

The research points to the persistent challenge for the nearly two-thirds of American workers who do not have a four-year college degree, even as some employers have dropped the requirement in recent years.

“These workers have been displaced from millions of the precise jobs that offer them upward mobility,” said Papia Debroy, head of research for Opportunity@Work, the nonprofit that published the study. “It represents a stunning loss for workers and their families.”

. . .

(p. B2) A previous study by Opportunity@Work, with academic researchers, dissected skills in different occupations and found that up to 30 million workers had the skills to realistically move to new jobs that paid on average 70 percent more than their current ones.

Some major companies have started to adjust their hiring requirements. Rework America Business Network, an initiative of the Markle Foundation, has pledged to adopt skills-based hiring for many jobs. Companies in the group include Aon, Boeing, McKinsey, Microsoft and Walmart.

. . .

“The country as a whole will benefit from not stranding human capital,” said Erica Groshen, an economist at Cornell University and a former head of the Bureau of Labor Statistics.

For the full story, see:

Steve Lohr. “Requirement For Degrees Curbs Hiring.” The New York Times (Monday, January 17, 2022): B1-B2.

(Note: ellipses added.)

(Note: the online version of the story has the date Jan. 14, 2022, and has the title “Millions Have Lost a Step Into the Middle Class, Researchers Say.”)

Socialist Mayor’s Environmental Bicycles Turn Paris Streets into Risky Chaos

(p. 4) PARIS — On a recent afternoon, the Rue de Rivoli looked like this: Cyclists blowing through red lights in two directions. Delivery bike riders fixating on their cellphones. Electric scooters careening across lanes. Jaywalkers and nervous pedestrians scrambling as if in a video game.

Sarah Famery, a 20-year resident of the Marais neighborhood, braced for the tumult. She looked left, then right, then left and right again before venturing into a crosswalk, only to break into a rant-laden sprint as two cyclists came within inches of grazing her.

“It’s chaos!” exclaimed Ms. Famery, shaking a fist at the swarm of bikes that have displaced cars on the Rue de Rivoli ever since it was remade into a multilane highway for cyclists last year. “Politicians want to make Paris a cycling city, but no one is following any rules,” she said. “It’s becoming risky just to cross the street!”

The mayhem on Rue de Rivoli — a major traffic artery stretching from the Bastille past the Louvre to the Place de la Concorde — is playing out on streets across Paris as the authorities pursue an ambitious goal of making the city a European cycling capital by 2024.

Mayor Anne Hidalgo, who is campaigning for the French presidency, has been burnishing her credentials as an ecologically minded Socialist candidate. She has earned admirers and enemies alike with a bold program to transform greater Paris into the world’s leading environmentally sustainable metropolis, reclaiming vast swaths of the city from cars for parks, pedestrians and a Copenhagen-style cycling revolution.

For the full story, see:

Liz Alderman. “PARIS DISPATCH; Europe’s New Cycling Capital, or a Pedestrian’s Nightmare?” The New York Times, First Section (Sunday, Oct. 3, 2021): 4.

(Note: the online version of the story was updated Oct. 4, 2021, and has the title “PARIS DISPATCH; As Bikers Throng the Streets, ‘It’s Like Paris Is in Anarchy’.”)

FDA Takes “Several Months” to Approve Manufacturers’ “Rapid” Test Applications

(p. A1) As rising Covid-19 infections stoked demand for tests across the U.S. in December, California-based LumiQuick Diagnostics Inc. shipped 100,000 rapid tests to a hospital customer—in Germany.

LumiQuick didn’t receive authorization from the Food and Drug Administration to sell Covid-19 tests domestically after waiting several months for a decision.

Some public-health experts said the relatively strict review process is part of a broader failure by U.S. officials and manufacturers to make and distribute enough rapid tests to track the pandemic adequately. Nearly two years into the pandemic, people have struggled to find tests during the holiday season as infections surge again, fueled by the highly infectious Omicron variant.

. . .

(p. A4) “We’ve never gotten the testing situation well instituted in our country,” said Ezekiel Emanuel, co-director of the Healthcare Transformation Institute at the University of Pennsylvania, and a former member of the Biden administration’s disbanded coronavirus advisory board.

. . .

Some U.S. manufacturers said the FDA’s slow review of new rapid tests discouraged them from making products that they weren’t sure they would be able to sell in the U.S. “Without approval we cannot commit,” said Frank Wang, chief executive officer of BioMedomics Inc., a North Carolina manufacturer that applied for authorization in March. The company has sold some tests outside the U.S.

Another test maker, Kaya17 Inc., said it has been waiting on FDA approval for months. “The FDA has to up their game and move faster,” said Sulatha Dwarakanath, the company’s CEO.

For the full story, see:

Austen Hufford and Brianna Abbott. “Slow Test Approvals Blamed for Shortage.” The Wall Street Journal (Friday, Dec. 31, 2021): A1 & A4.

(Note: ellipses added.)

(Note: the online version of the story has the date December 30, 2021, and has the title “Covid-19 Rapid Test Shortages Tied to Slow Federal Action.” The online version says that the title of the print version is “Tests in Short Supply as Approvals Lag.” But my print version (probably the Central Edition) has the title “Slow Test Approvals Blamed for Shortage.”)

COVID-19 Vaccines Were Built on “Decades-Long Efforts to Create Other Vaccines”

Gregory Zuckerman’s The Frackers was a great deep dive into the lives of important non-Silicon Valley entrepreneurs. So far I am also enjoying Zuckerman’s new book, reviewed in the brief passages quoted below.

(p. 26) Zuckerman answers a question still circulating among both vaccine fans and skeptics: How could scientists develop the Covid-19 vaccines so quickly?

The answer is that they didn’t. The Covid-19 vaccines were built on the backs of decades-long efforts to create other vaccines, like one for the Zika virus and, in particular, several failures to develop a useful H.I.V. vaccine.

For the full, but short, review, see:

Eve Fairbanks. “THE SHORTLIST; Covid.” The New York Times Book Review (Sunday, January 9, 2022): 26.

(Note: the online version of the review has the date Dec. 29, 2021, and has the title “THE SHORTLIST; New Books Explore the Many Ways Covid Has Altered Our Lives.”)

The book under review is:

Zuckerman, Gregory. A Shot to Save the World: The inside Story of the Life-or-Death Race for a Covid-19. New York: Portfolio/Penguin, 2021.

Side Gigs Can Lift Mood Enough to Improve Performance in Main Job

(p. R4) Contrary to the popular wisdom, moonlighting doesn’t leave people worn out and unproductive from 9 to 5. Instead, side gigs can make people feel more empowered—and thereby more productive at the office.

Dr. Sessions and his colleagues—whose results were recently published in the Academy of Management Journal—posted ads on large social-media networking groups, asking people to take a series of surveys about the nature of their supplementary work.  . . .

The study showed that supplementary work frequently enables side hustlers to feel empowered by taking ownership of self-directed work—which was especially true for those who were motivated beyond making money, says Dr. Sessions.

. . .

Side hustlers self-reported that they were preoccupied with their after-hours gigs the next morning, due to being deeply engaged in that work.

. . .

But that wasn’t the whole story: The moonlighters’ colleagues rated their co-workers’ performance significantly higher on those same days.

So, the uplift in mood had a statistically stronger positive effect on employee performance than the negative effect of being distracted—even if the moonlighters didn’t see things that way.

For the full story, see:

Heidi Mitchell. “When Two Jobs Can Be Better Than One.” The Wall Street Journal (Thursday, Nov. 4, 2021): R4.

(Note: ellipses added.)

(Note: the online version of the story has the date November 1, 2021 , and has the title “How a Side Hustle Can Boost Performance at Your Regular Job.”)

The comprehensive review by Prof. Stephan mentioned above is:

Stephan, Ute. “Entrepreneurs’ Mental Health and Well-Being: A Review and Research Agenda.” Academy of Management Perspectives 32, no. 3 (Aug. 2018): 290-322.

The recent study co-authored by Dr. Sessions mentioned above is:

Sessions, Hudson, Jennifer D. Nahrgang, Manuel J. Vaulont, Raseana Williams, and Amy L. Bartels. “Do the Hustle! Empowerment from Side-Hustles and Its Effects on Full-Time Work Performance.” Academy of Management Journal 64, no. 1 (Feb. 2021): 235-64.

Testing for Rare DNA Microdeletion Birth Defects Can Result in More False Positives Than True Positives

(p. 12) Between 2011 and 2013, a small California-based biotech company, Sequenom, tripled in size. The key to its success: MaterniT21, a new prenatal screening test that did remarkably well at detecting Down syndrome.

Older screening tests took months and required multiple blood tests. This new one generated fewer false positives with a single blood draw.

The test could also determine the sex of a fetus. It quickly became a hit. “You had people walking in saying, ‘I want this sex test,’” recalled Dr. Anjali Kaimal, a maternal-fetal medicine specialist at Massachusetts General Hospital.

Competitors began launching their own tests. Today, analyst estimates of the market’s size range from $600 million into the billions, and the number of women taking these tests is expected to double by 2025.

As companies began looking for ways to differentiate their products, many decided to start screening for more and rarer disorders. All the screenings could run on the same blood draw, and doctors already order many tests during short prenatal care visits, meaning some probably thought little of tacking on a few more.

For the testing company, however, adding microdeletions can double what an insurer pays — from an average of $695 for the basic tests to $1,349 for the expanded panel, according to the health data company Concert Genetics. (Patients whose insurance didn’t fully cover the tests describe being billed wildly different figures, ranging from a few hundred to thousands of dollars.)

But these conditions were so rare that there were few instances for the tests to find.

Take Natera, which ran 400,000 tests in 2020 for DiGeorge syndrome, a disorder associated with heart defects and intellectual disability.

That number of tests would be expected to identify about 200 cases of the disorder according to a Times analysis of the company’s studies. It would also generate at least an equal number of false positive results.

That is a best-case scenario based on Natera’s recent claim to have improved its algorithm. In clinical trials, its test (p. 13) generated three times as many false positives as true ones. The company’s four other microdeletion screenings, which it said were run at least 24,000 times in 2020, would be expected to find about eight true postitves and bewen 17 and 134 fase ones, according to the analysis.

For the full story, see:

Sarah Kliff and Aatish Bhatia. “Prenatal Tests for Rare Defects Often Produce False Positives.” The New York Times, First Section (Sunday, January 2, 2022): 1 & 12-13.

(Note: the online version of the story has the date Jan. 1, 2022, and has the title “When They Warn of Rare Disorders, These Prenatal Tests Are Usually Wrong.” The last three paragraphs above appear in the online version, but not in this form in the print version. In the print version, the information in the last three paragraphs quoted above, appears mostly as part of an extended graphic.)

Entrepreneurs Are Happier Because Autonomy and More Meaningful Work Matter More Than Stress and Workload

(p. R1) “If you look at the data, it turns out that entrepreneurs on average earn less money than a typical employed person, work 13 hours more a week and report that it’s a very stressful occupation,” says Boris Nikolaev, assistant professor of entrepreneurship at Baylor University in Waco, Texas. “But despite that, there’s overwhelming evidence in the literature that entrepreneurs report significantly higher levels of job satisfaction.”

. . .

“Entrepreneurs are happier in terms of all indications (p. R4) of life satisfaction and work satisfaction,” says Ute Stephan, professor of entrepreneurship at King’s College London, who conducted a comprehensive review of more than 100 academic studies on entrepreneurship and well-being. “However, they might be more stressed than the rest of us, as well.”

This unusual mix of stress and happiness comes about, she says, because entrepreneurs tend to be deeply invested in their businesses, and their passion is a double-edged sword: It gives them a strong sense of purpose and autonomy, but it can also lead to worry, late nights, overwork and stress.

. . .

The stress and workload have a strong negative effect, as is evident in other studies, but the sense of doing something important and being their own boss is so gratifying that it outweighs all those negatives and leaves them happier overall.

“What they are doing is important to them, it’s part of who they are, it’s part of their identity, and that’s why it has such a positive impact on well-being,” says Prof. Stephan.

. . .

. . . in a recent study, Prof. Stephan discovered that autonomy alone isn’t enough. It’s important, to be sure—but what entrepreneurs need, above all, is meaning. She analyzed survey data from over 22,000 people in 16 European countries, comparing their feelings of happiness with the extent to which their work gives them a sense of meaning and autonomy.

. . .

She found that entrepreneurs experienced higher levels of happiness than wage-earning employees (4.37 vs. 4.28 on a scale of 1 to 6), as well as higher levels of meaning (4.56 vs. 4.25 on a scale of 1 to 5) and autonomy (2.66 vs. 1.95 on a scale of 0 to 3). Using regression analysis, she discovered that meaning was the decisive factor in entrepreneurial happiness.

“What we found is that much more important than decision-making freedom is the sense of doing something profoundly meaningful,” she says. “That really energizes you, and as an entrepreneur you really need that energy to be creative and to do the work that’s important to you.”

But finding meaning in work doesn’t have to be about changing the world. Framing work in terms of performing an important service can help even entrepreneurs in less glamorous industries find meaning and happiness—such as contractors who help people build a dream home, or accountants saving people from disastrous money problems.

For the full story, see:

Andrew Blackman. “Are Entrepreneurs Happier Than Other People?” The Wall Street Journal (Thursday, Nov. 04, 2021): R1 & R4.

(Note: ellipses added.)

(Note: the online version of the story was updated Nov. 3, 2021 , and has the title “Are Entrepreneurs Happier Than Everybody Else?”)

The comprehensive review by Prof. Stephan mentioned above is:

Stephan, Ute. “Entrepreneurs’ Mental Health and Well-Being: A Review and Research Agenda.” Academy of Management Perspectives 32, no. 3 (Aug. 2018): 290-322.

The recent study by Prof. Stephan mentioned above is:

Stephan, Ute, Susana M. Tavares, Helena Carvalho, Joaquim J. S. Ramalho, Susana C. Santos, and Marc van Veldhoven. “Self-Employment and Eudaimonic Well-Being: Energized by Meaning, Enabled by Societal Legitimacy.” Journal of Business Venturing 35, no. 6 (Nov. 2020): DOI: https://doi.org/10.1016/j.jbusvent.2020.106047.

Could Amateur Investors Return the Walt Disney Company to the Principles of Walt Disney?

I wonder what amateur investors could do if they had more serious motives than hatred of elite short-sellers? What if they had the motive, for example, of returning the Walt Disney Company to the principles of Walt Disney? I do not endorse the ambiguity (how much fictional and how much nonfictional) of the book reviewed below. But the GameStop and AMC episodes are intriguing proofs-of-concept.

(p. A15) Until late last year, GameStop was a typical and not very successful corporation. The company sold videogames through a chain of retail outlets and lost money on every sale. But its stock caught the interest of small investors who traded on Robinhood, a mobile trading app, and the stock began to levitate.

From single digits in October 2020 the stock price doubled to 20 late last year. Then, over a few manic days in January, it vaulted “like a lid flying off a pot,” as Ben Mezrich puts it in “The Antisocial Network.” It went up to 77, then 148, then 348 and then an intraday high of 483—at which point GameStop was worth more than $30 billion. Briefly, it was the most heavily traded issue on the stock market.

The source of the mayhem was, to borrow from the book’s subtitle, “a ragtag group of amateur traders.” Few of the devotees who flocked to GameStop thought of themselves as even armchair security analysts. They were infected by crowd psychology and, in some cases, driven by the hope that the high price would punish well-to-do short sellers.

. . .

Even when the price hit the stratosphere, retail buyers professed not to be worried. They would “never” sell; they weren’t concerned with the possibility of losing money. “Oh im [sic] fully aware that I may end up a bagholder,” went one post. “But it’s worth being a bagholder to stick it to those Wall Street f—s who’ve gamed the system for so long at our expense.”

To Mr. Mezrich, such fulminations suggest that a revolution is a-coming. His thesis is vented in excited metaphors. The “pillars” of Wall Street are shaking; Melvin Capital faces an “existential moment” (which, actually, it survived); angry traders constitute a “millennial version of the French Revolution.”

A little of this gas comes from investors; most of it is supplied by Mr. Mezrich. “The Antisocial Network” is built on scenes that the author has re-created; quotation marks, in the main, are conveniently absent. He writes of one novice but gung-ho investor, who worked in a hair salon: “She believed something deeper was happening.” Did she say that? Is it a paraphrase? Is it what Mr. Mezrich thinks she believed?

For the full review, see:

Roger Lowenstein. “BOOKSHELF; Let Them Eat Shorts.” The Wall Street Journal (Tuesday, Sept. 07, 2021): A15.

(Note: ellipsis added.)

(Note: the online version of the review has the date September 6, 2021, and has the title “BOOKSHELF; ‘The Antisocial Network’ Review: Let Them Eat Shorts.”)

The book under review is:

Mezrich, Ben. The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees. New York: Grand Central Publishing, 2021.

Disney’s “Goo Goo Gai Pan” Simpsons Episode is Censored or Self-Censored in Hong Kong

(p. B4) HONG KONG—The absence of an episode of “The Simpsons” from Walt Disney Co. ’s streaming service in Hong Kong is raising concerns about rising censorship in the Chinese territory.

Disney launched its streaming service, Disney+, earlier in November in Hong Kong featuring an array of programming owned by the entertainment giant, including 32 seasons of the animated comedy series.

Yet one episode is missing from “The Simpsons” lineup: Titled “Goo Goo Gai Pan,” the episode from season 16 centers on a trip to China by the show’s namesake family. Along the way they encounter a plaque at Tiananmen Square in Beijing that reads: “On this site, in 1989, nothing happened.”

The episode also features a reference to the iconic “Tank Man” photo, in which a man stands in front of a column of tanks after the military moved in to crush student-led protests on June 4, 1989.

It isn’t known if Disney removed the episode under pressure, or whether it decided itself to leave the episode out of its lineup when it launched the Disney+ service in Hong Kong earlier in November. Representatives for Disney didn’t respond to requests for comment. A spokeswoman for the Hong Kong Office of the Communications Authority, which oversees broadcasters in the city, declined to comment.

The episode’s absence fuels concerns about rising censorship in Hong Kong, and the extent to which Western companies are under pressure to assist in the effort or to self-censor following the imposition of a sweeping national security law by Beijing last year that has stamped out dissent across the city.

For the full story, see:

Dan Strumpf. “Missing ‘Simpsons’ Episode in Hong Kong Fuels Censorship Fears.” The Wall Street Journal (Tuesday, November 30, 2021): B4.

(Note: the online version of the story has the date November 29, 2021, and has the title “Disney’s Missing ‘Simpsons’ Episode in Hong Kong Raises Censorship Fears.”)