Richest Man in World in 1836 Died of an Infection that Modern Antibiotics Cure

(p. A2) Rising incomes alone cannot capture how much better life has gotten. “Nathan Rothschild was surely the richest man in the world when he died in 1836,” economists Max Roser and Esteban Ortiz-Ospina wrote in 2017. “But the cause of his death was an infection–a condition that can now be treated with antibiotics sold for less than a couple of cents. Today, only the very poorest people in the world would die in the way that the richest man of the 19th century died.”
Mr. Roser is the founder of Our World in Data, a website that tracks the evolution of human welfare over the last few centuries. Scroll through the charts, articles and data sets, and you will be stunned by how much better life has become in just the last few decades: Child mortality, illiteracy and deaths from violence have all plummeted, and life expectancy has gone up.

For the full commentary, see:
Greg Ip. “Stop Calling It ‘Vocational Training’; How we speak about education reflects class prejudice.” The Wall Street Journal (Wednesday, January 3, 2019): A2.
(Note: the online version of the commentary has the date Jan. 2, 2019, and has the title “CAPITAL ACCOUNT; The World Is Getting Quietly, Relentlessly Better.”)

The Roser and Oritz-Ospina piece mentioned above, is:
Max Roser and Esteban Ortiz-Ospina (2018) – “Global Extreme Poverty”. Published online at OurWorldInData.org. Retrieved from: ‘https://ourworldindata.org/extreme-poverty’ [Online Resource]

Michael Barrier Offers Advance Praise for Openness to Creative Destruction

Walt Disney has been written about as an artist and an entrepreneur. The central virtue of Art Diamond’s book is that he not only writes about Disney in both roles, but he also explains how Disney’s success in each role strengthened his success in the other.

Michael Barrier, animation historian. Author of The Animated Man: A Life of Walt Disney, and other works

Barrier’s advance praise is for:
Diamond, Arthur M., Jr. Openness to Creative Destruction: Sustaining Innovative Dynamism. New York: Oxford University Press, forthcoming June 2019.

Learning Skills Should Not Be Demeaned as “Training”

(p. A13) One of the few lessons that stuck with me from all the courses I took on the way to earning my Ed.D. came during a classroom discussion that sparked my passion for changing the way we talk about education. I’ll never forget how the professor responded to a student who used the word “training.” Training, the professor admonished, was for animals. Humans receive an education.
We can’t keep speaking of people as if they are animals. Whether an individual acquires a skill credential, a bachelor’s degree, a postgraduate degree or anything in between, it’s all education. We need to think about the words we use and why we use them if we are to break the stigma around all forms of education. If we don’t, we will never overcome the abiding sense of inequality and unfairness that so many Americans feel.

For the full commentary, see:
Virginia Foxx. “Stop Calling It ‘Vocational Training’; How we speak about education reflects class prejudice.” The Wall Street Journal (Wednesday, January 2, 2019): A13.
(Note: the online version of the commentary has the date Dec. 31, 2018.)

Many Believe Women Should Have Equal Work Opportunity, but Are Better Than Men at Child-Rearing

(p. B1) A new study, based on national survey data from 1977 to 2016, helps explain why the path to equality seems in some ways to have stalled — despite the significant increases in women’s educational and professional opportunities during that period.
Two-thirds of Americans and three-quarters of millennials say they believe that men and women should be equal in both the public sphere of work and the private sphere of home. Only a small share of people, young or old, still say that men and women should be unequal in both spheres — 5 percent of millennials and 7 percent of those born from 1946 to 1980.
But the study revealed that roughly a quarter of people’s views about gender equality are more complicated, and differ regarding work and home. Most of them say that while women should have the same opportunities as men to work or participate in politics, they should do more homemaking and child-rearing, found the study, which is set to be published in the journal Gender and Society.
“You can believe men and women have truly different natural tendencies and skills, that women are better nurturers and caretakers, and still believe women should have equal rights in the labor force,” said Barbara Risman, a sociology professor at the University of Illinois at Chicago and an author of the paper along with William Scarborough, a sociology doctoral candidate there and Ray Sin, a behavioral scientist at Morningstar.

For the full commentary, see:
Miller, Claire Cain. “THE UPSHORT; Equality Valued at Work, Not Necessarily at Home.” The New York Times (Wednesday, Dec. 5, 2018): B1 & B5.
(Note: the online version of the commentary has the date Dec. 3, 2018, and has the title “THE UPSHORT; Americans Value Equality at Work More Than Equality at Home.”)

The academic paper mentioned above, has been published online in advance of print publication:
Scarborough, William J., Ray Sin, and Barbara Risman. “Attitudes and the Stalled Gender Revolution: Egalitarianism, Traditionalism, and Ambivalence from 1977 through 2016.” Gender & Society (2018): https://doi.org/10.1177/0891243218809604

Do Not Invest in Startups That Sell Dollar Bills for 90 Cents

(p. B12) There is a joke in Silicon Valley that startups can have a booming business if they sell dollar bills for 90 cents–that is, until they run out of dollar bills. A bike-sharing crash in China shows the folly of taking such startups too seriously now that venture capital is drying up.

For the full commentary, see:
Jacky Wong. “Startups in China Face a Cash Crunch.” The Wall Street Journal (Wednesday, Dec. 27, 2018): B12.
(Note: the online version of the commentary has the date Dec. 27, 2018, and has the title “Time Is Running Out for Unprofitable Chinese Startups.” The second sentence quoted above, follows the wording of the online, rather than the slightly different print version.)

“The Death of the Dead-End Secretary”

(p. A25) Evelyn Berezin, a computer pioneer who emancipated many a frazzled secretary from the shackles of the typewriter nearly a half-century ago by building and marketing the first computerized word processor, died on Saturday [December 8, 2018] in Manhattan. She was 93.
. . .
In an age when computers were in their infancy and few women were involved in their development, Ms. Berezin (pronounced BEAR-a-zen) not only designed the first true word processor; in 1969, she was also a founder and the president of the Redactron Corporation, a tech start-up on Long Island that was the first company exclusively engaged in manufacturing and selling the revolutionary machines.
To secretaries, who constituted 6 percent of the American work force then, Redactron word processors arrived in an office like a trunk of magic tricks, liberating users from the tyranny of having to retype pages marred by bad keystrokes and the monotony of copying pages for wider distribution. The machines were bulky, slow and noisy, but they could edit, delete, and cut and paste text.
Modern word processors, which appear as programs on computers, long ago simplified the tasks of authors, journalists and other writers — sometimes after misgivings over the risk of surrendering to a future of dystopian technology — but became so efficient in offices that they killed off the need for most of the old-fashioned secretarial skills Ms. Berezin was trying to enhance.
“I’m embarrassed to tell you that I never thought of it — it never entered my mind” that the word processor might endanger women’s jobs, Ms. Berezin said in an interview for this obituary in 2017. Though she was not an ardent feminist, she said, her first ad for the Redactron word processor was placed in Ms. magazine in 1971, hailing “the death of the dead-end secretary.”
. . .
Even in her Redactron heyday, Ms. Berezin was hardly alone in the word processing business. Her chief competitor, International Business Machines, made devices that relied on electronic relays and tapes, not semiconductor chips. I.B.M. soon caught up technologically and swamped the market in the 1970s and ′80s, pursued by a herd of brands like Osborne, Wang, Tandy and Kaypro.
But for a few years after Redactron started shipping its computerized word processors in September 1971, Ms. Berezin was a lioness of the young tech industry, featured in magazine and news articles as an adventurous do-it-herself polymath with the logical mind of an engineer, the curiosity of an inventor and the entrepreneurial skills of a C.E.O.
In a 1972 profile in The New York Times, the business writer Leonard Sloane wrote: “Miss Berezin, a serious, soft-spoken individual, nevertheless talks at times like a systems engineer (which she is), a sales executive (which she is) and a proponent of a sophisticated product (which she is). She is also obviously a woman on the senior level of a field where her sex are still a rarity at any level.”
Early in her career, Ms. Berezin designed numerous single-purpose computer systems. They calculated the firing ranges of big guns, controlled the distribution of magazines, kept accounts for corporations and automated banking transactions. She also claimed credit for the world’s first computerized airline reservations system.
“Why is this woman not famous?” the British writer and entrepreneur Gwyn Headley asked in a 2010 blog post.
“Without Ms. Berezin,” he added enthusiastically, “there would be no Bill Gates, no Steve Jobs, no internet, no word processors, no spreadsheets; nothing that remotely connects business with the 21st century.”
Credit for her early achievements does appear to have faded with time, perhaps under the obliterating speed of technological change, the greater notice paid to her corporate competitors, and the tendency of the tech world to diminish the accomplishments of women.

For the full obituary, see:
Robert D. McFadden. “Evelyn Berezin, Computer Pioneer Who Built First Word Processor, Dies at 93.” The New York Times (Tuesday, Dec. 11, 2018): A25.
(Note: ellipses, and bracketed date, added.)
(Note: the online version of the obituary has the date Dec. 10, 2018, an has the title “Evelyn Berezin, 93, Dies; Built the First True Word Processor.”)

The book mentioned as a source above, is:
Kirschenbaum, Matthew G. Track Changes: A Literary History of Word Processing. Cambridge, MA: Belknap Press, 2016.

Distorted Incentives Can Lead to Short-Termism or to Long-Termism

(p. B1) Capitalism is often accused of fostering short-termism, making companies chase quarterly profit numbers to satisfy shareholders.
A better criticism is that the targets corporate executives aim for are grossly simplified, thanks to the twisting line of responsibility from corner office to fund manager to pension fund and ultimately to the savers who own the company.
These distorted incentives sometimes lead to short-termism; at other times, shareholder enthusiasm pushes executives to focus far too much on the long run, as in the wild mining boom that turned to bust in 2011, or the dot-com bubble.

For the full commentary, see:
James Mackintosh. “STREETWISE; Fixing Capitalism, One Disclosure at a Time.” The Wall Street Journal (Wednesday, Nov. 28, 2018): B1 & B12.
(Note: the online version of the commentary has the date Nov. 27, 2018.)

James Dyson Pursued a Slow Hunch by Trial and Error

(p. 6) Mr. Dyson discovered his passion for design at an early age, and eventually began work on his signature product, the bagless vacuum cleaner. It took several years, but he brought the product to market, founding Dyson Ltd. in 1991. Soon, Dyson was expanding internationally and developing new products, including washing machines, fans, heaters, air purifiers, hand dryers and hair dryers. It is now at work on an electric car.
. . .
And what was so different about your vacuums?
I saw the problem, and I saw a possible solution, which was the huge cyclones outside cement plants and timber yards that collect dust all day long. So I started building various versions of that technology. As it happens, it didn’t work. I had to spend four or five years coming up with different types of cyclonic separation devices in order to make it work.
It took a lot of empirical work. I had to build the prototypes, one or two a day, which sounds tedious, but actually it was fascinating. I’m still doing it today. It always is a wonderful adventure of excitement and disappointment. Almost everything you do is a failure, until you get the one success that works..
How did you pay for all that research and development before you had a product to sell?
I was borrowing it all from the bank. Going deeper and deeper into debt. By the time I launched the vacuum cleaner, I was two million pounds in debt. I think the bank got in a bit deeper than they intended to, but I had an interesting bank manager. I asked him why he lent me the money, and he said, “I went home to my wife and said, ‘What do you think about vacuum bags and vacuum cleaners?’ And she said, ‘Dreadful, dreadful.'”
. . .
Why are you in favor of Brexit?
I think we should be independent. Europe has become more and more of a unified society where all the laws are made in Brussels. I don’t believe it’s ever been right for Britain.
Britain has always been a globally facing country, with our empire, if I dare mention that, covering half the globe. We have a pioneering and global outlook. There’s no room for us in Europe.
What about the prospect of economic disruption to England
All cars coming into England from America have a 10 percent duty on them, and most of that goes to Brussels. Europe is a protectionist setup designed to keep competitors out. It’s not a good thing to be in. We believe in free trade. And if any bankers are leaving London, it’s got nothing to do with Brexit. It was the right decision for Britain.

For the full interview, see:
David Gelles, interviewer. “‘Follow the Design, Not the Market.” The New York Times, SundayBusiness Section (Sunday, Dec. 6, 2018): 6.
(Note: ellipses added; bold in original.)
(Note: the online version of the interview has the date Dec. 5, 2018, and has the title “CORNER OFFICE; James Dyson: ‘The Public Wants to Buy Strange Things’.” The first quoted paragraph, and the bold questions, are by David Gelles. The answers are by James Dyson.)

Low Interest Rates May Have Favored Investment in Solar Energy

(p. A17) For the three years straddling the 2015 Paris conference, carbon-dioxide emissions were more or less flat. Then they resumed their upward trend–up 1.6% in 2017 and a projected 2.7% this year.
. . .
Explaining why the efforts thus far hadn’t bent the curve of rising emissions, the Potsdam Institute’s chief economist, Ottmar Edenhofer, said the fundamental reality was an oversupply of fossil fuels, making it harder for renewables to be cost-competitive with coal. An underappreciated factor, he suggested, is monetary policy. Zero interest rates act as an artificial stimulus to renewable energy, which is much more capital-intensive than gas and coal. To students of Austrian economics, it’s a classic malinvestment: When interest rates are suppressed below the natural rate, too much of the wrong sort of investment leads to a boom, then a bust.
As interest rates rise, renewable energy can’t compete without carbon pricing–economists’ magic bullet to solve global warming. Therein lies the biggest cause of despair at Katowice. Thanks to French President Emmanuel Macron’s carbon-tax folly, politicians of all stripes are likely to treat carbon pricing like the plague.

For the full commentary, see:
Rupert Darwall. “Defeat in the Air at the Climate Conference. Reality has a way of fighting back. Ask Emmanuel Macron..” The Wall Street Journal (Wednesday, Dec. 19, 2018): A17.
(Note: ellipsis added.)
(Note: the online version of the commentary has the date Dec. 18, 2018.)

Bruce Yandle Offers Advance Praise for Openness to Creative Destruction

In writing Openness to Creative Destruction, Art Diamond has penned a timely and compelling discussion of innovative dynamism, words he chooses to describe the vital wealth-creating features of the US economy. As the book’s title suggests, Diamond, like Joseph Schumpeter before him, using lots of data and strong anecdotes, explains how innovation–the discovery and implementation of new products, services, and processes for providing them–drives prosperity. Dynamism, though not automatic but sometimes constrained by government regulation, relates to how growth, change and search for future equilibriums are features of US markets. A strongly written and deeply documented book, Openness deserves to be read by all who want a better understanding of how the US economy is performing now and how future performance can be improved.

Bruce Yandle, Dean Emeritus, Clemson University College of Business & Behavioral Science and Distinguished Adjunct Fellow, Mercatus Center at George Mason University.

Yandle’s advance praise is for:
Diamond, Arthur M., Jr. Openness to Creative Destruction: Sustaining Innovative Dynamism. New York: Oxford University Press, forthcoming June 2019.

Technologies That Enable Driverless Cars May Also Enable Virtual Experiences That Reduce Desire to Drive

(p. A13) Audi, at the 2013 Las Vegas Consumer Electronics Show, unveiled a self-driving vehicle, supposedly soon to be available to the public, which would handle highway driving until it didn’t, at which point a passenger would be expected to take over within seconds. Elon Musk seemingly promised every year that a completely capable self-driving car was just a year away. . . .
Toyota, at the same time, was routinely ignored for saying the new technology would compensate for a driver’s errors long before it was ready to accommodate his desire to be doing something else.
. . .
Toyota was right. For the foreseeable future, autonomous features will mainly serve to stop us from screwing up. And yet what’s being cooked up today may prove more transformative in the long run than even the hype-mongers predicted.
Take the machine vision, 3-D mapping and ubiquitous low-latency broadband networks needed to make driverless cars possible. These technologies will also make many trips superfluous. They will bring us not just convincing simulations but improvements: If a rain is falling the day you want to visit Venice, punch in better weather. And why drive to a mall when a virtual store can bring you a selection of items designed to your tastes, which you can even sample virtually?
The signs are already visible. On average, each of us drives less per year than we did in 2004. More Americans work at home, watch Netflix instead of venturing to the movies, and rely on Peapod and Amazon to save them trips to the grocer. For all the blue-sky thinking about how self-driving cars might change vehicle-ownership patterns and urban planning, it’s always assumed people crave to be more mobile. Like many technological forecasts, these visions may be slightly off-kilter from the future that actually unfolds.

For the full commentary, see:
Holman W. Jenkins, Jr. “BUSINESS WORLD; Self-Driving Car Returns to Earth.” The Wall Street Journal (Wednesday, Dec. 1, 2018): A13.
(Note: ellipses added.)
(Note: the online version of the commentary has the date Nov. 30, 2018.”)