Gongol.com Archives: September 2016
That might be the lesson to take away from the story of the New Hampshire college librarian whose bequest was partially used to fund a football scoreboard. Many people have looked at this story and used it as a case study in how sports-crazed America has its priorities all wrong, and that's a pretty natural first-order conclusion to take away. But the second-order issues that this story brings to light are perhaps even more important in the long run. One is the problem of entrusting resources into the hands of people who are clearly inattentive to the issues of headline risk and trustworthy custodianship; it's not just a problem at a university in New Hampshire. Another second-order problem illustrated by this story is the problem of eating the seed corn -- when you get a windfall, the dumb thing to do is to spend it right away on something non-productive (and make no mistake about it -- a football scoreboard is a non-productive investment). Windfalls should be used to make long-term investments; if you didn't know the windfall was coming, you won't miss it if you put it to use doing things that may not give you an immediate sense of satisfaction. It's hard to get people to sacrifice for the future, so windfalls should be used to make those future investments seem painless.
"Restoration of [...] checks and balances might be the most promising benefit of a Johnson presidency."
Autonomous vehicles aren't just for the highways
So advises the Consumer Product Safety Commission. Samsung has already said it's halting sale of the devices over the reported fire risk. It's a hugely embarrassing situation for Samsung. It's a million-device recall.
In the case of Donald Trump? No, he really didn't. To an extraordinary degree, he has used political connections and tax loopholes to enrich himself.