A few good pieces the Collaborative team came across this week …
Kahneman contends that happiness and satisfaction are distinct. Happiness is a momentary experience that arises spontaneously and is fleeting. Meanwhile, satisfaction is a long-term feeling, built over time and based on achieving goals and building the kind of life you admire. On the Dec. 19 podcast “Conversations with Tyler,” hosted by economist Tyler Cowen, Kahneman explains that working toward one goal may undermine our ability to experience the other.
According to a recent report from the American Booksellers Association, the number of independent bookstores in the country is up 31 percent since 2009. And book sales at independent bookstores grew nearly 7.5 percent on a compounded basis over the past five years. Driving the trend is an increase in the number of Americans shopping at businesses in their neighborhoods.
A man with a mortgage on his house, two student loans and two car loans decided he would take $85,000, which he said was “everything I had that I could afford to lose,” and place it on Tiger. Why? “I just thought it was pre-destined for him to win.”
In other words, the capitalists killed inflation. In the decades after World War II, Polish economist Michal Kalecki depicted inflation as a product of the struggle between business and labor. If workers manage to extract big wage increases, their employers recoup the costs by putting through price increases, forcing workers to seek even more, and so on in a wage-price spiral. In contrast, if workers have little or no leverage, as is now the case in many industries, the wage-price spiral never gets started.
Have a nice weekend.