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Patrick McKenzie @patio11
, 3 tweets, 1 min read Read on Twitter
Matt Levine on (without loss of generality) Netflix bonds is both instrumentally useful for tech people and a great seeing-the-world-in-different-lenses exercise:

bloomberg.com/opinion/articl…
Sidenote:

I am broadly of the opinion that SaaS companies are very poorly treated by the debt market relative to the intrinsic properties of their operations, which should make them *extremely* attractive credit risks.
That appears to be true up and down the scale, too.
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One of the least heralded and most important technological advances of the last 20 years is a battle getting fought one piece of paper at a time to replace workflows with web applications. It’s slow, boring, and enormously impactful.
It’s surprising how much you can get done these days *without* needing to call anyone, line up, or make a visit to an office to figure out the correct form to file something.
Random example for you: the IRS hires 10k people every year to type numbers from returns into the computer. This is a decrease from earlier, since e-filed returns don’t need to be redundantly retyped.
Read 4 tweets
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In case you were wondering whether the engineering hiring market was slowing down, here’s Amazon deploying probably every YC company combined on *one product*: wsj.com/articles/amazo…
And that team size is doing the 100% YOY growth thing.
(If you’ve got a better Fermi estimate for “every YC company combined” than 10k would love to hear it; I’m basically finger-to-wind guessing on that.)
Read 3 tweets
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Tokyo could drown in tech dollars but teachers would continue living in cheap housing because Tokyo builds housing. If you stop building housing, you’re deciding someone doesn’t get to live there; market just tells you their names.
Most important part of the puzzle:
We having baying hordes who advocate for and get scarcity and then wonder why we have no abundance. Truly it is a mystery.
Read 3 tweets

Related threads

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1) This thread will answer questions people have asked during the past month.

I'll attempt to answer the question: Will Donald Trump put America back on the gold standard?

I'll explain what the gold standard is, why it's not used today and why some experts think it should be
2) I'll offer my thoughts on the likelihood that the President will change the way the Federal Reserve operates or whether he'll do away with it completely.
3) I'll offer my thoughts on how a return to the gold standard might affect investments.
Read 106 tweets
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In 2018 the blockchain/decentralization story fell apart. For example, a study of 43 use cases found a 0% success rate. theregister.co.uk/2018/11/30/blo…
Let's talk about some mistaken assumptions about decentralization that led to the blockchain hype, and what we can learn from them.
(For context, I think the technology is sound, interesting and important from a CS perspective. That’s why I’ve been researching and teaching it since 2013. bitcoinbook.cs.princeton.edu But I’ve also been speaking/writing about the pitfalls of decentralization for ~10 years.)
Blockchain proponents have a vision of _society_ in which centralized entities are weakened/eliminated. But blockchain tech is a way to build _software_ without centralized servers. Why would the latter enable the former? It’s a leap of logic that’s left unexplained.
Read 14 tweets
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1/Here is a thread about neoliberalism.

At the beginning of this year I was elected "Chief Neoliberal Shill", but the true Chief Neoliberal Shill has always been Brad @delong.

In 1999, he wrote the following neoliberal manifesto:
j-bradford-delong.net/Politics/neoli…
2/DeLong's case for neoliberalism is basically:

It's not about YOU, rich-country person. It's about people in poor countries.

Neoliberalism, he says, is the best (only?) way for the world to recover from the inequalities generated by colonialism and unequal industrialization.
3/As DeLong expresses it, neoliberalism is basically:

A) Poor countries embrace free-ish markets along with smart growth-oriented policies

B) Rich countries invest their money in poor countries

C) Poor countries get richer

D) The economic legacy of colonialism goes away
Read 11 tweets
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bloomberg.com/opinion/articl…
gefira.org/en/2018/11/16/…
Steve Bannon is smuggled into the Oxford Union through the snowflake mob
Police officers in full riot gear were needed to get him inside
(Video)
dailymail.co.uk/news/article-6…
Read 22 tweets
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Happy Election Day!

Elections don’t work they way the “folk theory” most people believe (see @jbview here bloomberg.com/opinion/articl…), but nevertheless they do have a huge impact on public policy.

A lot of people, however, still get wrong *how* they influence public policy. 1/
The most obvious way, of course, is that elections reconstitute the government with new political actors, who have different preferences about public policy.

That’s where the story starts and stops for most people. 2/
But elections also provide strong signals to both new and returning elected officials about what choices about public policy will likely succeed or fail in the public sphere, and/or reward and punish them in the future. 3/
Read 10 tweets
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Let's talk about voter suppression, how you can protect your rights in this election, and how we can fight to make America a place where every citizen can make their voice heard.
First, some history. The 2013 Supreme Court case Shelby v. Holder gutted the 1965 Voting Rights Act by ruling that states with a history of voter suppression no longer needed the federal government to approve changes to voting rules.
Fast-forward a few years: 24 states have put new voting restrictions in place since 2010, including photo ID rules in Alabama, "use it or lose it" laws in Ohio, and "exact match" laws in Georgia.
Read 12 tweets

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