As in 2012, Romney Can Do No Right in Murdoch’s Eyes

It was the kind of warm embrace, from the powerful and widely courted owner of The Wall Street Journal and Fox News Channel, that Mr. Murdoch denied Mitt Romney during his 2012 bid for the White House — and one that Mr. Murdoch is already signaling he will deprive Mr. Romney of if he runs in 2016.

.. Meanwhile, about a half-dozen mainstream Republican candidates are angling for Mr. Murdoch’s blessing, not to mention Hillary Rodham Clinton, who has developed her own growing rapport with him.

.. Mr. Murdoch remains fond of Gov. Chris Christie of New Jersey, who played his own role in the billionaire’s plans to foil Mr. Romney. In 2011, Mr. Murdoch joined a group of wealthy and influential Republican leaders who encouraged Mr. Christie to enter the presidential race, convinced he was a more exciting alternative to Mr. Romney, and with broader appeal.

America’s new aristocracy

WHEN the candidates for the Republican presidential nomination line up on stage for their first debate in August, there may be three contenders whose fathers also ran for president. Whoever wins may face the wife of a former president next year. It is odd that a country founded on the principle of hostility to inherited status should be so tolerant of dynasties.

.. If Americans suspect that the game is rigged, they may be tempted to vote for demagogues of the right or left—especially if the grown-up alternative is another Clinton or yet another Bush.

.. He claims, quite plausibly, that the only way of limiting a power is by having a greater power. How can you limit a power unless you’re more powerful?

.. Hobbes has set us an interesting intellectual puzzle here, because we’re used to the notion of the separation of powers, the split between the judiciary, the executive, and the legislature. This is a commonplace in modern constitutionalism. Hobbes’s view is that that’s a myth. One of those powers must be the greatest. And, actually, when we see regimes crumble, the military seems to take over. That seems to suggest there is a most powerful power in any country, it’s just it may not be used at any moment.

 

.. This is a perennial theme in development economics: the poor person’s right to collect fallen wood from the forest, and someone deciding that they have to pay for that now, causing huge problems.

.. And there is also Marx’s own commentary. You see him taking Adam Smith’s writings — and the mythology is that Smith is one of the great defenders of capitalism — and Marx finds, in the Wealth of Nations, a whole range of criticisms of capitalism that sound just like Marx.

.. In much of Marx’s early writings, he was grandstanding. Here he was writing for himself.

.. Ultimately, what he aims to do is deduce all the categories of economics — rent, wages, commodities, exchange — from the concept of alienation, as a way of showing that the capitalist economy has alienation at its roots.

.. Another way of putting it is that Rawls wants you to think about how you would design society if you didn’t know what place you’d play in it. Imagine you didn’t know whether you were going to be a man or a woman, you didn’t know whether you were going to be disabled or able-bodied — Rawls didn’t use these examples but we can extend his method — if you didn’t know whether you were going to be white or black, strong or weak, have film star good looks or be ugly. If you didn’t know any of those things about yourself, how would you like society to be?

.. and in it the editor Peter Laslett, who was an important historian, says that for the moment we can declare political philosophy dead. As a way of advertising the papers and the book that you’ve just edited, this is not a great sales pitch, but political philosophy was in crisis because of, first, the legacy of logical positivism, second, and the upset of World War II which demonstrated the limited impact liberal political philosophy had had on human behaviour, and third the rise of Marxism, which reduced political philosophy to mere ideology.

.. If you go back to, say, how the civil service operated in the UK or elsewhere immediately after World War II, there was great interest in social justice. But I think that gave way to a much more technocratic approach, where policies were looked at from the point of view of cost-benefit analysis. This is essentially a utilitarian approach: what type of policy gives us the greatest net benefit for our limited resources?

.. I think once Rawls was understood in the late ‘70s and in the ‘80s, he certainly affected the way in which civil servants — not necessarily governments themselves, but the people who are thinking about implementation of policy — thought. They began to pay special attention to how policies would affect the worst off.

.. This was Jerry’s tactic: don’t import any premises, use the other person’s premises, and show your view follows from the other person’s premises. This is really remarkable because it’s hard enough showing that your view follows from your own premises, never mind that your view follows from your opponent’s premises! But that’s what Jerry did in his work on Nozick.

 

Interfluidity: Rational regret

Suppose that you have a career choice to make:

  1. There is a “safe bet” available to you, which will yield a discounted lifetime income of $1,000,000.
  2. Alternatively, there is a risky bet, which will yield a discounted lifetime income of $100,000,000 with 10% probability, or a $200,000 lifetime income with 90% probability.

The expected value of Option 1 is $1,000,000. The expected value of Option 2 is (0.1 × $100,000,000) + (0.9 × $200,000) = $10,180,000. For a rational, risk-neutral agent, Option 2 is the right choice by a long-shot.

.. At a macro level, I do worry that we are evolving into a society where many, many people will experience painful regret in self-perception — and also judgments of failure in others’ eyes — for making choices that ex ante were quite reasonable and wise, but that simply didn’t work out.

Global Wealth Is Flowing to the Richest, Study Finds

The richest 1 percent are likely to control more than half of the globe’s total wealth by next year, the charity Oxfam reported in a study released on Monday.

.. Using data from Forbes magazine’s list of billionaires, it said those listed as having interests in the pharmaceutical and health care industries saw their net worth jump by 47 percent. The charity credited those individuals’ rapidly growing fortunes in part to multimillion-dollar lobbying campaigns to protect and enhance their interests.