Douglas Adams – So Long, and Thanks for All the Fish

Douglas Adams – So Long, and Thanks for All the Fish

The fourth volume of Adams’ Hitchhiker’s Guide to the Galaxy series. After eight long years, our hero Arthur Dent finds himself back on Earth—better, it’s even in his own time. By now, he is more than ready to resume normal life. This being a Douglas Adams book, this is not going to happen. But unlike the previous volumes, the majority of this book takes place on Earth, and Arthur even falls in love.

Arthur receives a mysterious gift of an immaculately made fishbowl in the mail. He soon finds out the all the world’s dolphins have disappeared. Those versed in Hitchhiker’s lore will know that these two things are related.

Douglas Adams – Life, the Universe, and Everything

Douglas Adams – Life, the Universe, and Everything

The third volume of Adams’ Hitchikers of the Galaxy series. The opening scene is classic. The previous book ended with protagonist Arthur Dent back on Earth, but stranded alone, two million years in the past. This book begins with Arthur winding his way through several solitary years. One day, out of the blue, a spaceship lands. Is he being saved at last? An alien being walks out, holding a clipboard. “Arthur Dent?” He asks. “Yes.” “Arthur Philip Dent?” “Yes.” “You’re a jerk.” With this, the alien walks back into his ship and flies off. It is another two years before Arthur finds his friend Ford Prefect and off they go on another adventure with ex-President of the Galaxy Zaphod Beeblebrox, Marvin the depressed robot, and others.

Ben Reiter – Astroball: The New Way to Win It All

Ben Reiter – Astroball: The New Way to Win It All

In 2014, the Houston Astros were the worst team in baseball. That summer, Reiter wrote a shock Sports Illustrated cover story hailing them as 2017 World Series champions. Could a team enduring a third consecutive 100-loss season really turn around that far, that fast? They did, and right on schedule. The Astros won the 2017 World Series, just as Reiter predicted three years earlier. Reiter’s book is about how it happened.

Jeff Luhnow became Houston’s general manager before the 2012 season, after showing impressive under-the-radar acumen in the St. Louis Cardinal’s front office. Luhnow and his team clearly had a strategy in mind, and it went above and beyond the Moneyball approach Billy Beane pioneered in the early 2000s to turn his budget-conscious Oakland Athletics into perennial contenders.

Traditional baseball strategy relies on gut instincts. Beane was the first executive to lean heavily on sophisticated statistics, trusting them over the eyes and instincts of veteran scouts to decide which players had potential, or which strategies work best during a game. Luhnow’s approach is a more of a marriage of analytics and scouts.

The break between the Moneyball approach and Luhnow’s approach isn’t nearly so stark in practice. But keeping that in mind, it is a useful narrative device for sussing out what turned Houston around so quickly—and apparently for the long haul.

Indeed, the Astros made it to the World Series again in 2019, falling to the Washington Nationals. And their roster looks like it will remain strong for the foreseeable future. But at the same time, some of the bloom has come off the rose since Reiter’s book came out. In the 2019 stretch run, the team acquired a relief pitcher, Roberto Osuna, who was serving a suspension for domestic violence. A team executive responded to criticism of the move by shouting loudly after an important playoff win how glad he was they picked him up—directly at a crowd of female reporters. He was soon fired, though their have been complaints about the front office’s culture becoming arrogant and not an entirely healthy work environment.

As of this writing, the Astros are also being investigated by Major League Baseball for violating the game’s sign-stealing norms during their championship 2017. it is acceptable, though technically illegal, to steal the other team’s signs with your eyes only. It is against baseball’s written and unwritten rules to steal them with outside technology such as binoculars or cameras, which the Astros allegedly did. It will be interesting to see if the Astros can overcome their scandals and possible hubris and maintain a dynasty that has the potential to become one of baseball’s most dominant.

Ex-Im Reauthorization Vote Today in the House

Over in the Washington Examiner, I have a piece about the Ex-Im reauthorization bill that the House of Representatives will vote on today. I argue that even if this year’s battle ends in defeat, it has already been a significant nearly five-year-long victory, with guaranteed chances for victory in the future:

The Nobel-winning economist Ronald Coase once wrote, “An economist who, by his efforts, is able to postpone by a week a government program which wastes $100 million a year (which I would call a modest success) has, by his action, earned his salary for the whole of his life.” Over the period from 2014 to 2018, Ex-Im’s reduced activity spared taxpayers from nearly $48 billion of risk exposure, or nearly $12 billion per year. Ex-Im’s total portfolio decreased by $52 billion, or an average of $13 billion per year. This is more than a modest success.

Due to Ex-Im’s reauthorization requirement, reformers will have another opportunity in a few years — a lesson in institutional design that should be applied to other agencies.

Read the whole thing here.

Sabine Hossenfelder – Lost in Math: How Beauty Leads Physics Astray

Sabine Hossenfelder – Lost in Math: How Beauty Leads Physics Astray

Hossenfelder brilliantly covers the intersection of philosophy, hard science, and social science. She has a lot of wisdom about certainty, error, doubt, and why quantitative analysis is important and useful, but also prone to abuse. Her thesis is that a scientist’s proper goal is to understand the natural world. In that pursuit, many scientists get a little too caught up in constructing elegant mathematical models. Models and equations are useful when they add to understanding, which they often do. In fact, they are often vital to it. But models are a means, not an end.

To Hossenfelder, it is disconcerting how often scientists describe their models and equations as elegant. The word is everywhere. It appears constantly in scientific papers and conferences, in the classroom, and in popular-level books, magazine articles, and documentaries. Scientists sometimes even judge their theories and experimental results to be true or false based on whether they are viewed as beautiful or elegant. Even Einstein fell into this trap with his famous “God does not play dice” remark to express his unease with the Heisenberg uncertainty principle.

This is a problem because the universe does not care if people think it is beautiful or not. f=ma is either true, or it isn’t. Ptolemy’s laws, or Keplers, or Newton’s, or Einstein’s, or the string theorists’ ideas, are each either true or false. The answers do not depend on whether someone thinks they are elegant. Rather than chasing elegant ghosts, a scientist’s goal should be to get as close to objective understanding as possible, given human limitations.

Hossenfelder is a deep enough thinker to realize that our aesthetic sense likely evolved in response to our universe; causality runs both ways. It is not a coincidence that our eyes are most sensitive to the very E-M frequencies the sun sends our way, or that our ears respond precisely to the most common sound frequencies around us. In addition to our sensory organs’ capabilities being determined by evolutionary processes, so too did the way we interpret those sensory inputs.

Aesthetically, people tend to find beauty and elegance in evolutionary success, and ugliness in threats or failures to reproductive success. it is not a coincidence that signs of beauty are almost universally signs of youth, health, and fertility. Most people consider symmetrical faces more beautiful because symmetry correlates with good health, and with good genes. We prefer cleanliness over filth because bacteria and disease are bad for survival and reproductive success. So it makes sense that scientists, as humans who evolved in just this way, both have the aesthetic sense that they do, and that they feel compelled to find it in physics and other sciences.

If a symmetrical face is elegant and beautiful, so is a scientific equation that exactly has a given symmetry, or exactly fits a certain exponent. e=mc2 is much more appealing than, say, e=mc2.1. Some laws, such as this exchange rate between matter and energy, do have this elegant precision. This is fortunate, otherwise humans might never have discovered them! Other phenomena that are just as true are less elegant, such as entropy, the probabilism of quantum mechanics, or the way friction coefficients, alloys, and engineering tolerances all defy perfect precision in practice.

Our search for elegance in scientific research is a longstanding natural impulse redirected in a new and foreign direction. Humans have been a species for perhaps 200,000 years, and proper scientists for just a few hundred years–just a thousandth or two of that time. Our 200,000 years is in turn perhaps a touch more than one three thousandth of the animal kingdom’s existence. Our evolved aesthetic sense is very, very old. As such, it will be some time before evolution is able to adapt to our new social environment and address Hossenfelder’s concerns. Until then, the least we should do is be aware of our elegance problem.

While reading the book, I kept thinking it had just the sort of message that my former economics professor Russ Roberts would enjoy. One of the hallmarks of his approach is a conscious avoidance of certainty, and keeping in mind the difference between good and bad uses of statistics (Russ is also a keen and humble philosophical thinker). As it turns out, Russ had an excellent conversation with Hossenfelder on his EconTalk podcast. It’s worth a listen, especially for those who don’t have time to read the whole book.

Though Hossenfelder’s home is in physics, in several points during the book she acknowledges how her thinking applies to the social sciences. She’s right. Economists in particular would do well to consider her arguments. Her arguments about the parallel uses and abuses of mathematical modeling has some intersection with Jerry Z. Muller’s recent book The Tyranny of Metrics, though Hossenfelder’s arguments are more nuanced and broader-ranging, and have a deeper philosophical foundation.

Lost in Math also reminded me of F.A. Hayek’s The Counter-Revolution in Science, which distinguishes between science and scientism. As Hayek defines the terms, science is the process of learning about the universe and the beings who live in it. Scientism is more about method-worship, valuing mathematical rigor and elegance as its own end. When taken too far, scientism can color results and potentially stunt entire research programs and lines of inquiry.

This has happened in economics. Crudely, science and scientism can be personified as Adam Smith vs. Paul Samuelson–though again, very crudely. Peter Boettke contrasts mainline vs. mainstream economics to make a similar point. Smithian mainline economists are interested in the human condition; mainstream Samuelsonians are a little too interested in technical proficiency and elegant modeling. They would do well to focus a little less on Homo economicus, and a little more on the admirable and real, though admittedly less elegant, Homo sapiens.

USMCA North American Trade Deal Solves Few Problems

This is a CEI press release, originally posted here.

The U.S. may be on the verge of a North American trade deal, but there are bigger problems with trade that Congress should fix, says Competitive Enterprise Institute Senior Fellow Ryan Young:

“The revised NAFTA/USMCA trade agreement should be less urgent for Congress than reining in the President’s out-of-control tariff-making authority. Parts of NAFTA could use an update, but Canada, Mexico, and the United States already have a mostly tariff-free trading relationship. New tariffs passed under President Trump against China, Europe, and numerous allies are a bigger problem that Congress should fix. Trump tariffs are causing thousands of layoffs and billions of dollars of economic damage, everywhere from the steel and auto industries to farm exports. They could cost the U.S. as much as a percentage point of economic growth going forward, or roughly $200 billion per year. The tariffs have also greatly increased the risk of recession. If President Trump wants to pass USMCA so badly, part of the deal should be returning his tariff-making powers to Congress where they belong.​”

Related:

Traders of the Lost Ark

Common Myths and Facts about Trade

James Grant – Bagehot: The Life and Times of the Greatest Victorian

James Grant – Bagehot: The Life and Times of the Greatest Victorian

Grant finally settles the question of how to pronounce Walter Bagehot’s name (BADGE-it). Maddeningly, he does not do this until the end of the book, leaving the reader unsure to pronounce it in their head for more than 300 pages. Even so, he has written an excellent biography of Bagehot, a prominent 19th-century English banker and economist who favored free trade. He was not the founder of The Economist, though he became its longtime editor and made the newspaper (actually a magazine) into the prominent, and generally classically liberal publication it remains today.

At times Grant seems more interested in the history of English banking than in his ostensible subject, and at times the text bogs down because of it. But he still finds the time to give a good sense of what Bagehot was like as a person. His family life was mostly happy, though not entirely so. He also worked long hours at a frenetic pace, often writing 5,000 words or more per week, every week, on a wide variety of topics. This was in addition to editing and managing a newspaper, commissioning articles, and trying to have some semblance of a home life.

Unlike some of the grandiose, difficult personalities whose biographies I’ve been reading lately (Frank Lloyd Wright, Thomas Edison, Jay Gould, et al), Bagehot seems to have been a good person. He was overworked and often frazzled, but he was a decent family man and didn’t have an extravagant lifestyle, outsize ego, or a need to create drama.

Grant also puts Bagehot in his place as an important figure in the birth of modern finance, journalism, and economics; Bagehot had a place in all three. Only with the beginnings of the industrial revolution did the population become wealthy enough to support full-time journalists. Before, say, Samuel Johnson, writers typically required aristocratic support. They also wrote for a mainly aristocratic audience, spoke to their concerns, and often echoed their points of view. They also did not produce fresh product every week.

Johnson was one of the first to write for a lay audience, and one of the first to make a living from them. This meant smaller per-copy revenues, made up for by selling more copies. This required the ability to print at an industrial scale, and a large middle class that can afford pamphlets and newspapers. This stage of economic development also required modern finance to capitalize. Bagehot began as just such a banker, became a journalist struggling to generate enough copy to print The Economist regularly enough to pay the bills, and to sell it to as many subscribers as possible. Even in London, the financial capital of the world, Bagehot could only wrangle a few thousand subscribers.

Bagehot was also one of the most prolific and eloquent voices in the era’s defining economic debate—free trade vs. protectionism. Bagehot took the free-trade side alongside Richard Cobden and John Bright, and it is for this that Bagehot is chiefly remembered today. The Economist, which more than a century later flourishes on a global scale, still retains Bagehot’s mostly market-liberal editorial voice, and even has a weekly column named after him. In today’s tide of rising tide of protectionism, nationalism, and populism, the world could use more Bagehots advocating for free trade in both quality and quantity.

CEI Opposes Waters Ex-Im Bank Reauthorization Bill

This is a CEI press release, originally posted here.

The Competitive Enterprise Institute (CEI) opposes a bill authored by Rep. Maxine Waters (D-CA) that would reauthorize Export-Import Bank (Ex-Im Bank) operations. The bill is different from a Senate bill introduced by Sens. Kevin Cramer (R-ND) and Kyrsten Sinema (D-AZ) that was the subject of a CEI study, entitled “How the Ex-Im Bank Enables Cronyism and Wastes Taxpayer Money.” That study stated CEI’s opposition to Ex-Im Bank reauthorization, but also proposed several key reforms to the Cramer-Sinema bill.

CEI senior fellow and study author Ryan Young said:

“The House should decline to reauthorize the Export-Import Bank, for several bipartisan reasons. Republicans oppose the Bank’s support of state-owned businesses in China and other illiberal countries. Air China is Ex-Im’s single largest state-owned beneficiary. Ex-Im cuts against other administration priorities in trade and foreign policy. Democrats oppose Ex-Im’s support of fossil fuel programs. America’s emergence as a net energy exporter also means that energy businesses do not need Ex-Im’s corporate welfare. More than 99.8 percent of American exports happen without Ex-Im involvement, and total exports hit record highs throughout Ex-Im’s 2014-2019 period of reduced activity. Even Ex-Im’s largest individual beneficiaries, such as Boeing, reported no trouble finding private financing and posted record profits during this period. Add in dozens of Ex-Im-related corruption allegations and millions of dollars of resources wasted on lobbying instead of becoming more competitive, and Congress should close the Export-Import Bank, not renew it. Failing that, any legislation should have a short authorization period of two or three years, not 10 years. Any reauthorization should also preserve Ex-Im’s board quorum requirement that gives the agency at least a modicum of accountability to Congress.”

Read more:

Douglas Adams – The Restaurant at the End of the Universe (Hitchhiker’s Guide to the Galaxy Book 2)

Douglas Adams – The Restaurant at the End of the Universe (Hitchhiker’s Guide to the Galaxy Book 2)

This book is hilarious, and highly recommended. Not quite as famous as the first book, but just as good and very much in the same farcical spirit. Adams’ jokes are constant, yet still often come as a surprise. He had a knack for making the mundane into the epic, and vice versa. Some of the time travel jokes also verge on Abbott and Costello-style humor.

Leo Tolstoy – War and Peace

Leo Tolstoy – War and Peace

This expansive book can move at a glacial pace, though, also like a glacier its motion never stops. His pastoral vignettes are as vivid as a painting. His descriptions of what is going on in each character’s head are masterpieces of empathy, psychology, and self-awareness—or not, depending on the character. There are also multiple contrasts. Not just between the battle scenes and the domestic scenes, but also between Russia and the West, as shown by the contrast between the Moscow and St. Petersburg social scenes. Evolution is another key theme. He characters age, mature, and change over the course of the book. Even their language changes, with Russian increasingly displacing French as the language of choice for the more “authentic” Russian characters. The amoral or otherwise mostly unsympathetic characters such as Helene and her brother Anatole emphasize their Europeanness by lapsing further into French speech even as Napoleon’s army marches further into Russia.

Tolstoy also uses the novel to advance his pastoral, peaceful, agrarian philosophy, contrasting the happy scenes in those settings with the horrors of war and the cynicism of city and court life. He also advances a “great forces” theory of history, against which individuals are nearly powerless. This theory does not hold up well against actual history, but Tolstoy sure makes it poetic.

Pierre, the protagonist, is an especially interesting character. Tolstoy modeled him somewhat after himself. In the beginning, Pierre is a brash youth, not quite comfortable with his large physical size and awkward both physically and socially. He feels the need to interject his opinions into every conversation, as many young people do. After a few years of life experience, and entering into a marriage with Helene that he realizes ahead of time is a mistake, Pierre has a spiritual awakening and pursues Freemasonry with the same youthful zeal as he pursued his previous opinions. But with a little more age and maturity, he becomes calmer and less intense about it. At the same time, he becomes physically more comfortable in his own skin and his own social manner, though his large size still makes him stand out in a crowd. By nature he is more an observer than a participant, but eventually gets dragged into a battle despite not being a soldier, and is taken prisoner and goes on a forced march. He emerges

Tolstoy also astutely portrayed the effect that nearness to celebrities and power can have on people. Especially early in the book, in the battle of Austerlitz, one of the characters is absolutely mesmerized by the czar’s mere presence, to the point of near-religious rapture, completely losing himself in a wash of emotion and love towards a person he has never met, and does not know who he is. The young man is otherwise a sane and decent person, but he comes off every bit as poorly as Tolstoy intended in this scene. As the characters age and get worn down by life and war, their power-worship becomes less pronounced. But it also never completely goes away.

These scenes of celebrity rapture reminded me, of all things, of the scene in Dave Eggers’ A Heartbreaking Work of Staggering Genius where Eggers and his younger brother Topher briefly meet Bill Clinton at some event shortly after they move to San Francisco. Eggers goes into a near-reverie both during the experience and recounting it. Clinton, like Alexander I, was neither particularly bad nor particularly good as far as presidents or tsars go. Neither left much of a footprint on history, and were generally unremarkable—often a good thing in their line of work, but that’s a topic for another time. Such men should not have such effects on otherwise intelligent people, and yet they do.