Quotulatiousness

June 9, 2023

Putting an end to “stakeholder” capitalism

The Streetwise Professor explains what “stakeholder capitalism” is and why it needs to be staked through the heart to save western economies:

A graphic from Wikipedia showing typical internal and external stakeholders.

At its root, stakeholder capitalism represents a rejection – and usually an explicit one – of shareholder wealth maximization as the sole objective and duty of a corporation’s management. Instead, managers are empowered and encouraged to pursue a variety of agendas that do not promote and are usually inimical to maximizing value to shareholders. These agendas are usually broadly social in nature intended to benefit various non-shareholder groups, some of which may be very narrow (transsexuals) or others which may be all encompassing (all inhabitants of planet earth, human and non-human).

This system, such as it is, founders on two very fundamental problems: the Knowledge Problem and Agency problems.

The Knowledge Problem is that no single agent possesses the information required to achieve any goal – even if universally accepted. For example, even if reducing the risk of global temperature increases was broadly agreed upon as a goal, the information required to determine how to do so efficiently is vast as to be unknowable. What are the benefits of a reduction in global temperature by X degrees? The whole panic about global warming stems from its alleged impact on every aspect of life on earth – who can possibly understand anything so complex? And there are trade-offs: reducing temperature involves cost. The cost varies by the mix of measures adopted – the number of components of the mix is also vast, and evaluating costs is again beyond the capabilities of any human, no matter how smart, how informed, and how lavishly equipped with computational power. (Daron Acemoğlu, take heed).

[…]

Agency problems exist when due to information asymmetries or other considerations, agents may act in their own interests and to the detriment of the interests of their principals. In a simple example, the owner of a QuickieMart may not be able to monitor whether his late-shift employee is sufficiently diligent in preventing shoplifting, or exerts appropriate effort in cleaning the restrooms and so on. In the corporate world, the agency problem is one of incentives. The executives of a corporation with myriad shareholders may have considerable freedom to pursue their own interests using the shareholders’ money because any individual shareholder has little incentive to monitor and police the manager: other shareholders benefit from, and thus can free ride on, any individual’s efforts. So managers can, and often do, get away with extravagant waste of the resources owned by others placed in their control.

This agency problem is one of the costs of public corporations with diffuse ownership: this form of organization survives because the benefits of diversification (i.e., better allocation of risk) outweigh these costs. But agency costs exist, and increasing the scope of managerial discretion to, say, saving the world or achieving social justice inevitably increases these costs: with such increased scope, executives have more ways to waste shareholder wealth – and may even get rewarded for it through, say, glowing publicity and other non-pecuniary rewards (like ego gratification – “Look! I’m saving the world! Aren’t I wonderful?”)

H/T to Tim Worstall for the link.

Rush – The Making of “YYZ”

Filed under: Cancon, Media — Tags: , , , — Nicholas @ 02:00

marvincandle815
Published 17 Apr 2011

From the Classic Albums: 2112 & Moving Pictures special. Made some minor cuts to avoid repetition and to keep it under 10 minutes.

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QotD: The Fundamental Paradox of Internet Liberalism

Filed under: Humour, Media, Politics, Quotations, USA — Tags: , , , — Nicholas @ 01:00

  • If you were smart enough to understand what I’m saying, you’d be a liberal, too
  • You aren’t smart enough to understand it, because you’re not a liberal
  • And yet here I am, arguing with you anyway.

So who, exactly, is the dumb one?

Severian, “Alienation II”, Rotten Chestnuts, 2020-10-30.

June 8, 2023

1954: The END of RATIONING

Filed under: Britain, Economics, Food, History, WW2 — Tags: , — Nicholas @ 02:00

BBC Archive
Published 5 Mar 2023

“The ration book has done its job. It’s been a long job. Indeed, children up to school-leaving age have never known life without the ration book.”

On the fourth of July, the rationing of meat in Britain came to an end, the final step in dismantling Britain’s whole wartime system of food distribution. After fourteen long years, Britons can at last tear up their ration books.

Richard Baker looks back at some of the key moments in the story of rationing and de-rationing.

Originally broadcast 5 July, 1954.

QotD: Heroes, demi-gods and gods in the ancient Greek world

Filed under: Europe, Greece, History, Quotations, Religion — Tags: , , , — Nicholas @ 01:00

A handful of heroes from Greek mythology become gods as part of their story. The most famous of these is Heracles, raised to godhood at his death, along with Castor and Pollux – twin demi-god heroes with enough divinity between them to make one of them god and they alternated the honor. Leucothea (lit: the white goddess) – the divine form of the woman Ino – makes her appearance in the Odyssey (Book 5!) to save Odysseus.

These figures – complete with tales of being swept up into divinity while still alive or at the moment of their death – are in some way atypical of hero worship in the Greek world. More typical is a figure like Achilles, who very definitely was mortal and very definitely died and whose spirit is very much in the Underworld in the Odyssey (and neatly contrasted with Heracles – only Heracles’ shade is in the underworld, for his soul was divine; but cf. Pindar on Achilles, Olympia 2.75-85). Our sources (e.g. Plin. Nat. 4.26) continue to speak of Achilles as a man, with a physical tomb. And yet Alexander pays him honors (Arr. Anab. 1.12.1) and we have ample evidence for cult observances of Achilles in the Greek world. it was possible to be a man in life, and yet have enough influence to be worthy of cult in death.

This sounds strange, but its worth noting that some of the most common mortal figures to receive this kind of cult worship were founder figures – people (often legendary or mythical in nature) credited with the foundation of a community. We’ve actually discussed that here before in Lycurgus and Theseus, but as you might imagine, such figures were very common. It is not entirely crazy to assume that these figures have some power to shape your world or life, because they already have – you live in the city they founded! They deeds in life continue to shape the confines of your experience – why wouldn’t that influence, in some way, carry with them?

(And while I’m here, I should note that the American architectural veneration of our founder figures on the National Mall is explicitly framed in terms of Mediterranean cult observance. The Lincoln and Jefferson memorials both borrow their forms from Roman temples and contain super-life-sized cult statues exactly as and where a Roman temple would has the cult statue of the god, while the Washington Monument – as an Egyptian style obelisk – mimics Egyptian practice quite intentionally. We even have our monuments to the di manes [the divine shades of your dead ancestors who watch over you] in our war memorials, framed around collective veneration. A Roman time-traveler would have no problem interpreting the display, and might think the many millions of visitors coming from all corners quite pious in their observance.)

Bret Devereaux, “Collections: Practical Polytheism, Part IV: Little Gods and Big People”, A Collection of Unmitigated Pedantry, 2019-11-15.

June 7, 2023

German Counterattack – D-Day [Part 4]

Filed under: Britain, Cancon, France, Germany, History, Military, USA, WW2 — Tags: , , , — Nicholas @ 04:00

World War Two
Published 6 Jun 2023

When the amphibious landings begin, they run straight into Hitler’s Atlantic Wall. Eisenhower has predicted a third of his troops may fall. While they land, the news breaks across the world.
(more…)

Piercing the Atlantic Wall – D-Day [Part 3]

Filed under: Britain, Cancon, France, Germany, History, Military, USA, WW2 — Tags: , , — Nicholas @ 03:00

World War Two
Published 6 Jun 2023

With wide gaps struck in the Atlantic Wall, it is now up to the Allies to secure the beachheads and move inland. There they will face off with new German defenses, and the Norman geography.
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A Harbour goes to France – Mulberry Harbours – Normandy Landings

Filed under: Britain, France, History, Military, USA, WW2 — Tags: , , , , — Nicholas @ 02:00

British Army Documentaries
Published 24 Jun 2020

Mulberry harbours were temporary portable harbours developed by the United Kingdom during the Second World War to facilitate the rapid offloading of cargo onto beaches during the Allied invasion of Normandy in June 1944. After the Allies successfully held beachheads following D-Day, two prefabricated harbours were taken in sections across the English Channel from UK with the invading army and assembled off Omaha Beach (Mulberry “A”) and Gold Beach (Mulberry “B”).
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QotD: A “second front” in 1943

Filed under: Britain, Germany, History, Military, Quotations, USA, WW2 — Tags: , , , , , , — Nicholas @ 01:00

Which brings us to the debate about the possibility of an invasion in 1943 – Roundup. Something that a surprising number of historians, and even a few not entirely incompetent generals, have suggested might have been possible, and should have been tried.

There are some points in their favour. The invasions of North Africa definitely took resources that could have been built up in Britain, and therefore slowed things down. (And the withdrawal of the new escort carriers, escort groups, and shipping from the Battle of the Atlantic for the North African adventure, definitely did huge damage in the loss of shipping and supplies, slowing things down further.) As a result the huge buildup in North Africa was much easier to use against Italy before moving on to France. Certainly another distraction or delay … but only if you don’t think that knocking Italy out of the war would make Germany weaker!

But once Sledgehammer [the plan to invade France in 1942] was abandoned, this operation was the only possible way to get US troops into combat in Europe, short of shipping some to Russia. It was also the only possible way of coming close to keeping Roosevelt’s ridiculous promise to the Russians.

[…]

Nonetheless it is wrong to think that the British never had any intention of [mounting Operation] Roundup. Despite what Roosevelt and many other Americans convinced themselves, the British were, at the start of 1942, far more optimistic about the possibility of invading Europe through France in 1943 than they had been about Sledgehammer. Their studies seemed to show that Germany would only have to be weaker, not suddenly collapse, to make invasion in 1943 a realistic possibility. Realistic that is as long as the rest of the plans for training and shipping troops, building and concentrating invasion craft, and moving enough supplies to make it sustainable, all came together.

They didn’t.

For the British, the middle of 1942 revealed how little would be available in time for the middle of 1943. Even on the best assumptions of American training and preparation, there was no chance that the majority of forces for Roundup would not be British … assuming they could supply them either. In practice mid-1942 saw the Axis continue to advance on every front. Burma collapsed; the Allied position in New Guinea was under threat; the Japanese were still expanding to places like Guadalcanal; Rommel was advancing in Egypt; the Germans were advancing on the Caucasian oil fields and towards the Middle East; and more and more was needed just to keep Russia in the war. As a result British troops, shipping and supplies were continuing to flow away from Britain, not towards it.

Much of the Royal Navy was trying to save the dangerous losses caused by [US Chief of Naval Operations Admiral] King’s refusal to have convoys in American waters (too “defensive-minded” he thought.) These alone, the worst eight months of the war, were threatening to scupper Roundup. The rest was so busily deployed in the Indian and Pacific Oceans against the Japanese, or North Atlantic trying to fight supplies through to Russia (a high proportion of tanks and planes defending Moscow were British-supplied), that there was virtually nothing left in the Med to slow Rommel’s advance. The merchant ships surviving the fight across the oceans were actually more vitally needed to take men and equipment from the UK to other places than to bring in a buildup for the UK.

Nor was the American buildup going to plan. Less well-trained troops were becoming available too slowly, could not be shipped in adequate numbers anyway, and were in no condition to face German veterans. (The very best US units to go into action in 1942 – the Marines in Guadalcanal – and 1943 – the 1st Infantry and 1st Armored divisions which were actually professional troops not conscripts in North Africa – had very steep learning curves. Particularly at Kasserine. They were clearly not fit to face German veterans yet.

And American resource buildup was also not up to promises. King and MacArthur were milking supplies far beyond what had originally been agreed under “Germany first”. In practical terms they were doing so for the same reasons the British were: an immediate desperate situation had to be saved before a future ideal one could be pursued.

Nonetheless I have read all sorts of apparently serious suggestions that after North Africa was cleared, or at the very least after Sicily was cleared, an invasion of France should have happened.

Delusional.

Nigel Davies, “The ‘Invasion of France in 1943’ lunacy”, rethinking history, 2021-06-21.

June 6, 2023

Through The Gates of Hell – D-Day [Part 2]

Filed under: Britain, Cancon, France, Germany, History, Military, USA, WW2 — Tags: , , — Nicholas @ 20:20

World War Two
Published 6 Jun 2023

When the amphibious landings begin, they run straight into Hitler’s Atlantic Wall. Eisenhower has predicted a third of his troops may fall. While they land, the news breaks across the world.
(more…)

Invasion by Air – D-Day [Part 1]

Filed under: Britain, Cancon, France, Germany, History, Military, USA, WW2 — Tags: , , , — Nicholas @ 04:00

World War Two
Published 5 Jun 2023

In the early hours it is up to the Allied airborne troops to secure the battlefield perimeter, and protect the operation. Now they will find out if the Germans have been deceived, or are ready and waiting with mortal force.
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Australia’s “teen smoking rates rose sixfold between 2018 and 2023”

Christopher Snowdon on Australia’s determination to stamp out vaping … even at the cost of vastly increasing the number of tobacco smokers:

More bad news from the supposed world leader in tobacco control. Official figures show that teen smoking rates rose sixfold between 2018 and 2023, from 2% to 12.8%.

It’s been over a decade since Australia introduced plain packaging, a policy that the Southern hemisphere’s wrongest man, Simon Chapman, likened to a vaccine for lung cancer. Australia has had the highest cigarette taxes in the world for ages, the sale of nicotine e-cigarettes has always been illegal, and all they have to show for it is an insanely big black market for both tobacco and e-cigarettes, more children smoking and a whole bunch of people using unregulated vapes. The wowsers just can’t stop winning, can they?

Naturally, this has led to much soul searching among the tobacco control elite who are having to reassess their assumptions in the face of this overwhelming evidence of policy failure.

I’m joking, of course. They are doubling down again.

If you spoke to someone from the reality-based community, they would tell you that children find it easier to access a product when the market is in the hands of illicit traders because illicit traders don’t care who they sell to. They might also point out that the Australian government has gone out of its way to portray vaping as being at least as bad as smoking. School children in Australia are taught that vaping causes brain damage. Public health agencies produce websites that purport to tell people the facts about vaping but actually tell them lies and misleading half-truths.

Juno Beach: The Fighting Canadians on D-Day | History Traveler Episode 194

Filed under: Cancon, France, Germany, History, Military, WW2 — Tags: , , , , — Nicholas @ 02:00

The History Underground
Published 6 Feb 2022

When one thinks about where the most violent fighting took place on D-Day, you wouldn’t be wrong in citing Omaha Beach where the highest number of casualties were inflicted. But as a percentage of the landing force, the Canadians on Juno Beach suffered more than any other Allied nation. In this episode, we’re joined by Paul Woodadge of @WW2TV to explore a few of the areas along Juno Beach where men to the 3rd Canadian Infantry Division landed on June 6th.
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QotD: “A second front” in 1942

I have been reading the recent biography of the British CIGS Alanbrooke, and been struck by the clear and concise explanation of the differences between the British and Americans over the “second front” in Europe, and when it could be.

[…]

A plan put together for the incredibly unlikely event of sudden German collapse, was Sledgehammer. This was the understanding of Sledgehammer adopted by most Americans. A very limited offensive by very inadequate forces, which could only succeed had Germany already gone close to collapse. Given the circumstances this was somewhat delusional, but it never hurts to plan for eventualities, and the British were happy to go along with this sort of plan.

[…]

Any attempt at Sledgehammer would of course have failed. The German army had not yet been bled dry on the Eastern front, and the Luftwaffe was still a terrifying force which could be (and regularly was) easily moved from Russian mud to Mediterranean sunshine and back again in mere weeks. Even ignoring the opposition, the British were gloomily aware that the Americans had not a clue of the complexities of such a huge amphibious operation. At the time of discussion – May 1942 – the British were using their first ever Landing Ship Tanks and troopships equipped with landing craft to launch a brigade-size pre-emptive operation against the Vichy French on Madagascar. (Another move many historians think was useless. But coming only months after the Vichy had invited the Japanese into Indo-China – fatally undermining the defenses of Malaya – and the Germans into Syria, it was probably a very sensible precaution. Certainly Japanese submarines based in Madagascar [could] have finally caused the allies to lose the war at sea!)

The British deployed two modern aircraft carriers, and a fleet of battleships, cruisers, destroyers and escorts and a large number of support ships, on this relatively small operation. It was the first proper combined arms amphibious operation of the war, and was very helpful to the British to reveal the scale of amphibious transport needed for future operations. By contrast the US Marines hit Guadalcanal six months later from similar light landing craft, and with virtually the same Great War-vintage helmets and guns that the ANZACS had used at Gallipoli. Anyone who reads the details of the months of hanging on by the fingernails at Guadalcanal against very under-resourced Japanese troops, will be very grateful that the same troops did not have to face veteran German Panzer divisions for several years.

So I do not know of any serious historian who imagines that an invasion of France in 1942 could have led to anything except disaster. There are no serious generals who thought it either. (Only Marshall and his “yes-man” Eisenhower consistently argued that it might be possible. And Eisenhower later came to realise – when he was in charge of his third or fourth such difficult operation – that his boss was completely delusional in his underestimation of the difficulties involved. See Dear General: Eisenhower’s Wartime Letters to Marshall for Eisenhower’s belated attempts to quash Marshalls tactical ignorance about parachute drops and dispersed landings for D-Day.)

In practice no matter how much Marshall pushed for it, only British troops were availabe for such a sacrificial gesture, and the British were not unnaturally reluctant to throw away a dozen carefully nurtured and irreplaceable divisions on a “forlorn hope”, when they would prefer to save them for a real and practical invasion … when circumstances changed enough to make it possible.

Unfortunately Roosevelt told the Soviet foreign minister Molotov that “we expect the formation of a second front this year”, without asking even Marshall, let alone wihtout consulting his British allies who would have to do it with virtually no American involvement. The British Chiefs of Staff only had to show Churchill the limited numbers of landing craft that could be available, and the limited number of troops and tanks they could carry, to make it clear that this was ridiculous. Clearly this stupidity was just another example of Roosevelt saying stupid things without asking anyone (like “unconditional surrender”) that did so much to embitter staff relations during the war, and internationaly relations postwar. But it seems likely that the British refusal to even consider such nonsense was taken by Marshall and Stimson as a sample of the British being duplicitous about “examining planning options”.

The British fixed on a “compromise” to pretend that a “second front” could be possible. North Africa, could be conquered without prohibitive losses. It was not ideal, and in practical terms not even very useful. But it might satisfy the Americans and the Russians. Nothing else could.

Marshall in particular spent the rest of the war believing that when the British assessment clearly demonstrated that action in Europe was impractical and impossible, they had just been prevaricating to get what they always intended: operations in the Med. In some ways he was correct. The British had done the studies on France despite thinking that it was unlikely they would be practical, and were proved right. Marshall and Eisenhower had just deluded themselves into thinking an invasion might be practical, and could not accept that there was not a shred of evidence in favour of their delusion.

Nigel Davies, “The ‘Invasion of France in 1943’ lunacy”, rethinking history, 2021-06-21.

June 5, 2023

Claim: 92% of Canadian women will suffer traumatic brain injury from an intimate partner

Filed under: Cancon, Health, Media, Politics, Sports — Tags: , , , , , , — Nicholas @ 05:00

Did that headline grab your attention? Certainly the graphic from which it was drawn grabbed my attention. But, as Janice Fiamengo explains, it’s a vast exaggeration in pursuit of a political goal:

    Linden called on men and boys to educate themselves on violence and to call out one another for perpetrating or dismissing abusive behavior of any kind.

It’s not hard to understand why National Hockey League personality Trevor Linden, former captain of the Vancouver Canucks, has lent his star power to a YWCA campaign about women’s injuries from domestic violence. Hockey players have long been targets of feminist accusation for their association with a sport that allegedly promotes misogyny, racism, and violence against women. Even a beloved icon of the sport must continually strive to prove how much he despises his fellow men.

In this case, the campaign of vilification targets the purported frequency with which female victims of intimate partner violence (IPV) experience traumatic brain injury, and demands “increased support for diagnosis and treatment”. To do so, the campaign asserts some of the most dramatic numbers I’ve ever seen.

No stranger to concussions, Linden is said in a CBC report to have been “stunned” to learn that female victims are injured at a much higher rate than professional hockey players. “For every concussion incurred by an NHL player,” the report states, “approximately 7,000 women and girls in Canada are concussed because of intimate partner and domestic violence, according to a new estimate from YWCA Metro Vancouver and researchers at the University of British Columbia.”

Linden’s shock is understandable. We’ve all seen the hits meted out to professional hockey players. The thought of thousands upon thousands of Canadian women every year being treated in like manner — and suffering the consequences in traumatic brain injury (TBI) — is disturbing even to those of us who have learned to be skeptical of feminist research and inflammatory reports by Canada’s state-funded news agency.

The key paragraph in the story that justifies the staggering numbers tells us that

That sounds as if more than 3 in 10 women and girls in Canada (92% of 4 in 10) will at some point in their lives suffer brain injury from battering.

The statement might just qualify as the most outstanding exaggeration of violence against women ever made by a feminist organization. The good news for women and girls in Canada — and the bad news for the ever-declining credibility of feminist advocates and reporters — is that the numbers being promoted are flat-out false. They’re false even if we take note of the operative word “approximately” in the above statement. They’re false even if we accept the extraordinarily elastic definition of violence employed by the feminists who work for Statistics Canada. And they’re false even if we accept that a small study of black female victims of extreme violence can be generalized to all girls and women in Canada.

The numbers are false, ultimately, because the literature review from which the 92% number was extracted does not actually claim that 92 per cent of all IPV victims experience brain injury. A fundamental misreading and misrepresentation of data is at the heart of the campaign’s extraordinary claim.

Let’s trace, as much as possible, how the numbers have been manipulated and fudged. At the center of the hoopla is a report from Statistics Canada (“Intimate partner violence in Canada, 2018: An overview”) based on a large survey conducted by online questionnaire and telephone interview. This government-funded survey sought to measure the experience and frequency of intimate-partner violence as reported by victims — both men and women — over the previous year and over the lifetime of each victim. The sample size was large (43,296) but the response rate was low, at 43.1% overall in the Canadian provinces. (It is worth noting that response rates lower than 60% are considered by some researchers to produce unreliable and invalid results.)

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