December 22, 2015
Intelligence quotient (IQ) and rationality quotient (RQ) are distinct. Think of IQ as the horsepower of an engine and RQ as the output. ... We share the results of a classic test of calibration, which is an important facet of rationality. Well calibrated people know what they know and know what they don’t know. ... Consistent with past research, we find that participants overestimate their accuracy as their subjective probability estimates tend to be higher than the actual percent correct. ... Investors and executives can improve their rationality by keeping score, asking about others, using base rates, and updating probabilities. ... A large-scale forecasting project has shown that the best forecasters use inductive and numerical reasoning, have cognitive control and a growth mindset, and are open-minded and effective working as part of a team.
No one gets to 55 without having made some decisions about their appearance. And Clarkson’s makes it clear he has decided to tell the world to piss off. In a medium obsessed with what you look like, he has chosen to dress as the understudy for Worzel Gummidge in a production at the Wimbledon theatre. In a wardrobe at home he has dozens of pairs of identical old jeans. Everyone on telly is a show-off, but Clarkson shows off by seeming to be normal. ... His lifetime behind the wheel began when, as a young reporter on the local newspaper in Rotherham, he met a contemporary from the Harrogate Advertiser behind the wheel of a car that cost as much as Rotherham council’s entire annual budget. The Harrogate lad explained how the racket worked: you said you wanted to review a car and, lo and behold, the manufacturers would deliver it to you, insured and full of fuel, for you to use, free, gratis and for nothing, for a week or two. All for a couple of paragraphs of copy.
As America switches from an industrial economy to a digital one, its bluest collar workers are facing the toughest challenge of their lives. Can miners really learn how to code? ... coal is basically over. The federal government has pumped nearly $23 million into the region in the last two years to diversify the post-coal economy and retrain miners into jobs like installing broadband fiber. But until there’s some serious new high-paying option, most ex-mine workers are getting by on unemployment, taking lower paying jobs, moving away, or, as one put it to me, “going into panic mode.” ... The job, they determined, would start with a 22-week training program to learn how to code. Trainees would be paid $15 an hour, which came from federal funds pumped through a regional economic development agency. That’s less than miner wages, but it was better than working at the McDonald’s double-lane drive-thru downtown. Then, after those 22 weeks, Justice and Parrish would put up three dollars for every one from the government and build a coding team that could take on real, paying work. ... Most had heard the program’s radio ad. “Have you been laid off from a job in the mining industry? If you are a logic-based thinker willing to work and learn new things, we have a career opportunity for you. BitSource is bringing the computer coding revolution to Eastern Kentucky.”
When the U.S. Civil War broke out in 1861, cotton was king. The southern United States produced and exported much of the world’s cotton, England was a major textile producer, and cotton textiles were exported from England around the world. At the time, many around the world depended on cotton for their livelihood. The South believed this so deeply that when the North blocked Southern ports to cut off the South’s primary means of financing war—cotton sales—Southern leaders were sure that Britain would enter the war on their side. That never happened. So when cotton supplies dried up in late 1862, thousands in Manchester and Lancashire who either directly or indirectly depended on cotton for a living found themselves without work. In this post, we describe the British cotton famine of 1862-63 and the stoic British national response. We draw primarily from a fascinating BBC Radio broadcast on the subject and John Watts’ matter-of-factly named Facts of the Cotton Famine, published in 1866.
Keeping a 3-year-old girl away from Disney’s princesses is a lot like trying to get through January without hearing about the Super Bowl. Since Walt Disney lumped Sleeping Beauty, Belle, and its other poofy-dressed ladies together under the brand Disney Princess in 2000, the market for all things pink and sparkly has skyrocketed. Princess merchandise—dolls, clothing, games, home décor, toys—is a $5.5 billion enterprise and Disney’s second-most-profitable franchise, after Mickey Mouse. ... Disney doesn’t manufacture most of the Princess products. It licenses them to all sorts of companies: Glidden makes pink and purple wall paint, Stride Rite makes sparkly shoes. In toys, the most lucrative Disney Princess license is dolls. Specifically, 12-inch Barbie-esque figurines that girls can dress and undress until the dolls’ hairdos get tangled, they’ve lost their shoes, and it’s time to buy another. ... Mattel has worked with Disney since 1955, when it became the first sponsor for the Mickey Mouse Club, and it’s been the company’s go-to dollmaker since 1996. Last year, Mattel put the size of its Disney Princess doll business at $300 million, though analysts at Needham say it’s closer to $500 million. ... The princess business disappears on Jan. 1, when Disney packs up its glass slippers and takes them to Mattel’s biggest rival, Hasbro. ... Hasbro, meanwhile, has traditionally kept to the boys’ side of the toy aisle, with brands such as Nerf and Transformers. But it has big plans for the princesses.