The Liberal Order

Incentives Matter: Call Center Edition

It's often difficult for people to understand how profit-making by self-interested entrepreneurs and employees creates the incentive to serve the interests of others. For example, too many people believe oil company executives and owners are greedy profiteers (they certainly may be) whose price gouging makes customers worse off (it doesn't, try going without gas if you don't like the price). But the incentives of a firm and its customers aren't always properly aligned. This Dilbert comic provides a great example.

Call centers have the worst reputations for customer complaints, but that's because call centers are the first contact disgruntled customers have to voice their complaints. But it's also the case that the incentives of customers and call center employees are not always aligned.

 

Dating Tips for Single People

In fact, nearly half of all singles surveyed (46%) say their political views have not changed in the last 10 years — including men and women of all major ethnic backgrounds (African Americans, Caucasians, Asians, and Latinos fall into the 92-96% range) and those of different sexual orientation (94% of straight men, 96% of straight women, 93% of gay men and 89% of lesbians). So if you date someone across the political aisle from your own, accept that you probably won’t be able to change anyone’s beliefs one way or the other — and get ready to make some real compromises for the sake of your relationship. 

It seems that politics is a greater minefield for a couple to navigate than any other issues they may encounter. If you can't compromise and accept someone for their political differences, are you really going to compromise and accept someone for dysfunctional behaviors like smoking, drug use (illegal and legal), sports attendance and participation, and video game use?

From a different story comes this interesting item of note relative to the story above:  

Conservatives are far more open to reaching out to someone with a different point of view than a liberal is.” That is, when it comes to looking for love, conservatives are more open-minded than liberals. 

See here. (HT: Tyler Cowen for the second story.)

What to know about IPOs.

It's not the greatest explanation, but for students wanting to know more, here is some information.

Should you short the stock of Costco and Target?

I was in Barnes and Noble two weeks ago and noticed that though there were quite a few people mulling around in the store, I didn't see anyone purchase anything other than coffee or some other refreshment from the café. In fact, about half the people in the store were in the café using the wi-fi. I ended up purchasing a remainder book for $6. 

These big-box retailers are struggling and the end of big box retailing is near. Internet retailing is reducing the revenue per square foot for bricks-and-mortar retailers. Stores like Barnes and Noble, much like Borders before them, also struggle with space dedicated to near-obsolete media - DVDs and music CDs.

Megan McArdle has more about how survival of big-box retailers will depend on niche products. Still a long shot.

Now, short BKS stock?

 

Presentation Fail . . . What every academic should watch.

It's just so painful to watch.

 

There is not "Great Stagnation"

Another example.

The World's Most Innovative Companies

The economist reports on the world's most innovative companies. The U.S. rocks in this area. 

Google "do a barrel roll" and see what happens.

From my daughter, see what happens when you google "do a barrel roll."

This does not work with Safari.

This is exactly right!

From this story, I've been saying this for a number of years now. It's more true today than it was even five years ago.

I spent the last two years interviewing college dropouts who went on to become millionaires and billionaires. All spoke passionately about the importance of their business failures in leading them to success. Our education system encourages students to play it safe and retreat at the first sign of failure (assuming that any failure will look bad on their college applications and résumés).

Certainly, if you want to become a doctor, lawyer or engineer, then you must go to college. But, beyond regulated fields like these, the focus on higher education as the only path to stable employment is profoundly misguided, exacerbated by parents who see the classic professions as the best route to job security.

That may have been true 50 years ago, but not now. In our chaotic, unpredictable economy, even young people who have no interest in starting a business, and who want to become professionals, still need to learn the entrepreneurial skills that will allow them to get ahead.

This is not to marginalize education, just that academics must do a better job of teaching and promoting entrepreneurship. 

HT: Alex Rector

Which Majors Offer the Highest Median Salary

Here is an interactive chart. 

Different fields of engineering and computer inforomation systems are at the tops, on average, but be certain to check out the top of business and social science majors.