Word: trade-offs
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I am not bothered by the fact that I will never have beautiful handwriting. My printing will always be fat and round and look as if it came from a 12-year-old. And let's be honest: the Declaration of Independence is already hard to read. We are living...
Journalists would be foolish, though, to think we can guilt people into buying our work in part to preserve our uniquely holy calling. (Try arguing that to a laid-off factory worker.) As with any other service, people will buy it or they won't. Yes, news audiences will have...
Of all the things driving that response, the most primal one may be evolution. Parents devote a lot of resources to raising a child - food, time, money, love - and those assets are usually in finite supply. All animals, humans included, are hardwired to spend wisely, devoting the most energy to...
But Friedman was a scientist too. During World War II, he used his mathematical and statistical skills to help determine the optimal degree of fragmentation of artillery shells. Officers flew back to the U.S. in the middle of the Battle of the Bulge to get his advice on the trade...
Emboldened by this work, economists began to apply their number-crunching skills to the postwar market. Chicago graduate student Harry Markowitz devised a model for picking stocks that was, in Friedman's estimation, "identical" to his artillery-shell-fragmentation trade-off. And in the late 1950s, scholars at Chicago and...