Hours are long. Wages are pitiful. But sweatshops are the symptom, not the cause, of shocking global poverty. Workers go there voluntarily, which means—hard as it is to believe—that whatever their alternatives are, they are worse. They stay there, too; turnover rates of multinational-owned factories are low, because conditions and pay, while bad, are better than those in factories run by local firms. And even a local company is likely to pay better than trying to earn money without a job: running an illegal street stall, working as a prostitute, or combing reeking landfills in cities like Manila to find recyclable goods.
Tim HarfordTag: development global-poverty sweatshops
No plan survives first contact with the enemy. What matters is how quickly the leader is able to adapt.
Tim HarfordPluralism matters because life is not worth living without new experiences - new people, new places, new challenges. But discipline matters too; we cannot simply treat life as a psychedelic trip through a series of novel sensations.
Tim HarfordThe evolutionary algorithm--of variation and selection, repeated--searches for solutions in a world where the problems keep changing, trying all sorts of variants and doing more of what works.
Tim HarfordThe Most successful industry of the last forty years has been built on failure after failure after failure.
Tim HarfordGiven the likely shape of these ever-shifting landscapes, the evolutionary mix of small steps and occasional wold gambles is the best possible way to search for solutions.
Tim HarfordThe more grotesque your boss's pay and the less he has do to earn it, the bigger the motivation for you to work with the aim of being promoted to what he has.
Tim HarfordThere is much more to life than what gets measured in accounts. Even economists know that.
Tim HarfordAccepting trial and error means accepting error. It means taking problems in our stride when a decision doesn't work out, whether through luck or misjudgment. And that is not something human brains seem to be able to do without a struggle.
Tim HarfordTag: mistakes decision-making trial-and-error accepting-error
The dictator has to keep the economy functioning in order to keep stealing from it.
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