myths, markets, & mistakes

Every fortnight I curate some of the observations and insights that were shared on social media. I call these Friday’s Finds.

“Data will lead you wrong if you pay attention to that and don’t pay attention to people.” — Bozoma St John via @MarkFederman

@KevinDoyleJones: “Markets are collective consenual reality.”

@ChrisCorrigan: “There is never a point to failing if you aren’t doing it with rigorous attention to learning.”

@voinenen: Why Organizations Must Change

“Organisations must change. But why? This infographic explains how our unpredictable and increasingly complex world forces companies to rethink how they operate. It also gives key ways on how they can change to better adapt to our volatile world (VUCA for those who are into management speak).”

You are what you read, via @EskoKilpi

“The effects of reading aren’t always obvious, and as a result, many of us don’t always pay attention to what our brain is processing, and we just go along in whatever distraction the world guides us. That’s not the way ahead.

At the end of the day, one of most important skills in your life is how you think. It affects everything from what you produce to how you see the world. It’s on you to improve that by consuming input of value.

That doesn’t necessarily mean that you should cut out anything that isn’t practical or directly relevant to your life. It’s just about being deliberate. Reduce aimless browsing, pointless news, and social media feeds. Add some classics, read good fiction, and learn from people who think deeply.

The quality of your mind depends on it.”

Comprehensive list of hundreds of EuroMyths, or fake news, some of which helped to feed the Brexit vote. Here is just one example:

‘Ludicrous’ EU officials ready to ban yogurt (The Daily Telegraph, 10 November 2003, page 7)
Officials at the European Commission are preparing to ban yogurt from Britain because it does not conform to their definition of a standardised Euro-pudding. Under proposed legislation that could become law next year, all yogurt sold in Britain would have to be labelled “fermented milk”.

Yogurt gets a culture shock (Daily Express, 11 November 2003, page 19)
It’s a bit of a mouthful, but Brussels bureaucrats wants to replace the word “yogurt” with the label “mild alternate-culture heat-treated fermented milk”. They aim to bring in a law next year to standardise the dessert across Europe.

“The European Commission would like to make trading easier for yogurt manufacturers, whilst ensuring consumers are properly informed, but no official proposals have been drawn up. At present UK yogurt manufacturers cannot sell some of their products in France, which is the type of problem the commission is trying to address. Given the different types and tastes of yogurt imported and exported between EU countries, the commission believes that consumers should know exactly what type they are buying. The commission’s documents suggest that additional terms such as “heat-treated” or “mild” perhaps be added to yogurt labels, but there is no suggestion the word “yogurt” would be banned. In any case, if and when the commission adopts these ideas as formal proposals, they will then need to be debated and scrutinised in the European Parliament, and ultimately voted on by the Council of Ministers.”

Preliminary Steps Toward a Universal Economic Dynamics for Monetary and Fiscal Policy

“Since 1980 consumers have accumulated trillions of dollars of debt, and the wealthy have accumulated trillions of dollars of savings that is not invested because there is nothing to invest in that will give returns. This is the result of government policy reducing taxes for the wealthy in the name of increasing economic activity. No matter how much money investors have, these so-called “job creators” do not create jobs when consumers don’t have money to buy products. Increased economic activity requires both investment and purchase power to pay for the things the investment will produce.”

One Response to “myths, markets, & mistakes”

  1. Shaun Browne

    These ‘fake news’ myths, believed by an unaware and ill informed electorate, have allowed a small plurality of voters to create a slew of unintended consequences that, ultimately, affect their own incomes as well as the sustainability of Great Britain.

    Apparently, after the Brexit vote was finalized, the most common Google search question in the UK was ‘What is EU?’ If true, my comment on unaware and ill informed stands.

    If that’s not ‘fake news,’ then the population was hoodwinked.

    Interesting that Nigel Farage, leader of the Brexit vote resigned soon after the vote, to ‘spend more time with his family.’ He is now a Fox News contributor. His latest idea is to split California into two separate political entities.

    Shaun Browne

    Reply

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