Edward Conard

Top Ten New York Times Bestselling Author

  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
Upside of Inequality Oxford Unintended Consequences

Macro Roundup


Tuesday, January 5, 2021

AI Summary. Earth's climate remained stable enough to sustain life over billions of years because of chance rather than predictable self-regulating factors, according to this account. That long-run habitability underpins ecosystem services valued at an estimated $125tn a year and global economic output.

Joe Mellor The London Economic
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A stable climate has allowed for complex ecosystems & economies valued at $125tn annually in ecosystem services. Earth’s habitability underpins global GDP, projected to reach $105tn by 2023.

Is Earth's long-run habitability the result of chance rather than self-regulation?

Core argument: Earth's climate stability over billions of years is attributed to fortuitous circumstances rather than predictable factors.

Earth's stable climate over billions of years, crucial for sustaining life, is attributed to fortuitous circumstances rather than predictable factors. This stability has allowed for the development of complex ecosystems and economies, which are now valued at an estimated $125tn annually in ecosystem services. The economic implications are profound, as the Earth's habitability underpins global GDP, projected to reach $105tn by 2023. The unpredictable nature of Earth's climate stability highlights the importance of investing in sustainable practices and technologies to mitigate risks associated with climate change. Policymakers and business leaders must consider these factors when planning for long-term economic growth and stability, ensuring that the luck that has favored Earth's habitability is complemented by strategic human intervention.

Takeaways by Macro Roundup® AI

  1. Earth's climate stability over billions of years is attributed to fortuitous circumstances rather than predictable factors.
  2. Ecosystem services are valued at an estimated $125tn annually, while global GDP is projected to reach $105tn by 2023.
  3. The unpredictable nature of Earth's climate stability underscores the case for investing in sustainable practices and technologies to mitigate climate change risks in long-term economic planning.

Study suggests that Earth’s habitability dude to luck"....Planet Earth has remained habitable for billions of years simply because of good luck, according to A study....“To put it another way, if an intelligent observer had been present on the early Earth as life first evolved, and was able to calculate the chances of the planet staying habitable for the next several billion years, the calculation may well have revealed very poor odds.”..."

Joe Mellor, "Earth remained habitable for billions of years ‘because of good luck’,"The London Economic, January 2, 2020, https://www.thelondoneconomic.com/news/science/earth-remained-habitable-for-billions-of-years-because-of-good-luck/02/01/

Tuesday, January 12, 2021

AI Summary. The authors argue that Section 230 of the Communications Decency Act turns technology firms into extensions of the state by pre-empting state law and shielding them from liability, citing Supreme Court precedents treating federally immunized private conduct as state action. They contend this insulation lets large technology firms dominate markets with reduced accountability.

Jed Rubenfeld Wall Street Journal
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@JedRubenfeld argues Section 230 has transformed tech firms into extensions of the state, shielding them from liability & fostering a business environment where tech giants dominate markets with reduced accountability.

Does federal liability protection turn technology firms into state actors?

Core argument: Section 230 of the 1996 Communications Decency Act pre-empts state law and shields tech firms from liability, which the author argues effectively turns those companies into extensions of the state.

Section 230 of the 1996 Communications Decency Act has effectively transformed tech firms into extensions of the state by pre-empting state law and shielding these companies from liability, similar to historical precedents like Railway Employees’ Department v. Hanson (1956) and Skinner v. Railway Labor Executives Association (1989). In these cases, private actions were deemed state actions due to federal statutes that immunized them from state-level legal challenges. This legal framework allows tech firms to operate with significant autonomy while being insulated from lawsuits, thereby aligning their operations with federal interests without direct mandates. The economic implications are profound, as this legal protection fosters a business environment where tech giants can dominate markets with reduced accountability, potentially stifling competition and innovation.

Takeaways by Macro Roundup® AI

  1. Section 230 of the 1996 Communications Decency Act pre-empts state law and shields tech firms from liability, which the author argues effectively turns those companies into extensions of the state.
  2. The author draws on Railway Employees' Department v. Hanson (1956) and Skinner v. Railway Labor Executives Association (1989), where private actions were treated as state actions because federal statutes immunized them from state-level legal challenges.
  3. The author argues that Section 230's liability protection lets tech giants dominate markets with reduced accountability, potentially stifling competition and innovation while aligning their operations with federal interests absent direct mandates.

Argument that Section 230 of 1996 Communications Decency Act makes tech firms a defacto extension of state“…. In Railway Employees’ Department v. Hanson (1956), they found state action in private union-employer closed-shop agreements—which force all employees to join the union—because Congress had passed a statute immunizing such agreements from liability under state law. In Skinner v. Railway Labor Executives Association(1989), the court again found state action in private-party conduct—drug tests for company employees—because federal regulations immunized railroads from liability if they conducted those tests. In both cases, as with Section 230, the federal government didn’t mandate anything; it merely pre-empted state law, protecting certain private parties from lawsuits if they engaged in the conduct Congress was promoting….”

Vivek Ramaswamy and Jed Rubenfeld, "Save the Constitution From Big Tech,"Wall Street Journal, January 11, 2021, https://www.wsj.com/articles/save-the-constitution-from-big-tech-11610387105

Save the Constitution From Big Tech