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The Illusion of a “Marketplace of Ideas” and the Right to Truth

The traditional model of a “marketplace of ideas” was intended to justify freedom of speech in terms of its optimal outcome in the production of truth. But today our behavior on the internet, the main locus of the “marketplace of ideas,” is continuously monitored and processed through the analysis of big data. Complex algorithms categorize…

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Losing Momentum: A Warning from the Fracturing British Left

In mid-November 2018, Alexandra Ocasio-Cortez issued a rallying cry that was not given sufficient attention. She called on left-wing activists to take over the Democratic Party. Her chief of staff Saikat Chakrabarti went one step further, openly calling on left-wingers to primary sitting Democrats. Together with YouTube personalities Cenk Uyger and Kyle Kulinski, Chakrabarti is…

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America’s STEM Crisis Threatens Our National Security

On October 4, 1957, a steel sphere the size of a beach ball and bristling with four radio antennae circled the Earth in eight minutes. Dubbed “Satellite-1,” or “PS-1” (Prosteyshiy Sputnik-1) by its Soviet fabricators, it was the first artificial Earth satellite. The Soviets had launched it into an elliptical low Earth orbit, where it…

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The Decline of American Science and Engineering

Imagine sitting in front of your television in 1969, watching the Apollo lunar landing, and noting the marvels of modern engineering. The person sitting next to you responds, “Oh yes, but this is a passing fad; soon we will return to premodern engineering. Groping in the dark requires so much less intellect…

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Peter Thiel, Rachel Carson, and Regulatory Double Standards

Buried in the middle of a two-hour debate in 2014 on religion and modernity is a thought-provoking observation by Peter Thiel regarding technology and the modern economy. Instead of praising Silicon Valley for its tremendous digital inventiveness, Thiel criticized the technological advances of the last fifty years…

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Share Buybacks and the Contradictions of “Shareholder Capitalism”

In the jargon of finance, America is suffering from a capital allocation problem. The country seems incapable of making the necessary investments to fuel future productivity and growth, or to ensure widespread prosperity. At the government level, public spending on basic research and development as well as infrastructure investment has declined significantly over the past…

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The Open Office and the Spirit of Capitalism

It would be too much to say that the office is the prime locus of utopian aspirations in American life. But the claim wouldn’t be entirely misleading, either, and it might even shed some light on what the office actually is. From their earliest days as dingy counting houses in Boston and Manhattan, American offices have…

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The Economics—and Politics—of Broadband

Today it is hardly possible to imagine an internet without its biggest players. Google’s market share in search is somewhere between 70 percent and 90 percent (depending on whether services like YouTube and Google Maps are included). Facebook has more than two billion active users. Netflix alone is responsible for more than a third of…

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Radical Markets versus Sensible Politics

Market-based reforms were used in the 1980s—really invented as a concept in the run-up to the 1980s—to counteract the excesses and failures of post–World War II social policy. At the time, marginal income tax rates in excess of 70 percent had shifteind income into unproductive tax-optimization vehicles instead of savings and investment. Excessive urban rent controls were a disincentive…

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Building the Venture Capital State

In a 1986 speech, then president Ronald Reagan lamented that “the nine most terrifying words in the English language are: I’m from the government and I’m here to help.” This statement epitomizes the neoliberal view of how Silicon Valley became a global beacon of high-technology ingenuity, entrepreneurship, and venture capital. For followers of Ronald Reagan…

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