Radio Five this afternoon

I'm on Radio Five Live at 5.45 today talking about the public sector borrowing requirement, whether it's a necessary response to the recession, and how the country is going to pay it back.

Update later when I listen back to what I end up saying...

Comments

Post a Comment

Popular posts from this blog

How does it feel to be part of Europe?

I had this piece drafted before the murder of Jo Cox last week. But I don’t think it changes anything I was going to say. It simply makes it more urgent to say it. May I introduce you to my two lovely young nieces? Natasha is four months old and Rosalind four years. They live in rural Devon, and they’re just starting to discover the world and decide how to feel about it. I want to think a little about what it might feel like to be in their world. The campaign for Britain to remain in the EU has been full of facts and utilitarian arguments. Economic projections, dispelling of myths about regulations, estimates of the economic and tax contributions made by European workers in Britain. All the kinds of things that may convince you if your inclination is to weigh up the numbers and evaluate the facts. But there are plenty of people who don’t want to make a decision based on numbers, and I understand that. Numbers can be manipulated. We don’t all have the time or desire to r
Read more

The amoeba and the squirrel

[ An essay written for the Internet Review , a one-off maybe-to-become-annual publication documenting (and celebrating?) Internet trends ] Every human has two minds: one like an amoeba and one like a squirrel. The amoeba mind is reactive, emotional, intuitive. It decides immediately, without planning or consideration. It is Freud’s “id”, or the System One of behavioral economics: the amoeba is your unconscious. Your squirrel mind plans, trades off immediate pleasures for future gain, is capable of abstract reasoning and cooperation – the superego. Being an amoeba is often more fun – maybe even more authentic – but the squirrel makes things happen in the long run. Society also has amoeba and squirrel modes. The amoeba is the local interaction: follow your senses and do what’s in your direct interest, consequences be damned. Squirrel mode requires bigger institutions, and trust: in other people’s knowledge, a shared logical picture of the world, forgoing today’s profit for society
Read more

Dead rats and dopamine - a new publication

My new paper, coauthored with Yohan John , Dakota McCoy and Oliver Braganza , is out in Behavioral and Brain Sciences. " Dead rats, dopamine, performance metrics and peacock tails " is about the universal emergence of proxy failure. When you measure and incentivise performance by a single metric (a proxy), the proxy will always become a worse measure of performance than it was before you added the incentive. This effect is also known as Goodhart's Law  in economics, and by other names in other fields - but the same underlying process drives the effect across multiple domains. Our paper studies it in management, economics, biology, neuroscience and other areas. Recent concerns about AI alignment are closely related to this phenomenon. The paperclip problem is a good example - if a sufficiently clever AI is given a single goal, to produce as many paperclips as possible, it may eventually destroy all of humanity and take over the whole universe in its efforts to maximise o
Read more