Interesting stuff

  1. Read: How to blow up a pipeline (and why that’s necessary)
  2. Listen: Truth vs lies (information “warfare” among countries)
  3. Listen: Discussing climate chaos with the author of There is no Planet B
  4. Read: A brief history of peanut butter (steak-replacement!)
  5. Read: The War on Professionalism (led by populists)
  6. Read: Central banks are pumping up asset bubbles. Next stop: the bubble bursts (they cut off the cheap money) or inflation (they don’t)
  7. Read: A good summary of r/wallstreetbets vs Wall Street and excellent advice for FOMO n00bs annnnd a great debate on winners and losers.
  8. Read: Get control of your todo lists (hint: set aside chunks of time for big projects)
  9. Read: A scary story of online slander that makes me agree that Section 230 (a US law that protects platforms from liability for their content) needs to be revised.
  10. Read: UC Davis decides its best defence against COVID is to protect its surrounding community… for free. Related: Another case of universities doing it right.

Review: A Sand County Almanac

Aldo Leopold’s daughter published this book (subtitled “…and sketches here and there“) in 1949, just after he died from a heart-attack at the age of 61.

The book has a strong reputation in the environmentalist community, but this reputation only came in the 1970s (Earth Day, etc), which is why Rachel Carson’s Silent Spring (1962) is credited with sparking the environmental movement.

Leopold’s book is not as pointed or lyrical as Carson’s, but it’s well written, insightful, and yes — decades ahead of its time.

The book’s 226 pages fall into three parts: an “almanac” reflecting on 12 months of natural and human phenomena around the Leopolds’ Wisconsin farm (located in a region with sandy soils); “sketches” from Leopold’s travels in North America; and the “upshot” of what it all means. Leopold’s daughter chose the mix of topics and their order for the book. I found the contrast of different times and places (followed by a call for new thinking) to be a natural progression.

The book opens with Aldo’s main point: The rate of “progress” is slowing as  human increase their burden on Nature. Leopold’s claim was a minority view in 1949, and it is perhaps a minority view today, but I see it as extremely perceptive. Although many people think our environmental problems began with the Industrial Revolution (true if you’re talking about fossil fuel consumption), I date them to the post-WWII surge in destruction (courtesy of modern machines) and consumption (courtesy of excess prosperity). Leopold ends with a call for more nature and less artificial, more wild and free, and less tame and confined. Sadly, 70 years of loss and negligence confirm his worries.

Almanac

The struggle for survival delivers balance. The “circular economy” is a zero-waste system because resources are fought over and completely consumed. Every death brings new life. He reminds city folk that food and wood do not just appear in stores. Farmers know that food comes from struggle. Wood is precious to those who spend hours cutting, chopping, hauling and stacking. Wildlife chasing scarce resources will migrate to survive, spreading diversity and connecting distant places. A fisherman must work the waters and take his chances. For the fish, it’s life and death, so it’s only fair if your hunger endures because a fish’s life continues.

Leopold trained in forestry as a means of studying wildlife, and he quantifies his hunches. He compares, for example, the variety of flower species on his (weekend) “backward farm” to the (weekday) suburbs and campus. The farm has roughly double the species count throughout the year, mostly due to its open, unmanaged (“backwards”) spaces.

Leopold is sly:

Getting up too early is a vice habitual in horned owls, stars, geese, and freight trains. Some hunters acquire it from geese, and some coffee pots from hunters. It is strange that of all the multitude of creatures who must rise in the morning at some time, only these few should have discovered the most pleasant and least useful time for doing it… Early risers feel at ease with each other, perhaps because, unlike those who sleep late, they are given to understatement of their own achievements. (p 59)

The shovel giveth and the axe taketh away, which is why the thoughts of the axe-wielder are so important: Is the chop going to improve or deface the land?

Sketches

Cranes and other birds were cousins of the dinosaurs. They have evolved with ecosystems over millennia eons, and their intricate adaptations to ecological niches are rightly confused with miracles. The paradox, notes Leopold, is that we, in our fascination with wilderness, are often the cause of its destruction. He is no fan of economists. Obsessed with marginal gains, they are blind to the efficiency of the messy chaotic system. (This perception is generally true today — and made worse by over-specialisation within and across academic disciplines.*)

Leopold’s descriptions of man’s interruption of circularity and ham-handed attempts to replace it are poetic but sad:

The old prairie lived by the diversity of its plants and animals, all of which were useful because the sum total of their co-operations and competitions achieved continuity. But the wheat farmer was a builder of categories; to him only wheat and oxen were useful. He saw the useless pigeons settle in clouds upon his wheat, and shortly cleared the skies of them. He saw the chinch bugs take over the stealing job, and fumed because here was a useless thing too small to kill. He failed to see the downward wash of over-wheated loam, laid bare in spring against the pelting rains. When soil-wash and chinch bugs finally put an end to wheat farming, Y [an atom] and his like had already traveled far down the watershed. 

When the empire of wheat collapsed, the settler took a leaf from the old prairie book: he impounded his fertility in livestock, he augmented it with nitrogen-pumping alfalfa, and he tapped the lower layers of the loam with deep-rooted corn. But he used his alfalfa, and every other new weapon against wash, not only to hold his old plowings, but also to exploit new ones which, in turn, needed holding.

So, despite alfalfa, the black loam grew gradually thinner. Erosion engineers built dams and terraces to hold it. Army engineers built levees and wing-dams to flush it from the rivers. The rivers would not flush, but raised their beds instead, thus choking navigation. So the engineers built pools like gigantic beaver ponds, and Y landed in one of these, his trip from rock to river completed in one short century. (pp 107-8)

Leopold traversed the Colorado River Delta in 1922 and vowed never to go back, for fear of the loss he would see. He was right. In 1922, the Colorado River Compact divided its waters among US states, without any reserve for the river itself. In 1935 Hoover Dam opened, its hydropower used to push water to Los Angeles via the Colorado River Aqueduct (opened in 1941). In 1938, Imperial Dam and All-American Canal opened, diverting a majority of the river’s remaining water to irrigators in the desert. “Since 1963, the only times when the Colorado River has reached the ocean have been during El Niño events in the 1980s and 1990s.

Speaking of *disciplines:

There are men charged with the duty of examining the construction of the plants, animals, and soils which are the instruments of the great orchestra. These men are called professors. Each selects one instrument and spends his lifetaking it apart and describing its strings and sounding boards. This process of dismemberment is called research. The place for dismemberment is called a university. A professor may pluck the strings of his own instrument, but never that of another, and if he listens for music he must never admit it to his fellows or to his students. (p153)

…and another comment on “progress”:

The marshlands that once sprawled over the prairie from the Illinois to the Athabasca are shrinking northward. Man cannot live by marsh alone, therefore he must needs live marshless. Progress cannot abide that farmland and marshland, wild and tame, exist in mutual toleration and harmony. So with dredge and dyke, tile and torch, we sucked the combelt dry, and now the wheatbelt. Blue lake becomes green bog, green bog becomes caked mud, caked mud becomes a wheatfield. (p162)

Upshot

Part three generalises from earlier examples. Leopold contrasts a “conservation esthetic” to a drive-by attitude that has choked natural areas with a ring of car parks (in 1949!) and valuations that favor spending on gasoline, diners and tents rather than Nature’s priceless value.

Crowd-pleasing commodification favours hatchery trout over migratory birds, even if that means replacing webs of natural species with “managed” single-species. Staff are paid to create artificial habitats and manage fish hatcheries. Ecosystems that provided diversity free of charge are replaced by landscapes that can be counted and collated in reports.

Rather than reflecting over the causes of failures, managers double down on interventions. Fences fail to limit pests whose population explodes without natural predators. Simplified managed spaces replaces ecosystems diverse with uncountable species. Businesses encourage the spread of roads and trails that will bring more cars to parking lots. Farmers do not “husband” the landscape for their descendants; they follow theoretical guidelines written at a distance and collect subsidies for chasing errant targets.

Hunters shoot many animals to get the 12-point buck whose head hangs on their wall. The rest of the animals rot. Secret hunting, fishing and camping places are overrun by tourists visiting guidebook highlights. Economists contribute to these problems by measuring known knowns and ignoring the unknown unknowns that make the knowns possible.

For the first time in the history of the human species, two changes are now impending. One is the exhaustion of wilderness in the more habitable portions of the globe. The other is the world-wide hybridization of cultures through modern transport and industrialization. Neither can be prevented, and perhaps should not be, but the question arises whether, by some slight amelioration of the impending changes, certain values can be preserved that would otherwise be lost. (p 188)

Shrinking ecosystems collapse roads and development encroach on food chains stressed by missing keystone species and voracious invasives.

The disappearance of plants and animal species without visible cause, despite efforts to protect them, and the irruption of others as pests despite efforts to control them, must, in the absence of simpler explanations, be regarded as symptoms of sickness in the land organism. (p 194)

Leopold calls for a science of land health to replace failing land management. This science would begin by understanding (and protecting) wilderness areas that have evolved and persisted for millions of years. The contrast with the “sick” lands humans are trying to save cannot be clearer:

In 1909, when I first saw the West, there were grizzlies in every major mountain mass, but you could travel for months without meeting a conservation officer. Today there is some kind of conservation officer ‘behind every bush,’ yet as wildlife bureaus grow, our most magnificent mammal retreats steadily toward the Canadian border. (p 198)

Leopold is known for espousing (inventing?) a “land ethic”, which “simply enlarges the boundaries of the community to include soils, waters, plants, and animals, or collectively: the land… a land ethic changes the role of Homo sapiens from conqueror of the land-community to plain member and citizen of it. It implies respect for his fellow-members, and also respect for the community as such” (p204).

In calling for such equality he (rightly) criticises alternative value systems:

One basic weakness in a conservation system based wholly on economic motives is that most members of the land community have no economic value. Wildflowers and songbirds are examples. Of the 22,000 higher plants and animals native to Wisconsin, it is doubtful whether more than 5 per cent can be sold, fed, eaten, or otherwise put to economic use. Yet these creatures are members of the biotic community, and if (as I believe) its stability depends on its integrity, they are entitled to continuance.

When one of these non-economic categories is threatened, and if we happen to love it, we invent subterfuges to give it economic importance. At the beginning of the century song- birds were supposed to be disappearing. Ornithologists jumped to the rescue with some distinctly shaky evidence to the effect that insects would eat us up if birds failed to control them. The evidence had to be economic in order to be valid.

Leopold’s land ethic replaces corrupt and poorly functioning extrinsic motivators (regulations, subsidies) with the intrinsic motivation (respect for the entire ecosystem) necessary to respect and protect the wholeness of ecosystems:

To sum up: a system of conservation based solely on economic self-interest is hopelessly lopsided. It tends to ignore, and thus eventually to eliminate, many elements in the land community that lack commercial value, but that are (as far as we know) essential to its healthy functioning. It assumes, falsely, I think, that the economic parts of the biotic clock will function without the uneconomic parts (p 214)

These days, Leopold’s ideas are echoed in the concepts of “spaceship earth,” industrial ecology, the circular economy, and so on:

Land, then, is not merely soil; it is a fountain of energy flowing through a circuit of soils, plants, and animals. Food chains are the living channels which conduct energy upward; death and decay return it to the soil. The circuit is not closed; some energy is dissipated in decay, some is added by absorption from the air, some is stored in soils, peats, and long-lived forests; but it is a sustained circuit, like a slowly augmented revolving fund of life (p 216)

Sadly, most people are not just ignorant of this miracle of sustainability; they actively avoid contemplating or respecting it:

Your true modem is separated from the land by many middlemen, and by innumerable physical gadgets. He has no vital relation to it; to him it is the space between cities on which crops grow. Turn him loose for a day on the land, and if the spot does not happen to be a golf links or a ‘scenic’ area, he is bored stiff. If crops could be raised by hydroponics instead of farming, it would suit him very well. Synthetic substitutes for wood, leather, wool, and other natural land products suit him better than the originals. In short, land is something he has ‘outgrown.’

These words are over 70 years old! Leopold’s perceptions were far ahead his time and his warnings have only grown more relevant. His wise recommendations have only grown more urgent. The sad thing is that he has been so right while most of humanity has continued on paths that are so wrong. We cannot claim “we did not know.” We were warned by Leopold and others (all five of his children became academics devoted to sustainability), but we have ignored those warnings. A land ethic would not just save nature in all its glory, but also save humanity. But we have continued to trash, shrink and ignore ecosystems that have brought us so much joy and prosperity. Humanity’s futures is now threatened, and we only have ourselves to blame.

I give this book FIVE STARS. Read it — and appreciate what we’ve lost and what remains.


Here are all my reviews.

Profits of capital and business power

Book 6, Chapter 7

§1. “Business power” relies on capital (prior chapter), managerial talent, and an organization that combines inputs into outputs. In cases of “beating the trodden path,” the returns to talent will be proportional to their social value but not so for innovators, as they will rarely be able to capture the entire value of good ideas that diffuse to competitors nor share the risks of failures. Economists to this day are interested in this problem of public goods and/or positive externalities (Paul Romer won the 2018 Nobel for his work on “endogenous innovation”).

§2. The ratio of supervisors to “floor” employees will depend on their wages as well as their contribution to overall productivity. A supervisor who boosts employee productivity should be paid in proportion to that gain. One who does not should perhaps be replaced by workers.

§3. The owner’s role depends on their ability to manage, since they need to create enough value to pay the cost of supervising others rather than being directly productive. If they lack such skills, then they should not grow the firm, because that’s not profitable.

§4. Larger firms might have access to cheaper inputs and capital but smaller firms have fewer managers to pay.

§5. New entrepreneurs are often willing to work harder, for lower rewards, than incumbents. In fast-moving industries, these newcomers can succeed, but they will have a hard time when turnover is slow, much capital is needed, and incumbents with cheaper capital prefer the profits of work over the price they’d receive by selling out.

§6. Joint-stock [publicly traded] companies have elaborate (costly) relations among managers, shareholders and directors but they can dominate in businesses where professional management, heavy capital requirements and slow change are more useful than nimbleness.

§7. There is no “correct” mix of large and small companies, old or new, since success can flow from different mixes of inputs. The business “ecosystem” (not Marshall’s term) will therefore be evolving and complex like a natural ecosystem, as profits and opportunities are revealed, exploited and lost. For most participants, it’s hard to see the whole, let alone understand their relative position, besides ongoing existence.


This post is part of a series in the Marshall 2020 Project, i.e., an excuse for me to read Alfred Marshall’s Principles of Economics (1890 first edition/1920 eighth edition), which dominated economic thinking until Van Neumann and Morgenstern’s Theory of Games and Economic Behaviour (1944) and Samuelson’s Foundations of Economic Analysis (1946) pivoted economics from institutional induction to mathematical deduction.

Interesting stuff

  1. Read: When does democracy morph into mobocracy?
  2. Read: A critique of gentrification that misunderstands the commons and property rights
  3. Read: Most economies are in a “K-shaped” recovery in which the rich get richer and the poor poorer and more on how everyone is better off on average but the poor are not average.
  4. Read: Why you’re more creative in coffee shops (it’s not the coffee!)
  5. Read: Has tech destroyed society? A 25-year bet ends with “maybe”
  6. Listen: How Desi Arnez (Lucy O’Ball’s husband) “invented television”
  7. Watch: How terrible products get 5-star reviews on Amazon (hint: bribes)
  8. Listen: Georgian (and surrounding peoples’) language and history
  9. Read: Scott Alexander (Slate Star Codex) is back, with a new blog (subscriptions encouraged) and a helluva story about being doxxed by the NYT and what happened when he erased his old blog.
  10. Listen: GameStop and one battle where “retail” is beating “institutional” investors (woo hoo r/wallstreetbets)

H/T to PB

Interest of capital

Book 6, Chapter 6

§1. Marshall begins with a caveat often omitted these days:

The aid which economic science has given towards understanding the part played by capital in our industrial system is solid and substantial; but it has made no startling discoveries. Everything of importance which is now known to economists has long been acted upon by able business men, though they may not have been able to express their knowledge clearly, or even accurately. (p 482)

Then he lists a number of uses for capital, all of which are reconciled via interest rates: Everyone is aware that the accumulation of wealth is held in check, and the rate of interest so far sustained, by the preference which the great mass of humanity have for present over deferred gratifications, or, in other words, by their unwillingness to “wait” (p 483). I teach students that discount rates (which vary by individual) are related to interest rates in the following way: People with low discount rates are patient relative to those with high discount rates, and they “trade” money — as lenders and borrowers, respectively — at an interest rate that lies between their discount rates.

§2. Ancient prejudice against lending money for interest (usury) makes no sense if it is ok to charge interest when lending things (a house or horse). In both cases, the lender forgoes the use of the money or thing; in both cases, the borrower pays to make use of the money or thing.

§3. Claims by Marx and others that surpluses should be attributed to labor but not capital are based on the same confusion over money and things. If one sees capital as contributing to production and understands that capital accumulation depends on “patience”, then it is hard to deny that productive surpluses should be jointly attributed to capital and labor.

Indeed it is hard to find examples of labor-only production that is equally efficient to production that combines labor and capital. Yes, I can dig a hole with my hands, but it’s much easier to use a shovel, which is why I am happy to pay the shovel-owning capitalist for its use.

§4. With Marx dismissed (one page!), Marshall differentiates between net and gross interest — or what we now call “risk-free” and “market” rates respectively. Gross interest is the rate a lender charges while net interest is what the lender receives after deducting losses from deadbeat borrowers and other elements of a “troublesome business.”

§5. Lenders face risks from borrowers who are unable to put borrowed money to good use (adverse selection) or who are lazy or dishonest (moral hazard). Borrowers face risks from lenders who might refuse to renew their loans, leaving them to face a “cash crunch” that no other lender — on hearing of that refusal — will relieve.

§6. A large share of “investments” merely replace capital that has been lost in use (depreciation). Only a small share of investment adds to capital stocks.

§7. Interest rates must take inflation into account. If buying power is falling, then rates must be higher to return the lender to status quo ante –– and vice versa.


This post is part of a series in the Marshall 2020 Project, i.e., an excuse for me to read Alfred Marshall’s Principles of Economics (1890 first edition/1920 eighth edition), which dominated economic thinking until Van Neumann and Morgenstern’s Theory of Games and Economic Behaviour (1944) and Samuelson’s Foundations of Economic Analysis (1946) pivoted economics from institutional induction to mathematical deduction.

Interesting stuff

  1. Explore: Google Earth has collected satellite photos of various places from 1984 to present. See glaciers melt, cities grow, etc.
  2. Read: The Asian Century is gaining speed
  3. An excellent analysis of the (real? imagined?) Teather (crypto “stablecoin”) scam
  4. Listen: Adults can learn from silent meditation but teens can benefit more
  5. Listen: How Much Do We Really Care About Children?
  6. Listen: Interesting discussion with a book agent
  7. Read: California Elegy
  8. Read: Deep sea mining…is not sustainable in any way
  9. Watch: The Lords of Water (anti-market, but then what?)

H/T to PH

Earnings of labour, continued

Book 6, Chapter 5

§1. Workers need training and education whose value often outlasts capital equipment. Investing in such education requires a long time horizon. Parents might be better equipped to evaluate such an investment than their children or employers.

§2. Parents often choose potential trades (and training) for their children based on current trends, conditions and wages. Such a view  implies that future supply will be (mis)calibrated to past demand.

§3. That said, labor can and will switch between trades in direct proportion to workers’ ability to adapt skills to other work.

§4. Since labor skills are slow to change, it is not sure that they will be efficiently awarded for productivity or matched to demand at all times.

§5. The slow pace of change in labor supply means that workers will make excess profits when demand in their industry rises quickly but also face excess losses when demand flees.

§6. Ignoring wages, physical and mental stress will rise (fall) as demand for labor rises (falls).

§7. Although it may be tempting to describe the extra wages (or reduction in  effort) to good workers as “rents” (see 6.1), Marshall describes them as “lucky” — in explicit contrast to the losses and extra work that “unlucky” workers face from be mismatched into a job or trade that they might have a hard time leaving for another.


This post is part of a series in the Marshall 2020 Project, i.e., an excuse for me to read Alfred Marshall’s Principles of Economics (1890 first edition/1920 eighth edition), which dominated economic thinking until Van Neumann and Morgenstern’s Theory of Games and Economic Behaviour (1944) and Samuelson’s Foundations of Economic Analysis (1946) pivoted economics from institutional induction to mathematical deduction.

Interesting stuff

  1. Read: It’s 2021! Time to tidy your digital life and start some good micro-habits. (I usually delete articles like these, but there’s some good info here.)
  2. Read: Big data may not be very good for medical patients
  3. Read: Much as I suspected, COVID has changed dating… for the better.
  4. Read: As discussed in Jive Talking #88, the savings boom in the US (fed by the CARES act and reductions in spending) has played a big role in boosting asset prices: “This combination of soaring personal income and falling spending pushed Americans’ savings rate through the roof. From March through November, personal savings was $1.56 trillion higher than in 2019, a rise of 173 percent. Normally the savings rate bounces around in a narrow range, around 7 percent just before the pandemic. It spiked to 33.7 percent in April, its highest level on record dating to 1959.” Additional thoughts: Share prices are ALSO rising because monetary inflation (JPow’s money printer goes “brrrr”) is channeling into assets that have returns only slightly higher than 0% (or negative) returns on bonds. So the P/E ratios can climb way higher. What will cause a crash? Government budget surpluses or a cut in money supply, both of which are politically unpopular.
  5. Read: Global food prices are up 18%, to 6-year highs due to climate and politics. Next up food riots?
  6. Read: Applied game theory: Coordination
  7. Read: Humans created “social reality” to augment physical reality
  8. Listen: Why generalists (and “late starters”) are more successful than specialists
  9. Listen: A really interesting discussion of how economists over-emphasise “homo economicus” selfishness over our more generous natures.
  10. Watch (a few times): “A white guy drops a wicked freestyle rap

Earnings of labour, continued

Book 6, Chapter 4

§1. Wages might reflect custom more than current values. In cases where the interaction of supply and demand pushes down wages, workers’ difficult conditions are made worse.

§2. A businessman investing in machines (or slaves) will do so with the intention of future returns. Improvements to workers stays with those workers, which can lead to underinvestment by outsiders but efficient investment if the worker makes those decisions. (Marshall quotes Smith’s point that a slave-owner will not invest as wisely as the slave would themself.) While parents are eager to invest in their children (converting financial into human capital), it is easier for middle-class parents than working-class parents, which can trap generations in poverty.

§3. Within families, the father can earn wages to help the family and introduce his sons into trade, while the mother raises and improves children as they grow. Among the poor, fathers are often tired and mothers forced to work, leaving their children worse off in the present and future.

In a footnote on page 469, Marshall discusses the “net contribution” of migrant workers and warns against overvaluing men and undervaluing women due to the their joint-importance in raising children (the next generation of workers). This topic (migration, national accounts, and brain-drain) is still hotly debated.

§4. An employer’s investment in workers will only be partially repaid in higher output and profits, but a minority of employers invest as part of their overall quest for performance. Their workers will benefit immediately, as will their families. A majority of employers will not invest more than they immediately get back — weakening future returns to themselves, their workers and society.

§5. The location and quality of the workplace matters. Workers will demand higher wages in dirty or dangerous workplaces. A big distance between home and workplace limits the supply of labor unless wages rise. Immobile workers have fewer options and lower wages. Related:  US-labor mobility is at an all-time low:

§6. Workers who lose their jobs lose wages. If they do not have reserve savings, they suffer from a lack of necessities as well as a decline in their labor value based on greater hunger and poverty. (The homeless are challenged by a lack of an address for employers, bad sleeping conditions, needing to buy food “by the plate” and other burdens.) Workers with special skills and/or union membership will have greater job security and earn a larger share of their “value added.”


This post is part of a series in the Marshall 2020 Project, i.e., an excuse for me to read Alfred Marshall’s Principles of Economics (1890 first edition/1920 eighth edition), which dominated economic thinking until Van Neumann and Morgenstern’s Theory of Games and Economic Behaviour (1944) and Samuelson’s Foundations of Economic Analysis (1946) pivoted economics from institutional induction to mathematical deduction.

Interesting stuff

  1. Listen: Ezra looks back on 5 years of his podcast. Lesson #1: Do the reading
  2. Watch: A coup in the US? It’s unlikely but less unlikely with Trump’s rhetoric
  3. Read: What we know about COVID after one year
  4. Read: Nature is not healing. We need to dial back way more if we want that.
  5. Read: Rich countries (US, UK) are facilitating corruption in poor countries
  6. Read: The “Russia hack” is way way bigger than anyone thought
  7. Listen: A CEO makes the case for bitcoin as an inflation hedge
  8. Listen: The art of rest
  9. Listen: A health economist of the (response to the) pandemic (hint: it’s a collective action problem)
  10. Read: The unexpected beginnings of ARM computing
  11. Read: A surprising and (not) shocking of fast decisions leading to poor results: Thousands of ships are now burning toxic dangerous “green” oil
  12. Read: You think Facebook is bad? Data privacy in India is a disaster.
  13. Watch: President Obama, elder statesman, has good opinions
  14. Read: Is purity or compromise better?