A pandemic is a deadly challenge for the entire rationale of neoliberalism
Up until now, the casualties of neoliberal capitalism—asbestos, Big Pharma scandals, work-related injuries, burnout suicides—were too scattered for popular awareness to gather them into a global causal system. But casualties by the truckload won’t be so easily swept under the rug. Even less so when we know that doctors have long been sounding the alarm on the collapse of our hospital system, and people are finally hearing them. Just as they are starting to understand who is responsible for this collapse. […]
A pandemic on the scale of Covid-19 is a deadly challenge for the entire rationale of neoliberalism. It suddenly brings to a halt everything that capitalism demands to be kept in constant, frantic motion. Above all it reminds us of one obvious fact: society is a collective entity, and cannot function without collective structures—formerly known as public service. The death of public service, an ambition relentlessly pursued by all the liberals who have succeeded each other in office for the past three decades, isn’t a metaphorical death when it comes to the public service of health, which tends to force us to use words very literally. In December 2019, at a protest, hospital workers held a sign that read “The government is counting pennies, we will be counting bodies.” Here we are.”
Probability is not a mere computation of odds on the dice or more complicated variants; it is the acceptance of the lack of certainty in our knowledge and the development of methods for dealing with our ignorance. Outside of textbooks and casinos, probability almost never presents itself as a mathematical problem or a brain teaser. Mother Nature does not tell you how many holes there are on the roulette table, nor does she deliver problems in a textbook way (in the real world one has to guess the problem more than the solution).
Loss aversion is a notion derived from behavioral economics. In finance, this aversion to loss is reflected in the reluctance ...
A "sunk cost" is just what it sounds like: time or money you've already spent. The sunk-cost fallacy is when you tell yourself that you can't quit because of all that time or money you spent. We shouldn't fall for this fallacy, but we do it all the time.
Dominated Alternatives: Can introducing a third decoy option make you more likely to choose the option, I secretly want you to choose?
In marketing, this is also called the decoy effect or attraction effect or asymmetric dominance effect. A phenomenon whereby the introduction of a third option leads to a change in choice.
Dominated alternatives here quickens the choice patterns of consumers by dulling the relevance of one option by the introduction of another, thereby making one option almost invalid.
More simply, when deciding between two options, an unattractive third option can change the perceived preference between the other two.
Yerkes and Dodson's experiment should make us wonder about the real rela- tionship between payment, motivation, and performance in the labor ...