Circle of Competence Issue #82
QUOTE OF THE WEEK
"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, and comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows the great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat." - Theodore Roosevelt, Citizenship in a Republic
FOOD FOR THOUGHT
The Lambeth lecture on higher education (Mitchell Daniels Jr.)
I've written about the problems with the current state of affairs in higher education here and here, but this lecture given at UNC by the former governor of Indiana and Purdue University's current president goes deeper into the problems with our institutions. This lecture, for those interested in higher education reform and innovation, is worth your time for two reasons: 1) Daniels reveals the hard truths about undergraduate institutions that must be addressed and 2) he gives poignant examples of how Purdue is adapting as a higher education institution in the 21st century.
Healthcare, cost of housing, and higher education are three of the fastest growing costs in the US - the only reason that significant innovation hasn't changed these industries is because of the significant industrial inertia (how we've always done things) and structural barriers (healthcare regulation, zoning regulations, and accreditation organizations) rampant within them. But I think the tide is shifting as the cost of these three industries to our nation receive more and more attention.
What happens if building more housing supply doesn't work? (Alex Danco)
This piece by Alex Danco highlights an interesting phenomenon that seems to rub against the traditional supply/demand mental model one learns in school: if supply increases with little demand change, price should fall and if supply decreases with no demand chang