Re:YouTube is testing a more aggressive approach against ad ...
by dredmorbius on Saturday July 01, 2023 @08:50AM
(#36549560)
As author of the comment in question, yes, this.
Much of what Smith argues about is power, beginning with among the shortest, pithiest, and clearest sentences in the entire book:
"Wealth, as Mr Hobbes says, is power."
Then there is his very long diatribe against joint stock (privately-held, shareholder-based) corporations, which Smith argues should be limited largely to the financial sector (banks and insurance). Itself an interesting distinction and one that's had me think about those areas of economic activity, and why the so-called "FIRE" sector (finance, insurance, and real estate) are linked together.
One interpretation I've arrived at is that all concern the evaluation of future value over a given portfolio: of loans, of insurance policies, and of mortgages (themselves a class of loans). These all ... have some peculiar and similar behavioural characteristics, risks, and moral and morale hazards associated with them. They also tend toward monopolistic in both scale and practices. Among the notable exceptions to anti-trust regulations against conspiring on prices is the exception for insurance underwriting boards, comprised of multiple companies, who share risk, cost, and pricing data to set premiums.
Much of what Smith argues about is power, beginning with among the shortest, pithiest, and clearest sentences in the entire book:
"Wealth, as Mr Hobbes says, is power."
Then there is his very long diatribe against joint stock (privately-held, shareholder-based) corporations, which Smith argues should be limited largely to the financial sector (banks and insurance). Itself an interesting distinction and one that's had me think about those areas of economic activity, and why the so-called "FIRE" sector (finance, insurance, and real estate) are linked together.
One interpretation I've arrived at is that all concern the evaluation of future value over a given portfolio: of loans, of insurance policies, and of mortgages (themselves a class of loans). These all ... have some peculiar and similar behavioural characteristics, risks, and moral and morale hazards associated with them. They also tend toward monopolistic in both scale and practices. Among the notable exceptions to anti-trust regulations against conspiring on prices is the exception for insurance underwriting boards, comprised of multiple companies, who share risk, cost, and pricing data to set premiums.