Chapter 11 bankruptcy as well as all modern corporate law has its roots in the tycoons of the late 19th century. They lobbied and wrote it which is why it's corrupt.
The article provides a great example. Airlines are a structurally unstable industry. Yet you can hop on a plane and get anywhere. Bankruptcy law enables airlines to keep operating as they restructure their debts with minor hiccups.
More broadly, our modern world exists because of large scale organizations, the ability for strangers to transact, and efficient markets for allocating credit and capital. Bankruptcy law is a pillar that makes that possible. It enables lenders to extend credit knowing that, if the debtor can’t repay, there will be an orderly process for getting some of the money back. That backstop in turn lowers the barriers to transaction.
Contrast this with what happens in a country without modern bankruptcy law. Businesses in those countries still need to borrow money. But what happens when a debtor can’t pay? Individual creditors have an incentive to harass the debtor and be the first ones to recover their share. Debtors have incentives to pay back certain creditors before others. Creditors might seek to liquidate an otherwise viable business just to get paid. All that means that lending and borrowing is risky. So when people do it, they go through established trust networks, such as families, clans, etc. This dampens business formation and entrepreneurship.
Even if that's true, current bankruptcy law is still really far from socially optimal.
There are a lot more points on the "how does your system respond to business failure" spectrum besides low-consequence ch11/better-luck-next-time and debtors' prison.
What's a country with a more effective system? Not saying that the lack of a more effective system means the US's is optimal, but the outcomes for capital reallocation are far better in the US than the UK for instance.
In the US, workers at a bankrupt company can often show up to the same workplace the next day or week and not skip a beat, the customers might not even know they're doing business with a different entity - only the owners have changed - the old ones get wiped out and their debtors take control.
Heh it doesn't have to be literally on one's own lawn, it could just be a little helipad per community. And my understanding is that the vast majority of private helipads don't have air traffic control - your hospital's roof doesn't have its own air traffic control. Pilots operate under "see and avoid" rules.
Use your imagination a little. So much status quo bias here.
Who would want to privately own a community helipad? Sounds like an insurance and liability nightmare.
This is an impressive enough achievement, but let's not kid ourselves this is going to revolutionaise suburban or semi-rural transport. Its maximum payload weight (450kg) barely covers 5 passengers with no baggage. It's for hopping from the country club to the golf course.
It seems like that because economic bubbles can last a lot longer than just 3 years. We are also in one of the longest credit cycles ever(2009 - Present) which has exacerbated this behavior.
It's so odd to me that we haven't come up with a term for high functioning autism to separate from low functioning. It's ridiculous to me that a commenter with this background can superficially claim to be suffering from the same disability as a family member I have who has required a caretaker to not die and would probably be totally uninterested or unable to even give an opinion on a complex subject like this.
I cannot recall why Asperger's as a term was dropped or deemed controversial, but this is the equivalent of stolen valor but for mental illness especially when used to justify an argument.
How is it any different than people with obsessive compulsive tendencies claiming they have OCD? There's a huge difference.
> "It's so odd to me that we haven't come up with a term for high functioning autism to separate from low functioning."
If you are interested to learn, autistic people are typically assigned a level of support needs on a scale of 1 to 3. Most people who would once have received a diagnosis of Aspergers now receive the "level 1" designation. Based on your description, your family member is likely "level 3", possibly with comorbidities? I was assigned "level 2".
> "I cannot recall why Asperger's as a term was dropped or deemed controversial"
It was dropped because a number of labels, now all considered to be ASD, were discovered to be different presentations of the same underlying disorder. The divisions break down under scrutiny and the apparent modal jumps disappear when you control for comorbidities and the ability to mask.
> "How is it any different than people with obsessive compulsive tendencies claiming they have OCD? There's a huge difference."
I'm not the other poster, but I'm a different autistic adult to whom your complaints might apply. To answer this question, the difference is that I call myself an autist because I have been diagnosed as autistic, due to meeting the diagnostic criteria of autism.
> "this is the equivalent of stolen valor"
Please go to the equivalent of hell.
Disabled people are allowed to call ourselves by the correct labels without apologising that our suffering is less severe or less obvious than someone else sharing the same label.
> Disabled people are allowed to call ourselves by the correct labels without apologising that our suffering is less severe or less obvious than someone else sharing the same label.
I think you guys are perhaps talking past each other.
The fact you acknowledge and recognise 'less severe' (a significant understatement when comparing ASD to Downs) suggests that you do understand parent's point.
Parent, I also note, was not seeking or implying an apology was sought from people with less severe genetic conditions. Rather, that the implications on QoL, lifespan, social / familial imposition etc of Downs, is nothing at all like so called high-functioning ASD.
The parent comment was specifically and exclusively talking about autism, not Down's syndrome. I'm addressing their claim that it is "ridiculous" for an autistic person to "claim" to be autistic when other autistic people have worse outcomes.
I'm not interested in litigating the fairly obvious point that Down's syndrome is a much worse prognosis than ASD, and the comment to which I responded says nothing about it either.
Dr. Asperger may or may not have been sorting autistic children into high- and low-functioning groups so that the higher group (with “Asperger’s”) could go on to become good Nazis and the lower group could be euthanized.
Perhaps including milder forms of autism under the term was a useful way to reduce funding for the intensive care and therapy required by those with more severe forms (e.g. the nonverbal), since we can now frame these things as “changing who they are” etc. and not, in fact, necessary.
Many children who primarily have intellectual disabilities will be categorized under the "Autism Spectrum" because funding has been applied for "Autism", and not "vague learning disability". If the doctor checks the Autism box, it opens a huge swath of support networks in certain states.
I don't blame anyone for lumping their kid in. I think it's more of a massive failure for social funding that hyper-categorizes due to means-testing.
Your citations rely on JOLTS reporting on the manufacturing sector. The jolts report also states for the occupation of Mechanical Engineering a nearly 10% growth rate for the next decade. This is 3 times the average.
Manufacturing sector includes a significant minority of all mechanical engineers, but more to the point the sector includes nearly all jobs involved in manufacturing durable and nondurable goods. This includes machinists and technicians and assembly workers.
Who is hiring anyone to look at a screen to count characters? Don't be disingenuous in your argument. The apt comparison would be the current technique used to accomplish this task i.e. a pattern matching algorithm.
You're confusing autocratic with authoritarian. Total war reached its most recent zenith in the 20th century. If governments have always been able to control people to the same degree, why was not until Napoleon that we saw the beginnings of nationalism? I say this rhetorically, as it is quite obvious that it was technology and industrialization. When we look at ancient Empires and see their territory on a map it would be much more accurate to only highlight population centers not the entirety of the land. Illiterate farmers, who made up the majority of the world, resided in small towns and villages and their daily lives were largely unaffected by conquerors.
There was nationalism pre napoleon. Arguably east asia is a better example than european history IMO. I would say there is strong sense of nationalism among han chinese both now and in history. Likewise for Japan and Korea. Pre islam Persia as well. I guess the source of this was consistent centralized authority over a large region vs any technological change. You had that in east asia. You didn't have that in europe after roman times. Even larger empires like kingdom of spain were not really seen as "spain" as we know it but a unified monarchy over the kingdoms of castile, leon, aragon, sicily, and napoli. Interestingly you didn't really have that in india either, no one controlled the continent until mughal times and by then the religious and cultural regional differences were pretty set in stone.
India is a great example of how relatively recent technology was required to finally unite and control a people. One can also just observe urbanization, capitalism, communication mediums(media). While China is unique for its cycles of unity and then disunity. These kingdoms were also dynastic and worshipped the emperor as a god. Such ways of government are a justification for ruling which supersedes the need of a national identity.
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