Category: Travel

Why aren’t millennials buying boats? (the boat recession)

“So, where are all the boaters your age?” asked a 60-something-year-old, at a patio bar on Gabriola Island in British Columbia. “When I was your age, we all had boats and had great big raft-ups out on the water.”

Our group of under-40 sailors was on a weekend cruise and digging into steaming plates of fish and chips. “I’m not sure,” I answered. “Are there fewer? Maybe it’s because they can’t afford it?”

“Nah,” he said. “It’s those iPads. My grown kids have no sense of adventure, happy to sit around ‘twitting’ all day.”

My husband, Robin, and I had often discussed this question. Having become first-time boat owners only five years before, at ages 24 and 29, we were often the only identifiable 20-somethings at our silver-haired yacht club.

…According to Ellis, boat ownership has seen a steep decline in the 20- to 39-year-old age category, with approximately 41 percent fewer 20- to 39-year-olds owning boats in 2015 than in 2005. In 2005, 4 percent of American males ages 20 to 39 owned a boat; but by 2015, that number dropped to only 2 percent.

Here is the full story, via Craig Richardson.

What should I ask Rebecca Kukla?

I will be doing a Conversation with her, here is her home page:

Professor of Philosophy and Senior Research Scholar in the Kennedy Institute of Ethics at Georgetown University

Also: amateur powerlifter and boxer and certified sommelier

I live in the middle of Washington, DC, with my 13-year-old son Eli and my two Portal-themed cats, Chell and Cube. My research focuses on social epistemology, philosophy of medicine, and philosophy of language. 

This interview is an excellent entry point into her thought and life, here is an excerpt from the introduction:

[Rebecca] talks about traveling the world with her nomadic parents, her father who was a holocaust survivor and philosopher, hearing the Dream argument in lieu of bedtime stories, chaotic exposure to religion, getting a job at and apartment at the age of 14, the queerness of Toronto, meeting John Waters and Cronenberg, her brother who is the world’s first openly transgender ordained rabbi, getting into ballet, combating an eating disorder, the importance of chosen family, co-authoring an article with her dad, developing an interest in philosophy of mathematics, the affordability of college in Canada, taking care of a disabled, dramatically uninsured loved one, going to University of Pitt for grad school, dealing with aggravated depression, working with Brandom, McDowell, the continental/analytic distinction, history of philosophy, how feminism and women—such as Tamara Horowitz, Annette Baier, and Jennifer Whiting–were treated at Pitt, coping with harassment from a member of the department, impostor syndrome, Dan Dennett and ‘freeedom’, her sweet first gig (in Vermont), dining with Bernie Sanders, spending a bad couple of years in Oregon, having a child, September 11th, securing tenure and becoming discontent at Carleton University, toying with the idea of becoming a wine importer, taking a sabbatical at Georgetown University which rekindled her love of philosophy, working on the pragmatics of language with Mark Lance, Mass Hysteria and the culture of pregnancy, how parenting informs her philosophy, moving to South Florida and the quirkiness of Tampa, getting an MA in Geography, science, philosophy and urban spaces, boxing, starting a group for people pursuing non-monogamous relationships, developing a course on Bojack Horseman, her current beau, Die Antwoord, Kendrick, Trump, and what she would do if she were queen of the world…

And from the interview itself:

I suspect that I’m basically unmentorable. I am self-destructively independent and stubborn, and deeply resentful of any attempt to control or patronize me, even when that’s not really a fair assessment of what is going on.

So what should I ask her?

Incentives matter

Chad Haag considered living in a cave to escape his student debt. He had a friend doing it. But after some plotting, he settled on what he considered a less risky plan. This year, he relocated to a jungle in India. “I’ve put America behind me,” Haag, 29, said.

He now lives in a concrete house in the village of Uchakkada for $50 a month. His backyard is filled with coconut trees and chickens. “I saw four elephants just yesterday,” he said, adding that he hopes to never set foot in a Walmart again.

His debt is currently on its way to default. But more than 9,000 miles away from Colorado, Haag said, his student loans don’t feel real anymore.

“It’s kind of like, if a tree falls in the woods and no one hears it, does it really exist?” he said.

The philosophy major concedes that his student loan balance of around $20,000 isn’t as large as the burden shouldered by many other borrowers, but he said his difficultly finding a college-level job in the U.S. has made that debt oppressive nonetheless. “If you’re not making a living wage,” Haag said, “$20,000 in debt is devastating.”

Here is the full story by Annie Nova, with photos and video.  Via the excellent Samir Varma.

My Conversation with Ben Thompson

Here is the audio and transcript.  Here is the summary opener:

Not only is Ben Thompson’s Stratechery frequently mentioned on MR, but such is Tyler’s fandom that the newsletter even made its way onto the reading list for one of his PhD courses. Ben’s based in Taiwan, so when he recently visited DC, Tyler quickly took advantage of the chance for an in-person dialogue.

In this conversation they talk about the business side of tech and more, including whether tech titans are good at PR, whether conglomerate synergies exist, Amazon’s foray into health care, why anyone needs an Apple Watch or an Alexa, growing up in small-town Wisconsin, his pragmatic book-reading style, whether MBAs are overrated, the prospects for the Milwaukee Bucks, NBA rule changes, the future of the tech industries in China and India, and why Taiwanese breakfast is the best breakfast.

Here is one excerpt:

COWEN: Why should I want a tech device in my home at all? Take Alexa — I don’t have one, I’m pretty happy, my life is simple. I don’t want anyone or anything listening to me. What does it do for me? I know I can tell it to play me a song or buy something on Amazon, but that’s one-click shopping anyway, could hardly be simpler. Why do devices in the home have any future at all?

THOMPSON: The reality is — particularly when it comes to consumer products — is that in the long run, convenience always wins. I think people will have them in their homes, and they’ll become more popular because it’s convenient.

You can be doing whatever you want; you can say something like, “Set a timer five minutes,” or “What temperature should I grill my steak to?” And you’ll get an answer with your hands busy, and altogether it’s going to be a more convenient answer than it would’ve been otherwise.

And:

COWEN: How bullish are you on India’s tech sector and software development?

THOMPSON: I’m bullish. You know, India — people want to put it in the same bucket as, “Oh, it’s the next China.” The countries are similar in that they’re both very large, but they’re so different.

Probably the most underrated event — I don’t want to say in human history, but in the last hundred years — is the Cultural Revolution in China. And not just that 60, 70 million people were killed, or starved to death, or what it might be, but it really was like a scorched earth for China as a whole. Everything started from scratch. And from an economic perspective, that’s why you can grow for so long — because you’re starting from nothing basically. But the way it impacts culture, generally, and the way business is done.

Taiwan, I think, struggles from having thousands of years of Chinese bureaucracy behind it. Plus they were occupied by Japan for 50 years, so you’ve got that culture on top. Then you have this sclerotic corporate culture that the boss is always right, stay in the office until he goes home, and that sort of thing. It’s unhealthy.

Whereas China — it’s much more bare-knuckled competition and “Figure out the right answer, figure it out quickly.” The competition there is absolutely brutal. It’s brutal in a way I think is hard for people to really comprehend, from the West. And that makes China, makes these companies really something to deal with.

Whereas India did not have something like that. Yes, it had colonialism, but all that is still there, and the effects of that, and the long-term effects of India’s thousands of years of culture. So it makes it much more difficult to wrap things up, to get things done. And that’s always, I think, going to be the case. The way India develops, generally, because they didn’t have a clear-the-decks event like the Cultural Revolution, is always going to be fundamentally different.

And that is by no means a bad thing. I’m not wishing the Cultural Revolution on anyone. I’m just saying it makes the countries really fundamentally different.

Definitely recommended.

My Conversation with John Nye, what should I ask him?

Soon I will be having a Conversation with my esteemed colleague John V. Nye, one of the smartest people I know.  John is an economic historian but also a polymath with broad-ranging interests, including travel, classical music, chess, education, “institutions,” Asian food, the Philippines (his home country), and much more.

So what should I ask him?

Memphis

A few days ago, a few of you thought I was dumping on Memphis.  I did say the city is not an economic development success story, but it is perhaps my favorite place to visit in the American South.  It has the best musical traditions, for instance generating Jerry Lee Lewis, Elvis, Carl Perkins, and Johnny Cash, all at more or less the same time, with many others later including Lonnie Mack, Isaac Hayes, and Booker T.  It is one of the classic barbecue cities, most of all for ribs.  Beale Street remains a wonderful place to hear music, as it is not nearly as ruined by tourists as Broadway in Nashville or Bourbon Street in New Orleans.  It is also one of the American cities most likely to look as if it is still 1963, or is that 1957?  Finally, Memphis is the starting off point for a drive down Highway 61 into the heartland of the Mississippi Delta, one of the essential American journeys and yes you still can hear rural blues music there.

If you have never done a three-day Memphis trip, I would strongly urge this upon you.

On hitchhiking, circa 1969, from the comments

I hitchhiked across the U.S. twice in 1969. Here’s what my 18-year-old white, male, hippie self learned:
1. Expect to get picked up and propositioned by homosexuals.
2. Everybody is really interested in drugs and wants to get their hands on some.
3. Drugs quickly went from being the pastime of a small, hip elite, to becoming the obsession of trashy, low-class types.
4. Cowboys or anyone who identified with them wants to kill hippies.
5. Mexicans want to kill hippies.
6. It’s possible to sleep in an empty lot in Seattle or Portland, but in L.A., you will be harassed.
6. Panhandling is the world’s most humiliating activity.
7. Day labor is shockingly arduous.
8. America’s roadsides are a continuous scroll of accidental beauty, dramatic vignettes, and surreal occurrences.
9. Even a single night in a small town jail is awful enough to dissuade any sane person from ever committing or coming close to committing an imprisonable offense.
10. Jesus communes and Hare Krishna people will take you in and feed you when no one else will. But they have their own problems.
11. Iowa is surprisingly beautiful.
12. We thought because we all had long hair, we were all on the same wavelength – we weren’t.
12. There are lots of smart, interesting normal people out there, and from them you learn that the best thing in life is to follow the straight and narrow, observe social conventions, work a steady job, and avoid extremes.

That is from Faze.

Nashville notes

I strongly recommend eating at Husk (get the vegetables plate) and Chauhan Ale and Masala House (the Indian-Mexican fusion version of a chile relleno is one of the best courses I have had all year).  Station Inn is good (and comfortable) for bluegrass music, visit Fisk University, Helen’s Hot Chicken serves spicy fried chicken without the tourists or the lines, and the east side of town has some funky shops and boutiques.

Grand Ole Opry is a well-oiled machine, but it makes country music feel old and bankrupt.  The famous strip on Broadway, with the noisy bars, music shows, and restaurants, might as well be hell, but it offers the great joy of being able to leave it.  The “Gulch” part of town is presented as cool, but it’s really just a few boring shops in a homogenized setting.

Nonetheless I now think of Nashville as one of the most successful cities in the South — remarkably few neighborhoods are run down and dumpy, and the residents seem happy.  There is new construction all over, plenty of health care facilities, and Vanderbilt is a quality university.

What might be the most successful southern cities, circa 2018?

— Atlanta

— Richmond

— Nashville

— Bentonville

— the NC Research Triangle deserves mention, even though neither Durham nor Chapel Hill is well-developed enough to make this list (why is that?).

— Maybe the boring Charlotte?

— p.s. Miami is not the south.

What do the success stories have in common?  Other than not being Memphis?

My Conversation with Paul Krugman

Here is the audio and transcript, here is part of the summary:

Tyler sat down with Krugman at his office in New York to discuss what’s grabbing him at the moment, including antitrust, Supreme Court term limits, the best ways to fight inequality, why he’s a YIMBY, inflation targets, congestion taxes, trade (both global and interstellar), his favorite living science fiction writer, immigration policy, how to write well for a smart audience, new directions for economic research, and more.

Here is one excerpt:

COWEN: In your view, how well run is New York City as an entity?

KRUGMAN: Not very. Compared to what? Actually, I like de Blasio. I actually think he’s done some really good things. What he’s done on education, and even on affordable housing, is actually quite substantial. But the city is so big and the problems are so large that people may not get it.

I will say, it is crazy that you have a city that is so dependent on public transportation, and yet the public transportation is not actually under the city’s control and has clearly been massively neglected. I don’t suffer the full woes of the subway, but I suffer some of them, even myself.

The city could be run better than it is, but it’s certainly not among the worst-managed political entities in the United States, let alone in the world.

And:

COWEN: Will there ever be interstellar trade in intellectual property? You send your technology to a planet far away. It arrives much later, of course. Or you trade Beethoven to the aliens in return for a transporter beam? Can this work? You’ve written a paper that seems to indicate it can work.

KRUGMAN: I wrote a paper on the theory of interstellar trade when I was an unhappy assistant professor. Are there any happy assistant professors? [laughs] I was just blowing off steam. But it’s an interesting question.

COWEN: It could become your most important paper, right? [laughs]

KRUGMAN: We could imagine that there would be some way. We’d have to find somebody to trade with, although it’s the kind of thing — if you try to imagine interstellar trade for real in intellectual property — it’s probably the kind of thing that would be more like government-to-government exchanges.

It sounds like it would be really, really hard, although some science fiction writers are imagining that something like Bitcoin would make it possible to do these long-range . . . I don’t think something like Bitcoin is even going to work here.

Krugman also gives his opinions on Star Wars and Star Trek and Big Tech and many other matters.  Interesting throughout…

My Conversation with Bruno Maçães

Here is the audio and transcript, here is the opening summary:

Political scientist Bruno Maçães has built a career out of crossing the globe teaching, advising, writing, and talking to people. His recent book, born out of a six-month journey across Eurasia, is one of Tyler’s favorites.

So how does it feel to face Tyler’s rat-a-tat curiosity about your life’s work? For Bruno, the experience was “like you are a politician under attack and your portfolio is the whole of physical and metaphysical reality.”

Read on to discover how well Bruno defended that expansive portfolio, including what’s missing from liberalism, Obama’s conceptual foreign policy mistake, what economists are most wrong about, how to fall in love with Djibouti, stagnation in Europe, the diversity of Central Asia, Hitchcock’s perfect movie, China as an ever-growing global force, the book everyone under 25 should read, the creativity of Washington, D.C versus Silicon Valley, and more.

Here is one bit:

MAÇÃES: This raises deep philosophical questions and political questions. If you want Turkey to become like Europe, then you have to project European power across Turkey. If Europe no longer has that ability, then you shouldn’t be surprised that Turkey looks elsewhere.

It’s very simple. I think I say in the book that in order to be loved, you also have to be feared. This idea that you find in Europe now, that without projecting any kind of power, other countries will be attracted to the European model, that’s a form of utopianism. I just cannot see that happen.

COWEN: So Europe lacks the spirit of adventure.

MAÇÃES: That is certainly the case. I think you see that. One of the areas where the spirit of adventure today is more relevant and important is technology. You see in Europe the idea that technology’s against us, and we should resist this rather than embrace it. A very negative spirit, which I think is a good example of how adventure has disappeared from the European psyche.

And:

COWEN: Russia. Why is Russia as a world power currently underrated?

MAÇÃES: The most impressive thing about Russia is, in fact, something that you might not think at first: the power of organization. We have this image of Russia as a failed state in many respects.

But in order to keep that empire, in order to keep it together throughout the centuries, in order to develop it to some extent, in order to bring together so many ethnicities, so many religions . . . it’s fair to say that Russia has done a better job of integrating its Muslim population, which is close to 15 percent, than any other country, I would argue — certainly any other major country.

The power of the Russian state, the ability to organize, to dispose, to connect, is one of the great political stories of mankind — to see how the Russian state was able to grow and to extend itself. And that’s still there.

Original and highly recommended.  Again, here is Bruno’s book The Dawn of Eurasia: On the Trail of the New World Order.

Congestion pricing is not just slanted toward the elite

From Luz Lazo at The Washington Post:

The average user [of the optional toll lanes] is younger than 45 and has a household income of less than $100,000 a year, according to a new survey.

About 60 percent of the frequent users said they have household incomes of less than $100,000, and a similar share have a bachelor’s degree or higher. About one-third of those users said they don’t mind the tolls because their employers pick up the bill, according to the survey.

And this:

They are loyal Amazon customers who get a package from the online retailer at least once a month.

“They don’t mind paying a fee for convenience services and similarly don’t mind paying for tolls,” Bell said.

Congestion pricing in the D.C. area has been a major success.  And many of its benefits are overlooked.  Consider me, a relatively well-educated and high-income user of the roads.  After a few years, I still can’t figure out how to use the new Beltway lanes, and when they let me get off where I want to, or not.  So I have never used them once.  Still, they clear the rest of the road for me.

What has and has not changed in Guangzhou

That is the topic of my latest Bloomberg column, here is the opener:

I hadn’t been to Guangzhou in more than 30 years, and I wanted to see what I would remember.

And here is one bit:

How about the train ride between Hong Kong and Guangzhou? In 1988 I saw lone farmers plowing the field with their oxen. These days the journey brings you through Shenzhen, China’s tech capital, where many iPhones are assembled and which has eclipsed Guangzhou as a source of economic dynamism.

And yet I cannot conclude that Guangzhou is altogether a story of change and change alone.

That all said, Guangzhou is no longer an economic leader in China.  Overall it struck me that Guangzhou has become a bit of an economic backwater, albeit at an enormous size and decent (compared to the rest of China) standard of living.

That was then, this is now

Four decades ago Venezuelans could fly in and out of Caracas’s Maiquetía airport on Concorde. These days they are leaving the country on foot — walking over the border into Colombia, traipsing down the Andes to Ecuador and Peru or trudging through the Amazon basin to Brazil. As the economy collapses, the Venezuelan exodus “is building to a crisis moment”, the UN has warned. Drawing comparisons with the desperate journeys of Syrians and Africans through the Mediterranean in recent years, it says 2.3m people — 7 per cent of the population — have left Venezuela since 2015. On Monday, President Nicolás Maduro put the figure at just 600,000, and his vice-president Delcy Rodríguez said the outflow was “normal”. Outcry over the exodus, she said, was “designed by the Pentagon to justify intervention in Venezuela”.

That is from Gideon Long in the FT.