Move over Henry Ford

first_imgWe’re on the brink of the next industrial revolution predicts UK businessguru Jim Maxim and, this time around, HR should throw out the old rule book andoccupy the driving seat, writes Penny WilsonJim Maxim, former chief executive of Laura Ashley and Volvo UK, and hiswife, Shoshana Zuboff, distinguished Harvard professor, flew into London amidnews of mass lay-offs and the fat cat furore. This was good timing as they werehere to promote their new book, The Support Economy, which, after six years’research, concludes that the world is witnessing the biggest businessrevolution since Henry Ford brought cars to the masses in the 1920s. It would be easy to dismiss the soft-spoken Maine residents as fly-by-nightevangelists preaching the wrongdoings of capitalism. The fact is though, thatwith the current corporate malaise, those who want change don’t really know howto start. Those who don’t are terrified of losing their identity along with thePorsche. The book, The Support Economy: Why Corporations are Failing Individuals andthe Next Episode of Capitalism, to give it its full title, has attracted ravereviews. Maxim explains that to understand what’s going on, you first have to have ahandle on history. Henry Ford made real his vision that not just the rich, butfarmers and shopkeepers would own cars. So he upped production and sold to themasses. Ford dismissed the notion of management, saying men promoted into toppositions would only spend their time playing politics. Inevitably, layers ofmanagement crept in, mushroomed throughout other organisations aping Ford’ssuccess, and the capitalistic system wholeheartedly supported the philosophythat men worked and women consumed. It produced fabulous wealth, but the systemwas inwardly focused. Organisational narcissism became pathological – what wasright for management was right per se. “That’s what breeds an Enron,” says Maxim. “We basically tooka manufacturing model from Ford and super-imposed it on every organisation andeveryone. It has bred the fat cat bonus and no-one questioned it because whoquestioned the CEO? “You can try to legislate against this, but nothing will change becausethe problem is systemic. You will still find people reducing benefits to staffyet carving out a hidden pension trust for themselves.” The result is that people feel betrayed. Someone, states Maxim, has tobecome the spokesman to say enough is enough. And to whom does he assign muchof this responsibility? To HR, that’s who. “HR should be the social conscience. Someone has to draw attention thatthere has been a revolt; that capitalism is proprietary and managerial; thatthe manufacturing system is no longer appropriate for today; that society isnow made of individuals who want the freedom to make their own decisions; thatbusiness has to be about advocacy relationships; and that there must be a newway of doing business. If HR was on mind-altering drugs it would see more thanjust boxes of consumers, people and staff,” says Maxim So what is the next phase of capitalism? Maxim predicts it will bedistributed among individuals, not management. The future holds careersbelonging to the individual, not the company, and those individuals are alreadydemanding their own rights. People will be rewarded according to their supportand the scale of the risks they take. And who will decide on the reward?Investors, customers, shareholders and stakeholders. The result will be thatthe deepest, darkest managerial secrets will become transparent, believesMaxim. Ask for the practical ABC guide to seeing through the theory and Maxim saysthere isn’t one, because the business world is in transition and needs to throwout the factory rules everyone has slavishly followed to date. Instead headvocates that HR rids itself of the legacy it once held that ‘real men doproduction and capitalism, not HR’. “HR needs to recognise the revolution taking place – it needs to advocatethe closing of the gap between and highest and lowest paid and needs to saywhat’s right and wrong. We need to stop this bulimic function where[organisations] suck people in, then push them out because they are seen as acost. Why does the share price rise when you sack a bunch of people? It shouldin fact fall.” However, the old business system still keeps ticking. In 2001, £10bnworldwide was spent on customer relationship management (CRM) systems, which intheory should have seen great returns on sales. Yet the valuation of companiesplummeted. Many answered the trend by pushing up prices and laying off staff toreduce the cost base. It’s a worn rulebook that needs to be thrown out, reckonsMaxim. So what is to replace it? Simplistic solutions, he says. “HR has to get strategic to understand the business it is supporting.You have to look at how you can bring your customers closer to your staff,reward effectiveness, grant value to individuals, and question what yourorganisation’s values actually stand for. You should investigate alliances,inside and outside your organisation, to create support networks for staff, andto build trust relationships.” This new-found power among people, consumers and staff alike, has beensparked by technology. Maxim and Zuboff call it ‘infrastructure convergence’ –the knitting together of software that powers a company’s framework anddealings with customers. Yet too many organisations still fail to recognise today’s new breed ofcustomer who wants something different from business – deep support, not just amass product or service. Stick to the limited success of initiatives such as CRM, customer and staffsatisfaction programmes, and the old rules of factory employment and values,and you ignore a revolution at your peril. The Support Economy: Why Corporations are Failing Individuals and theNext Episode of Capitalism, by Jim Maxim and Shoshana Zuboff, published byPenguin, is available at a 30% discount through the personnel today website(see below). For a selection of peer-reviewed HR titles Previous Article Next Article Related posts:No related photos. Comments are closed. Move over Henry FordOn 30 Sep 2003 in Personnel Todaylast_img read more

Track Roundup: 3/22

first_imgMillard’s girls showed well by placing third in the 4 x 800 relay (10:12.67). This team is comprised of Katy Kelly, Audrey Camp, Mary Degraffenreid and Hannah Koyle. The Wasps’ girls’ 1600-sprint medley team placed fourth in a time of 5:13.48. This team featured Sydney Samuelson, Maison Heap, Ariana Deschamps and Nabbie Willis. Bryton Matheson showed well in the 300-meter hurdles, placing third in a time of 44.49 seconds. Written by Lone Peak’s boys and girls each won the respective titles on their home track. Also winning an individual title for the Juab girls was Brooklynn Hunter in the high jump, posting a leap of 5 feet. HIGHLAND, Utah-Friday, Juab’s boys and girls track and field teams competed at the Mountain Valley Invitational hosted by Lone Peak High School, holding their own against 4-A, 5-A and 6-A schools. FacebookTwitterLinkedInEmailMountain View Invitational Brigham Perry finished eighth in the long jump, posting a leap of 19 feet. Richfield’s Melissa Crane (16-10.25 feet) placed second in the long jump. For the boys, Bodee Blackett placed eighth in the 100-meter dash in a time of 11.75 seconds. In the boys’ javelin, Zac Cowan placed second with a toss of 159-04 feet. Pine View Invitational In the girls’ 1600-meter run, Panguich’s Taylia Norris placed 12th overall in a time of 5:17.95. The meet concludes Saturday. For the boys, Orem is in first place with 33 points. Delta is tied with Cedar for eighth place with 8 points and Richfield is in 15th place with 5 points. Cambrie Hansen placed eighth in the girls discus with a toss of 80-02 feet and Valerie Clark finished third in the girls’ javelin posting a throw of 109 feet. The boys’ javelin saw Panguitch’s Jaxon Brienholt (145-07 feet) place eighth overall. March 22, 2019 /Sports News – Local Track Roundup: 3/22 Presently, in the girls’ standings, Desert Hills has the lead with 23 points. Richfield is tied for 7th with Cedar and Canyon View with 8 points. Delta is 10th with 7 points. Panguitch and Millard are tied for 11th with 6 points. Karlee Eyre of Panguitch placed third in the girls’ discus with a toss of 102-09.75 feet. Delta’s Paityn Callister (96-02.75 feet) and Brinley Henrie (94-02.75 feet) placed fifth and sixth respectively in the event. In the boys’ shot put, Valley’s Orrin Wood (42-10 feet) placed eighth and Braeden Stein of Kanab (41-09 feet) finished ninth. Tags: Aiton McFarland/Ariana Deschamps/Bodee Blackett/Brigham Perry/Brooklynn Hunter/Bryton Matheson/Cambrie Hansen/Dallan West/Dawson Olsen/Juab Track/Lone Peak High School/Maison Heap/Nabbie Willis/Ronnie Walker/Sydney Samuelson/Valerie Clark/Zac Cowan For the boys, Hayden Harward of Richfield placed fourth in the boys’ 1600-meter run (4:22.92). Dawson Olsen placed sixth in the boys’ high jump with a leap of 5 feet 10 inches. Brad James The boys’ high jump saw Delta’s Jaymen Brough (6 feet) place second. South Sevier’s Brad Taylor (5 feet-8 inches) also had a strong showing in the event. The boys’ 4 x 100 relay squad placed third in a time of 46.64 seconds as Dallan West, Aiton McFarland, Bodee Blackett and Brigham Perry represented the Wasps in this event. Juab’s girls were paced by Ronnie Walker, who won the 100-meter dash title in a time of 12.69 seconds. Walker also placed sixth in the girls’ 200-meter dash. Additionally, she placed second in the long jump with a leap of 16-10.25 feet. ST. GEORGE, Utah-Friday, numerous Mid-Utah Radio Sports Network schools and athletes competed during Day 1 of the Pine View Invitational at Pine View High School. Juab’s girls placed fourth with 68.5 points and the boys finished eighth with 29.33 points.last_img read more

Alfa Laval wins SEK 110 million natural gas order

first_img Image: Alfa Laval wins SEK 110 million natural gas order. Photo; courtesy of rawpixel from Pixabay. Alfa Laval – a world leader in heat transfer, centrifugal separation and fluid handling – has won an order to supply air cooler systems to a gas processing plant in the U.S. The order has a value of approximately SEK 110 million and is booked in the Welded Heat Exchangers unit of the Energy Division, with deliveries scheduled for 2020.The order comprises Alfa Laval Niagara’s air cooler systems which will be used as part of a refrigeration system to separate the natural gas into its individual pure component streams – ethane, propane and butane.“Safety is key in all industrial processes and extremely important in the demanding applications in natural gas treatment. Our reliable air cooler systems are recognized for their safe performance which gives peace of mind to our customers in the gas industry,” says Susanne Pahlén Åklundh, President of the Energy Division. Source: Company Press Release The order comprises Alfa Laval Niagara’s air cooler systems which will be used as part of a refrigeration system to separate the natural gas into its individual pure component streams – ethane, propane and butanelast_img read more

ROK, Australian Navies Exchange Knowledge

first_img View post tag: Naval Back to overview,Home naval-today ROK, Australian Navies Exchange Knowledge Authorities View post tag: Exchange The Republic of Korea (ROK) Navy – Cruise Training Task Group sailed into Garden Island, Sydney on 6 October, for a four day port visit. Follow @navaltoday View post tag: News by topic View post tag: asia View post tag: Asia-Pacific View post tag: Australiancenter_img View post tag: ROK View post tag: Navy Share this article Under the command of Rear Admiral Chun Jungsoo, ROK Ships Choi Young (DDH-981) and Cheonji (AOE-57) exercised with with Royal Australian Navy frigate HMAS Arunta off the coast before coming alongside Fleet Base East.Commanding Officer of Arunta, Commander David Tietzel said: “The arrival of the Cruise Training Task Group to Sydney provided Arunta with the opportunity to get some valuable in-company time with the ROK.”Approximately 650 personnel are embarked on Choi Young and Cheonji, including 140 midshipmen from the ROK Naval Academy’s 69th class. The voyage provides the trainees with hands-on experience before they become commissioned military officers.The trainees will visit the Korean War Memorial and the Australian Defence Force Academy during their short stay, as well as engage in a friendly soccer competition at Randwick Barracks and take part in cultural tours around Sydney.The ROK Cruise Training Task Group is currently deployed on a 96 day voyage visiting ports in 12 countries, including Guam, Australia and New Zealand.[mappress]Press Release, October 10, 2014; Image: © Commonwealth of Australia View post tag: Navies View post tag: Knowledge ROK, Australian Navies Exchange Knowledge October 10, 2014last_img read more

Fall Festival 2017- Things To Know Before You Go

first_imgFall Festival 2017- Things To Know Before You GoThe West Side Nut Club Fall Festival starts next Monday! As always, the Evansville Police Department will play a crucial role in keeping the event safe and fun. Please keep these things in mind before you head out to West Franklin St. Pay special to attention to the new information for the Saturday parade.Items You Cannot Bring To The Fall Festival:1. Animals/Pets of any type – service animals are allowed2. Glass Bottles/Jars/Containers3. Squirt Guns of any type/Water Balloons4. Bicycles/Scooters/Skateboards/Roller-Blades5. No Drones. It is against FAA regulations to fly drones over a crowd of peopleNEW THIS YEAR!!!For The Parade On Saturday:• No one can set anything up on the median on Franklin St. until after the Friday night street cleaning (approximately 11:00 pm). Anything set up before this time will be removed and thrown in the trash.• There will be walkways created in the medians . You may not block these walkways.• Nothing permanent can be set up in the medianso No walls, poles with tape or string etc. The only thing allowed will be chairs and blankets. This will be enforced by the WSNC and the Evansville Police Department. There will be no exceptions!!!There will be a crossing point at 10th and Franklin during the parade. Make sure you obey the West Side Nut Club Volunteers at this location. This is for you safety and the safety of those participating in the paradeFacebookTwitterCopy LinkEmailSharelast_img read more

Rolando Camargo Earns the Rank of Eagle Scout

first_imgRolando’s mother shown proudly pinning the large eagle onto his uniform. By Ian CrowleyIt’s the pinnacle of scouting; the dream of all of the young scouts who stand in front of the U.S. flag, reciting the scout oath and law. To become an Eagle Scout requires hard work, dedication, and a fiery drive, not to mention years of commitment.There are in total 7 ranks, each progressively more difficult than the next. While your journey starts at memorizing the basics of scouting, it ends with having 21 merit badges along with a rank – and honor – so observed it can make or  break applications to colleges, jobs, programs, and events.Rolando Camargo was praised by Scout Leader Dean Mitzel.Rolando Camargo worked extremely hard to get to where he is – you do not simply coast along a gentle path to the summit of scouting. Scouting is not just a few 20 mile hikes to the end. It is better described as a beast, constantly trying to throw you, and one you must fight against. It will try at every chance to hold  you in your current rank, and will do such a good job that you likely will no longer wish to advance. It will put out the fire in your heart that only you can relight.At Rolando’s Eagle Scout Court of Honor, the ceremony in which the rank of Eagle is finally bestowed upon him, many great speakers were in attendance. One man who stuck out in particular to me was Rocky Gannon. Rocky Gannon spoke of  how Scouting helped win the Second World War. He spoke of how during WWII German Submarines sat off the coast, sinking ships. The Germans could easily identify the boardwalk, as all of the lights were constantly left on, which in turn allowed them to find ships. In fact, the Germans had such a large presence right outside of Atlantic City that he recalled, “Every morning I would look out my window, hoping to not see Germans soldiers on the beach.”Rolando’s journey was not an easy one.Back in 1944, there were no smartphones. Matter of fact, there really wasn’t any effective method of mass communication, besides on foot. So, in 1940, the Government worked with coastal Boy Scouts to deliver the blackout messages to all residents – you see – there was no effective aerial GPS until about 20 years later, so bombers relied solely on their own eyes to find land. Because the Boy Scouts were so good at spreading this messages, the number of ship sinkings dropped sporadically from the year before, in which there were around 140.Rocky Gannon also spoke about his time in the military, where he flew B-17’s and B-23’s. He shared a laugh as he mentioned how when you’re in an unpressurized B-17 at -65 degrees Fahrenheit, wrapped in 5 layers of clothes, you learn to not drink too much liquid.CMC Sheriff Bob Nolan congratulated Rolando on his accomplishments.Rolando also was congratulated by CMC Sheriff Bob Nolan and State Sen. Jeff Van Drew on his achievement. Rolando had the honor of pinning small Eagle pins onto his mother and father, while his mother pinned a large eagle onto his uniform and his father presented him with the traditional Eagle neckerchief.Rolando’s Eagle project was rebuilding the dugouts by the baseball field. Time was running out – he had barely any left to plan and construct the concrete structures, and hope was running out, when suddenly, the community came together to help him.Rolando is pictured here with State Sen. Jeff Van DrewContractors, Electricians, and of course, a small army of Boy Scouts, all came together and built the dugouts. On Rolando’s 18th birthday, he handed the application in – if even the smallest thing was wrong, he wouldn’t get a chance to fix it. Today was his last day. Soon, he got the news – he had reached the summit of scouting.The rank of Eagle.last_img read more

News story: Universities Minister pledges to transform student choice

first_img AccessEd Ltd. – ThinkUni app: a “personalised careers assistant” on mobile, laptop or tablet Course Match Ltd. – Coursematch app: an app with a swipeable interface MyEd Ltd. – UniPlaces: an innovative, web-based compatibility checker tool The Profs – That’s Life: a web-based tool that gamifies university and career choices UNI4U Ltd. – a web-based tool which will match students to their ideal university Going to university is one of the single biggest investments a person will make in their lifetime and it is absolutely vital that everyone has the information they need to make the right decision. We’re publishing over half a million cells of data showing graduate outcomes for every university – more than has ever been published before. What you study and where you study really matters, and these new digital tools will highlight which universities and courses will help people to reach the top of their field, and shine a light on ones lagging behind – levelling the playing field for every prospective student. This is the start of an information transformation for students, which will revolutionise how students choose the right university for them. I want this to pave the way for a greater use of technology in higher education, with more tools being made available to boost students’ choices and prospects. Sam Gyimah launched a £125,000 competition earlier this year for companies to develop apps and digital tools so student outcome data can be put at the fingertips of students.At a showcase event held on 1 November at Imperial College London, the Universities Minister unveiled the final five prototype apps and websites from this competition, and announced that two of those finalists will receive an additional £150,000 each to develop their design into a final product.The Minister met the five finalists, made up of tech companies and coders from across the UK, to test their prototype apps along with prospective students.The five tech companies are: This funding is part of the Universities Minister’s drive to provide transparency for students and boost quality – offering accessible measurements of data that matters to students, and exposing courses that are lagging behind.Research published by the government in June 2018 showed that what students study and the institution really matters to their future life chances. In many other areas of life, from utility bills to hospital care, technology has put better information at our fingertips. These new tools will help enable a similar revolution in transparency in Higher Education.This is part of a wider revolution in transparency in Higher Education data – the government is already publishing a wide range of data including likely earnings, employability, and teaching quality at universities, also known as TEF. Sam Gyimah now wants to make it even easier for young people to use information like this to help them choose where to study. The Universities Minister has pledged to open students’ eyes to the range of different outcomes being delivered by universities to help them make the best choice about where and what to study. It follows research that reveals how studying the same subject at a different institution can significantly affect future earnings and career prospects.Sam Gyimah is leading an ‘information transformation’ through the development of new digital tools and mobile apps so every prospective student, whether they are from a disadvantaged background or the first in their family to attend university, has the same access at their fingertips to the different outcomes provided by different institutions.Analysis by the Institute for Fiscal Studies shows that women who study one of the 100 courses providing the lowest economic returns have earnings up to 64% (approximately £17,000) less than the average degree after graduation. For men, this can be up to 67% (approximately £21,000). The Universities Minister wants to make it easy for students to find out which degree courses at which institutions could offer them better prospects in the future.The new technology will level the playing field for the most disadvantaged students, who often receive no help or encouragement on university choice, so they can understand the life-changing impact a degree from the right university can have on their future.The government is publishing a record amount of data on universities and their differing outcomes, and the Universities Minister is committed to making sure everyone has the information they need to make the right decision for them – the new mobile apps and digital tools will put this information directly into the palms of their hand.Universities Minister Sam Gyimah said:last_img read more

Listen To This Beautiful Reinvention of Kendrick Lamar’s “King Kunta” By Sudan Archives

first_imgLooking for some late-night grooves? Look no farther than vocalist/violinist/looping specialist Sudan Archives‘ 2016 video. The Ohio-native 22-year-old takes Kendrick Lamar‘s hit track “King Kunta”, from his Grammy-nominated 2015 album To Pimp A Butterfly, and makes it her own, breaking down the beat and singing the lyrics in her sultry tone as “Queen Kunta”. She even throws in some familiar classical melodies, for those paying attention. Check out the video below:Sudan Archives is currently working on her debut album for Stone’s Throw Records.[via okayplayer]last_img read more

The economist who connected across politics

first_imgMartin Feldstein ’61, a towering figure in economics who advised presidents across political boundaries and helped develop public economics as an empirical science, died Tuesday at age 79. He taught at Harvard for five decades.Generally known as Marty, Feldstein was the George F. Baker Professor of Economics and president emeritus of the National Bureau of Economic Research (NBER), which he headed for nearly 30 years, from 1977 to 1981 and from 1983 to 2008. At the helm of the bureau, Feldstein championed empirical research on economics because he believed it could improve society and make a difference in people’s lives.A strong believer in low taxes, limited regulation, and fiscally responsible policies, Feldstein was one of the most prominent economists of his generation, not only because of his trailblazing research on taxation and social insurance programs but also because of his ability to work effectively with Democrats and Republicans alike.Feldstein was President Ronald Reagan’s chief economic advisor in the early 1980s and served on the President’s Foreign Intelligence Advisory Board under George W. Bush and on the President’s Economic Recovery Advisory Board under Barack Obama.Jeremy Stein, chair of the Economics Department and Moise Y. Safra Professor of Economics, praised Feldstein’s aptitude for working across the political aisle.“Marty was the preeminent bridge-builder in the economics profession, someone who did more to bring people and ideas together in a congenial way than just about anyone else,” said Stein in an email to faculty and staff. “It’s an extraordinary legacy.”At Harvard, Feldstein taught Ec 10, the introductory course in economics and one of the College’s most popular undergraduate classes, from 1984 to 2005. Some of his students became influential policy economists themselves, including Larry Summers, President Bill Clinton’s Treasury secretary, Jeffrey Sachs, an authority on economic development and poverty, and Raj Chetty, known for his groundbreaking work on economic and racial inequality. Rep. Kennedy advocates a new economic agenda that addresses the needs of embattled workers A man of boundless energy, Feldstein hadn’t taken a sabbatical since 1984, when he returned to Harvard after serving in the Reagan administration, said Liebman, who co-taught Ec 1420, “American Economic Policy,” with Feldstein for the past 18 years. Feldstein often taught three classes each semester: “American Economic Policy,” undergraduate public economics, and graduate public economics. Several times during the semester, he would teach three classes on a Monday, fly to China or Europe for meetings, and then teach three classes on Friday, said Liebman.Feldstein authored more than 300 research articles and numerous columns for The Wall Street Journal, The Financial Times, and other publications. In 1977, he received the John Bates Clark Medal, awarded by the American Economic Association to the economist under 40 who has made the most significant contributions to the field. He had graduated from Harvard in 1961 and received a Ph.D. from Oxford University in 1967.For Harvard Provost Alan Garber, who also studied with Feldstein as a Ph.D. candidate, his influence was profound in the area of applied economics, which uses economic theories in business, finance, and government.“Nobody did more to shape applied economics in the past half-century,” said Garber.Garber also recalled Feldstein’s role as a mentor to many of his students, as they became “students for life.”“Marty, who had declined admission to medical school himself, first advised me when I was an undergraduate considering both medicine and economics as careers,” said Garber. “Subsequently he served on my dissertation committee. When I was about to become a faculty member, he helped direct me toward research on aging, which became a major focus over the years that followed. And in his role as president, he appointed me as director of the NBER’s Health Care Program.”His colleagues considered Feldstein a role model personally as well as professionally.“He was kind and generous,” said Jason Furman, professor of the practice of economic policy at the Kennedy School. “He advocated hard for the public policies he believed in, but taught, mentored, and advanced people without regard to his own views. He felt it was just as important to explain economic policies as it was to develop them.”Feldstein’s studies of real-world policy challenges ranging from economic growth and employment to health, savings, and national security were unparalleled, said Graham Allison, Douglas Dillon Professor of Government at the Kennedy School.“He invented the field of the economics of health,” said Allison, who bonded with Feldstein when they were students at Oxford. “In the past decade, he was exploring the economics of national security — teaching a seminar that had half Ph.D. students from the economics department and half Kennedy School military and security professionals. To every issue, he brought a fair, open, rigorous, ruthlessly analytic mind. And he called conclusions as he saw them — even when they ran contrary to the conventional wisdom of Cambridge.” The Daily Gazette Sign up for daily emails to get the latest Harvard news. Sharing tributes on social media, Feldstein’s former students recalled his generosity and dedication as a teacher and the pivotal role he played in their careers. Jeffrey Liebman, the Malcolm Wiener Professor of Public Policy at the Harvard Kennedy School, was a Ph.D. candidate under Feldstein in the ’90s. In an email to the Gazette, Liebman recalled Feldstein urging his students to conduct economic research by paying attention to people’s motivations, rather than abstract economic models, by getting out of the office and classroom and interacting with economic actors.“When I was writing my thesis, I was having trouble making sense of some quantitative results,” said Liebman. “Marty said, ‘Jeff, you aren’t studying fish. Go out and interview some real people about how they are making their decisions.’ By teaching us to think hard about how government policies like taxes and social insurance programs affect individual behavior, Marty has had an extraordinary impact on economic policymaking and economic prosperity around the world. [Paul] Samuelson and [James] Tobin made us all Keynesians. [Milton] Friedman made us all monetarists. Feldstein turned us all into supply-siders.” “When I was writing my thesis, I was having trouble making sense of some quantitative results. Marty said, ‘Jeff, you aren’t studying fish. Go out and interview some real people about how they are making their decisions.’” — Jeffrey Liebman, Malcolm Wiener Professor of Public Policy at the Harvard Kennedy School For Feldstein, economics was “a calling,” said Summers in a tribute piece he wrote for The Wall Street Journal, “never an intellectual game or a political tool.” Summers was a sophomore when Feldstein hired him as a research assistant. He took Ec 10 with Feldstein, “the best economics course” he ever took. Former New York mayor and philanthropist urges grads toward ethical business practices Bloomberg extols ‘moral leadership’ at Business School Related “He decided to take a chance on hiring as a research assistant a disheveled college sophomore,” said Summers, Harvard’s Charles W. Eliot University Professor and University president emeritus. “I saw working for him what I had not seen in the classroom — that rigorous analysis and close statistical analysis of data could lead to better answers to economic questions and that the result could be better lives for millions of people.” A call for a kinder capitalismlast_img read more

Duke Energy Asks Customers to Foot Bill for $646 Million Loss as Another U.S. Nuclear Project Is Abandoned

first_imgDuke Energy Asks Customers to Foot Bill for $646 Million Loss as Another U.S. Nuclear Project Is Abandoned FacebookTwitterLinkedInEmailPrint分享Charlotte Observer:Duke Energy said it plans to abandon construction of a nuclear station near Gaffney, S.C., and that it wants customers to pay about $636 million for the scrapped project.Charlotte-based Duke requested Friday that state regulators allow cancellation of its Lee nuclear station, citing in part this year’s bankruptcy filing by nuclear-reactor supplier Westinghouse, the primary contractor on the project. In its request to the North Carolina Utilities Commission, Duke said the risks and uncertainties of starting construction on the project “have become too great” and that cancellation “is the best option for customers.Duke’s decision to abandon the Lee plant comes after two other utilities, South Carolina Electric and Gas and its partner Santee Cooper, recently halted construction on the V.C. Summer nuclear project near Columbia because of high costs, low demand for energy and Westinghouse’s bankruptcy. Westinghouse this week announced furloughs and layoffs for workers in Charlotte and South Carolina.More: Duke wants customers in Charlotte, elsewhere to pay $636M for abandoned projectAssociated Press:In a separate filing Friday, Duke Energy admitted it blew past a $120 million cap the North Carolina regulatory commission set in 2011 for the state’s ratepayers. Duke Energy Carolinas admitted it has incurred $332 million trying to build the Lee nuclear plant, and said it didn’t need to clear with regulators that it was exceeding the cap.The utility “respectfully asserts that is not required to request that the Commission review the Company’s decision to incur project development cost,” the company’s filing said.Considering how far along Duke Energy Carolinas was in the process of getting a federal operating license for the nuclear plant, it would have been unreasonable to suspend these efforts once the company hit the cap. Besides, Duke Energy said, it kept the commission informed in semi-annual reports, implying regulators had a chance to object before now.David Drooz, the top state lawyer representing utility consumers, said his office would study the details of Duke Energy’s arguments and take a public position later.State regulators should carefully examine Duke Energy’s bill for the Lee nuclear plant and push the company toward more use of renewable energy, said Peter Ledford, an attorney with North Carolina Sustainable Energy Association, an advocacy group.“Lee Nuclear has never, and now will never, generate a single watt of electricity, whereas their investments in solar are providing ratepayers with consistent energy generation,” he wrote in an email. “This clean and affordable resource does not have the same construction and fuel risks associated with coal, natural gas, or nuclear.”More: Duke Energy scraps SC nuke plant, seeks higher power rateslast_img read more