<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[Microfounded]]></title><description><![CDATA[An infovore on a quest for discovery: writing about economics, the social sciences, culture, AI, philosophy, and more.]]></description><link>https://www.ciaranmarshall.co.uk</link><image><url>https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png</url><title>Microfounded</title><link>https://www.ciaranmarshall.co.uk</link></image><generator>Substack</generator><lastBuildDate>Mon, 13 Apr 2026 05:52:08 GMT</lastBuildDate><atom:link href="https://www.ciaranmarshall.co.uk/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[Ciaran Marshall]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[microfounded@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[microfounded@substack.com]]></itunes:email><itunes:name><![CDATA[Ciaran Marshall]]></itunes:name></itunes:owner><itunes:author><![CDATA[Ciaran Marshall]]></itunes:author><googleplay:owner><![CDATA[microfounded@substack.com]]></googleplay:owner><googleplay:email><![CDATA[microfounded@substack.com]]></googleplay:email><googleplay:author><![CDATA[Ciaran Marshall]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[My postmodern defence of truth]]></title><description><![CDATA[Postmodernists are correct that truth depends on meaning yet meaning does not arise arbitrarily]]></description><link>https://www.ciaranmarshall.co.uk/p/my-postmodern-defence-of-truth</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/my-postmodern-defence-of-truth</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Fri, 10 Apr 2026 14:41:06 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.theologie.uzh.ch/dam/jcr:ffffffff-fbd6-1538-0000-000070cf64bc/Quine51.pdf&amp;ved=2ahUKEwjgq_H3s-OTAxVfdUEAHdE6Hk0QFnoECDwQAQ&amp;usg=AOvVaw1evwIYN0r2uDwIYT9pGTXV">Quine famously</a> attacked the very concept of an analytic vs synthetic distinction. Analytic statements are tautologies - true by definition. For instance, &#8220;all bachelors are married&#8221;, &#8220;all triangles have three sides&#8221;, and &#8220;2+2=4&#8221; fall within this category. Meanwhile the truth values of synthetic statements depend on whether such values correspond to the actual state of the world. A prime example would be &#8220;all bachelors are unhappy&#8221;. </p><p>If a statement is true by definition, then it poses the question of what counts as a formal definition, and what makes such correct. This is not so clear cut. The convention is to use the standard rules of deduction given by propositional and first-order logic, whilst performing that arithmetic with the Boolean values to test whether the final statement is tautological. Remember your introductory logic class at college/university? However, the law of the excluded middle and double negation remain contested rules, and alternative logic systems such as intuitionist or G&#246;del logic have arisen as answers to such debates. Therefore the validity of a definition rests in part on our subjective assumptions on which set of deductions are valid.</p><p>Quine's solution is that knowledge and truth operate on an underlying web of connected beliefs over truth values and definitions. If our beliefs are revised, then the analytic statement no longer remains analytic. For instance, suppose that we suddenly change the law and redefine the very concept of a bachelor. Or we use an entirely different group (e.g. modular arithmetic) for our daily calculations. Then &#8220;all bachelors are unmarried&#8221; or &#8220;2+2=4&#8221; no longer become analytic. The former depends on our definitoon of bachelor. The latter becomes (2+2)mod1 = 4mod1 = 0, if we want our formal system to always return an empty value for any inputs, and use mod 1 arithmetic to achieve this. So in principle there are no a priori formal restrictions on what counts as truth. Truth is endogenous to our use of language. </p><p>A more grounded example is that if an object is uniformly red, this is incompatible with it being uniformly black. However black-and-white photography uproots this entire statement. Perception of colour depends on our mental states, which introduces some degree of subjectivity. The sorts of questions raised via discussions of qualia and our consciousness (for instance, is my red your black?) also undermine the notion that this is an analytic statement.</p><p>All of this sounds rather postmodernist. Yet neither is Quine nor I rejecting the very existence of objective truth. It does not follow that, because we lack a fixed and uncontested formal system and set of definitions to define truth ex-ante, objective truth per se does not exist. Our belief systems do not just arbitrarily arise out of thin air, yet are connected deeply to the reality under which the world operates and we live in. This must be the case for our beliefs and languages to yield any sort of utility. We define a concept of a bachelor as our legal and social institutions rely on such a distinction being made. We use base 10 as opposed to modular arithmetic, as we obviously need to count physical objects as they exist around us. Perception introduces a wedge between the mind and objective reality, yet survival relies on either a highly accurate approximation of reality or the ability to accurately perceive most of reality. If my green is your blue, then as long as us two independent observers agree that it is the same colour, then this is the best we can expect when definiting what counts as objective reality? If subjective perception does not generate meaningful variation in observations, then we have just introduced meaningless circularity that for practical purposes do not add to any understanding of our world, so can be erased.</p><p>In general, Tarski sought to overcome this very epistemic relativism. Truth is to be defined via correspondance with a formal system and a meta-system that holds the Boolean values consistent with empirical reality. The beauty in this correspondence is that the very concept of an analytic definition is preserved. We also eliminate any concerns over our use of the excluded middle and so on. If our tautologies and our truth values given by classic logic correspond with our meta-language as given by our beliefs and those truth values, then the distinction very much holds. In this sense, I subscribe to Hilary Putnam's solution to the dilemma.</p><p>Likewise, as Donald Davidson advocates, if truth is conditional on our semantic meanings, then we only need to know such semantic meanings to determine whether a statement is analytic. For instance, I only need know what the term &#8220;bachelor&#8221; means, in tandem with some fluency in English, to know that &#8220;all bachelors are unmarried&#8221;. In a sense, a semantic interpretation of meaning is sufficient for our meta-language.</p><p>What determines semantic meaning? The utility of our words as they correspond to the reality in which we operate in. Postmodernists are correct that meaning is ascribed by ourselves and our societal institutions, as opposed to just arising, yet such meaning yields a vital connection to reality. Even if truth is dependent on meaning, this should not be stretched to imply that objective truth does not exist.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[April 2026 links]]></title><description><![CDATA[This is actually a good endorsement of economics and political science. Also notable that to the extent the results do fail robustness or replication exercises, the standard errors as opposed to effect signs or magnitudes tend to be impacted.]]></description><link>https://www.ciaranmarshall.co.uk/p/april-2026-links</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/april-2026-links</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Thu, 09 Apr 2026 18:41:04 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<ol><li><p>This is actually <a href="https://x.com/i/status/2039372719947657465">a good endorsement of economics and political science</a>. Also notable that to the extent the results do fail robustness or replication exercises, the standard errors as opposed to effect signs or magnitudes tend to be impacted.</p></li><li><p><a href="https://arxiv.org/abs/2603.28627">Quantum computing is on the path to commercial scalability</a>.</p></li><li><p><a href="https://x.com/i/status/2039047020518707318">Why cannabis hurts brain volume less than we think</a>. As tobacco is a mild stimulant, many consider it a nootropic, which could explain the muted toll on the brain to a lesser extent the cumulative physical health costs might otherwise imply.</p></li><li><p>Why economists <a href="https://x.com/i/status/2039058130554724644">agree with AI researchers</a> that this could be the most transformative technology since at least the industrial revolution.</p></li><li><p>An argument in favour of endogenous growth theories <a href="https://x.com/i/status/2038403133840433385">that focus on human capital</a> rather than spillover effects?</p></li><li><p>&#8220;<a href="https://x.com/i/status/2037832066138624314">Did Paul Mccartney peak after The Beatles</a>?&#8221;</p></li><li><p><a href="https://x.com/i/status/1898893364256297178">Reporting heterogeneity must be assumed a priori for all cross-country comparisons</a>.</p></li><li><p><a href="https://x.com/i/status/2037261635551887660">Publication bias in the discrimination literature</a>. Not surprising&#8230;</p></li><li><p>&#8220;<a href="https://x.com/i/status/2037270166115872776">Direct evidence for negative fertility implications of the educational rat race</a>&#8221;.</p></li><li><p>On <a href="https://x.com/i/status/2036540715807695278">how to carry antiprotons</a>.</p></li><li><p>A lesson in how bottlenecks in the coordination of tasks within an occupation <a href="https://x.com/i/status/2036245912628912132">can generate substantial complementarities</a> for AI and labour as inputs.</p></li><li><p><a href="https://x.com/i/status/2033955718072512517">Even research questions can now be automated</a>. At what point do we expect autonomous AI agents to establish rival academic institutions and networks.</p></li><li><p><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6440018">Deregulation boosts "investment, productivity, stock prices, profits, and GDP". Industry-specific shocks "boost industry-level stock returns", so deregulation may impact "incumbent profitability and operational efficiency more than competitive entry."</a></p></li><li><p><a href="https://www.nber.org/papers/w34986">New work</a> is disproportionately enacted by the young and educated at a premium. The fact that employment and premiums respond to demand shocks means this is not coincidence. "By generating new domains of human expertise", they increase employment.</p></li><li><p>A neat means to isolate the magnitude of diagnostic drift - via <a href="https://x.com/i/status/2035798295558095188">a meaurable neurophysiological reciprocal</a>.</p></li><li><p>The <a href="https://x.com/i/status/2035381679708062027">case for the decentralisation of knowledge production.</a></p></li><li><p><a href="https://x.com/i/status/2034626686201852145">Most rich countries produce miniscule levels of plastic pollution.</a></p></li><li><p><a href="https://x.com/i/status/2034706629908664352">Dynare 7 for HANK!</a></p></li><li><p><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6191618">"Traders with above-random accuracy earn negative returns because they arrive late and pay unfavorable prices; traders with near-random accuracy profit through superior execution."</a></p></li><li><p>Plausible that Brexit ends up producing sinilar growth dynamics to some endogenous growth theories such as Lucas 1988. An initial shock harms output, yet raises growth in the long-run. <a href="https://x.com/i/status/2034311986574410142">Increasingly Brexiteers have been proven right on regulation</a>, which matters in these debates.</p></li><li><p>How <a href="https://x.com/i/status/2034245424731594865">deep learning</a> could resolve the computational constraints to DSGE estimation?</p></li><li><p>Debunk economics misinformation <a href="https://x.com/i/status/2033944747409080819">here!</a></p></li><li><p>&#8220;<a href="https://x.com/i/status/2033597122952438094">Sonnet 4.6 prefers autocorrelation and level OLS. Opus 4.6 likes to choose variance ratios and log OLS. Your research results might depend entirely on which LLM you use</a>&#8221;. So do not expect AI automation to resolve all the issues of emprical science just yet. Uncertainty in our estimates is always positive. However AI may still be <a href="https://x.com/i/status/2033701367165161477">less prone to false positives</a> than peer reviewers, suggesting their use in social science research will not disappear.</p></li><li><p>Even the <a href="https://x.com/i/status/2034071186267603383">Amish use washing machines</a>.</p></li><li><p><a href="https://x.com/i/status/2033971342614401531">Is vegetarianism the latest longevity fad?</a></p></li></ol><p></p>]]></content:encoded></item><item><title><![CDATA[A theory of moral complementarity]]></title><description><![CDATA[What Hinduism can teach us about modern debates in ethics]]></description><link>https://www.ciaranmarshall.co.uk/p/a-theory-of-moral-complementarity</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/a-theory-of-moral-complementarity</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Thu, 09 Apr 2026 14:03:43 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><strong>What Hinduism can teach us about modern debates in ethics</strong></p><p>I'm currently reading the Mahabharata and the Ramayana. What strikes me about the former is the extent to which even the protagonists engage in Machiavellian and seemingly amoral conduct. I view this as a tale in the pitfalls of strict deontological rules. In this sense, dharma pioneered (without explicitly defining or formalising the concept) utilitarian and consequentialist ethics. Unlike most other faiths, the inherent tradeoffs plaguing any moral decision are emphasised ex-ante. An alternative interpretation is that the main lesson is the inevitability of evil and suffering in life despite the best intentions of most, which grounds the tale firmly as a class in human nature.</p><p>If the Mahabharata, via myth and literary masterpiece, outlined our core moral theory, the Ramayana introduced the ingredient of virtue - the necessity of acting based on our morals even in the face of adversity. Hindus recognise the main flaw in utilitarianism: a vague consequentialist framework can easily be manipulated for self-serving, as opposed to ethical, purposes. It's very easy to argue that one's selfish decisions are motivated for the good of the overall community, if preferences are unknown to the individual.</p><p>Yet this introduces the question: how do we know if we're truly acting virtuously with courageous endeavour, rather than falsely believing such or rationalising ulterior malicious motives? If dharma is context-dependent and consequences unknown, haven't we just reintroduced the very moral relativism we sought to avoid? Surely we return to the very rigid deontological constraints that the Mahabharata subtly warned us about? </p><p>This is where the roles of myth, storytelling, and faith enter our human universals. Whilst lacking in epistemological or logical rigour, <a href="https://open.substack.com/pub/microfounded/p/occultism-as-a-secular-alternative?utm_source=share&amp;utm_medium=android&amp;r=56swa">these heuristics provide a parsimonous framework on how to act</a>: in our daily lives, for life's inevitable tragedies, and our most difficult decisions where we may otherwise be paralysed by our conscience. The lack of logical consistency, if we accept from G&#246;del the inherent tradeoff between consistency and parsimony, tends to avoid the costs of following deontological instructions to the expense of our welfare. Yet a broad set of heuristics, that can be broken in special cases (highlighted in the canon and the evolution of its interpretations through time), focuses on optimising utility on average as opposed to each and every case. Often the focus on imitating role models - the main prophets of the Abrahamic faiths, Aurelius for the stoics, and the &#252;bermensch of Nietzscheans - adds emotional relevance through empathising with our plights and inspiring us to be our best selves. By placing ourselves within their shoes and asking &#8220;what would they do?&#8221;, with the famous myths corresponding to a particular dilemma salient in our minds, the ethical decision becomes apparent. For dharma, we introduce Rama for this very purpose.</p><p>An underrated reason for the existence of role models that now occured to me, just as I write this sentence right now, is that they provide the motivation to act more altruistically and self-sacrificing on the margin. Effective altruists and the underlying philosophical inspiration from Singer's drowning child advocates for effectively ceding our utility functions to an empirical calculation of our spending and lifestyles to maximise our philanthropic impact regardless of our own desires. Yet this is obviously blank-slateist. Nonetheless, more self-sacrifice on the margin clearly can be Pareto efficient: this thesis is implicit from prisoner's dilemma games and the free-rider. Economics emphasises the role of institutions and mechanism design to induce less free-riding. Our moral guidance from the legendary classics and our heroes is another means, grounded in our primate emotions, that for the entirety of civilisation we achieve this.</p><p>One could also consider the Mahabharata as a positive theory of morality, and the Ramayana as a normative case for living a life of virtue. Utilitarianism emphases the former, and our intuitions grounded in human universals and our religious beliefs the latter. The former outlines the case, the latter grants it legitimacy via soliciting emotional acceptance. Ultimately, both actually can be considered <em>as complementary, as opposed to competing ethical perspectives</em>. If we accept this line of reasoning, then does modern philosophical discourse exaggerate the disagreements?</p><p><strong>Does the objectivity of morality imply virtue ethics?</strong></p><p>If this complementarity holds, then this lends credence to the notion of <em>morality as objective</em>. From a metaphysical idealist perspective, objective reality (the set of objects that can, in principle, be sensed by more than one independent observers) can consist of abstract as well as physical objects. Hence moral disagreements are concerned not with whether there exists a moral course of action, but rather what that action is. Rather than our debates revolving around the core ontology, they instead exist given the imperfect information that each moral actor holds, which thereby often prevents certainty in knowing what the moral decision is. </p><p>I think this objectivity and complementarity is demonstrated by the fact that almost all faiths, at all times and places they arose independently even when lacking contact with outside cultures, emphasise some concept of self-sacrifice or self-restraint for the moral good. Almost all have reproduced (Aristotelian) virtue ethics from first principles. What religion or moral ideal promotes the idea of being selfish and indulging oneself, even to the expense of your duties, self-maintenance, and your community? Although objectivists place little weight on the values of altruism, the intertemporal aspect of virtue is rewarded a central role. Restraint, delayed gratification, and the importance of duty, are all vital principles that objectivists live by. Even the Cyrenaics and the Epicureans valued some degree of virtue and altruistic behaviour, paradoxically as a means towards achieving individual hedonistic pleasure. Note that all of this is consistent with adopting a utilitarian and consequentialist approach to evaluating ethical tradeoffs, and that such does not imply relativism. In fact, many of the most famous utilitarian philosophers, such as Peter Singer, argue that utilitarianism implies the opposite, that morality is objective.</p><p>A reasonable conclusion to draw is that <a href="https://open.substack.com/pub/microfounded/p/hedonists-embracing-virtue?utm_source=share&amp;utm_medium=android&amp;r=56swa">virtue ethics</a>, <a href="https://open.substack.com/pub/microfounded/p/in-praise-of-hedonism?utm_source=share&amp;utm_medium=android&amp;r=56swa">the set of lifestyle philosophies emphasising</a> <a href="https://open.substack.com/pub/microfounded/p/in-defence-of-a-positive-discount?utm_source=share&amp;utm_medium=android&amp;r=56swa">low discounting</a> and altruism, can be considered a human universal. I have at times throughout the past advocated vociferously against attempts to reduce (via social stigma) the relative status of hedonism, and still consider this paternalistic sentiment to render most individuals worse off overall. The particular avocations of vice we stigmatise, and the magnitude of this social penalty, is not exactly correlated with the social harms such indulgence yields anyhow. At the margin, we could clearly do with less judging, and more of &#8220;live and let live&#8221; approach to the habits of others. However, concerning the total effect, the optimal level of belief in virtue ethics is probably nonzero. If such a philosophy has been replicated independently across distinct times and places throughout human history, and remained prevalent since, then a Burkean view on institutions considers such as facilitating our social and cultural wellbeing, and therefore is culturally and biologically adaptive. </p><p>However, an alternative interpretation is that these philosophies instead aim to spin the ubiquity of suffering in a positive light. Tragedy is instead framed as heroic glory, and a courageous pursuit of a higher virtue. By raising the relative status of suffering, not only are individuals more likely to sacrifice themselves for the good of their polity (necessary when war was so commonplace to in effect be our default state), but the cardinal costs such suffering imposes are alleviated. To an extent, the Stoics and Buddhists are right that some proportion of our pain is influenced by our emotional perception of it. Whilst such appeals to virtue may have dulled the pain of the Malthusian poverty characterising most of human existence, in an era of unprecedented abundance, should we not rethink the valorisation of tragedy? </p><p>Even I find the concept of virtue ethics intuitively appealing on aesthetics, yet this line of reasoning amounts to little more than &#8220;the vibes align with my emotional priors&#8221;. If virtue is indeed always in our self-interest, then why do lofty appeals to such prevail over binding contracts? Why do even self-enforced commitments to lifestyle changes tend to fail? When the incentives of committing to an ethical heuristic tend to fail, then should we update our normative views on its merits? The answer is that, as is the central lesson of game theory, that what is biologically and culturally adaptive hence socially optimal is not always consistent with individual optimisation. Therefore we design a set of social norms to coordinate this shift to the greater good. This is how human universals accelerate cultural and natural selection.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[Alien UFOs spotted?]]></title><description><![CDATA[Yes we should take Villarroel's findings seriously]]></description><link>https://www.ciaranmarshall.co.uk/p/alien-ufos-spotted</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/alien-ufos-spotted</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Sat, 04 Apr 2026 14:09:03 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><a href="https://x.com/DrBeaVillarroel/status/2039621764368527843">Recently we've seen</a> <a href="https://x.com/i/status/2036379674477998209">independent confirmation of Villarroel's findings</a>, <a href="https://x.com/i/status/2039734048436945238">with the latest out yesterday</a>. For those whom usually dismiss talk of UFOs as conspiratorial quackery (which I assume will be most of my readers), last year Beatriz Villarroel and coauthors parsed through the earliest astronomical images using modern algorithms optimising pattern spotting, and discovered transients in space observed pre-Sputnik, <a href="https://sciety-labs.elifesciences.org/articles/by?article_doi=10.21203/rs.3.rs-6347224/v1">correlated with reported UFO sightings</a>. <a href="https://www.researchgate.net/publication/394040040_Aligned_multiple-transient_events_in_the_First_Palomar_Sky_Survey">Here's the abstract</a>:</p><blockquote><p>&#8220;Old, digitized astronomical images taken before the human spacefaring age offer a rare glimpse of the sky before the era of artificial satellites. In this paper, we present the first optical searches for artificial objects with high specular reflections near the Earth. We follow the method proposed in Villarroel et al. (2022) and use a transient sample drawn from Solano et al. (2022). We use images from the First Palomar Sky Survey to search for multiple (within a plate exposure) transients that, in addition to being point-like, are aligned along a narrow band. We provide a shortlist of the most promising candidate alignments, including one with 3.9 sigma statistical significance. These aligned transients remain difficult to explain with known phenomena, even if rare optical ghosting producing point-like sources cannot be fully excluded at present. We explore remaining possibilities, including fast reflections from highly reflective objects in geosynchronous orbit, or emissions from artificial sources high above Earth's atmosphere. We also find a highly significant (&#8764;22&#963;) deficit of POSS-I transients within Earth's shadow when compared with the theoretical hemispheric shadow coverage at 42,164 km altitude. This deficit is still present though at reduced significance (~7.6 sigma) when a more realistic plate-based coverage is considered. This study should be viewed as an initial exploration into the potential of archival photographic surveys to reveal transient phenomena, and we hope it motivates more systematic searches across historical datasets.&#8221;</p></blockquote><p>In particular, the novelty in these findings is in <a href="https://academic.oup.com/mnras/article/546/2/staf1158/8221885">the methodology used</a> to test for possible UFOs. Rather than simply count all pre-Sputnik transients (vulnerable to measurement errors and interference, or random noise in the atmosphere<a class="footnote-anchor" data-component-name="FootnoteAnchorToDOM" id="footnote-anchor-1" href="#footnote-1" target="_self">1</a>), they exploited the geosynchronous orbit and isolated the effects of Earth's shadow. For any given orbit, we can calculate whether the Earth blocks sunlight at a particular point. If transients arise from <a href="https://open.substack.com/pub/overcomingbias/p/many-big-pre-sputnik-earth-orbit?utm_source=share&amp;utm_medium=android&amp;r=56swa">glints</a>, we should see far more transients in regions exposed to sunlight relative to within the shadow. </p><p>This is indeed the case, using the rate at which we'd expect transients in the same spot in the absence of shadow. As Robin Hanson noted, the discrepancy between this rate and actual observations (around 2/3) is roughly the same for two orbits at different radiuses, so our findings are consistent with the constraints from math. This discrepancy, from our calculations, also gives the expected number of transients that are glints.</p><p>Moreover, Hanson calculates (adjusting for advances in telescopes) that these are likely to be flat objects:</p><blockquote><p>&#8220;At GEO it would take an ideal ~22-35 cm diameter circle (perfectly flat, aligned, and reflective) to create a magnitude 15-16 image in these photos from a 0.04 sec glint. (Or so says ChatGPT5.) For magnitude 17-19, that changes to an ideal 6-14 cm circle. Objects less than perfectly flat, aligned, or reflective, or with shorter duration glints, would have to be larger. Objects close to Earth could have smaller areas due to that, but would also have to be larger due to closer objects orbiting faster.</p><p>Thus while today Earth sees ~1800 glints per hour off of the roughly ~1-2cm equivalent diameter ideal circle sized human satellites and debris, in the decade before Sputnik, the space around Earth generated ~340 glints per hour mostly from brief (&lt;0.04s) glints of sunlight off of at least roughly 6-14cm equivalent ideal circles. While this makes the older glint distribution seem different from today&#8217;s, note that the older telescope couldn&#8217;t see the fainter glints that today&#8217;s telescopes can see. So the two distributions might actually be the same.&#8221;</p></blockquote><p>Therefore we can plausibly rule out random atmospheric or measurement disturbances, at least at the distances involved. Whilst the possibility of these transients being <a href="https://x.com/i/status/2039811462017753188">cosmic ray flashes</a> is very much alive, the correlation with nuclear tests is consistent with alien civilisations subtly<a class="footnote-anchor" data-component-name="FootnoteAnchorToDOM" id="footnote-anchor-2" href="#footnote-2" target="_self">2</a> warning us about the existential risks involved for us and possibly extraterrestrial civilisation. On a more general note, it's useful to discipline our thinking by considering the incentives alien civilisations have to communicate with us in only a discreet manner - interpreted by (possibly) only top militaries. It seems odd that aliens wouldn't want to make themselves known right? Hanson<a class="footnote-anchor" data-component-name="FootnoteAnchorToDOM" id="footnote-anchor-3" href="#footnote-3" target="_self">3</a> arrives at <a href="https://open.substack.com/pub/overcomingbias/p/ufos-what-the-hellhtml?utm_source=share&amp;utm_medium=android&amp;r=56swa">similar conclusions to mine</a>, with an added emphasis on our likelihood of casting them in the out-group should they attempt peaceful communication<a class="footnote-anchor" data-component-name="FootnoteAnchorToDOM" id="footnote-anchor-4" href="#footnote-4" target="_self">4</a>.</p><p>Ergo if you accept these findings (it's worth noting that <a href="https://www.researchgate.net/publication/400237065_Critical_Evaluation_of_Studies_Alleging_Evidence_for_Technosignatures_in_the_POSS1-E_Photographic_Plates">some have failed to replicate Villarroel's results</a>, so admittedly the findings are noisy<a class="footnote-anchor" data-component-name="FootnoteAnchorToDOM" id="footnote-anchor-5" href="#footnote-5" target="_self">5</a>), the very high likelihood of these transients being glints pre-Sputnik should update your priors. What are the odds that these glint observations are timed coincidentially with reports or nuclear tests<a class="footnote-anchor" data-component-name="FootnoteAnchorToDOM" id="footnote-anchor-6" href="#footnote-6" target="_self">6</a>? </p><p>In any case, a reasonable base rate for our priors regarding the number of alien civilisations communication is possible with, is of course constrained by the Drake equation. Given the billions of stars and planets in the Milky Way, even tiny increases in the probability of extraterrestrial life (which nascent discoveries of biosignatures have confirmed<a class="footnote-anchor" data-component-name="FootnoteAnchorToDOM" id="footnote-anchor-7" href="#footnote-7" target="_self">7</a>) massively increases this number. Assuming heterogeneity in technological development, surely at least some yield the ability to communicate across multiple light-years? So why should our priors be that the number of suspected reportings are in fact alien UFOs are zero? In my view, the burden of proof rests on those that discount this possibility.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div class="footnote" data-component-name="FootnoteToDOM"><a id="footnote-1" href="#footnote-anchor-1" class="footnote-number" contenteditable="false" target="_self">1</a><div class="footnote-content"><p>The Palomar telescope used plates sensitive to both red and blue light, so electromagnetic dynamics could distort the observed findings).</p></div></div><div class="footnote" data-component-name="FootnoteToDOM"><a id="footnote-2" href="#footnote-anchor-2" class="footnote-number" contenteditable="false" target="_self">2</a><div class="footnote-content"><p>Subtle as to not generate future retaliation nor to be interpreted as signs of aggression. This hypothesis would be consistent with the classic military conspiracy where knowledge of aliens is silenced with stark penalties for whistleblowing, in order to not &#8220;alarm&#8221; the world or countries outside the military frontier.</p></div></div><div class="footnote" data-component-name="FootnoteToDOM"><a id="footnote-3" href="#footnote-anchor-3" class="footnote-number" contenteditable="false" target="_self">3</a><div class="footnote-content"><p>I dislike appeal to authority arguments, but with the &#8220;Great Filter&#8221; hypothesis, Hanson has made important advancements in astronomy as well as in economics. In this respect he's somewhat of a polymath, and an expert in this topic. Hence the existence of alien UFOs visible from Earth yields support from credible academic and scientific figures with the relevant credentials, not just the usual assortment of cranks and conspiracy theorists.</p></div></div><div class="footnote" data-component-name="FootnoteToDOM"><a id="footnote-4" href="#footnote-anchor-4" class="footnote-number" contenteditable="false" target="_self">4</a><div class="footnote-content"><p>Read the history of European discovery of the new world, and they weren't welcomed by indigenous civilisations either, even with trading opportunities and without forced conquest or slavery. Arguably entrenched popular opposition to globalisation (freer trade and migration) is itself a relic of our aversion to other civilisations.</p></div></div><div class="footnote" data-component-name="FootnoteToDOM"><a id="footnote-5" href="#footnote-anchor-5" class="footnote-number" contenteditable="false" target="_self">5</a><div class="footnote-content"><p>Notwithstanding the fact that &#963; rather than p-values is our test for significance here, which is a much higher bar.</p></div></div><div class="footnote" data-component-name="FootnoteToDOM"><a id="footnote-6" href="#footnote-anchor-6" class="footnote-number" contenteditable="false" target="_self">6</a><div class="footnote-content"><p>One hypothesis noted in the last paper I cited suggests that, given that telescopes don't observe on all days, the correlation arises from the fact that the observation schedule was coincidentially aligned with the dates of nuclear tests. Yet there's independent replication of this correlation too, suggesting some level of invariance once normalising for observation days?</p></div></div><div class="footnote" data-component-name="FootnoteToDOM"><a id="footnote-7" href="#footnote-anchor-7" class="footnote-number" contenteditable="false" target="_self">7</a><div class="footnote-content"><p>I forgot to hyperlink to my Substacks showing these findings. I can't seem to hyperlink on the edits, which requires going into the Chrome browser rather than the app. You can find the relevant links here: https://open.substack.com/pub/microfounded/p/what-i-have-been-reading-mid-september?utm_source=share&amp;utm_medium=android&amp;r=56swa</p><p>https://open.substack.com/pub/microfounded/p/what-i-have-been-reading-october?utm_source=share&amp;utm_medium=android&amp;r=56swa</p><p>https://open.substack.com/pub/microfounded/p/what-i-have-been-reading-mid-october?utm_source=share&amp;utm_medium=android&amp;r=56swa</p><p>https://open.substack.com/pub/microfounded/p/mid-december-2025-links?utm_source=share&amp;utm_medium=android&amp;r=56swa</p></div></div>]]></content:encoded></item><item><title><![CDATA[Occultism as a secular alternative to faith?]]></title><description><![CDATA[Esotericism stems from the impossibility of knowing everything about the universe and how it operates.]]></description><link>https://www.ciaranmarshall.co.uk/p/occultism-as-a-secular-alternative</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/occultism-as-a-secular-alternative</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Sun, 29 Mar 2026 15:07:55 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>Esotericism stems from the impossibility of knowing everything about the universe and how it operates. Straussianism is an inherent feature of the physical world. Reality is not only what can be empirically sensed. However, one can supposedly uncover these &#8220;hidden&#8221; meanings and phenomena via a subset of rituals that we refer to as occultism. These include practices such as magic, astrology, alchemy, contacting spirits, witchcraft, and so on.</p><p>Within occultism, there are a plethora of broad traditions. Hermeticism emphasises our divine transformation via gnosis (esoteric knowledge) as a path to revealing the hidden mechanisms of the cosmos. Kabbalah attempts to formalise esoteric theory and the interpretations of symbolic representations. The relationship with the neopagan faiths runs deep. Of course, occultism is defined just as much via practice and implementation as theory. Ceremonial magic explicitly seeks contact and alignment with supernatural forces via an elaborate set of rituals designed to achieve spiritual transformation. Thelema argues that we each have a hidden &#8220;true&#8221; purpose for our existence, and this defines the meaning of life - Thelemites tailor magic towards uncovering this individual meaning. Chaos magic is less dogmatic, and will borrow more heavily from established science.</p><p>Like rationalists (of the D&#233;scartes rather than the LessWrong tradition!), the idea that reality is only what we can sense is rejected. Where they differ is obviously via the manner in which they seek this knowledge. The former emphasises formal logical deduction and proof from axioms; the latter vague symbols and superstition, unfalsifiable rituals, and the &#8220;supernatural&#8221; as a residual for our ignorance. There are no prizes for guessing which epistemological framework I'm more sympathetic to! Despite this, an advantage of esotericism over rationalism is that it seems more aligned with those seeking a life meaning: guidance, often in the form of personalised ceremonial activities, on how to live. Moreover, modern science essentially relied upon occultist practices in its heyday. Chemistry would not exist without alchemy. Kepler was infamous for practicing astrology. Arguably, a focus on decoding hidden processes broke us out of the Dark Ages into the Enlightenment, by shackling us away from a dependence on God as the default explanation for everything. Modern science, via wildly different methods, also seeks to decipher hidden phenomena, if we consider &#8220;hidden&#8221; as synonymous with &#8220;unknown&#8221; in this context.</p><p>We can test the robustness of astrology as a theory of the universe via <a href="https://en.wikipedia.org/wiki/Astrodatabank?utm_source=chatgpt.com">tracking the accuracy of its predictions</a>. Once we account for sampling error, astrological predictions seem to perform no better than random chance (although an astrologer would argue that randomness is determined by some esoteric mechanism). Hence this entire epistemological framework is not only unfalsifiable, but cannot be justified via a Bayesian standpoint either. So what explains its continued popularity?</p><p>I'd argue that the widespread demand for this pseudoscience is grounded in the desire to seek a secular replacement for the meanings and practices that religious institutions provide. Science has not displaced religion, as science cannot answer how we should live life. Religion provides a ready-made template for practical ethics that can be applied throughout our daily lives, with celestial enforcement and a philosophy of meaning to incentivise the prosocial. A core cognitive bias is that we seek and accept nonrandom explanations for random phenomena or coincidences, which is why we're often susceptible to astrological predictions proving correct or supposed miracles and answered prayers. To a large extent, wishful thinking - the desire to place a positive spin on life's ubiquitous tragedies, suffering, and evils - also prevails<a class="footnote-anchor" data-component-name="FootnoteAnchorToDOM" id="footnote-anchor-1" href="#footnote-1" target="_self">1</a>. Then of course art and beauty is commonly motivated via the pursuit of a higher power - our cultural lives would be drastically inferior with the absence of religion.</p><p>Religion is increasingly being falsified, with claim after claim regarding metaphysics in the Bible being falsified, and hasty Straussian reinterpretations ex-post to maintain legitimacy via consistency with science. Nonetheless, it clearly serves a purpose in the advancement of our prosperity and a fulfilling life, so these superstitious institutions will never vanish. Faith, myth, and ritual, with the derived practices, are classic human universals. </p><p>Therefore, occultism is rising as a viable substitute. Indeed, practitioners of the occult seem to have learnt from the mistakes of established religions. Don't offer certain testable hypotheses that could be refuted in the future, but instead offer vague statements that can easily be interpreted to fit the facts. This is essentially the entire premise of astrology, which is why even devout atheists have an easier time accepting this philosophy. Moreover, occult practices also place an important emphasis on individual agency, so is compatible with the increasing demand for virtue ethics as exemplified via the nascent resurgence in stoicism. Plus unless you're in a literal cult, the demands for commitment and adherence are also a lot less rigid than established religions. You can essentially drop in and out, and take whatever belief you want, as you please. You cannot do this with religion.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div class="footnote" data-component-name="FootnoteToDOM"><a id="footnote-1" href="#footnote-anchor-1" class="footnote-number" contenteditable="false" target="_self">1</a><div class="footnote-content"><p>This is why I think the problem of evil misconceptualises the underlying theme regarding God's existence. Belief in God essentially relies on evil. Faith exists precisely to direct individuals away from evil. God provides an obvious psychological comfort blanket.</p><p></p></div></div>]]></content:encoded></item><item><title><![CDATA[Mid-March 2026 links]]></title><description><![CDATA[Dollar dominance is cyclical?]]></description><link>https://www.ciaranmarshall.co.uk/p/mid-march-2026-links</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/mid-march-2026-links</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Wed, 25 Mar 2026 19:46:04 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<ol><li><p><a href="https://x.com/i/status/2033166605429965009">Dollar dominance is cyclical?</a></p></li><li><p><a href="https://x.com/i/status/2033065724684677463">An AI agent to debate with</a>.</p></li><li><p><a href="https://x.com/i/status/2032922855357177900">The death of age gaps in relationships</a>.</p></li><li><p>&#8220;<a href="https://open.substack.com/pub/johnhcochrane/p/efg-review?utm_source=share&amp;utm_medium=android&amp;r=56swa">Hayek taught us long ago that it&#8217;s nearly impossible to determine what a price should be</a>&#8221;. Relevant for the literature on markups and monopsonies.</p></li><li><p><a href="https://x.com/i/status/2032750499129180393">Empirical support for FTPL?</a></p></li><li><p><a href="https://x.com/i/status/2033230847663342056">BMI is a good proxy for obesity</a>, despite what you want to think.</p></li><li><p><a href="https://x.com/i/status/2032152281680838907">A vaccine for dengue!</a></p></li><li><p>In other words, <a href="https://x.com/i/status/2031760829872300515">internet anonymity will soon be a crime in Britain</a>. Although AI makes this largely redundant anyhow, this is signalling more than that&#8230;</p></li><li><p>Institutional investors in housing are in fact <a href="https://x.com/i/status/2032141947708506579">a boon for social mobility</a>.</p></li><li><p>AI reduces the costs of debunking misinformation too, <a href="https://x.com/i/status/2032089607643209998">economics edition.</a> Then of course you also have Refine for researchers.</p></li><li><p>&#8220;<a href="https://x.com/i/status/2031533242877112719">Nutrition science is the area of science that's suffered the most in the replication crisis</a>&#8221;. Admittedly I never realised the replication crisis applied just as strongly to a physical science too. Obviously this imposes doubts on the validity of my entire longevity series, hence why I retracted it (theoretically I could've replicated each and every paper I cited, yet that would've been highly time-consuming). If I'm wrong, I'll never double-down: I admit graciously whilst changing my mind, and everything posted on this Substack is perpetually up for review as my epistemic habits mature or the literatures evolve. Another common criticism of that series was excessive citation of modest effect sizes (often via their reciprocals - implausible dosages required to generate the equivalent effect sizes in humans), so I'll be mindful of this going forward. In general, the reliance on using <a href="https://x.com/i/status/1994889039804268666">the model organism equivalent of toddlers</a> in the longevity field plagues the external validity of its claims; notably the calorific restriction results only hold as metabolic defects typical of early childhood clear.</p></li><li><p><a href="https://x.com/i/status/2030820935733825802">Hmmm</a>. I was suspicious that selection bias would undermine whatever findings came out of Aella's survey (name someone not terminally online whom has heard of her?). Can we take from this that sample size and balance on observables seems to be sufficient for representativeness?</p></li><li><p><a href="https://x.com/i/status/2030834046914228638">Well said</a>! If you asked me, &#8220;is there one person on Earth whom you wish to emulate?&#8221;, then Tyler comes close (teetotalism aside, which I wouldn't have even attempted were it not for him). Indeed, the primary goal of this blog is that when he dies and if MR goes along with him, that this Substack becomes a viable and suitable heir.</p></li><li><p><a href="https://x.com/i/status/2028849107180175541">But I thought multiculturalism was destroying the West&#8230;</a></p></li><li><p><a href="https://x.com/i/status/2030060225227805093">The extent to which voters' views are shaped by partisanship and vibes never ceases to amaze me to this day.</a></p></li><li><p><a href="https://www.nber.org/papers/w34547">This</a> is the best evidence I've seen on the causal link between poverty vs crime. RCT. Pre-registered. You don't get much better than this.</p></li><li><p><a href="https://x.com/i/status/2029471122127790511">Take synthetic control papers with a pinch of salt</a>. Note that this doesn't mean the methodology is entirely junk; it's a research direction that yields promise. Often there's no alternative to stimulating likely counterfactuals.</p></li><li><p><a href="https://x.com/i/status/2029795598740734240">Eid vs Bayram</a></p></li><li><p>As Ben Southwood <a href="https://x.com/i/status/2036749685600239862">mentioned earlier</a>, the British government has an unhealthy addiction to <a href="https://x.com/i/status/2029179561624182958">stealth taxes</a>.</p></li><li><p>On the ubiquity of <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5245652">insider trading</a>. Also worth mentioning that an underrated benefit of prediction markets is that they harness insider trading for social gain: by incorporating this information explicitly into prices, they allow for more efficient trades. There's no reason not to legalise them in Britain.</p></li></ol><p></p>]]></content:encoded></item><item><title><![CDATA[What Abundance and open borders supporters get wrong]]></title><description><![CDATA[A measured critique from a supporter of these policies]]></description><link>https://www.ciaranmarshall.co.uk/p/what-abundance-and-open-borders-supporters</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/what-abundance-and-open-borders-supporters</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Mon, 16 Mar 2026 17:49:22 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>Last Saturday, a major empirical result demonstrating agglomeration effects from density <a href="https://x.com/i/status/2032516074739274111">failed to withstand replication</a>. Indeed this mirrors the earlier infamous revisions to Hsieh and Moretti (2019) showing an abnormally large cost of housing regulations to economic growth. A few days ago, Tyler Cowen made a meticulous observation of the general equilibrium effects of land-use policy on social mobility and networks <a href="https://marginalrevolution.com/marginalrevolution/2026/03/some-simple-spatial-analytics-of-cape-town.html">in Cape Town</a>. All of this induced me to ponder about the reliability of the empirical microeconomic evidence for positive spillover channels, and agglomeration, exerting a positive impact on innovation and growth. </p><p>Our priors from <a href="https://open.substack.com/pub/microfounded/p/a-primer-on-economic-growth?utm_source=share&amp;utm_medium=android&amp;r=56swa">endogenous growth theory</a> still appear to be <a href="https://chatgpt.com/share/69b83174-ad34-800a-84a7-e75d4f6ba411">supported by the causal literature</a>. I would of course qualify with a distinction between density and proximity: more apartments in a taller block won't do much to impact innovation (if you've ever lived in one of these and a suburb, everyone knows you're far more likely to interact with neighbours in the latter than former!), yet being sufficiently close for regular face-to-face, and spontaneous interaction, appears to do so.</p><p>However, this raises an obvious tradeoff. Cape Town holds some of the most stunning natural scenery close to a major urban hub that one is likely to find. Natural beauty is nonrival, just as the positive spillovers of innovation are. Can this justify NIMBYism, and offset the welfare losses imposed via maintaining a semi public good?</p><p>To avoid plaigiarising ChatGPT's work, I implore you to read the entire chat, yet in most cases it's clear that NIMBYism exerts a negative cost to welfare. There's even a structural model to interpret the empirical literature and estimates (I would exercise the usual caution that one should with LLM generated work). However, in a few select cases, it's optimal to protect the natural environment in question from development [1]. </p><p>How one calibrates policy, political incentives, and urban planning to incorporate this is a subject for another day: the overrarching thesis that Abundance cannot neglect that there are legitimate [2] cases when local communities might decide to block a development. My first-best solution would be for wealthy philanthropists to protect the undeveloped bucolic habitat via purchasing the land. As we don't have a free-market in land ownership, we must settle for a second-best mechanism design of permitting rules, which inevitably involves some deliberative and collective involvement of third-parties. If YIMBYs are to maximise their popularity, they should find an incentive-compatible solution to streamline when a development can be blocked to protect an overwhelmingly popular public space or not. Yes, small yet vocal activist and bureaucratic interests should not take advantage of the decentralised and litigious nature of planning applications, yet their voice shouldn't be discarded altogether.</p><p>Moreover, the existence of land-use restrictions also changes the calculus on open borders [3]. The most convincing argument in favour of some immigration restrictions stems from Garrett Jones: mean national IQ matters for economic prosperity via institutional quality, immigrants maintain most of their culture and traits [4], so open borders will result in a decline in institutional quality via importing a high number of third-world migrants; exerting a negative effect on governance. British councils adopting what are, in effect, blasphemy laws, are testament to this hypothesis. Rising rates of urban knife crime in Britain - unusual in a context of otherwise declining crime of all types, is primarily a feature of black inner-city gangs, and can be partly explained via a rise in the black population. Previously, I would have critqued this highly compelling critique of open borders with the unduly wise skepticism that any alternative amounts to governments engaging in social engineering regarding demographics and labour markets, which is obviously suboptimal given the track record of central planning in any other circumstance. Most immigrants and their descendents don't commit crime, so just increase policing resources and sentences in line with any shift in immigration trends, if this is your concern. As the Gulf states show, one can maintain the overall quantity and quality of your innovation with an elite right-tail. Additionally though, there is another flaw in Jones&#8217; argument, grounded explicitly in land-use policy.</p><p>Here in Britain, it's common knowledge that minorities in major metropolitan centres perform much better on social mobility, as measured via all the usual means (for instance, going to university conditional on your parents not going, income and employment conditional on parental income, etc), than working-class whites in the North. Presumably, both groups start with a similar genetic endowment regarding IQ. In my view, this is convincing evidence that proximity to hubs of dynamism and progress facilitates mobility. This also substantially mitigates the concerns of immigration restriction advocates, as integration of the second and third generations is a lot more feasible than they think. Despite the noticeable nascent trend towards the hereditarian position on genetic inheritance of traits, environment still indeed plays a large role. Heritability of IQ is likely to be between 50%-60%, in line with most estimates for other traits: slightly below the twin studies estimates yet well above the molecular ones, which aligns neatly with <a href="https://open.substack.com/pub/microfounded/p/what-can-twin-studies-tell-us-about?utm_source=share&amp;utm_medium=android&amp;r=56swa">my perspective</a> <a href="https://open.substack.com/pub/microfounded/p/mid-december-2025-links?utm_source=share&amp;utm_medium=android&amp;r=56swa">on their</a> <a href="https://open.substack.com/pub/microfounded/p/what-i-have-been-reading-december?utm_source=share&amp;utm_medium=android&amp;r=56swa">respective biases</a>. Hence, there is a large scope for both environment and policy (most notably housing policy) to assist or derail convergence. <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://milescorak.com/wp-content/uploads/2018/12/becker-kominers-murphy-spenkuch-jpe-theory-intergenerational-mobility.pdf&amp;ved=2ahUKEwjupPDz-aSTAxU6a0EAHRyzNBMQFnoECCYQAQ&amp;usg=AOvVaw1SY6TzY7ywRezLcwx7LD6l">Becker's model of intergenerational inequality</a> formalises this, showing that outcomes are path-dependent on both initial genetic endowment and early environmental investments. This is also why there's a strong correlation between holding Abundance-pilled views and being a supporter of open borders, as both policy positions complement each other.</p><p>Regardless of my measured critique, it's abundantly clear that Abundance attracts attacks disproportionately from the low human capital participants in public life, as do attacks on open borders. If this wasn't the case, then why would Elizabeth Warren, a highly intelligent academic, calculate that pandering to somewhat conspiratorial myths that PE is driving up housing costs, will assist her popularity? More generally, the opposition to Abundance seems to be concentrated amongst the hard-leftist base that elected Mamdami, and is driving the Greens to overtake British Labour. Elite human capital theory previously highlighted how educational polarisation makes the centre-left relatively smarter, or at least incentivised not to be too stupid to hold onto the votes of educated people. </p><p>So how do we explain the rising prominence of economic illiteracy as a core focus of centre-left policy agendas, when previously things like rent control were at least marginalised to the fringes? I would argue that educational attainment is distinct from IQ. Their voter base are primarily the dissappointed graduates failing to command a substantial premium, or being economically squeezed. Especially given the likely erosion in the signalling value of many degrees given the expansion in higher education, it's far from obvious that these graduates are even on the right end of the IQ distribution. </p><p>If resentful graduates are indeed the future of leftist and liberal politics, and they succeed in raising the salience and relative status of economic illiteracy, then I fail to see how they're any preferable to the equivalent stupid zero-sum populists on the right. Leftists make us poorer via shackling the planning system, rightists via imposing invisible shackles to free movement. The very fact that neither of these burgeoning coalitions raise the smart critques of Abundance or open borders suggests that one should still support them, even if such support is qualified rather than unequivocal.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><ol><li><p>Even this likely overstates the costs of expanding high-density metropolitan areas. Despite the favelas, Rio De Janeiro is similarly as picture postcard stunning as Cape Town, as any reasonable observer with good eyesight will conclude.</p></li><li><p>In this case, welfare-improving in the utilitarian sense.</p></li><li><p>I've not put this through ChatGPT yet so lack firm estimates of the welfare calculation, yet the gains from open borders should at least be revised downwards.</p></li><li><p>Yes this is evidence in favour of high heritability estimates, and mostly genetic explanations for observed socioeconomic and behavioural differences between the races. Note that Jones&#8217; work leaves this assumption implicit, via using the IQ estimates derived from Lynn. Nonetheless, these track proxies <a href="https://open.substack.com/pub/microfounded/p/links-for-mid-january-2026?utm_source=share&amp;utm_medium=android&amp;r=56swa">correlate with IQ very well</a>, so Lynn's work (the most comprehensive effort at gathering international data on a crucial variable for everything we care about in the social sciences) is unfairly maligned; mostly by those with a deeply ideological and egalitarian blank-slateist agenda. Likewise, Jones is also notorious for showing that cross-country GDP differences can be accounted for by differences in technology stemming from a millennium ago.</p></li></ol><p></p>]]></content:encoded></item><item><title><![CDATA[March-2026 links]]></title><description><![CDATA[Around 15% of 16-24 year olds in Britain are jobless and not studying.]]></description><link>https://www.ciaranmarshall.co.uk/p/march-2026-links</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/march-2026-links</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Wed, 04 Mar 2026 18:38:25 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<ol><li><p><a href="https://x.com/i/status/2027976558397558972">Around 15% of 16-24 year olds in Britain</a> are jobless and not studying.</p></li><li><p>More confirmation of my demand-side theory of misinformation: the effects of changes to social media algorithms are <a href="https://x.com/i/status/2024565933642014910">not robust</a>. We complain about media bias, yet <a href="https://ijoc.org/index.php/ijoc/article/view/23816">we actively seek it</a>. The market is just providing what the consumers want.</p></li><li><p><a href="https://x.com/i/status/2028027776586965417">These covert tactics</a> remind me of how authoritarian regimes engage in transnational repression.</p></li><li><p>Likewise the notion that <a href="https://marginalrevolution.com/marginalrevolution/2026/03/new-results-on-the-economic-costs-of-climate-change.html">climate change</a> is a looming existential crisis seems inconsistent with people moving to places supposedly at risk of rising sea levels, even without insurance. Implied market activity suggests we're fine. The effects arise slowly, so plenty of time to adapt. Of course adaptation and mitigation decisions feature as costs in these models, yet opportunity costs are everywhere. Should my decision to dine out yesterday be counted as a cost to the cinema industry?</p></li><li><p><a href="https://x.com/i/status/2028044956930056374">Gen Z is embracing sobriety</a> (also I'd like to see these figures adjusted for the Muslim population). Use of most drugs has at least halved, with opiate use almost non-existent. Cocaine and horse tranquilizer use has doubled however, and I'd argue that coke is a substitute to amphetamines. Unlike in America, the market for prescription stimulants like adderall is also almost non-existent here (again charlie is the default).</p></li><li><p>A what point is it established that <a href="https://x.com/i/status/2027542377766834256">Russia is losing badly</a>?</p></li><li><p><a href="https://x.com/i/status/2026983676211319017">Complete pass through in levels may not translate to percentages</a>. It's crucial to get the basic conceptualisations correct.</p></li><li><p>This is <a href="https://x.com/i/status/2027158401210323272">how large the implications of crime policies are</a>. Our leaders can make our communities much safer if they really want to&#8230;</p></li><li><p><a href="https://x.com/i/status/1921388478761521549">It still is Mixue</a>.</p></li><li><p><a href="https://t.co/pwWoPdxXsC">Cool research design</a>. Maybe addiction to the screen is more costly than I thought.</p></li><li><p>We've seem unusually large figures for the economic costs of NIMBYism not withstand replication before, yet <a href="https://x.com/i/status/2025989569976361436https://x.com/i/status/2025989569976361436">even if the effect sizes are much lower</a>, permitting is still a substantial tax on housing.</p></li><li><p>AI is not featuring in the productivity statistics yet due to <a href="https://x.com/i/status/2027127930069897448">slow adoption</a>?</p></li><li><p><a href="https://x.com/i/status/1993936408416055711">Great thread</a> on heart disease. Ageing remains the primary risk factor, and standard pharmacological treatments successfully alleviate the condition. Cholesterol is less of an issue (due to statins), yet obesity and glycemia much more so.</p></li><li><p>Not my field, but what I can gather from <a href="https://www.nature.com/articles/s41586-025-09838-7#ref-CR1">this</a> is that you can improve the scalability of quantum computing by harnessing the properties of spin.</p></li><li><p>The fact that <a href="https://www.ft.com/content/35ff55e1-eed5-4391-8b49-5380f5897f24?shareType=nongift">fertility rates fluctuate over time</a> should give us cause for optimism?</p></li><li><p><a href="https://x.com/i/status/2026671702919241991">The middle gets squeezed once again!</a></p></li><li><p><a href="https://x.com/i/status/2026690425118142685">Ageing is bad for the brain</a>.</p></li><li><p><a href="https://x.com/i/status/2026371561855566122">The latest scapegoat</a> for unaffordable housing amongst the economic illiterates appears to be institutional investors.</p></li><li><p>HDI scores are also very similar <a href="https://x.com/i/status/2026302088423100429">between these countries</a>. Poland has a Southern European standard of living now. A tale in conditional convergence.</p></li><li><p><a href="https://x.com/i/status/2026328546738933780">Gene editing as a means to cure addiction</a>? Never occured to me until now, yet seems rather intuitive in hindsight.</p></li><li><p>Grade inflation: <a href="https://x.com/i/status/2026023711720317116">AI edition?</a></p></li><li><p>Most jobs bundle multiple tasks, some that cannot be automated. In addition, you may need to verify the AI output. <a href="https://x.com/i/status/2025928232856387841">These intra-job frictions affect the substitutability of AI</a> vs human labour.</p></li><li><p>The great awokening was <a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=67359">bad for shareholder returns</a>, which explains in part why it receded. Hopefully the corporate world will learn from this and remain neutral in today's moral panic. </p></li><li><p>Mental health conditions account for a large share of PiP claimants, which is a large factor as to why inactivity is so high here. Hopefully this'll be taken as <a href="https://link.springer.com/article/10.1007/s12207-025-09538-7">a sign to reform</a> the system?</p></li><li><p>"The Nigerian government implemented the Import Substitution Policy". So it's not dependence on external trade that's the root of <a href="https://businessday.ng/real-sector/article/nigerias-industrialization-fails-to-gather-steam-after-65-years/">Nigeria's problems</a>, but rather the usual statism that plagues Africa. Whether rents promote moral hazard amongst elites is a different question altogether though.</p></li><li><p>Buddhism maintains a pacifist reputation in large part due to <a href="https://direct.mit.edu/isec/article-abstract/49/4/119/130813/Monks-Behaving-Badly-Explaining-Buddhist-Violence?redirectedFrom=fulltext">lower coopting of states</a> than other faiths. In general, I do wonder why abrahamic faiths have been so successful at spreading, and cultivating institutional backing, relative to others.</p></li><li><p>About 1/5 of the Spanish population is foreign, yet Spain seems a relatively safe and peaceful country to me, and one of the fastest growing economies in the EU too. If critics of multiculturalism were right, we <a href="https://pablogguz.github.io/blog/pop-projections-esp/">wouldn't expect this</a>.</p></li><li><p><a href="https://x.com/i/status/2025899850965926273">Do ethnic minorities invest more in signalling</a> to compensate for statistical discrimination?</p></li><li><p><a href="https://x.com/i/status/2025697321476907154">Legalise prediction markets everywhere!</a></p></li><li><p><a href="https://x.com/i/status/2025661994578157602">AI is coming for the graduate premium</a> in all the other countries where it holds.</p></li><li><p><a href="https://www.nber.org/papers/w33797#fromrss">For lower-income groups</a>, the college premium has fallen outside the UK too. They're the greatest beneficiaries of gov subsidies for uni education, so I see this as evidence of the signalling channel dominating the human capital channel.</p></li><li><p><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6017054">Many authoritarians today deploy decentralised thugs</a> to do their bidding. Colectivos in Venezuela, Wagner and other mercenaries for the Sahel juntas, Putin and international organised crime groups. Does this help promote an image of populist legitimacy?</p></li><li><p><a href="https://x.com/i/status/2011456906691498240">Fantastic work DOGE</a>! Note that entitlements are a large part of why federal spending is so high in the first place.</p></li><li><p><a href="https://x.com/i/status/2024983599158550756">Genome sequencing beats Moore's law</a>.</p></li><li><p><a href="https://x.com/i/status/2024617656515777013">Almost everyone with liver disease either eats or drinks too much</a>. An entirely preventable tragedy with smart lifestyle choices. Don't be one of those people!</p></li><li><p>My theory on this is that social media is causing <a href="https://x.com/i/status/2024204164188840329">less but better matches</a>. Overall, probably a Pareto improvement.</p></li><li><p><a href="https://x.com/i/status/2024503215278993504">Dry counties are becoming a relic of the past</a>. Prohibition is no longer legally sanctioned, yet increasingly voluntarily endorsed.</p></li><li><p><a href="https://www.nber.org/papers/w34157">Yes this matches my priors exactly</a>. The fact that fertility is healthy amongst the Amish, ultra-Orthodox Jews, Mongols, Central Asians, and arguably US conservatives, means humanity will continue. The issue isn't extinction, but slower growth or innovation.</p></li><li><p>I wonder if much diagnostic drift is a function of <a href="https://x.com/i/status/2024157976966091072">diagnosing those with anxiety problems as autistic?</a> So what looks like high-functioning autism might be just social anxiety plus introversion in practice?</p></li><li><p><a href="https://x.com/i/status/2023892029139546243">Testosterone levels have not declined over time.</a></p></li><li><p>No taxation without representation: <a href="https://x.com/i/status/2023034829449675205">democracy started out as a libertarian project</a>.</p></li></ol><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p>]]></content:encoded></item><item><title><![CDATA[In defence of a positive discount rate]]></title><description><![CDATA[After the random and unprovoked battery I recieved by a group of men, in my (usually quiet suburban) neighborhood, I have reflected on the nature of anxiety.]]></description><link>https://www.ciaranmarshall.co.uk/p/in-defence-of-a-positive-discount</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/in-defence-of-a-positive-discount</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Fri, 20 Feb 2026 17:48:01 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>After the random and unprovoked battery I recieved by a group of men, in my (usually quiet suburban) neighborhood, I have reflected on the nature of anxiety. My anxiety level, elevated in the wake of the ambush, has now receded to its norm. Yet the fact that anxiety spikes AFTER the distressing event has already occurred, rather than before, suggests it's an irrational and useless phenomenon. If anxiety was protective throughout our evolution, then why do we feel fine until danger strikes? If anxiety helps us avoid danger, then this pattern is suboptimal.</p><p>Perhaps I am confusing anxiety, anticipation of harm or a negative future shock, with adrenaline. Very likely, the surge in levels of this hormone was necessary to hedge against pain from aches, and to promote a swift recovery. Yet it's precisely norepinephrine that's responsible for our endogenous &#8220;fight or flight&#8221; behaviours that characterise anxiety. Without this neurotransmitter, you cannot feel anxiety, although the reverse isn't true.</p><p>If this ex-post transitory surge in acute anxiety was linked to a meaningful change in the posterior probability of an adverse shock, then it can be justified. Yet you're much more likely to be harmed by crossing the road, or a car accident, than a random violent crime. You're much more likely to be a victim of violent crime on a booze-filled night out in a vibrant city-centre bar than on a quiet suburban street. Yet I engage in these activities on a regular basis, without any obvious hesitation. If anxiety was rational, these events rather than walking the streets alone should be more troublesome, yet my emotional concern is for the latter.</p><p>Therefore, anxiety is a profoundly irrational phenomenon uncorrelated with risk with little predictive power. Such biases are costly however, so rational agents seek to minimise them [1]. How does this apply to anxiety? Obviously, humanity's favourite intoxicant is consumed for this very purpose. The main mechanism via which alcohol produces euphoria is via reducing anxiety [2].</p><p>However, even abstracting from the rebound and alcohol's potential for physical or psychological dependence, I posit that <em>the lifetime costs of any alcohol consumption always outweigh its gains</em>. Fundamentally, alcohol is a depressant, thereby it hampers cognition. Given the importance of human capital both to individual <a href="https://open.substack.com/pub/microfounded/p/a-primer-on-economic-growth?utm_source=share&amp;utm_medium=android&amp;r=56swa">and societal outcomes</a> [3], this is not insignificant. Suppose we consider IQ as a constraint in a two-period model. In the first period, you can spend some points on getting drunk, or keep the points and invest in higher lifetime wealth (doing a productive activity). Next period, if you got drunk, your IQ returns to baseline. If you remained sober however, your lifetime wealth increases. Assume that wealth is utility, and you would be better off if you stayed on the wagon [4].</p><p>When we drink, we are in effect borrowing from our future utilities to increase our present utility. However, just as we borrow to finance purchases unaffordable to us with our present incomes alone, this borrowing is rational and justified. If we feel irrational anxiety, or any other temporary state of negative affect, and we borrow from a happier future, then this promotes our rationality. Just as with regular borrowing where you're broke if you rely on this, your mental and physical health (therefore your human capital) is depleted if you rely on liquor. Nonetheless, we don't condemn debt on the basis that some irresponsible individuals end up bankrupt, so neither should we condemn drinking or any other activity in which a positive discount rate is involved. Consider time discounting as the <em>intertemporal substitution of utilities</em>.</p><p>My conception of time discounting as intertemporal substitution makes sense once you consider <a href="https://chatgpt.com/share/699896cf-8b18-800a-903e-ad61d30bb6ab">how you distinguish time preference from intertemporal consumption</a>. Credit constraints render a bias towards present consumption obvious, yet why should we call one intertemporal substitution along a utility function, and the other time preference, just because of one constraint? Empirically, you're generally unaware of one's financial situation, so you cannot easily make this distinction. Sure, HANK modelling is more structurally identified due to this separation, yet this is precisely what I called mathematical sophistry to fit the data. Ontologically, I think both are just different means to state the same thing, that we hold preferences relating to time and when we want to consume. </p><p>Perhaps models that do not explicitly microfound this as an intertemporal tradeoff, or require an extra parameter for discounting to fit the data, are bad models. Yet dynamic game theory relies on time discounting. Positively, discard the discount rate, and we lose many insights regarding how and why agents cooperate. Normatively, any weighting of the future less than the present could be considered as undermining growth via reducing physical and human capital accumulation. Yet it's plausible that recessions cause scarring. More present-minded individuals yield higher mpcs, and their discounting of future taxes undermines Ricardian equivalence. This myopia should aid a fiscal stimulus, so aid recovery, hence mitigate scarring. As such, it's not obvious that a positive discount rate is necessarily damaging for future prosperity once one considers carefully the dynamics, although a model is probably required.</p><p>Despite my defence of positive discount rates, both positively and normatively, this phenomenon is also associated with many of our worst pathologies and impulses (including my attack!). History demonstrates that we cannot take the existence of a stable civilisation for granted. Excessive time discounting is obviously pernicious.</p><p>Is there an optimal discount rate, and if so, what value does it take? I tend to consider discount rates as the opportunity cost of investment, as if I recieve a smaller sum now in lieu of a larger future sum, I can invest it into the capital markets. In our standard models, this return is the marginal product of capital - equivalent to the risk-free rate. In more complicated models of capital and asset heterogeneity, there are numerous returns that differ according to risk. Indeed, this explains how impatience tends to be correlated with risk-seeking, and if discounting was a bias (as most psychologists think) then we'd expect this to be uncorrelated with risk preference. One might also augment future returns via weighting with the probabilities of existential risk events, which may generate nonlinearities and hyperbolic discounting.</p><p>In principle, one can select a portfolio of returns, consistent with one's risk preferences, to match their discount rate. Yet this is not an arbitrary allocation, as not all values of return are possible. It appears that most, at least some of the time, discount at rates far in excess of what can be justified via returns in the capital markets. As a result, it's tempting to argue that we should place higher value on future periods than we currently do. Most versions of virtue ethics seek precisely to do this, whilst embedding our imperfections (so realising a rate of zero is unfeasible). However, we must seriously consider the possibility that a rational agent holds information regarding their own life and the relevant probabilities of future catastrophies that we don&#8217;t have access to. In any case, with much of medical science p-hacked to death, it&#8217;s unclear how we could live in a manner consistent with lower discounting even if we should or wanted to. Therefore, we should be incredibly suspicious of all paternalistic attempts to change our lifestyles, and not discount our individual rationality.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr></div><ol><li><p>I like this framing of the expectations operator <a href="https://x.com/i/status/2008945859778494916">as a loss minimiser</a> of forecasting errors. Of course such exist, and cognitive bias can produce them, yet over time agents learn. There's no reason to expect errors to be correlated, or cognitive bias to produce correlated errors, so the use of this operator is justified <a href="https://open.substack.com/pub/microfounded/p/yes-partisan-bias-in-forecasting?utm_source=share&amp;utm_medium=android&amp;r=56swa">and rationality results</a>. I think this is <a href="https://open.substack.com/pub/microfounded/p/in-praise-of-hedonism?utm_source=share&amp;utm_medium=android&amp;r=56swa">how we can square the standard rational choice framework with behavioural economics</a>: rationality arises as we actively minimise our errors.</p></li><li><p>Albeit the mechanism focuses more on stimulating GABA so reducing inhibition, as opposed to suppressing norepinephrine per se. There are also notable increases in dopamine, serotonin, and endorphins, although I consider this a by-product of reduced anxiety.</p></li><li><p>Although I'm increasingly sceptical of models that imply that any investment into human capital always increases growth permanently. If that was the case, then it would be optimal to devote all resources to human capital. Such a conclusion denies the salient role of tradeoffs or opportunity costs, which is a fatal flaw for an econonic theory. Nonetheless, the returns to investing in human capital are positive, which is the main factor in this analysis.</p></li><li><p>Of course this is a highly simplistic framwork. What good is wealth for in a world devoid of pleasure, fun and convivality right? I'd argue that other intoxicants can promote cognition, via expanding one's set of perceptions or for (especially with stimulants) nootropic value. As for socialisation, vital for information aggregation so cognition and human capital, our culture of drinking indeed serves as a focal point. Yet this focal point is inefficient: as I've substantially moderated my consumption, I've noticed that much of what we consider socialisation is merely ritualistic bonding. How many conversations are good enough to learn from at a party, or even your median pub? I think the Bay Area rationalist culture of sober socialisation is far superior in this regard.</p></li></ol><p></p>]]></content:encoded></item><item><title><![CDATA[Mid-February 2026 links]]></title><description><![CDATA[One of the main bottlenecks to AGI is that tasks can't easily be decomposed. AI may substitute or complement some elements of a task but not others, or adoption may change overall composition of a task. Hence why we have the nascent literature modelling the diffusion of AI]]></description><link>https://www.ciaranmarshall.co.uk/p/mid-february-2026-links</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/mid-february-2026-links</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Thu, 19 Feb 2026 21:19:23 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<ol><li><p>One of the main bottlenecks to AGI is that <a href="https://x.com/i/status/2021038215667515559">tasks can't easily be decomposed</a>. AI may substitute or complement some elements of a task but not others, or adoption may change overall composition of a task. Hence why we have the nascent literature <a href="https://arxiv.org/abs/2602.11865">modelling the diffusion of AI</a> across multiple sectors or tasks.</p></li><li><p>The British IPP was actually good sentencing policy. <a href="https://x.com/i/status/2023177739369603253">Locking up recidivists indefinitely could halve crime</a>. We should bring it back!</p></li><li><p><a href="https://x.com/i/status/2023167778006434108">Beware of observational studies</a>, and the word &#8220;associated&#8221;, as it often just means linear regression with controls.</p></li><li><p><a href="https://x.com/i/status/1874048712512856233">Is peer review culpable</a> for the TFP decline of 1980s-2020s?</p></li><li><p>Assume that 3% of the US and UK population are users (reported use + 1pp to account for underreporting). We know that <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.globaldrugsurvey.com/wp-content/themes/globaldrugsurvey/results/GDS2019-Exec-Summary.pdf&amp;ved=2ahUKEwiTzc-TreaSAxWDT0EAHXaTLuUQFnoECFwQAQ&amp;usg=AOvVaw3jUuI1dbKAUPnDUUnZ_CgY">cocaine comsumption tends to be bimodal</a>, with the <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://pmc.ncbi.nlm.nih.gov/articles/PMC3533010/&amp;ved=2ahUKEwiTzc-TreaSAxWDT0EAHXaTLuUQFnoECCcQAQ&amp;usg=AOvVaw3I1yrUXgchuBYs0_uAbwQW">vast majority using infrequently</a>, and a large subset using every weekend or so. So take these top 10% of users, and the probability of overdose (which cumulates over lifetime, and appears to be <a href="https://www.nber.org/papers/w34788">rising with rising purity and supply</a>) could be as high as 1% per year. I didn't know that cocaine overdose was that salient.</p></li><li><p>Mass deportations actually <a href="https://www.nber.org/papers/w34788">reduce wages</a>, and result in <a href="https://www.nber.org/papers/w34791">more deaths</a>.</p></li><li><p><a href="https://x.com/i/status/2022022860706103780">A healthier alternative to booze?</a> I'll report back on the results.</p></li><li><p><a href="https://x.com/i/status/2021968731346518359">I like this analogy to manifolds</a>. AI is capable of harnessing enough data to compete with structural models though, and of course is adept at structural identification. All of this is relevant for whether the Lucas Critique still holds today.</p></li><li><p>&#8220;We can just do things&#8221;, <a href="https://x.com/i/status/2021828823076237453">malaria and dengue edition</a>.</p></li><li><p><a href="https://x.com/i/status/2021334583158112300">Another example of this</a> is the alliance of &#8220;beltway libertarians&#8221; with elite human capital, which helps to explain why libertarianism carries such disproportionate policy influence relative to its popularity (as well as it being correct on normative questions of course ;). I hope that the <a href="https://open.substack.com/pub/richardhanania/p/thoughts-on-elite-versus-populist?utm_source=share&amp;utm_medium=android&amp;r=56swa">conspiratorial and populist turn</a> in the movement doesn&#8217;t undermine this, although arguably <a href="https://x.com/i/status/2021353623247323424">intelligence matters more than ideology these days</a>.</p></li><li><p><a href="https://x.com/i/status/2021311595146604679">Social mobility in the Nordics</a>: where stereotypes do not match reality.</p></li><li><p>&#8220;<a href="https://x.com/i/status/2021386894076981653">Another study finds no mental health benefits of cellphone bans</a>&#8221;.</p></li><li><p><a href="https://x.com/i/status/2021381825495773593">How economics shapes architecture</a>.</p></li><li><p><a href="https://x.com/i/status/2020861872002482400">The Japanese government's net worth</a>, improving, is a lot better than it's debt/GDP suggests.</p></li><li><p>The main lesson from <a href="https://www.nber.org/papers/w34722">this</a> appears to be that labour-augmenting technology can offset diminishing marginal returns to capital accumulation.</p></li><li><p><a href="https://t.co/04x84V6UOF">A good up-to-date primer</a> on the state of AI safety research.</p></li><li><p>Seems like the one-child policy was just the <a href="https://direct.mit.edu/rest/article-abstract/doi/10.1162/REST.a.1695/135194/The-Limits-and-Consequences-of-Population-Policy?redirectedFrom=fulltext">tip of the iceberg</a>.</p></li><li><p><a href="https://x.com/i/status/2019233120432566555">Well deserved</a> - the Young Lion Resting is a masterpiece of realism.</p></li><li><p><a href="https://x.com/i/status/2019078989348774129">Are hallucinated cases good law?</a></p></li><li><p>Eliminating all cancers "would add between 2 and 3 years to life expectancy. But since the median age of a cancer diagnosis is 66, the same patients would anyway soon be diagnosed with another manifestation of aging &#8212; like Parkinson&#8217;s, hypertension, severe illness from an otherwise mild infection, or a broken rib". Yet "the United States spends a mere 0.54% of its National Institutes of Health research budget on the biology of aging". We need to <a href="https://silverlinings.bio/?chapter=present">increase funding for anti-ageing research</a>.</p></li><li><p><a href="https://x.com/i/status/2019081857305100627">Tau appears to be the most predictive symptom of Alzheimer's</a>.</p></li><li><p><a href="https://x.com/i/status/2019444487093624891">Price theory propaganda!</a></p></li><li><p><a href="https://x.com/i/status/2018805595734700112">How AI can actually fight polarization and misinformation</a>. Also it costs money to use Claude Code, so (unlike previously) the marginal cost of misinformation production with AI is positively-sloped, albeit autonomous agents could be potent vectors.</p></li><li><p><a href="https://x.com/i/status/2018436050935292276">A new side-hustle?</a></p></li><li><p><a href="https://x.com/i/status/2017479930364498371">Good sleep is vital for cognition</a>, even if you do feel okay with four hours.</p></li><li><p>Beliefs are endogenous. Negative affect is rising in part as <a href="https://x.com/i/status/2018006505455329641">we're incentivising anxiety and depression.</a></p></li><li><p><a href="https://x.com/i/status/2018020260335493547">Alignment is an institutional-level problem</a> with some emergence, so individual firms or (to borrow from Hayek) social planners are not fully equipped to know how to solve this. My experience of intensive LLM use so far though is that, by following its recommendations, I've behaved more prosocially.</p></li><li><p>Yeah a politics rooted in zero-sum tribalism is <a href="https://x.com/i/status/2017786655009071286">personality rather than ideologically grounded</a>.</p></li><li><p><a href="https://x.com/i/status/2017991428077498445">If this model is true</a>, then in democracies there is mean-reversion after a period of populist rule to technocratic governments. This could explain why democracies perform better economically than autocracies. I also like the idea that initially, populists appoint technocrats to key cabinet roles as a credible commitment device for investors, which explains Trump's first term. As populism becomes more institutionally entrenched however, they become more radical as they erode checks and balances.</p></li></ol><p></p>]]></content:encoded></item><item><title><![CDATA[Technocracy satisfies nobody]]></title><description><![CDATA[Singapore shows why technocracy is not a free-lunch nor a likely equilibrium]]></description><link>https://www.ciaranmarshall.co.uk/p/technocracy-satisfies-nobody</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/technocracy-satisfies-nobody</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Sat, 14 Feb 2026 00:32:11 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>Tyler Cowen recently pointificated on the <a href="https://marginalrevolution.com/marginalrevolution/2026/02/why-is-singapore-no-longer-cool.html">decline in relative status of Singapore</a>. Only a decade ago was this island city-state held as an exemplary model amongst the right. Here in Britain, brexiteers never mention a &#8220;Singapore on Thames&#8221; vision anymore, with a xenophobic Trumpian populism superseding in the form of Reform. I think this not only encapsulates how the right has descended into tribalist nationalism, but also the decline in status of &#8220;successful&#8221; autocracies, and technocracy itself. Ultimately, this yields important lessons on the difficulties of establishing governance from first principles. </p><p><strong>Why technocracy is incompatible with autocracy</strong></p><p>Singapore is essentially ruled by <a href="https://open.substack.com/pub/richardhanania/p/announcing-book-on-elite-human-capital?utm_source=share&amp;utm_medium=android&amp;r=56swa">elite human capital</a> on steroids. With elite human capital converging towards globalisation and a lax attitude to immigration, whilst the right (and to a lesser extent the left too) are pivoting away from these principles, Singapore increasingly represents the sort of establishment &#8220;neoliberalism&#8221; that is widely condemned today. Amongst those most sympathetic towards globalisation, of a libertarian or classical liberal inclination, the authoritarianism of the PAP repels them. Indeed, whilst Singapore holds free and fair elections coupled with stringent libel regulations and gerrymandering, this is a nation that bans chewing gum and sends people to prison <a href="https://youtu.be/U_oDFsbrEKQ?si=a_F5o_KubqLpLaNR">for three years for smoking a joint</a>. Corporal punishment, cast aside as a human rights violation or parental abuse in the West, is a ubiquitous feature of school discipline and the legal system. </p><p>Hence, Singapore yields a more autocratic reputation than it deserves. Whilst the ruling party has been dominant on supermajorities since its independence, look at the electoral map of any large city in a democracy, and a single party tends to dominate. Rather than an aberration, one party holding a local monopoly on urban politics in many cities is the norm. Nonetheless, its autocratic reputation renders Singapore the go-to example for autocrats to justify the merits of autocracy over democracy, which further undermines Singapore's reputation amongst liberals. </p><p>Yet an EHC autocracy is rare: most autocrats obtain legitimacy via grand Manichean ideological narratives, sectarianism, or kleptocratic rent-seeking amongst the ruling class. In the absence of manipulating our primitive in vs out zero-sum sentiments, they tend to survive by providing sufficient opportunities for brazen corruption amongst public sector officials. Often they rely on conspiracy theories and relentless disinformation campaigns, as we see with MAGA and Putin, whilst Singapore prohibits anything resembling a whiff of deception in its public discourse. Therefore autocracies tend to select against technocracy, even if in equilibrium <a href="https://open.substack.com/pub/microfounded/p/multiple-unstable-equilibria-in-governance?utm_source=share&amp;utm_medium=android&amp;r=56swa">competition with democracies restrain the worst impulses</a> of many. Even the Gulf States, the other examples of &#8220;succesful&#8221; autocracies, institutionalise nepotism, which generates inefficient misallocation. The failure of NEOM and the billions poured into indefinitely cancelled projects in Dubai are testament to this. <a href="https://www.ageingmillennial.com/post/this-is-why-so-many-skyscrapers-are-empty">Much of the space in their completed skyscrapers remains empty</a>. </p><p>Neoreactionaries long advocated for a network of authoritarian technocratic city-states, but now its apparent that dictatorship tends to be incompatible with technocracy. From Putin miscalculating the ease of conquering Ukraine, to Xi's revanchist nationalism scaring away global investors, the lacklustre performance of &#8220;succesful&#8221; authoritarian models are clear. As a result, the neoreactionary movement has disintegrated; either merging with the small-l liberal rationalist community, or (as with Yarvin) aligning with MAGA. <a href="https://open.substack.com/pub/microfounded/p/an-oligarchic-democracy?utm_source=share&amp;utm_medium=android&amp;r=56swa">As democracy emerges as superior</a>, there is a corresponding decline in Singapore being cited as an illiberal model state. As those embracing autocratic tendencies are rejecting technocratic EHC, there is no need to point to Singapore, which shows that everything they hate is consistent with prosperity.</p><p><strong>Why technocracy is inferior to democracy</strong></p><p>Even if a technocratic dictatorship, that implemented every since one of my policy prescriptions, was feasible, I am increasingly turning against such. I live in a country where the relentless expansion of the policing of speech and association basically mirrors Singapore's policing of speech deemed offensive or misinformation. Send out a poorly-worded tweet impulsively, and jail time becomes a realistic prospect. Retweeting a tweet later shown to be false, that's spreading misinformation, which in &#8220;sensitive&#8221; times is <a href="https://www.google.com/amp/s/www.bbc.co.uk/news/articles/crl8nwx6ynzo.amp">grounds for arrest</a>. I cannot even read many Substacks without having to verify my identity. Public order offences also mirror Singapore's restrictions on protest.</p><p>If these onerous speech restrictions were in place throughout Covid, then anyone with a sensible objection to masks or lockdowns would be detained for &#8220;threatening the safety of the public&#8221;. Indeed, the lockdowns themselves were the case of a select minority of medical professionals engaging in central planning across the entire economy and society, to keep the public safe. Likewise, misinformation laws open up opportunities for arbitrary arrest and politically-motivated persecution. Misinformation over biological sex was tolerated throughout the great awokening. The temptation for any benevolent social planner to deviate from technocracy to use such laws for their own rent-seeking or political gains is too strong. There cannot be a credible commitment to neutrally enforce speech restrictions.</p><p>We should be grateful for living in liberal democracies, despite the inherent degree of some disorderly chaos that such endogenously generates. There is something to be said for life in a less immaculate environment, but with more scope for pursuing cultural interests without worrying about causing offence. With the British government cracking down on vaping, <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.bbc.com/news/articles/c74x03nd829o.amp&amp;ved=2ahUKEwiYzOu219eSAxXmSEEAHT2TDpoQyM8BKAB6BAgKEAE&amp;usg=AOvVaw2r2xGdc1w2Uqpr6YdGBFIK">floating bans for tobacco</a>, <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.telegraph.co.uk/politics/2026/01/14/labour-considers-ban-zero-alcohol-drinks-under-18s/&amp;ved=2ahUKEwiqgpL11teSAxXAhP0HHYmaFloQxfQBKAB6BAgQEAE&amp;usg=AOvVaw1cMUzZcq5VZtc9QkKb6G8t">and zero-proof beverages</a>, we are increasingly resembling Singapore in nanny statism. Singapore maintains a reputation for boredom for a reason - with the exception of Hawker Centres, their paternalistic stifling of public life exerts a downstream effect on entertainment, hospitality, and nightlife.</p><p>One underrated reason why the right has fallen out of love with Singapore is also that Singapore practices wokeness on steroids. Their speech restrictions are justified on the basis of promoting racial harmony in a multicultural society. To this end, they adopt racial quotas in parliamentary seats, for presidential terms, and even in allocating public housing (the vast majority of the housing stock in Singapore). Whilst justified not on perceived structural discrimination but for the purpose of maintaining public security (especially as racial riots are salient in the historical legacy of the nation), the overreach is as ominous as the worst moments of the great awokening. Again, if elites side with woke ideology, then this is further grounds for rejecting technocracy.</p><p><strong>Singapore as a charter city, and on why governments rarely arise from first-principles</strong></p><p>Recently, the Gulf States are eroding the attention that Singapore receives, yet they are not the only competition that Singapore faces. Charter cities, seasteading institutes, and the <a href="https://vitalik.eth.limo/general/2025/12/17/societies.html">general nascent movement to establish small nation states</a>, are inspired largely by Singapore. However, most of these projects are floundering. Very few are voting with their feet to move to such locales.</p><p>Singapore arose into existence as an independent city-state due to unique historical circumstances. Ethnic tensions forced a breakaway from Malaysia, and Lee Kuan Yew maintained a sufficiently strong grip on power (able to unite multiple ethnic and ideological groups by emphasising a non-dogmatic pragmatic approach to governing) to transform Singapore in his own image. The extent of Singapore's transformation into a wealthy charter-city today is largely a product of historical contingency, and chance. Imagine if the leader was not Lee Kuan Yew, but Assad or Saddam Hussein (also faced with multiple ethnic groups yet pandering to sectarianism)? Singapore could have very easily turned into a failed state.</p><p>In general, I am tending to the idea that all political equilibria across and within nations are constrained by path-dependent cultural and historical contingencies. The failure of most charter cities demonstrates that first-principles thinking, the basis for technocracy, is often by itself insufficient. As this realisation, via repeated experiments with microstates, the more we see Singapore as a unique product of circumstance that will never arise again. This reduces the payoff of citing Singapore as an example in political discourse, and also <a href="https://marginalrevolution.com/marginalrevolution/2026/02/bryan-caplan-on-immigration-backlash.html">should update one towards</a> <a href="https://x.com/i/status/2021448248867868903">endogenising political constraints when evaluating policy</a>. As intellectuals, we like to suggest what is optimal, yet the set of possible outcomes is finite.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[February 2026 links]]></title><description><![CDATA[Heritability of lifespan doubles once accounting for extrinsic mortality, yet extrinsic mortality itself is correlated with traits that also likely reduce lifespan, such as risk taking or low conscientiousness.]]></description><link>https://www.ciaranmarshall.co.uk/p/february-2026-links</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/february-2026-links</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Tue, 03 Feb 2026 19:24:48 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<ol><li><p><a href="https://x.com/i/status/2016990009635602434">Heritability of lifespan doubles once accounting for extrinsic mortality</a>, yet extrinsic mortality itself is correlated with traits that also likely reduce lifespan, such as risk taking or low conscientiousness. To set the goal of, and implementing the (often arduous) lifestyle practices of extending longevity, you almost certainly meet some minimum threshold for conscientiousness in the first place.</p></li><li><p>Anti-vaxxers are creating <a href="https://x.com/i/status/2016217002008809982">gargantuan negative externalities</a> for the rest of us. My most authoritarian idea is that I'm open to compulsory vaccinations. At the very least, vaccine mandates for public spaces such as schools, and private businesses being allowed to implement such, are of course justified.</p></li><li><p><a href="https://x.com/i/status/2016607658271281642">RIP</a></p></li><li><p><a href="https://x.com/i/status/2015881473060991405">Why Japan's massive public debt is sustainable.</a></p></li><li><p><a href="https://x.com/i/status/2015859422417870858">So to be clear,</a> the link between social media use and mental health amongst young people is ambiguous at best (except perhaps for young liberal or adolescent females, where the case for a link is stronger). Bullying, suicide, substance abuse, delinquency, and dropout rates peaked in the 70s and 80s - inconsistent with the notion that social media is generating a teen mental health crisis. Policymakers, authoritarian safetyists, and enemies of free speech are using this incredibly tenuous nascent &#8220;research&#8221; on the mental health impacts of social media to implement bans for specific age groups. Of course, as in Britain us adults have to undergo age verification (with biometric readings and official documentation) just to read Substack articles, these bans will restrict free expression for all of us.</p></li><li><p><a href="https://www.pnas.org/doi/10.1073/pnas.2415126122">IQ and conscientiousness matter in sports too</a>. Neuroticism and agreeableness are negatively correlated with success here, whilst openness to experience and extroversion are positively correlated.</p></li><li><p><a href="https://www.nber.org/papers/w34749">21st century fertility decline in Latin America</a> "is driven primarily by reductions in within-group birth rates rather than by changes in population composition". Delayed childbirth and those with kids having less, rather than childlessness, are the main explanations.</p></li><li><p>Attitudes to immigration are, in part, influenced via <a href="https://onlinelibrary.wiley.com/doi/epdf/10.1111/ssqu.12891">predicted partisan support of the newcomers</a>. Nonetheless, racial prejudice is also a variable with partisan variation&#8230;</p></li><li><p>The US government is basically <a href="https://x.com/i/status/2015515105761354144">a welfare state with a military and police force attached</a>. Social spending merely stabilised, rather than fell, <a href="https://x.com/i/status/2015530562715357387">throughout the &#8220;neoliberal&#8221; era</a>. By expenditures as a proportion of output, this makes the US <a href="https://x.com/i/status/1962931182586184003">the largest welfare state in the developed world</a> - outpacing even the Nordics! However, as <a href="https://x.com/i/status/2014820123970859365">this welfare state is largely gerontrocratic</a>, it's not associated with redustributive vibes.</p></li><li><p>Why it's <a href="https://x.com/i/status/2014666448669487117">very rare to have both cancer and Alzheimers</a>.</p></li><li><p>What I find fascinating <a href="https://nymag.com/strategist/article/cheap-vs-expensive-jeans.html">about jeans</a> is that they owe their immense popularity to one film. If the media landscape can cause such durable change in tastes, then this substantially increases my estimates of the social costs of social media misinformation.</p></li><li><p><a href="https://phys.org/news/2025-12-universe-lopsided.html">How cosmic dipole anomalies pose a challenge to &#955;-CDM</a>. Even in a field where significance is reported in &#963;s rather than p-values, there's immense gaps and disagreements in our knowledge, which implies we should never be too confident on anything.</p></li><li><p><a href="https://www.nature.com/articles/d41586-026-00177-9?utm_source=x&amp;utm_medium=social&amp;utm_campaign=nature&amp;linkId=41690587">Quantum superposition can work with thousands of atoms</a>. This could make quantum computing commercially viable at scale.</p></li><li><p>With AI, you get <a href="https://www.nber.org/papers/w34713">the best predictive results</a> if you start with structural priors then fine-tune with real-time data. Not a complete abandonment of the Lucas critique, yet this does indeed suggest a role for adding on extra parameters.</p></li><li><p><a href="https://x.com/i/status/2014060163792097281">A short thread</a> on how government funding of select public goods (innovation is nonrival, and may or may not be excludable depending on IP etc, so is considered a semi public good) can be optimal. Although many of these cases (science, biotechnology, nuclear, etc) yield obvious military implications, so it&#8217;s unclear whether strict deontological minarchists should by their own standards even be opposed to this.</p></li><li><p>Affirmative action or DEI-consciousness in hiring decisions does indeed <a href="https://x.com/i/status/2013778721333821496">boost the career prospects of minorities</a>. When I speak to proponents of such schemes, they nearly always justify them on the basis of equality of opportunity (a value actually consistent with meritocracy), and indeed if human capital accumulation is subject to learning-by-doing dynamics (generating increasing returns), then there exists path dependency. On the other hand, human capital <a href="https://open.substack.com/pub/microfounded/p/a-primer-on-economic-growth?utm_source=share&amp;utm_medium=android&amp;r=56swa">could easily be subject to diminishing marginal returns too</a>. If the latter is correct, then there are limits with respect to the extent that DEI can increase minority capital.</p></li><li><p><a href="https://x.com/i/status/2013409235803988028">Optimism</a> <a href="https://x.com/i/status/2013357742560272712">on American</a> <a href="https://x.com/i/status/2013397687240962347">fertility</a>.</p></li><li><p><a href="https://x.com/i/status/2013663661785481299">Deregulation of the airlines is a major win</a> for proponents of free markets.</p></li><li><p>"<a href="https://www.nber.org/papers/w34705">AI exposure and adaptive capacity are positively correlated</a>".</p></li><li><p><a href="https://www.nber.org/papers/w34699">Is the prevalence of labour-market monopsony overestimated?</a></p></li><li><p><a href="https://x.com/i/status/2013283645696463198">Against Autor et al (2013).</a></p></li><li><p><a href="https://x.com/i/status/2013261344082968867">China has risen to the technology frontier</a>.</p></li><li><p><a href="https://x.com/i/status/2013276229831369157">Gupta reckons that the Internet is connected to fertility decline</a>, via raising the value of outside options to sex or childrearing. However, the Internet also (via online dating) reduces transaction costs to matching, and may also allow for more efficient matches. We must model the effects of the Internet in general equilibrium.</p></li><li><p>"<a href="https://www.nber.org/papers/w33818#fromrss">Most presidential ads were targeted toward parties&#8217; own supporters</a>". "No detectable effects of removing political ads on political knowledge, polarization", and so social media isn't the main problem. The demand for misinformation and tribalism dominates, although social media does drive the fixed and marginal costs of misinformation production down to near-zero, which obviously increases its spread so is an issue.</p></li><li><p><a href="https://x.com/i/status/2013179969489297510">The evidence for the harms of microplastics is very weak</a>.</p></li><li><p>LP(a) increases your risk of cardiovascular disease, and unfortunately <a href="https://x.com/i/status/1961084474122252640">its variation across humans is entirely genetic</a>. Fortunately, we may be on the verge of treatments for this.</p></li><li><p><a href="https://x.com/i/status/2012604979064815943">Peak muscular strength occurs within the late 20s</a>.</p></li><li><p>Out of the <a href="https://x.com/i/status/2012879225519489352">very tiny proportion of ballots marked as fraudulent</a>, most of those were marked by mistake&#8230;</p></li><li><p><a href="https://x.com/i/status/2011614079027392907">Time spent childrearing</a> amongst couples with children has increased over the last few decades.</p></li><li><p><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6051694">Another dynamic structural model</a> on the effects of AI on wages, output, and employment. Ambiguity noted in the labour-market response. Whether AI is a substitute and complement is task-dependent, and changes over time.</p></li></ol><p></p>]]></content:encoded></item><item><title><![CDATA[Multiple unstable equilibria in governance]]></title><description><![CDATA[Dictatorships and democracies compete against each other to attract capital and labour, which in general equilibrium spurs autocracies to liberalise, hence promoting growth in those polities.]]></description><link>https://www.ciaranmarshall.co.uk/p/multiple-unstable-equilibria-in-governance</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/multiple-unstable-equilibria-in-governance</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Mon, 19 Jan 2026 20:31:42 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><a href="https://x.com/i/status/2010766071825875311">Dictatorships and democracies compete against each other</a> to attract capital and labour, which in general equilibrium spurs autocracies to liberalise, hence promoting growth in those polities. The former is motivated via rent extraction, whilst the latter optimises a preference aggregation rule. In essence, democracies discipline dictatorships via the usual incentives from competition, and vice-versa. One can also think of this as classic technology diffusion, if one considers institutional design as a technology.</p><p>Ultimately, this competition is welfare improving for the citizens of both types of polities. Indeed, this is why I'm not dogmatic on whether a nation is democratic or autocratic (mirroring American foreign policy, which despite its rhetoric supports autocracies broadly aligned with its economic and geopolitical interests) - we need both to facilitate this discipline via competition. Overall, <a href="https://open.substack.com/pub/microfounded/p/an-oligarchic-democracy?utm_source=share&amp;utm_medium=android&amp;r=56swa">I tend to consider democracy as mildly superior</a> from the perspective of maximising growth, yet this claim is not a universal absolute. There exists multiple Pareto optimal equilibria across nations in this respect.</p><p>However, it strikes me that there are two broad arguments for holding a normative bias in favour of democracy. From a Schumpeterian perspective, democracies facilitate creative destruction in institutions, in a peaceful manner, and this spurs innovation in governance. Russia is at war with Ukraine in large part because Putin is a relic of the Soviet downfall, so the war reflects his personal grievances from decades past, whilst most others have moved on. The Cultural Revolution maintains a powerful grip on the CCP to this day, as many of its elite (including Xi himself) came of age during that period.</p><p>Another (somewhat related) reason to favour democracy is that stable, thereby the more &#8220;successful&#8221; autocracies, are overwhelmingly gerontocratic. Necessarily, if you cannot depose a ruler, then they will inevitably age in office. Look at the lists of the oldest or longest-serving leaders, and they're overwhelmingly autocrats. Musevini&#8217;s latest victory is a prime example of this. An increasing number of autocrats today have been in power for at least three decades. Not only do individuals suffer cognitive decline as they age (as Biden demonstrated), but a culture of gerontocracy <a href="https://open.substack.com/pub/richardhanania/p/critical-age-theory?utm_source=share&amp;utm_medium=android&amp;r=56swa">can be linked to an increasingly anti-natal culture</a>.</p>]]></content:encoded></item><item><title><![CDATA[Links for mid-January 2026]]></title><description><![CDATA[Dying your hair unnatural colours is associated with depression, even after controlling for a wide range of variables (although some of those may be colliders: dying your hair raises your relative status amongst countercultural leftist peers, diminishes it amongst others, so you sort into left-leaning groups which affects your beliefs?).]]></description><link>https://www.ciaranmarshall.co.uk/p/links-for-mid-january-2026</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/links-for-mid-january-2026</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Thu, 15 Jan 2026 20:37:08 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<ol><li><p><a href="https://x.com/i/status/2011617162310664615">Dying your hair unnatural colours is associated with depression</a>, even after controlling for a wide range of variables (although some of those may be colliders: dying your hair raises your relative status amongst countercultural leftist peers, diminishes it amongst others, so you sort into left-leaning groups which affects your beliefs?).</p></li><li><p>Somalian IQs are about where we would expect <a href="https://x.com/i/status/2011517700305252483">given PISA scores</a> <a href="https://x.com/i/status/2011549244386394301">and GDP</a>. <a href="https://x.com/i/status/2011621286087463371">It's not even clear (for this country at least) that Lynn even picked an unrepresentative sample</a>. In fact, <a href="https://open.substack.com/pub/astralcodexten/p/how-to-stop-worrying-and-learn-to?utm_source=share&amp;utm_medium=android&amp;r=56swa">sub 80 median IQs for African countries</a> <a href="https://x.com/i/status/2011549242230522146">is bullish for those sceptical of the upper-bound heritability estimates</a>. Unlike in America, where nutrition needs are basically guaranteed (and given Medicaid and blacks more likely to be in poverty, they get good healthcare coverage), environment differs substantially. If you're sceptical of IQ being 50%+ heritable, <a href="https://open.substack.com/pub/microfounded/p/what-can-twin-studies-tell-us-about?utm_source=share&amp;utm_medium=android&amp;r=56swa">then in advanced economies it's largely a function of peers and &#8220;culture&#8221;</a>, yet they assortatively match according to shared traits. I'm not sure, from a politically correct standpoint, whether saying that black culture causes their socioeconomic difficulties is any less insulting than invoking genetics. After all, culture is partly a function of agency, and no one can change their genetics.</p></li><li><p>Many extremist groups <a href="https://x.com/i/status/2011200090883702960">surprisingly select for high IQ</a> (e.g. the Taliban), likely because they are highly ideological, and ideology requires competency in abstract thought.</p></li><li><p>If you accept Jones&#8217; argument that mean/median national IQ affects growth via its link to institutional quality, and that migrants import their native cultures, then admittedly <a href="https://x.com/i/status/2011522679007035462">the high number of dependents</a> is an issue for immigration proponents. My response is that this is largely an artefact of policy, and that open borders would let in more workers, so reduce the proportion of dependents. Migration policy in Britain encouraged the migration of dependents and asylum seekers, whilst imposing substantial barriers to high and low skilled workers. Past waves of migration in Britain was largely state-sponsored. Open borders without the state implicitly subsidising certain types of migration, or groups of migrants, would likely produce better selection. Of course, <a href="https://open.substack.com/pub/microfounded/p/an-oligarchic-democracy?utm_source=share&amp;utm_medium=android&amp;r=56swa">I'm not opposed to elites excluding the culturally-driven preferences of those migrants or the backlash</a>; we do this all the time with (for instance) cordon sanitaires and racism (in the latter case, <a href="https://x.com/i/status/2011870942108983655">normalising free association might increase support for open borders</a>).</p></li><li><p><a href="https://www.bbc.co.uk/news/articles/cj9r3zl2ywyo">If there's any lingering doubt that evolution is correct&#8230;</a></p></li><li><p><a href="https://www.theguardian.com/artanddesign/2026/jan/12/piet-mondrian-crossdressing-lesbian-artist-marlow-moss-cornish-cove">On neoplasticism and queer art</a>. <a href="https://x.com/i/status/2010753949465256267">Leftists dominate art production</a> <a href="https://x.com/i/status/2010715495989752005">for a reason</a>. Conservatives cannot just reproduce pre-20th century in the name of "beauty": art relies on innovation. <a href="https://open.substack.com/pub/microfounded/p/overcoming-cultural-pessimism?utm_source=share&amp;utm_medium=android&amp;r=56swa">Most contemporary/postmodern art is in fact good if you pay attention</a>.</p></li><li><p>&#8220;<a href="https://x.com/i/status/2010686266191335435">It is strange that people read Burke and Scruton, and then say to themselves, &#8216;I know how to restore an imagined world of beauty, decency and goodness: I will vote for tasteless, unvirtuous, lying, xenophobic, authoritarian, fascistic, oligarchic grifters!&#8217; It makes no sense.</a>&#8221; It makes sense if you consider national conservatism itself a grift, or essentially reverse-engineering a grift to create an ex-post ideological justification, devoid of substance.</p></li><li><p><a href="https://x.com/i/status/2010833505207415075">The death of Stack Overflow.</a></p></li><li><p><a href="https://x.com/i/status/2011474859612586345">Trump's Colectivos thugs targeting native citizens</a>. No regard for due process whatsoever.</p></li><li><p><a href="https://x.com/i/status/2011151256266645614">Pit bulls are deadlier than school shootings</a>.</p></li><li><p>On the <a href="https://x.com/i/status/2010922822445498545">negative externalities of suicides</a>. <a href="https://chatgpt.com/share/696946f2-fe48-800a-a69e-b29ae2edc48e">Here I ask ChatGPT how the morality of suicide could change</a> with indefinite lifespans however.</p></li><li><p><a href="https://pubmed.ncbi.nlm.nih.gov/30146330/">Some Dry January reading</a>: alcohol was the 7th leading risk factor for mortality in 2016: 2&#183;2% of female deaths &amp; 6&#183;8% male deaths. For those 15-49, the highest risk factor - 3&#183;8% of female deaths &amp; 12&#183;2% of male deaths. Note that this toll (for 15-49) covers alcohol-related suicides as well as accidents and physical health complications. Age-related diseases play a more salient role for the 50+ group.</p></li><li><p>Are relatively prosperous, economically liberal autocracies <a href="https://x.com/i/status/2003128894388633963">systematically misreporting their data?</a> If so, and we adjust, then even the relatively competent autocracies diminish in utility.</p></li><li><p><a href="https://x.com/i/status/2010431908895924232">How vouching could generate incentives for rent extraction</a>. Of course, one interpretation of history is that <a href="https://x.com/i/status/2010729304074928355">governments themselves are a product of rent extraction</a>, as opposed to solely coordinating the production of public goods (Acemoglu&#8217;s view). It seems to me that the missing link is EHC: governments controlled by high EHC groups, with the necessary checks and balances, are optimal. Moreover, government could act as principal and set the rules of the game and the court infrastructure, and disincentivise pure rent seeking, whilst delegating law enforcement to private actors?</p></li><li><p>I wonder if there's a tradeoff between signalling competence vs listening to the other party <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5119651">here</a>, and if the optimum depends on the context of the dialogue?</p></li><li><p><a href="https://www.nber.org/papers/w34678">GLP-1s do not pay for themselves</a>. If obesity yields a negative effect on productivity (hence income), those on GLP-1s see a lifetime wealth boost, and given that healthcare is a normal good, they then increase their healthcare expenditures?</p></li><li><p>&#8220;Is it just me or have many new empirical econ papers come out in recent times that pretty much just confirm that basic econ 101 intuition is mostly correct? Of course you can build complicated models with search costs, frictions, information asymmetries and monopsony power, but maybe markets are actually quite efficient in real life and the performance still approaches the neoclassical models, especially in the long-run. <a href="https://x.com/i/status/1927407778915623017">Especially here with the 40 year time frame</a>, poverty reduction just with increasing minimum wages is impossible in the neoclassical framework. 40 years gave the market enough time to fully adjust, and show the true anti-poverty effect: zero.&#8221;</p></li><li><p>"<a href="https://www.nber.org/papers/w34682">We investigate whether places that increase health care spending also tend to be places that increase health</a>". "They do not." This make sense if you consider healthcare a normal good. Hence why the US has high expenditures as a proportion of GDP.</p></li><li><p>"There is <a href="https://www.sciencedirect.com/science/article/abs/pii/S0167268125005049">a robust positive relationship between education and free market views</a> in most developed and developing countries". "In the case of the USSR with its anti-market educational content, a change in required years of schooling saw an increase in pro-market sentiment among those people affected." Of course, with respect to social liberalism, <a href="https://open.substack.com/pub/aporiamagazine/p/why-are-intelligent-people-more-liberal?utm_source=share&amp;utm_medium=android&amp;r=56swa">the correlation is strong and well-established</a>. Liberalism is the smartest ideology.</p></li><li><p><a href="https://x.com/i/status/2009658499030991172">AGI</a></p></li><li><p><a href="https://x.com/i/status/1929178023942570382">British economic performance is actually somewhat better than the Western average</a>, although our productivity figures remain abysmal.</p></li><li><p><a href="https://x.com/i/status/1929929681937281065">Contraception does not reduce fertility</a> in one study. </p></li><li><p><a href="https://x.com/i/status/1966254442908619232">In America</a>, &#8220;the median violent rapist is released within ten years. The median robber is released before five years have passed. The median person who assaulted someone else gets out before two years are through!&#8221;</p></li><li><p><a href="https://reason.com/2025/06/06/the-dreadful-policies-halting-archeological-discoveries/">Legalise archaeology!</a></p></li><li><p>Any prediction of a mass replacement of labour with AI is <a href="https://www.nber.org/papers/w34639">likely to be very flawed</a>. Stop fretting about the inequality singularity, it's not happening anytime soon!</p></li></ol><p></p>]]></content:encoded></item><item><title><![CDATA[What I've been reading on Substack]]></title><description><![CDATA[Why is Pakistan one of the poorest nations in the Islamic world? I would also add that economic performance tended to be better with the army in charge. Zia-ul-Haq and Musharraf are prime examples. Hence, I'm sceptical of the notion that Pakistan&#8217;s political institutions are uniquely bad in comparison with the rest of the Muslim world. My priors point towards cultural factors: Pakistan is still a largely rural, tribal society, like neighbouring Afghanistan. Indeed, there are more Pashtuns in Pakistan than Afghanistan - the two countries are more similar culturally than many think. India on the other hand has been much more adept at embracing globalisation and urbanisation, particularly in the South and near Mumbai. India yielding closer ties to the West, and having a much more globalised cultural mindset, likely helps. Also the floods will have exerted a large toll on Pakistan's economy.]]></description><link>https://www.ciaranmarshall.co.uk/p/what-ive-been-reading-on-substack</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/what-ive-been-reading-on-substack</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Mon, 12 Jan 2026 04:23:54 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<ol><li><p><a href="https://open.substack.com/pub/rshinde/p/the-puzzle-of-pakistans-poverty?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">Why is Pakistan one of the poorest nations in the Islamic world</a>? I would also add that economic performance tended to be better with the army in charge. Zia-ul-Haq and Musharraf are prime examples. Hence, I'm sceptical of the notion that Pakistan&#8217;s political institutions are uniquely bad in comparison with the rest of the Muslim world. My priors point towards cultural factors: Pakistan is still a largely rural, tribal society, like neighbouring Afghanistan. Indeed, there are more Pashtuns in Pakistan than Afghanistan - the two countries are more similar culturally than many think. India on the other hand has been much more adept at embracing globalisation and urbanisation, particularly in the South and near Mumbai. India yielding closer ties to the West, and having a much more globalised cultural mindset, likely helps. Also the floods will have exerted a large toll on Pakistan's economy.</p></li><li><p><a href="https://open.substack.com/pub/rshinde/p/the-puzzle-of-pakistans-poverty?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">A good primer on the economy of Africa</a>, with predictions. Growth to the second largest, and youngest, continent can only be a positive. African growth is also necessary to eradicate the few remaining pockets of extreme poverty, overwhelmingly concentrated in Africa, left. The issue I believe is regional heterogeneity: the non-Sahel west, east, and southern parts I expect to continue with rapid growth. Those nations are embracing (albeit incrementally) the necessary structural and institutional reforms, for the most part. The issues are in the Sahel, DRC, and the Horn, where civil conflict is still the norm.</p></li><li><p>On <a href="https://open.substack.com/pub/onlyvariance/p/getting-jacked-is-simple?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">how to get jacked without steroids</a>.</p></li><li><p><a href="https://open.substack.com/pub/richardhanania/p/the-rise-of-masturbation-and-the?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">This sort of article</a> is Richard Hanania at his best.</p></li><li><p>I've also noticed that <a href="https://open.substack.com/pub/casssunstein/p/the-new-right?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">all illiberal ideologies seem united by a Manichean worldview</a>; differing only in who are their friends vs enemies.</p></li><li><p><a href="https://open.substack.com/pub/literaryfancy/p/i-read-50-classics-part-2-the-other?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">I sympathise with the overall sentiment</a>. I tend to read a Wikipedia overview of a fiction book before progressing. I'm not going to waste time reading something I won't enjoy just for the sake of reading a classic! When I found out that Tolstoy's War and Peace was a narrative of the Napoleonic Wars infused with his pacifist philosophy, that was enough for me to understand the book and to move on.</p></li><li><p><a href="https://open.substack.com/pub/commonreader/p/kiran-desai-catching-a-glimpse-in?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">An important lesson</a> in how to write good fiction. Minimalism may work for factual discourse, but in a genre where perspective-taking drives consumption, you don't want to be stingy on the background environmental details.</p></li><li><p>This also demonstrates why nature vs nurture cannot easily be decomposed into a binary distinction. You may have the gene for lactose intolerance, yet if you are raised drinking milk, <a href="https://open.substack.com/pub/chinesecookingdemystified/p/if-asian-are-lactose-intolerant-why?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">that gene becomes redundant</a>.</p></li><li><p>&#8216;<a href="https://open.substack.com/pub/weirdmedievalguys/p/how-birds-got-human-names?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">Magpies were originally known simply as &#8220;pies&#8221; until the nickname &#8220;Mag&#8221;</a>, short for Maggie, short for Margaret was added to the front sometime in the Middle Ages. Before it began to be treated as a single word, it was rendered as &#8220;Mag Pie&#8221;, a sort of fanciful full name for the creature. I tried to tell this to a friend and he refused to believe me (I think he still doesn&#8217;t) but the provenance is quite clear: pie originated from the Latin name for the bird, pica. You may have heard pica used to describe the human disorder of consuming inedible substances, which comes from the magpie&#8217;s reputation as an indiscriminate eater.&#8217;</p></li><li><p>Why you should <a href="https://open.substack.com/pub/itscharlibb/p/the-realities-of-being-a-pop-star?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">be careful what you wish for</a>. The lifestyle that comes with fame will not suit everyone&#8230;</p></li><li><p>It seems that <a href="https://open.substack.com/pub/thepursuitofliberalism/p/stoppards-liberalism?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">Stoppard had the legacy of Bernard Shaw</a> but with better political views.</p></li><li><p>This is <a href="https://open.substack.com/pub/ratorthodox/p/branguss-10-rules-for-sleeping-with?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">the best advice in this genre I&#8217;ve ever read.</a> Unfortunately, I don't think it will see results. Why? I increasingly believe that men who struggle to get laid are disproportionately impotent or asexual, and low in promiscuity, so they cannot take the first step. If this wasn't the case, they'd just use escorts, and no longer feel bad about their lack of sex.</p></li><li><p>In one paper, &#8220;rising housing costs explain roughly half of the decline in the total fertility rate between the 2000s and 2010s&#8221;. A stark indictment on the externalities of NIMBYism. <a href="https://open.substack.com/pub/illuminatingfertility/p/20252026-fertility-job-market-papers?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">A useful aggregator of the current economic literature on fertility rates</a>. Culture may explain cross-country or cultural differences, but not the trends over time, where the net returns (asset or liability) to childbearing are the main factor.</p></li></ol><p></p>]]></content:encoded></item><item><title><![CDATA[Overcoming cultural pessimism]]></title><description><![CDATA[Liberalism and the internet do not erode culture, but are its best friend]]></description><link>https://www.ciaranmarshall.co.uk/p/overcoming-cultural-pessimism</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/overcoming-cultural-pessimism</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Sat, 10 Jan 2026 00:45:00 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>I often hear, predominantly from conservatives, that we&#8217;re in an age of irrevocable and unprecedented cultural decline. Liberalism, and the perceived atomisation of &#8220;community&#8221; and even beauty, is the culprit. Social media gets unfairly maligned for promoting short-form, and reducing the relative status of longform books.</p><p>Yet access to culture has never been more seamless. Want to view the latest Rembrandts? Just download one onto your phone gallery. Is Beethoven's 3rd symphony your melodic orgasm? Listen to it for free on SoundCloud today. Revising your memory of the classics, and fancy a read of Austen&#8217;s Pride and Prejudice? Again, a feat that <a href="https://www.alexandria.wiki/">can be done online for free</a>. If you live in a major city, I won't even uncover the plethora of food options or gigs and other cultural events regularly available.</p><p>Alternatively, you may be into an emo subculture - never has it been a better time to satisfy your cultural tastes. Or maybe you're a classic nerd that enjoys playing board games for hours? In Leeds, there are shops regularly hosting events where anyone can just show up to play. Chess? Look out for the matches in the town/city squares. A niche sexual fetish that you're repressing in daily interactions - the seedier parts of the Web will take care of that.</p><p>A devout Muslim? There are plenty of towns and cities in Britain where that lifestyle is culturally incentivised. Contrary to the prevailing narrative on the right, British Muslims mostly just want to practice their faith freely in peace, and will not coerce others to adhere. In this sense, most Muslims are liberal and assimilated into a core value of the West. What is this core value? <em>Cultural heterogeneity. </em>It seems to me that a core emphasis of liberalism and multiculturalism is on cultural heterogeneity - the ability to practice whatever lifestyle you choose, and match with like-minded others, free from social or legal persecution. Unsurprisingly, as Western society becomes more globalised, liberal, and secular, we are living in an unprecedented area of cultural diversification. Any small niche will now easily be catered for. The internet, by reducing fixed costs to approximately zero, increases the supply-side of culture too, and facilitates easier search and matching. From reading lists of the best music of 2025, it's apparent that not many share my enthusiasm for electronic drum and bass music, so if I was reliant on the centralised legacy media for my music, I would be much worse off as a result. For those of us with unconventional pursuits, there has never been a better time to live!</p><p>Cultural heterogeneity <a href="https://open.substack.com/pub/overcomingbias/p/pay-pariah-cults?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">may also promote cultural evolution</a>, which via epigenetic mechanisms <a href="https://elifesciences.org/articles/109427">may accelerate biological evolution</a>. This value is an underrated benefit of liberalism, and an underrated driver of innovation, in my view. Hence, I'm sceptical of the notion of <a href="https://open.substack.com/pub/overcomingbias/p/our-big-oops?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">cultural drift</a>. Globally, our institutional cultures are converging onto a universalist liberalism, of the sort espoused by Kant. Yet this only focuses on one dimension of culture, and increased homogeneity on this dimension actively promotes heterogeneity on the other dimensions.</p><p>As for the claim that beauty has disappeared as a salient driver of modern aesthetics, for anyone to credibly believe that, you would have to be a Philistine blind to most contemporary artworks. Richter, Klimt, Twombly, and (my favourite) Hockney - how can anyone say their paintings are so not possess a deep sense of intricate, euphoric, almost overpowering beauty? Yes, most &#8220;pop&#8221; music, TV, films, and artwork are absolute drivel: this was almost certainly the case for any time in human history. We inevitably recall only the very good works, which is why the past may appear culturally superior. A classic form of availability bias continues to pervade cultural commentary to this day.</p><p>Regarding the proliferation of short-form, this is a classic case of increased specialisation and much lower transaction costs to information exchange. Previously, if you had a thought, it was essential to wait until you had enough (chains of) thoughts, plus a sense of coherence to unify them, to write a book or an opinion piece. You had to jump through hoops to get published. Then with the internet came blogging. Afterwards, social media. Not everyone has enough content worth writing to create longform, yet do we not benefit from others&#8217; contributions on X? I certainly do, and on here I regularly cite thoughtful X posts. In this Coasian sense, the market is more complete, and trade in ideas that individuals were willing yet previously unable to enact can now go ahead. This is an unambiguous welfare gain, considering the positive spillovers of ideas. For those with a preference for consuming and publishing longform, a burgeoning market for such exists today on Substack. This patterns holds for other mediums too: TikTok vs YouTube documentaries a prime instance of this specialisation.</p><p>Most of the recent empirical literature establishing a causally negative effect of social media on cognition reports small average treatment effects. Yes, <a href="https://x.com/cremieuxrecueil/status/1993430280959406339?t=-zaH5jnhrQdPopZ2qOy9rg&amp;s=19">even small ATEs can accumulate to generate large aggregate costs</a>. Yet how do we square these results for the cultural dominance of social media with the Flynn effect? The answer is that the studies measure &#8216;cognition&#8217; via PISA scores, or educational attainment, rather than raw IQ (presumably to get the socially desirable results). We all know that EA is a weighted average of IQ and conscientiousness, and to a lesser extent status variables, with wide variation in accordance with attention (so exogenous distractions themselves presumably introduce an endogenous measurement bias here?). Moreover, is PISA even the right dependent variable to measure? It's not obvious to me that the most valuable knowledge, acquired in the most cost-effective manner, is derived via schooling. Most of my acquired knowledge has been derived from the internet. With regard to reading physical books, where do I find out about those books on my list? You guessed it, the internet! </p><p>The Web has served as an outstanding tool for highly intelligent individuals to enhance their consumption of (and hence their production function of) ideas, independent of established institutions that may prioritise prestige and conformity over knowledge, and hence drag those individuals down. These geniuses drive our knowledge economy, and the scientific and technological advancements that propel growth and the Enlightenment. None of the commentary on social media contagion has focused on the tail effects, and the resulting positive externalities.</p><p>Overall, cultural pessimists tend to focus on some moving average of cultural utility, as opposed to the second moment. Yet it seems that the variance itself is an especially important point estimate of cultural richness, particularly when fixed costs to many forms of cultural production are near zero, and transaction costs to cultural exchanges are near zero. These changes to the supply-side, coupled with a markedly increased tolerance of cultural heterogeneity, to the extent that this is perhaps the predominant value that distingues the West from other cultures, is driving a cultural renaissance that we are all living through right now. Don't be a pessimist - take advantage of the best society and age in history to live in!</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[An oligarchic democracy]]></title><description><![CDATA[Peter Thiel is wrong, democracy is good (plus empirical data to support this)]]></description><link>https://www.ciaranmarshall.co.uk/p/an-oligarchic-democracy</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/an-oligarchic-democracy</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Thu, 08 Jan 2026 20:13:49 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>For most of my intellectual life, I agreed with Peter Thiel that democracy is inherently a force against liberty and maximising economic prosperity. Electorates can consistently be relied upon to vote for gerontocratic welfare states, closed borders, protectionist measures, rent controls, and so on. An alien observer would conclude that democracy cannot be compatible with the efficient outcome, and that individuals would be best served by a philosopher king with the correct libertarian outlook. However, we already live in a second-best (at best) world, so one has to adopt the Churchill (and Burkean!) principle and compare to historical or incentive-compatible alternatives. On this basis, I'm gradually becoming less hostile to the idea.</p><p>An important caveat is that, were a libertarian autocracy ever to arise, then I would likely support that. Such a government is likely not incentive-compatible however. How would citizens, many of whom as far from libertarian preferences as possible, voluntarily establish such a system? You would have to enact a coup to achieve this, yet militaries and other groups reliant on the use of violence alone (without consent) to enforce their beliefs can hardly be trusted to stick with libertarian principles. Autocracies are generally reliant upon rent extraction and opaque patronage networks for survival - amounting to a substantial tax on growth, and a distortion of outcomes. This is likely why Tabarrok (whom I agree with on most policy matters) finds that <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://marginalrevolution.com/marginalrevolution/2025/10/democracy-and-capitalism-are-mutually-reinforcing.html&amp;ved=2ahUKEwierMHn0vyRAxW9QUEAHQ1RF4wQFnoECBsQAQ&amp;usg=AOvVaw2km5nigPHACETvfyMOufWh">democracy is correlated with economic freedom</a>, and this is likely (to some extent) causal. Besides, whilst there are a few autocracies that embraced capitalism, every socialist economy is autocratic. Venezuela, Zimbabwe, North Korea, Khmer Rouge, Mao, Stalin - if there is one lesson to learn from these examples, it's that tail risks must be considered when deliberating on optimal institutions.</p><p>I used to highlight the Gulf as an example of efficient autocracies, yet Neom, and the billions were squandered on perpetually cancelled projects in Dubai, shows how an economy subject to the whims of a king will misallocate resources according to the preferences of one man. This is also closely related to the <a href="https://open.substack.com/pub/microfounded/p/in-the-american-empire-we-trust?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">Hayekian argument</a> I discussed in my last post. Likewise, I consider <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.richardhanania.com/p/why-the-media-is-honest-and-good&amp;ved=2ahUKEwiIjOL00_yRAxWRYEEAHcFwLoMQFnoECDoQAQ&amp;usg=AOvVaw3tj9ac8G4OuHWcp8ZR84sK">Hanania's defence of the mainstream media</a> to be another example of how liberal democracies (with the necessary norms and checks) optimise information aggregation. Obviously, this is vital for the innovation that drives endogenous growth.</p><p>Regular readers will be wondering at this point why I have abandoned my previous idea of a network of for-profit charter cities and seasteading ventures, where people &#8220;vote&#8221; with their feet, to replace the post-Westphalian order of nation states. I still support innovation in government on the margin. However, on reflection of geopolitical developments in the last half-decade, I'm convinced by Nozick&#8217;s argument that scale is necessary to defend against the (ever-present) threat of war by a much larger power. If one cluster of cities doesn't integrate, another will. Rational actors know this, so via backward induction, larger political entities will arise. Indeed, this is the story of how Carthage got destroyed by the Romans: a vital lesson that anarcho-capitalists must heed. Moreover, I basically recreated Yarvin&#8217;s neoreactionary philosophy from first principles, and if I'm in agreement (on a fundamental principle) with an intellectual fraud, then I'm missing an important step in my reasoning. There's no guarantee that charter cities would necessarily advance a libertarian agenda. In fact, patronage, corruption, and feudalism, could be considered examples of for-profit governments. The idea that they yield the correct incentives to facilitate capitalism cannot be assumed.</p><p>Whilst we're on the subject of violence, Pinker highlighted in his famous book on conflict, that liberal democracies since 1945 have never waged war against one another. This is a significant factor in the reduction of interstate violence in the last century. I discuss this in more detail in my last post; right now I will deal with one counterargument. A key argument in favour of democracy is that it promotes the peaceful transfer of power. Without it, civil wars and coups occur. Yet Sudan shows that, in some cases, autocracies prevent civil wars from occuring. Hence, my defence of democracy is not a universal defense, but a generalised claim that holds in most cases.</p><p>However, democracies are prone to electing populists that exert negative institutional effects, and <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.aeaweb.org/articles%3Fid%3D10.1257/aer.20202045&amp;ved=2ahUKEwihgtTt2_yRAxUQZ0EAHRowG5AQFnoECCQQAQ&amp;usg=AOvVaw3vQMOzr7g784Q98GYYnjaW">populism is also a tax on growth</a>. See here for <a href="https://open.substack.com/pub/microfounded/p/understanding-populism-via-the-institutional?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">my definition of populism</a>, yet most can agree on who is or is not populist, so let's move on from tedious semantics. Obviously, many autocracies are populist, and populism tends to descend into anocratic or autocratic rule. Yet is a non-populist autocracy preferable to a populist democracy? It seems to be that the most important variable of concern is designing institutions such that non-populist elites maintain power, democracy or not.</p><p>Define elites as:</p><ol><li><p>Motivated primarily by status and prestige (not necessarily money per se), with some concern for integrity. Generally the most educated and intelligent subset of citizens.</p></li><li><p>Advocate for liberal democratic institutions, and will work to impose constraints on electoral outcomes if necessary to maintain them (see last hyperlink).</p></li><li><p>A tendency towards liberalism in outlook. A consistent finding in social science is that intelligence is correlated with liberalism. If <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://elmwealth.com/aumann-interview-sep-2025/&amp;ved=2ahUKEwi6gciT3vyRAxWUVEEAHVnOAGcQFnoECCIQAQ&amp;usg=AOvVaw2Rpr3nwc1zDUnQUykKLfvC">rational agents cannot honestly disagree</a>, and all disagreements are <a href="https://open.substack.com/pub/microfounded/p/yes-partisan-bias-in-forecasting?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">a function of search costs to information acquisition given heterogenous priors</a> (you could consider higher IQ as reducing search costs), then it seems sensible to conclude that over time, smart individuals converge to liberalism whilst Bayesian updating.</p></li></ol><p>These are the class of individuals we want in power. Education polarisation puts all the stupid people onto one side, with (as we see with Trump) grave consequences for policy when they hold power. The populist tax in action!</p><p>Therefore, we want to design democracies with an anti-majoritarian slant, and which minimise polarisation. Obviously, checks and balances constrain the leviathan. In electoral outcomes however, I consider proportional representation systems as superior due to their fragmented outcomes, and the general necessity for coalition. Should a populist and low-IQ party ever gain significant traction, elites can impose the cordon sanitaire to block them from power. Alternatively, they may share power with the populists, yet the nature of coalition government further constrains their destructive impulses. Yes, establishment parties may adopt some populist policies to move closer to the median voter, yet this is a small price worth paying in comparison with majority rule by populists. As I said, democracy is second-best.</p><p>One can now consider liberal democracy, contrary to how democracy is conventionally conceptualised, as oligarchic. If liberal democracy works well, then only a small and highly selective elite calls the shots where it matters, in policy. Paradoxically, good democracies are elitist - indeed one of the most common criticisms of Western institutions. This is a good thing, and is why I can embrace democracy.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item><item><title><![CDATA[Links for January 2026]]></title><description><![CDATA[When you can predict accurately the posterior function, transformers converge to Bayesian inference. Superforecaster epistemology has demonstrated its utility, and in my view resolves the long-running rationalism vs empiricism debate in philosophy.]]></description><link>https://www.ciaranmarshall.co.uk/p/links-for-january-2026</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/links-for-january-2026</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Tue, 06 Jan 2026 20:27:06 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<ol><li><p>When you can predict accurately the posterior function, <a href="https://x.com/i/status/2006057889459261471">transformers converge to Bayesian inference.</a> Superforecaster epistemology has demonstrated its utility, and in my view resolves the long-running rationalism vs empiricism debate in philosophy.</p></li><li><p>Declining fertility appears to be driven <a href="https://www.nber.org/papers/w33913#fromrss">less by increasing rates of childlessness, and more by families with kids having fewer</a>. Type in &#8220;birth rates&#8221; or &#8220;fertility&#8221; in the search bar of my newsletter, or get an LLM to summarise what I write about the topic, and you'll see that it's more complicated than &#8220;liberal vs conservative, feminist vs traditional&#8221;.</p></li><li><p>The debate was settled ages ago: <a href="https://supreme.justia.com/cases/federal/us/149/304/">tomatoes are a vegetable!</a></p></li><li><p><a href="https://x.com/i/status/2004761831521615942">A cure for cystic fibrosis.</a></p></li><li><p><a href="https://x.com/i/status/2005000125538816245">Me on the Lucas Critique.</a></p></li><li><p>Commercial incentives and Enlightenment culture even <a href="https://worksinprogress.co/issue/the-logical-triumph-of-english/">optimises word count!</a> The beauty of capitalism can be found in the places we least expect.</p></li><li><p>Is the idea of the brain as an information processor compatible with emergent complexity? <a href="https://neurosciencenews.com/consciousness-computing-ai-30068/">This article</a> argues such.</p></li><li><p>Increasingly I'm growing sceptical of the idea that nature vs nurture can be easily decomposed into binary, mutually exclusive categories. We have pretty convincing evidence (at least for model organisms) that <a href="https://elifesciences.org/articles/109427">nurture somewhat affects genetic inheritance.</a></p></li><li><p>Holographic string theory allows for <a href="https://arxiv.org/abs/2501.02359">more dimensions of quantum gravity</a>. </p></li><li><p><a href="https://x.com/i/status/2004558572496035892">A new golden age for mathematics?</a> Even if, as Terence Tao argues, the benefits will accrue disproportionately to the low-hanging fruit space, this is significant progress.</p></li><li><p><a href="https://x.com/i/status/2004270547249909774">Yet they say that economics oversimplifies&#8230;</a></p></li><li><p>My name (in both Irish and English spellings) <a href="https://name-age-calculator.randalolson.com/">appears to be rising in popularity each year.</a></p></li><li><p><a href="https://x.com/i/status/2003821735158956239">Carlsberg was one of the first industrial research labs</a>. In the quest to minimise people getting sick from a pint, the pH scale and our discovery of the structure of proteins followed. How many other discoveries are a function of the invisible hand? This is why capitalism drives growth: the allocation and information aggregation arguments are important, yet ultimately it drives innovation and human capital development too.</p></li><li><p>So (broadly speaking) <a href="https://x.com/i/status/2003841320788595054">liberals read, old conservatives watch TV, and young conservatives watch YouTube and listen to podcasts?</a> How many podcasts are essentially a trendy revival of conservative talk radio?</p></li><li><p><a href="https://x.com/i/status/2003556423092044228">I would happily sacrifice the welfare state for open borders</a> any day of the week.</p></li><li><p><a href="https://x.com/i/status/2003847392039436393">Racial sectarianism still plays an important role in American politics</a>, and indeed was an underrated driver of wokeness as civil rights. Then liberals (credibly, on the abortion issue) started to make a conscious effort to appeal to women, hence the growing partisan gender gap, and the shift in focus of wokes towards feminism? Same with gay marriage, attracting LGBT folk, and adopting gender ideology? Conservatives, reliant on religious evangelicals, cannot shift to a more socially liberal stance, so culture wars generate polarisation? An interesting equilibrium to model&#8230;</p></li><li><p><a href="https://x.com/i/status/2002642105060229460">Despite the social media narrative</a>. The reported mental health crisis is largely an illusion of expanding definitions and self-diagnosis in my view.</p></li><li><p><a href="https://x.com/i/status/2001256696883376540">Union busting as abundance?</a> If abundance converts liberals to free-market economics, then a liberal innovation becomes in effect a conservative coup in the marketplace of ideas.</p></li></ol><p>It may be time to do the equivalent link for Substack posts I've read in due course&#8230;</p>]]></content:encoded></item><item><title><![CDATA[In the American empire we trust]]></title><description><![CDATA[America is a hypocritical imperial hegemon, and the world is grateful for that]]></description><link>https://www.ciaranmarshall.co.uk/p/in-the-american-empire-we-trust</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/in-the-american-empire-we-trust</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Mon, 05 Jan 2026 19:29:28 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>Trump&#8217;s liberation of the Venezuelan people is an unequivocal positive for anyone who cares about freedom and the welfare of humanity. The very fact that America decapitated one of the most tryannical regimes on the planet overnight, and will deliver justice against an evil that subjugated their people into a living hellhole, is a testament to the strengths and moral superiority of the American-led world order. Yet, many liberals complain that this operation violated a core tenet of the international rules-based order<a class="footnote-anchor" data-component-name="FootnoteAnchorToDOM" id="footnote-anchor-1" href="#footnote-1" target="_self">1</a>, that one does not infringe upon the sovereignty of other nations. This grants credible charge to the claims of America&#8217;s opponents abroad regarding its hypocrisy. How can liberals square the utility of the regime change against rebelling against the Kantian peace?</p><p>Firstly, we should establish that America actually does renege against the liberal world order when it suits it. I can think of case that demonstrates such. America&#8217;s involvement in Ukraine is often justified on the basis of preventing annexation of territory. A fixed map of nation states is regarded as integral to global peace. If one nation changes the map without punishment, then this emboldens other nations to pursue their irredentist claims. Yes the norm against regime change is weaker, and the reason why America is the primary enforcer of regime change is that (unlike other countries) it yields the state capacity to do so, which should tell you something about the American model in comparison with its detractors. Yet America may soon recognise Somaliland, Morocco&#8217;s sovereignty over the Western Sahara, and floated the Trumpian one-state solution to the Palestine conflict. South Sudan and Montenegro get recognised by most countries on Earth without any issues.</p><p>One may then argue that what makes Ukraine a special case is that we have a classic Manichean battle of democracy against autocracy, good against evil, and that America has a moral obligation to defend democracy. Indeed, upholding democracy itself is a major principle of the international order, which is in large part why it's a liberal order. I agree that democracy is a variable of interest here. Putin's motives for the war are to reclaim Russia's past &#8220;glory&#8221; after being subject to a lost decade of humiliation from the West. Ukraine pivoting towards NATO was the icing on the cake here. Yet how does this square with the preferences of the Ukrainians, the Russians in Ukraine, and the Russian citizens? Ex-ante, did anyone really care about redeeming a past wrong for the sake of &#8220;national pride&#8221; or &#8220;glory&#8221;? Democracies do not perfectly aggregate the preferences of its citizens, yet it's obvious that it introduces a dynamism from its focus on accountability that makes it superior to dictatorships on this front. Here we have the preferences of one man, a whole economy the size of Italy subject to the preferences of one man, holding the priorities of the immediate post-USSR era when most others have moved on, waging war against a democracy on those preferences that may not reflect aggregate preferences. Raising the cost of a major war provoked by a revanchist dictatorship is a legitimate foreign policy interest in itself in my view.</p><p>In general, America&#8217;s legitimacy in upholding and policing the world order is derived in significant part from it being a democracy, and the alliances it forms with other democracies. Those alliances, the West, is united via a shared belief system in liberal democracy. Democratisation is generally the trend across the world too, more so if you consider the flow of people across borders (most to democracies), so this democracy based order carries legitimacy. Those liberal democracies almost never wage war against one another, which shows that a Kantian peace amongst democracies is a large factor in the decline in global conflict as documented by Steven Pinker. We would not have to ask if Russia would still wage war against Ukraine if it was a democracy, as we already know that it almost certainly wouldn't!</p><p>Nonetheless, America is willing to tolerate, and often support, dictatorships when it suits its national interest. Generally, across history, this has been because the alternative (mostly communism or Islamist fundamentalism) is worse. However, this does show that America weights its global support for democracy alongside its other liberal values, such as support for capitalism.</p><p>Therefore, America is a hypocritical power. In classic game-theoretic scenarios, this hypocrisy and lack of enforcement capabilities against such hypocrisy should undermine the entire Kantian peace. Indeed, this is the main difference in geopolitical perspectives between the US and Europe, and Republicans vs Democrats, with the latter in both cases stressing the value of adherence to global norms. What this perspective lacks however is that the Kantian peace is an American peace; never based on a series of immutable deontological principles, but on a liberal hegemony with the state capacity to globally enforce its values. If we were to apply the categorical imperative to everything, then we could not send people to prison, as rationally it undermines a core human desire giving the other party the logical legitimacy to do the same. We adhere to principles and norms in large part to signal our moral worthiness, whilst <a href="https://open.substack.com/pub/microfounded/p/in-praise-of-hedonism?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">acting as strict self-maximising utilitarian consequentialists</a> otherwise. Our institutions and geopolitics functions in the same manner. Our &#8220;international order&#8221; is largely a product of American imperialism and hegemony, and this is unambiguously a good thing.</p><p>Consider instead global peace and security as a public goods problem. America provides that public good. It satisfies the IR constraints of nations aligned with American interests (generally liberal democracies, but can include capitalist autocracies such as the Gulf states), and the IR constraint of America (enhanced global security, and reduced nuclear proliferation, yields positive spillovers for American security). For the IC constraints to be satisfied, these nations unite by a shared belief system: call this &#8220;liberalism&#8221;. This liberalism and democracy, by aggregating the preferences of its citizens better than other systems, guarantees the legitimacy of those national governments, and America&#8217;s leadership. Because America yields this legitimacy, its return for providing the public good is that it yields the legitimacy to unilaterally use force abroad to defend its interests, which are generally aligned with liberal values in the long-run. The rational common knowledge that those nation states within this order are aggregations of the preferences of their citizens, with a distaste for war, means that nations in the order can be confident that they will never wage war against one another. </p><p>A Kantian peace, fuelling peace amongst democracies, arises. Outside of this liberal democratic alliance, this peace is less guaranteed. Even capitalism alone cannot guarantee this, as perhaps best exemplified via the rise in geopolitical tensions with China despite its turn towards markets. Nuclear weapons cannot explain why non-nuclear powers often attack nuclear powers (most recently, Hamas against Israel). </p><p>Moreover, upholding this peace often requires the use of force against nation states that do not submit to liberal values, &#8220;regime change&#8221;. The liberal world-order has always served individuals first and foremost; sovereignty being a convenient heuristic to respect to make peace more likely, yet not an unconditional constraint. Values are not credibly upheld using words, but require the use of tangible (often costly and risky) action to support them. What can be a better way to demonstrate your support for liberal capitalism than liberating a socialist hellhole on your doorstep? Yes, this is imperialism: imposing your rules onto another nation regardless of whether they voluntarily submit. </p><p>Yes, this liberal imperialism is justified, and indeed <a href="https://marginalrevolution.com/marginalrevolution/2026/01/u-s-interventions-in-the-new-world-with-leader-removal.html">its track record in outcomes is positive</a>. We consider the rare cases (usually in the Middle East) where nation building and interventions fail, yet (due to negativity bias) neglect the successes. Sierra Leone? Yugoslavia? We updated far too strongly on the War on Terror, and for the last decade have been cowered into timidity as a result. As US foreign policy becomes more interventionist again, alongside its alliance with an emboldened Israel to enact its interests in the Middle East, we could be seeing an imminent end to the Iranian theocracy. Would this have occured if the West continued to restrain itself with its guilt?</p><p>In light of these geopolitical developments, I have updated some of my views myself. Democracies consistently vote for gerontocratic welfare states, closed borders, and protectionism: a tyranny of the majority, so for a long time I've been sceptical of the utility of democracy. However, the alternative, an economy operating under the whims of one man, is far worse. Hayek demonstrated that decentralised processes are the only means to aggregate information regarding preferences, and centralised mechanisms of authority will almost certainly make mistakes (as Russia's overconfidence in invading Ukraine demonstrates). Accurate information aggregation is vital for state capacity, and is a reason why Russia and China are still weak compared to America, or else they'd have retaliated to the operation against Maduro. </p><p>While we are on the subject of state capacity, this is the variable that allows us to depose a socialist maniac with limited damage, and to engage in the task of nation building. Only America has demonstrated the state capacity to perform this feat. Therefore scale is also crucial, and so whilst in the past I advocated for <a href="https://open.substack.com/pub/microfounded/p/should-we-privatise-criminal-justice?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">replacing the order of nation states with charter cities competing for citizens</a>, such an idealistic utopia cannot occur in a world where scale is necessary to uphold global stability, and defend against threats to our liberties. Only an American empire - a Kantian peace amongst fellow liberal democracies, and occasionally subjecting nations that refuse to submit with force - can spread freedom across the planet.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div class="footnote" data-component-name="FootnoteToDOM"><a id="footnote-1" href="#footnote-anchor-1" class="footnote-number" contenteditable="false" target="_self">1</a><div class="footnote-content"><p>I will leave aside the fact that delivering justice for &#8220;crimes against humanity&#8221; is one important tenet of international law. If the annihilation of Venezuela by socialism is not a crime against humanity, then what is?</p></div></div>]]></content:encoded></item><item><title><![CDATA[Autists against neurodiversity unite!]]></title><description><![CDATA[An autistic individual's rebuttal of the spectrum]]></description><link>https://www.ciaranmarshall.co.uk/p/autists-against-neurodiversity-unite</link><guid isPermaLink="false">https://www.ciaranmarshall.co.uk/p/autists-against-neurodiversity-unite</guid><dc:creator><![CDATA[Ciaran Marshall]]></dc:creator><pubDate>Thu, 01 Jan 2026 18:06:23 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6dIf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87ecd1af-c501-495b-99ab-d12da79f1548_540x540.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>Autistic spectrum disorder rates have increased substantially in the West, largely <a href="https://open.substack.com/pub/cremieux/p/whats-the-deal-with-autism-rates?utm_source=share&amp;utm_medium=android&amp;shareImageVariant=overlay&amp;r=56swa">due to diagnostic expansion</a>. This has generated a discussion as to <a href="https://x.com/i/status/2006301324355551642">whether we are overdiagnising autism</a>, which if true would yield a sizeable distortion of labour markets in Britain and America given anti-discrimination laws, as well as suboptimally high disability welfare claims. Therefore, it is imperative that diagnoses are as accurate as possible. Yet the diagnostic criteria, and the notion of <a href="https://x.com/i/status/2005445528147071006">autism as a spectrum</a> that aggregates classic autism with Asperger's, generates notable controversy. As an autistic individual, I have a stake in this, so my preliminary thoughts on this matter form an invaluable contribution to this subject.</p><p>Cr&#233;mieux writes the following:</p><blockquote><p>&#8220;After the DSM-III became available, clinicians started diagnosing more and more children with the condition: an autism diagnosis was a shiny new tool in the psychiatric arsenal. To qualify for a diagnosis, a child had to be judged as having all of six different criteria, including &#8220;Onset before 30 months of age&#8221;, &#8220;pervasive lack of responsiveness to other people&#8221;, &#8220;gross deficits in language development&#8221;, &#8220;if speech is present, peculiar speech patterns such as immediate and delayed echolalia, metaphorical language, pronominal reversal&#8221;, &#8220;bizarre responses to various aspects of the environment&#8221;, and &#8220;absence of delusions, hallucinations, loosening of associations, and incoherence as in schizophrenia.&#8221;</p></blockquote><p>Prior to this, autism was only diagnosed for the highly nonverbal that required intensive support. DSM III marks the departure of autism from a severe learning disability, as these set of symptoms can be consistent with high intelligence and a fully-functioning and independent livelihood. <a href="https://www.kennedykrieger.org/stories/interactive-autism-network-ian/dsm_iv_criteria">DSM IV then expanded the possible set of symptoms</a> to seventeen, and one only needed a score of six to be diagnosed. Crucially, one no longer needed to have suffered delays in language acquisition; paving the way for Asperger's (distinct from classic autism by the very absence of delayed language learning) to be merged under the creation of the spectrum in 2013 with the DSM V.</p><p>My mental model of ASD conceives of three categories consistent with the DSM III criteria, with some overlap:</p><ol><li><p>The nonverbal, or those requiring intensive round-the-clock care. Intellectually handicapped, and cannot live independently.</p></li><li><p>Those that can function independently, and are often of high intelligence. They also encountered a delay in language development.</p></li><li><p>Asperger's - characterised as (2) with no delays to language development.</p></li></ol><p>All three share the symptoms of communication frictions, enhanced sensory processing (often to the point of notable discomfort), and a proclivity towards repetition with obsessive interests. Henceforth, I am not opposed to the DSM III criteria, although I do view Asperger's and autism as worthy of distinct diagnoses. I can usually sense if an individual is on the spectrum. Our relatively flat tonal and rhythmic patterns of spoken communication, and idiosyncrasies in frequency and volume of speech relative to the neurotypical party of an interaction, and more &#8220;robotic&#8221; body coordination, tends to give it away. All of us also yield a preference for literal speech, as opposed to idioms or sarcasm, or even metaphors for me. It has been noted that I tend to speak in rather elongated manner<a class="footnote-anchor" data-component-name="FootnoteAnchorToDOM" id="footnote-anchor-1" href="#footnote-1" target="_self">1</a>. These mannerisms are subtle yet distinct, and therefore our neurological profile is indeed distinct from neurotypicals, and not solely a social construct of diagnosis.</p><p>Nonetheless, there is marked heterogeneity between the level of assistance required for the three categories. Those with Asperger's may appear superficially &#8220;socially awkward&#8221;, yet they clearly suffer no abnormal development hence any need for accomodations (as mandated in equality laws) is not obvious. Those in categories (2) may require additional support within their early childhoods, yet once they can communicate intelligibly with neurotypicals, they tend to share the same features as aspies. Only category (1) can credibly be conceptualised as a mental disability requiring substantial medical attention. For the rest of us, autism or Asperger's is no more dehabilitating than a cluster B personality disorder.</p><p>As such, it seems sensible to revive the distinction between Asperger's and autism, as they differ in language acquisition and hence need for additional accommodation in early childhood. Of course, whether a child ends up in category (2) or (1) may not be easily identifiable ex-ante. How do we predict the likely outcome? My intuition is that intelligence is the separating factor here - those in category (1) generally have left-tail IQ scores consistent with intellectual disability. Those in category (2) tend to be within one standard-deviation point from the mean, and when they do depart, it is overwhelmingly on the right-tail.</p><p>So the solution to overdiagnosis is obvious. Just IQ test everyone who receives an autism diagnosis in early childhood. However, this would require overcoming the entrenched ideological opposition to the very concept of IQ - one of the hallmarks of wokeness, as can be seen in their institutionalised discouragement under anti-discrimination laws, and the insistence of blank-slateists to attribute 100% of the gap in mean black and white IQ scores to environment.</p><p>Indeed, my opposition to the nascent neurodiversity ideology is derivative. Not only is the neurodiversity movement an extension of wokeness, and an attempt to place us within their hierarchy of the oppressed, it is also epistemologically bunk. No, we are not just one bundled set of cognitive traits uniformally distributed across everyone. There are clear trait correlations that reflect an underlying distinct neurobiology. There are discrete heterogeneities in severity of disability, which have obvious implications for their optimal institutional treatment. Yes, I used the word disability specifically, as neurodiversity theory advocates will deny that ASD is a disability, yet claim that disability is not to be stigmatised and viewed as a negative. Their obsessive pursuit of political correctness requires this gaping contradiction.</p><p>My concern regarding the neurodiversity concept is not solely an opposition to the wider DEI agenda, nor solely rooted in my desire to restrict anti-discrimination and disability laws to the greatest extent that politics will allow. As autistic individuals, we disproportionately care about the truth for its own sake. We do not consume ideas to signal, nor to self-aggrandise. Indeed many of us hate signalling, and find the elaborate norms and rituals relating to signalling bizarre or frustrating. We simply want theory to match with empirics. Neurodiversity clearly does not align with the empirical data, and is instead an elaborate ritual of self-aggrandisement by autistics whom desperately seek to be regarded as &#8220;normal&#8221; whilst denying that deviance from &#8220;normal&#8221; is bad! What they fail to notice is, by aggregating Elon Musk into the same condition as an intellectually disabled person who requires a carer for basic household maintenance, they diminish the former. If you wish to help the autists who need it, we must clearly start from an accurate representation of the condition.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.ciaranmarshall.co.uk/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Microfounded! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div class="footnote" data-component-name="FootnoteToDOM"><a id="footnote-1" href="#footnote-anchor-1" class="footnote-number" contenteditable="false" target="_self">1</a><div class="footnote-content"><p>For those of you wondering, I was diagnosed under DSM IV, and consider myself to fall in category (2). Technically, my diagnosis refers to &#8220;autistic tendencies&#8221;, yet functionally this has been treated as equivalent to autism. I considered writing about my childhood development and symptoms here, yet it bears no relevance beyond egotism, so it was cut out. Another post awaits&#8230;</p></div></div>]]></content:encoded></item></channel></rss>