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Steve Faktor
Works at Author of Econovation; Founder at IdeaFaktory
Attended New York University Stern School of Business
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Steve Faktor

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The many contradictions of Warren Buffett.

Our kindly corporate hero is also a skilled opportunist.
An investing hero is not a model for how to reform America’s economy
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Great piece on the changing #economics of children.
What's yours worth?
How Kids Went from Worthless to Priceless
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Strong case against #UBI 
 
Strong case against Universal Basic Income http://bit.ly/2ba8imL #UBI without ownership of capital = full dependence on State
#TheMcfuture
Edit: I'm not against UBI! I'm just saying we shouldn't implement it and say "We're all done here." So I feel a lot of people are not quite grasping why UBI isn't a great idea, or at least why it should only be a means to an end, not the ends ...
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+laurie corzett Wow! Yahoo groups! That's old school. Haven't seen one of those links in forever!
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Simple but effective way to combat homelessness.
 
Great job, Mayor Richard Berry
Republican mayor's simple idea to help the homeless works.
Please talk to Bill de Blasio
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Why Donald Trump Transcends Reason & Logic
For my friends who simply can't understand Donald J. Trump's appeal, despite all the facts and logic working against him, here is a simple explanation:

His supporters are not even listening to his words. They don't care about his policies or business failures or lies. He is their act of rage against the machine. The same machine that screwed them in the first place. The same machine Hillary Clinton represents. In a way, their support is not so irrational, if viewed as an act of protest. 
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When I said screwed by the machine - this chart is what I mean. This is the byproduct of all the free trade agreements, like NAFTA, Bill signed and Hillary actively supported. Today, Barack Obama's TPP is an extension of that globalism.

I'm all for free trade and much of globalization was inevitable. But to pour gas on that fire without re-tooling the population (eg education) and stimulating alternative job opportunities, was irresponsible. Trump's core were destined from Day 1 to be net losers here, as cheap labor decimated their ranks.
 
Google support the TPP. The TPP is evil. Google are Evil

As the world reels from the Brexit shock, it is dawning on economists and policymakers that they severely underestimated the political fragility of the current form of globalization. The popular revolt that appears to be underway is taking diverse, overlapping forms: reassertion of local and national identities, demand for greater democratic control and accountability, rejection of centrist political parties, and distrust of elites and experts.

This backlash was predictable. Some economists, including me, did warn about the consequences of pushing economic globalization beyond the boundaries of institutions that regulate, stabilize, and legitimize markets. Hyper-globalization in trade and finance, intended to create seamlessly integrated world markets, tore domestic societies apart.

Harvard University economist Dani Rodik at the World Economic Forum.
Dani Rodrik on the reaction of the left to the backlash against globalization.
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I'd love to see this chart exclusive to one eco system. In my mind, you can't take a global chart and compare Asian to Caucasian. You are including Asia's population with the American Asian population which is naturally going to bring the median down.

I feel the income gains across different skin colours just in North America (still, Mexican, black, Asian, white etc) would be closer together. 
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Steve Faktor

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Great video. We're surrounded by ill-conceived incentives. They start out with good intentions but quickly produce unexpected, adverse results as people and businesses learn how to game the system.

This video gives some great examples and shows how games can allow us to better understand incentives and come to our own conclusions.

More often, doing nothing is far better than creating incentives with potential for adverse consequences. A great argument for a vastly simpler tax code...
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Watch this trailer for POVERTY, INC, a documentary on how foreign aid & charity keep people impoverished & dependent. That includes all the feel-good buy-one, give one (BOGO) programs like Toms Shoes - that destroy local industry.

Lasting salvation for the poor comes in the form of commerce, trade and #innovation. The only sustenance is self-sustenance.
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Why are millennials not having sex, buying cars, getting married, etc. Simplest answer: they're poor.
If you’re wondering why millennials don’t have much sex, and don’t buy cars, forget social theorizing: the harsh truth lies in their near-empty wallets.
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Good pricing tips.
 
Good tips for Nailing Your Pricing Strategy
From buyer personas to feature preference surveys, Price Intelligently Co-founder and CEO Patrick Campbell offers indispensable tips on how to get pricing right.
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Vocation, all I ever wanted
 
Important read. Why the US needs vocational schools (and apprenticeships), not free college, which amounts to another wealth transfer from the poor to the rich, just like mortgage deductions.

50% of graduates are already in jobs that don’t require degrees. Now we’d be flooding the market with more surplus at taxpayer expense. Misguided subsidies are why every American is now made of 43% corn syrup.
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#‎jobs #‎education #‎economy #‎future
http://on.wsj.com/2bdhuoD
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If you have trouble with the WSJ link, here's an alt. copy: http://bit.ly/2bdgZeg
Hillary’s proposals on debt-free college education would benefit the wealthy at the expense of the poor.
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Let companies pay for the formation of their future workers.
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A great opportunity to root for the little guy (or gal, in this case). Photographer Carol Highsmith makes 18,000 of her beautiful photos free to use through The Library of Congress. But she received a $120 copyright infringement fine from Getty Images - for using her own photo on her own website - to which they don't own a license. In fact, the company has been shaking down lots of people for photos whose licences it doesn't own. So Carol filed a $1bn copyright claim against Getty. http://bit.ly/2aJHh7J

Check out Carol's work here: http://bit.ly/2aJHJ5X

#copyright #content #media
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Have them in circles
6,586 people
Yong Xiang Ooi's profile photo
Daniel Estrada's profile photo
Cep yazılım's profile photo
R. Mark Moore's profile photo
Robert Gazzola's profile photo
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Work
Occupation
innovation, strategy, emerging technology, digital, payments, finance, economics
Employment
  • Author of Econovation; Founder at IdeaFaktory
    Founder, present
  • American Express
    Vice President & Head of Chairman's Innovation Fund
  • Citigroup
    Senior Vice President, Growth Ventures & Innovation
  • MasterCard
    Vice President, Product Strategy & Change Management
  • Andersen Worldwide
    Manager, Advanced Technology Services (Consulting)
  • Razorfish
    Manager, CRM and eCommerce Strategy
Story
Tagline
Author of Econovation | Founder of ideafaktory | Ex-head of American Express Chairman's Innovation Fund
Introduction
Thanks for visiting. I'm founder of startup incubator IdeaFaktory, author of Econovation (Wiley), and ex-head of American Express Chairman’s Innovation Fund. I've also led innovation and strategy at Citi, Mastercard and Andersen.  Along the way, I've created some very cool (and profitable) innovations in payments, loyalty and mobile. I write for Harvard Business Review (among others), do global keynote speaking, and advise companies on new growth opportunities.

Looking for Budding Startups & Developers 
Before I forget - I'm actively advising and developing several startups and using my network to get them financed and connected with corporate partners.  I am also looking for qualified developers, co-founders, and entire teams (possibly on the downswing of a startup) to partner with me on some amazing businesses I'd like to bring to market.   

On Google+
I don't post very often, but when I do, it's usually original ideas with a dose of humor. You'll definitely want to subscribe!

For innovative ideas, you should subscribe to the +IdeaFaktory page.

For more economics-flavored posts, please subscribe to the +Econovation page.

You may want to consider me for circles about:


Thanks and look forward to connecting with you on G+! 

Steve 
Education
  • New York University Stern School of Business
    Economics & Accounting
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