Monopoly: The Ultimate in Upward Mobility

monopoly

The Horatio Alger rags-to-riches ideal was born in the Gilded Age of the Robber Barons. A century and a half later, it remains an enduring icon of the American Dream and still makes for inspiring stump speeches.

If only it were true.

Truth is, something more powerful than pluck fueled the Robber Barons, and continues to fuel today’s Meristocrats and Robber Nerds. Yes, things like ingenuity, vision, determination, and hard work have had a lot to do with it, both historically and currently, but the essential element for creating mega-companies (sometimes whole new industries) and staggering personal wealth has been none other than government policy, which by definition favors selected economic activities over others.

A trio of distinguished economics and political science professors[1] provide one of the more provocative summaries of this economic reality in their book Violence and Social Orders: A Conceptual Framework for Interpreting Recorded Human History (2009). Harvard sociologist Steven Pinker described it this way: [2]

“The economists Douglass North, John Wallis, and Barry Weingast argue that the most natural way for states to function, both in history and in many parts of the world today, is for elites to agree not to plunder and kill each other, in exchange for which they are awarded a fief, franchise, charter, monopoly, turf, or patronage network that allows them to control some sector of the economy and live off the rents (in the economist’s sense of income extracted from exclusive access to a resource).”

Medici

This practice is sometimes called the “Medici Cycle,” after the famous Florentines:

“In Towards a Political Theory of the Firm, [ Luigi Zingales of the University of Chicago Booth School of Business] theorizes that firms use their economic power to acquire political power. They then apply that political power to achieve greater economic gains, which in turn helps them acquire ever more political power. It’s a cycle Zingales likens to the Medici dynasty of 15th-century Florence, Italy. The Medicis leveraged their lending relationships with the Roman Catholic Church into considerable political influence in Renaissance Europe.”[3]

As an example, consider how Andrew Carnegie made his money:

“The competitive strategy of the steelmakers in 1875 was simple:  Collude and fix prices…. Carnegie was invited to join the newly formed Bessemer Steel Association. The association was a cartel, and in the days before antitrust laws, completely legal. Rather than compete tooth and nail for every bit of railroad business, it made far more sense for the steelmakers to establish quotas to limit the total supply in the market. By agreement, each firm was to produce its quota and sell into the market at agreed-upon prices.” [4]

The upside is that Medici Cycle government policies have supported all kinds of timely innovation and inventions, social and cultural trends, and quality of life improvements. The downside is what happens when monopolistic are allowed to go unchecked for too long. Researching this article, I came across several recent expressions of concern that this is happening on many levels in the current U.S. economy:

1)         In their book  The Captured Economy:  How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality (2017), Brink Lindsey and Steven M. Teles[5] describe their concern with  “regressive regulation” — monopoly-perpetuating policies — especially these four types:

  • “subsidies for financial institutions that lead to too much risk-taking in both borrowing and lending;
  • excessive monopoly privileges granted under copyright and patent law;
  • the protection of incumbent service providers under occupational licensing; and
  • artificial housing scarcity created by land-use regulations.”

2)         Nobel Laureate Joseph Stiglitz and the Roosevelt Institute issued a 2015 report that lists numerous government policies that support or deter monopoly. You can download the full report here or read a Business Insider article published earlier this month that serves as a sort of executive summary of the report, and also brought it up to date:  Nobel Prize-Winning Economist Joseph Stiglitz Says The US Has A Major Monopoly Problem.

3)         This recent article from The Institute For New Economic Thinking describes the derivative problem of “monopsony”:

“Center stage in the meeting of the Federal Research Bank of Kansas City’s annual symposium in Jackson, Wyoming this August was a discussion of the repercussions of having a small number of companies dominating the labor markets where they hire workers–what economists call ‘monopsony.’”

In a nutshell, the problem with monopsony is that, “When a small group of companies can dominate a labor market, wages—and workers—suffer.”

4)         Finally, state-supported monopoly is also evident in the current “rentier economy,” which, as the Steven Pinker quote above indicates, is the result of government policy that grants “exclusive access to a resource.” This is another instance of “regressive regulation.”

We’ll be looking more at the rentier economy in the weeks to come. But first, next week we’ll find out about a surprising twist in the original version of the Monopoly board game. In the meantime, you might enjoy my latest LinkedIn Pulse article The Fame Monster: Rockstars And Rockstar Entrepreneurs.

[1] Douglass C. North is co-recipient of the 1993 Nobel Memorial Prize in Economic Science. He is Spencer T. Olin Professor in Arts and Sciences at Washington University, St Louis and Bartlett Burnap Senior Fellow at the Hoover Institution at Stanford University. Barry R. Weingast is Ward C. Krebs Family Professor in the Department of Political Science and a Senior Fellow at the Hoover Institution at Stanford University. John Joseph Wallis is Professor of Economics at the University of Maryland and a research associate at the National Bureau of Economic Research.

[2] As described in Enlightenment Now:  The Case For Reason, Science, Humanism, and Progress, Steven Pinker (2018).

[3] From this post on the CFA Institute’s Enterprising Investor blog.

[4] From Americana: A 400-Year History of American Capitalism, Bhu Srinivasan (2017). I’m not the only one who didn’t learn about this in my American history class. See this interview with the author of Lies My Teacher Told Me: Everything Your American History Textbook Got Wrong.

[5] The authors combine for one of the more unique economic collaborations I’ve come across in my research They’re a pair of political science professors at Johns Hopkins University who are also associated with the Niskanen Center, a libertarian think tank. Brink Lindsey is a libertarian, so no surprise there, but Steven M. Teles is a liberal, and together they offer an mix of perspectives that provides heartening evidence that not everyone of conflicting persuasions is so entirely polarized that they can’t tlk to each other or agree about anything.

The Pledge

andrew carnegie

19th Century Steel Baron Andrew Carnegie was (a) more than okay with the right to make as much money as you want; but he (b) was not okay with spending it any old way you like. He had some very specific notions about the latter:[1]

“By the late 1880s, Carnegie’s place as one of the wealthiest men in the United States was cemented… With the time afforded him as the controlling shareholder, Carnegie put forth theories on capitalism. the human condition, and the American Republic. In 1889, Carnegie wrote an article simply titled “Wealth” — it would soon become known as “Gospel of Wealth….” In it he offered an unapologetic defense of the system that enabled great wealth such as his.

“[Carnegie believed that] the price for… material progress — ‘cheap comforts and luxuries’ — was great wealth inequality… Any thinking person, Carnegie surmised, would conclude ‘that upon the sacredness of property civilization itself depends — the right of the laborer to his hundred dollars in the savings bank, and equally the legal right of the millionaire to his millions.’ But his defense of capitalism was a setup for a most startling conclusion.

“In the article Carnegie argued that the greatest of men, capitalists, should be unencumbered to accumulate wealth. But once great wealth was achieved, these men should, during their lifetimes, give it away. As the possession of wealth was proof to society of great achievement, aptitude, industriousness, and ability, it made little sense that it should be bequeathed to descendants. Inherited wealth would undermine the argument that those with wealth earned it, deserved it.

“Next, he held that if men waited until death to give the money away, less competent men unused to large sums would squander it thoughtlessly, however well-intentioned. While Carnegie viewed wealth as a symbol of intellectual mastery, the actual possession of it should be considered only a trust fund, with ‘the man of great wealth becoming mere trustee for his poorer brethren, bringing to their service his superior wisdom, experience, and ability to administer, doing for them better than they would or could for themselves. The man who dies thus rich, dies disgraced.’

“Carnegie was hailed by newspapers, socialists, workingmen, and, more discreetly, even his fellow capitalists… for such enlightened views.”

Carnegie’s legacy of endowments endures to this day. (I have clear childhood memories of our small town Carnegie library.) Carnegie’s fellow Robber Barons created similarly enduring legacies, such as those reflected in the following names:  Johns Hopkins, Leland Stanford, Ezra Cornell, Cornelius Vanderbilt, and James Duke.

Carnegie’s philosophy also endures today. albeit expressed in terms  more in tune with the ethos of our times. Consider, for example, the Giving Pledge, formed “in an effort to help address society’s most pressing problems by inviting the world’s wealthiest individuals and families to commit more than half of their wealth to philanthropy or charitable causes either during their lifetime or in their will.”

As of May 2018, 183 individuals or couples from 22 countries had taken the pledge, representing total net worth closing in on a trillion dollars. Some of the Pledgers are household names; most aren’t. I randomly clicked several of their photos on the Giving Pledge home page, which takes you to their statements about  why they took the pledge. Noticeably absent is Carnegie’s belief that capitalists are “that the greatest of men,” that “the possession of wealth [is] proof to society of great achievement, aptitude, industriousness, and ability,” or that wealth is a “symbol of intellectual mastery.” Nor is there an expressed fear that “less competent men unused to large sums would squander it thoughtlessly, however well-intentioned.” Instead, there’s a certain humility to many of the statements:  they often mention lessons learned from forebears or other role models, and often express gratitude for having been “blessed” or gotten lucky, such as this one:

“Allow me to start by saying that I am not sure I am a worthy member of this group of extraordinary individuals. I consider that I have been lucky in life.”

Other predominant themes in the statements are (a) a recognition that attaining great wealth is not solely a matter of rugged individualism, but that cultural and historical context deserve a lot of credit, and (b) a belief that giving back is a way to honor this reality. I.e., wealth made possible by historical and cultural circumstance ought to benefit all members of that culture, including the most needy. As it turns out, this isn’t just a kind-hearted philosophy of life, it’s a statement of the economic terms upon which much wealth has in fact been created and in the past and continues to be created today.

State-sponsored policies that favor timely and innovative ideas and technologies represent a significant type of societal support for wealth creation . We’ll look at that next time.

[1] Americana: A 400-Year History of American Capitalism, Bhu Srinivasan, (2017).

What is “The Economy” Anyway?

Throughout this series, we’ve heard from numerous commentators who believe that conventional economic thinking isn’t keeping pace with the technological revolution, and that polarized ideological posturing is preventing the kind of open-minded discourse we need to reframe our thinking.

In this short TED talk, the author[1] of Americana:  A Four Hundred Year History of American Capitalism suggests that we unplug the ideological debate and instead adopt a less combative and more digital-friendly metaphor for how we talk about the economy:

“Capitalism… is this either celebrated term or condemned term. It’s either revered or it’s reviled. And I’m here to argue that this is because capitalism, in the modern iteration, is largely misunderstood.

“In my view, capitalism should not be thought of as an ideology, but instead should be thought of as an operating system.

“When you think about it as an operating system, it devolves the language of ideology away from what traditional defenders of capitalism think.”

The operating system metaphor shifts policy agendas away from ideology and instead invites us to consider the economy as something that needs to be continually updated:

“As you have advances in hardware, you have advances in software. And the operating system needs to keep up. It needs to be patched, it needs to be updated, new releases have to happen. And all of these things have to happen symbiotically. The operating system needs to keep getting more and more advanced to keep up with innovation.”

brain tilt

But what if the operating system has gotten too complex for the human mind to comprehend?  This recent article from the Silicon Flatirons Center at the University of Colorado[2] observes that “Human ingenuity has created a world that the mind cannot master,” then asks, “Have we finally reached our limits?” The question telegraphs its answer:  in many respects, yes we have. Consider, for example, the air Traffic Alert and Collision Avoidance System (TCAS) that’s responsible for keeping us safe when we fly:

“TCAS alerts pilots to potential hazards, and tells them how to respond by using a series of complicated rules. In fact, this set of rules — developed over decades — is so complex, perhaps only a handful of individuals alive even understand it anymore.

“While the problem of avoiding collisions is itself a complex question, the system we’ve built to handle this problem has essentially become too complicated for us to understand, and even experts sometimes react with surprise to its behaviour. This escalating complexity points to a larger phenomenon in modern life. When the systems designed to save our lives are hard to grasp, we have reached a technological threshold that bears examining.

“It’s one thing to recognise that technology continues to grow more complex, making the task of the experts who build and maintain our systems more complicated still, but it’s quite another to recognise that many of these systems are actually no longer completely understandable.”

The article cites numerous other impossibly complex systems, including the law:

“Even our legal systems have grown irreconcilably messy. The US Code, itself a kind of technology, is more than 22 million words long and contains more than 80,000 links within it, between one section and another. This vast legal network is profoundly complicated, the functionality of which no person could understand in its entirety.”

Steven Pinker, author of the recent optimistic bestseller Enlightenment Now (check back a couple posts in this series) suggests in an earlier book[3] that the human brain just isn’t equipped for the complexity of modern life:

“Maybe philosophical problems are hard not because they are divine or irreducible or workaday science, but because the mind of Homo Sapiens lacks the cognitive equipment to solve them. We are organisms, not angels, and our minds are organs, not pipelines to the truth. Our minds evolved by natural selection to solve problems that were life-and-death matters to our ancestors, not to commune with correctness or to answer any question we are capable of asking.”

In other words, we have our limits.

Imagine that.

So then… where do we turn for appropriately complex economic thinking? According to “complexity economics,” we turn to the source:  the economy itself, understood not by reference to historical theory or newly updated metaphor, but on its own data-rich and machine-intelligent terms.

We’ll go there next time.

[1] According to his TED bio, Bhu Srinivasan “researches the intersection of capitalism and technological progress.”

[2] Samuel Arbesman is the author. The Center’s mission is to “propel the future of technology policy and innovation.”

[3] How The Brain Works, which Pinker wrote in 1997 when he was a professor of psychology and director of The Center for Cognitive Neuroscience at MIT.

Economics + Math = Science?

mathematical equation

The human brain is wired to recognize patterns, which it then organizes into higher level models and theories and beliefs, which in turn it uses to explain the past and present, and to predict the future. Models offer the consolation of rationality and understanding, which provide a sense of control. All of this is foundational to classical economic theory, which assumes we approach commerce equipped with an internal rational scale that weighs supply and demand, cost and benefit, and that we then act according to our assessment of what we give for what we get back. This assumption of an internal calculus has caused mathematical modeling to reign supreme in the practice of economics.

The trouble is, humans aren’t as innately calculating as classical economics would like to believe — so says David Graeber, professor of anthropology at the London School of Economics, in his new book Bullshit Jobs: :

“According to classical economic theory, homo oeconomicus, or “economic man” — that is, the model human being that lies behind every predication made by the discipline — is assumed to be motivated by a calculus of costs and benefits.

“All the mathematical equations by which economists bedazzle their clients, or the public, are founded on one simple assumption:  that everyone, left to his own devices, will choose the course of action that provides the most of what he wants for the least expenditure of resources and effort.

 “It is the simplicity of the formula that makes the equations possible: if one were to admit that humans have complicated emotions, there would be too many factors to take into account, it would be impossible to weigh them, and predictions would not be made.

“Therefore, while an economist will say that while of course everyone is aware that human beings are not really selfish, calculating machine, assuming they are makes it possible to explain

“This is a reasonable statement as far as it goes. The problem is there are many dimensions of human life where the assumption clearly doesn’t hold. — and some of them are precisely in the domain of what we like to call the economy.”

Economics’ reliance on mathematics has been a topic of lively debate for a long time:

“The trouble… is that measurement and mathematics do not guarantee the status of science – they guarantee only the semblance of science. When the presumptions or conclusions of a scientific theory are absurd or simply false, the theory ought to be questioned and, eventually, rejected. The discipline of economics, however, is presently so blinkered by the talismanic authority of mathematics that theories go overvalued and unchecked.

“In 1886, an article in Science accused economics of misusing the language of the physical sciences to conceal ‘emptiness behind a breastwork of mathematical formulas’. More recently, Deirdre N McCloskey’s The Rhetoric of Economics(1998) and Robert H Nelson’s Economics as Religion (2001) both argued that mathematics in economic theory serves, in McCloskey’s words, primarily to deliver the message ‘Look at how very scientific I am.’

“After the Great Recession, the failure of economic science to protect our economy was once again impossible to ignore. In 2009, the Nobel Laureate Paul Krugman tried to explain it in The New York Times with a version of the mathiness diagnosis. ‘As I see it,’ he wrote, ‘the economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.’ Krugman named economists’ ‘desire… to show off their mathematical prowess’ as the ‘central cause of the profession’s failure’.

“The result is people… who trust the mathematical exactitude of theories without considering their performance – that is, who confuse math with science, rationality with reality.

“There is no longer any excuse for making the same mistake with economic theory. For more than a century, the public has been warned, and the way forward is clear. It’s time to stop wasting our money and recognise the high priests for what they really are: gifted social scientists who excel at producing mathematical explanations of economies, but who fail, like astrologers before them, at prophecy.”

The New Astrology:  By fetishising mathematical models, economists turned economics into a highly paid pseudoscience,” Aeon Magazine

Economists may bristle at being compared to astrologers, but as we have seen, their skill at prediction seems about comparable.

In the coming weeks we’ll look at other models emerging from the digital revolution, consider what they can tell us that classical economic theory can’t, and how they are affecting the world of work.

Utopia For Realists

“Progress is the realization of utopias.”

Oscar Wilde

utopia for realistsDutchman Rutger Bregman is a member of the Forbes 30 Under 30 Europe Class of 2017. He’s written four books on history, philosophy, and economics. In his book Utopia for Realists (2016), he recognizes the dangers of utopian thinking:

“True, history is full of horrifying forms of utopianism — fascism, communism, Nazism — just as every religion has also spawned fanatical sects.

“According to the cliché, dreams have a way of turning into nightmares. Utopias are a breeding ground for discord, violence, even genocide. Utopias ultimately become dystopias.”

Having faced up to the dangers, however, he presses on:

“Let’s start with a little history lesson:  In the past, everything was worse. For roughly 99% of the world’s history, 99% of humanity was poor, hungry, dirty, afraid, stupid, sick, and ugly. As recently as the seventeenth century, the French philosopher Blaise Pascal (1623-62) described life as one giant vale of tears. ‘Humanity is great,’ he wrote, ‘because it knows itself to be wretched.’ In Britain, fellow philosopher Thomas Hobbes (1588-1679) concurred that human life was basically, ‘solitary, poor, nasty, brutish, and short.’

“But in the last 200 years, all that has changed. In just a fraction of the time that our species has clocked on this planet, billions of us are suddenly rich, well nourished, clean, safe, smart, healthy, and occasionally even beautiful.[1]

“Welcome, in other words, to the Land of Plenty. To the good life, where almost everyone is rich, safe, and healthy. Where there’s only one thing we lack:  a reason to get out of bed in the morning. Because, after all, you can’t really improve on paradise. Back in 1989, the American philosopher Francis Fukuyama already noted that we had arrived in an era where life has been reduced to ‘economic calculation, the endless solving of technical problems, environmental concerns, and the satisfaction of sophisticated consumer demands.’[2]

“Notching up our purchasing power another percentage point, or shaving a couple off our carbon emissions; perhaps a new gadget — that’s about the extent of our vision. We live in an era of wealth and overabundance, but how bleak it is. There is ‘neither art nor philosophy,’ Fukuyama says. All that’s left is the ‘perpetual caretaking of the museum of human history.’

 “According to Oscar Wilde, upon reaching the Land of Plenty, we should once more fix our gaze on the farthest horizon and rehoist the sails. ‘Progress is the realization of utopias,’ he wrote. But the farthest horizon remains blank. The Land of Plenty is shrouded in fog. Precisely when we should be shouldering the historic task of investing this rich, safe, and healthy existence with meaning, we’ve buried utopia instead.

“In fact, most people in wealthy countries believe children will actually be worse off than their parents. According to the World Health Organization, depression has even become the biggest health problem among teens and will be the number-one cause of illness worldwide by 2030.[3]

“It’s a vicious cycle. Never before have so many young people been seeing a psychiatrist. Never before have there been so many early career burnouts. And we’re popping antidepressants like never before. Time and again, we blame collective problems like unemployment, dissatisfaction, and depression on the individual. If success is a choice, so is failure. Lost your job? You should have worked harder. Sick? You must not be leading a healthy lifestyle. Unhappy? Take a pill.

“No, the real crisis is that we can’t come up with anything better. We can’t imagine a better world than the one we’ve got. The real crisis of our times, of my generation, is not that we don’t have it good, or even that we might be worse off later on. ‘The best minds of my generation are thinking about how to make people click ads,’ a former math whiz at Facebook recently lamented.[4]

After this assessment, Bregman shifts gears. “The widespread nostalgia, the yearning for a past that really never was,” he says, “suggest that we still have ideals, even if we have buried them alive.” From there, he distinguishes the kind of utopian thinking we do well to avoid from the kind we might dare to embrace. We’ll follow him into that discussion next time.

[1] For a detailed (1,000 pages total) history of this economic growth from general nastiness to the standard of living we enjoy now, I’ll refer you again to two books I plugged a couple weeks ago:  Americana:  A 400 Year History Of American Capitalism and The Rise and Fall of American Growth.

[2] See here and here for a sampling of updates/opinions providing a current assessment of Fukuyama’s 1989 article.

[3]  World Health Organization, Health for the World’s Adolescents, June 2014. See this executive summary.

[4] This Tech Bubble is Different, Bloomberg Businessweek, April 14, 2011

The Perils of Predicting

“We were promised flying cars, and instead what we got was 140 characters.”

Peter Thiel, PayPal co-founder[1]

Economic forecasts and policy solutions are based on predictions, and predicting is a perilous business.

I grew up in a small town in western Minnesota. Our family got the morning paper — the Minneapolis Tribune. The Star subscribers got their paper around 4:00. A friend’s dad was a lawyer — his family got both. In a childhood display of cognitive bias, I never could understand why anyone would want an afternoon paper. News was made the day before, so you could read about it the next morning, and that was that.

bomb shelter

I remember one Tribune headline to this day:  it predicted nuclear war in 10 years. That was 1961, when I was eight. The Cuban missile crisis was the following year, and for awhile it looked like it wouldn’t take all ten years for the headline’s prediction to come true. Meanwhile, the Tribune helpfully ran designs and instructions for building your own fallout shelter.

 

miss havishamOur house had the perfect place for one:  a root cellar off one side of the basement — easily the creepiest place in the house. You descended a couple steps down from the basement floor, through a stubby cinder block hallway, past a door hanging on one hinge. Ahead of you was a bare light bulb swinging from the ceiling — it flickered, revealing decades of cobwebs and homeowner flotsam worthy of Miss Havisham. It was definitely a bomb shelter fixer-upper, but it was the right size, and as an added bonus it had a concrete slab over it — if you banged the ground above with a pipe it made a hollow sound.

doomsday clock

I scoured the fallout shelter plans, but my dad said no. Someone else in town built one — the ventilation pipes stuck out of a room-size mound next to their house. People used to go by it on their Sunday drives. Meanwhile I ran my own personal version of the Doomsday Clock for the next ten years until my 18th birthday came and went.

So much for that headline.

I also remember a Sunday cartoon that predicted driverless cars. I found an article about it in this article from Gizmodo:[2]

driverless car cartoon

The article explains:

“The period between 1958 and 1963 might be described as a Golden Age of American Futurism, if not the Golden Age of American Futurism. Bookended by the founding of NASA in 1958 and the end of The Jetsons in 1963, these few years were filled with some of the wildest techno-utopian dreams that American futurists had to offer. It also happens to be the exact timespan for the greatest futuristic comic strip to ever grace the Sunday funnies: Closer Than We Think.

“Jetpacks, meal pills, flying cars — they were all there, beautifully illustrated by Arthur Radebaugh, a commercial artist based in Detroit best known for his work in the auto industry. Radebaugh would help influence countless Baby Boomers and shape their expectations for the future. The influence of Closer Than We Think can still be felt today.

timing is everything

Timing is Everything

Apparently timing is everything in the prediction business. The driverless car prediction was accurate, just way too early. The Tribune’s nuclear war prediction was inaccurate (and let’s hope not just because it was too early). Predictions from the hapless mythological prophetess Cassandra were never inaccurate or untimely:  she was cursed by Apollo (who ran a highly successful prophecy business at Delphi) with the gift of always being right but never believed.

Now that would be frustrating.

As I said last week, predicting is as perilous as policy-making. An especially perilous version of both is utopian thinking. There’s been plenty of utopian economic thinking the past couple centuries, and today’s economists continue the grand tradition — to their peril, and potentially to ours. We’ll look at some economic utopian thinking (and the case for and against it) beginning next time.

Apparently timing is everything in country music, too. I’m not an aficionado, but I did come across this video while researching this post. Click here to give it a listen. The guy’s got a nice baritone.Timing is everything song

 

[1] Peter Thiel needn’t despair about the lack of flying cars anymore:  here’s a video re: a prototype from Sebastian Thrun and his company Kitty Hawk.

[2] The article is worth a look, if you like that sort of thing. So is this Smithsonian article on the Jetsons. And while we’re on the topic, check out this IEEE Spectrum article on a 1960 RCA initiative that had self-driving cars just around the corner, and this Atlantic article about an Electronic Age/Science Digest article that made the same prediction even earlier — in 1958.