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Money is not the same thing as power, although power usually makes money abundant. Billionaires have in many ways much less power than even a relatively minor g
by peoplewindow 9y ago
Money is not the same thing as power, although power usually makes money abundant. Billionaires have in many ways much less power than even a relatively minor government official or regulator.
Zuckerberg learned this the hard way when he spaffed $100 million on New York schools and ended up with zero measurable difference in outcomes.
https://finance.yahoo.com/news/mark-zuckerbergs-100-million-donation-155608055.html https://finance.yahoo.com/news/mark-zuckerbergs-100-million-...
$100 million down the drain, largely because - guess what - the politics of Newark were totally unaffected by all this money. Zuck wanted a new teachers contract that linked pay to performance to be a part of the reform, and $50m of the $100m was devoted to achieving this outcome. It was meant to be used for teacher bonuses and so on. But only the state legislature could make real change there, and they didn't. Instead the contract was renegotiated with seniority protections intact because the union refused to budge on it, and the local government rolled over. The district also spent huge sums of money on "consultants" making $1000/day - $20m of it went down that rabbit hole.
In the end Zuck discovered that you can't solve political problems with money, no matter how much you throw around. Trump beat Clinton despite spending 50% as much, even though Obama had been warning after Citizens United that it represented a "serious harm to democracy". People tend to over-estimate the impact money can have on society.
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- pjc50 9y agoKind of surprising that the teachers won that one, but good on them. Performance-related pay in education is an absolute minefield, because it's not widget-making or even something as rigourously scientifically subject to assessment as software development(+). Outcomes in education are hugely susceptible to wider social conditions such as whether the parents can afford to feed the kids breakfast. If a system isn't really carefully designed, it ends up creating incentives to dump the hardest to teach kids somewhere. (+) sarcasm - everyone claims that 10x developers exist, and they might be right, but there's no reliable scheme for identifying performance.
- jondubois 9y agoThe biggest problems in society are mental ones: - People place way too much value on social connections over hard work. - People have a greatly exaggerated view when it comes to the correlation between status/popularity and skill. - The motto 'people over products' has been taken to such an extreme that products and tangible results seem to have been completely removed from the equation. - Those who have the money to make a difference don't lead, instead, they follow trends. If we solved these problems, society would be much, much better. Unfortunately solving these problems goes against the interests of wealthy people.