On the 8 Spot

What a contrast between Borlaug and the Wall Street financial wizards that brought the world to the brink of ruin. They argued that they had to be richly compensated in order to be motivated. Without any other compass, the incentive structures they adopted did motivate them — not to introduce new products to improve ordinary people’ lives or to help them manage the risks they faced, but to put the global economy at risk by engaging in short-sighted and greedy behavior. Their innovations focused on circumventing accounting and financial regulations designed to ensure transparency, efficiency, and stability, and to prevent the exploitation of the less informed.

There is also a deeper point in this contrast: our societies tolerate inequalities because they are viewed to be … the price we pay for having incentives that motivate people to act in ways that promote societal well-being. Neoclassical economic theory, which has dominated in the West for a century, holds that each individual’s compensation reflects … what he adds to society. By doing well, it is argued, people do good.

But Borlaug and our bankers refute that theory. If neoclassical theory were correct, Borlaug would have been among the wealthiest men in the world, while our bankers would have been lining up at soup kitchens.

Of course, there is a grain of truth in neoclassical theory… Nevertheless, the simplistic economics of the 18th and 19th centuries, when neoclassical theories arose, are wholly unsuited to 21st-century economies. In large corporations, it is often difficult to ascertain the contribution of any individual. Such corporations are rife with “agency” problems: while decision-makers (CEO’s) are supposed to act on behalf of their shareholders, they have enormous discretion to advance their own interests — and they often do.

via Economist’s View: “Skewed Rewards for Bankers”.

A typical conclusion was that rules that assign property rights and rules that let people trade lead to good outcomes. What’s the skyhook? That people will follow the rules. Why would they respect the property rights of someone else? We had no idea. We might have had in mind something like this: police officers will arrest people who don’t follow the rules. But this is just another skyhook. Who are these police officers? Why do they follow rules? This is not an idle concern. Elinor showed that there are lots of important cases where people follow rules about ownership without police officers. One of the central challenges in understanding failures of economic development is that in many places, police officers don’t follow the rules they are meant to enforce.

via Charter Cities: Skyhooks versus Cranes: The Nobel Prize for Elinor Ostrom.

I have no idea how large the code base is, how complicated the code is, how much they adhere to recognized good coding standards but, It just seems that either 3 months is not enough or they have GREAT programmers/analyst. Hope the latter is true.

“2-3 months”

The importance of the source code audit has previously been raised by a lawmaker.

Bayan Muna Rep. Neri Colmenares said last August that IT experts would need at least 2 to 3 months to conduct a proper source code audit.

CenPEG said in its petition: “In order to sufficiently review a source code of such magnitude, it will take at least three (3) months for a team of programmers working full time.”

With the schedule announced by Comelec however, these groups will finish their review of the source codes on or just before election day.

The CenPeg petition is still pending with the SC.

The Comelec will use 82,200 PCOS machines which will be used for the first time in the country in the 80,000 clustered precincts for the 2010 elections. With reports from Timi Nubla, ABS-CBN News

via Source codes to be available to others after Feb. 6 – Comelec | ABS-CBN News Online Beta.

I’m missing Baguio! We need to help our countrypeople from the north! Let’s go to baguio!

Bravo!

It is not a stretch to say that women dream and day dream of their wedding day, to think of others in what women term their day is admirable!  I pray they have a happy life together. May their love be true and their children many!

(UPDATE) Mar-Korina wedding a go; reception cancelled

abs-cbnNEWS.com | 10/13/2009 11:04 AM

MANILA – The wedding of Liberal Party vice-presidential bet Sen. Manuel “Mar” Roxas II and broadcast journalist Korina Sanchez will proceed as scheduled on October 27 at the Sto. Domingo Church in Quezon City.

The reception at the Araneta Coliseum, however, has been cancelled, the bride-to-be announced Tuesday.

“Instead of spending for the reception at Araneta Coliseum as planned, Mar and I agreed to donate the amount set aside for it to various charity organizations taking care of evacuees and victims of typhoons Ondoy and Pepeng,” Sanchez said in a press statement.

These charity groups are Caritas Manila, the Philippine National Red Cross, Sagip Kapamilya of ABS-CBN and Kapuso Foundation of GMA-7, among others.

After the Sto. Domingo rites, she said a private and simple wedding reception will take place at her soon-to-be-husband’s home.

“Para lang sa pamilya kasi mayroon pa akong pamilya na uuwi. And for the entourage siguro, merienda na lang sa bahay. Kaysa naman sa hotel pa, mas matipid kung sa bahay na lang,” she told abs-cbnNEWS.com.

via (UPDATE) Mar-Korina wedding a go; reception cancelled | ABS-CBN News Online Beta.

Matuto na sana tayo (Although I am slightly fearing that I may vote for them, well that’s life!)

Enrile, Jinggoy confirm Erap-Binay tandem

AMITA LEGASPI, GMANews.TV

10/13/2009 | 11:57 AM

As far as Senate President Juan Ponce Enrile is concerned, former President Joseph Estrada is definitely running in the 2010 presidential elections. And Estrada’s running mate ? Makati Mayor Jejomar Binay.

ERAP-BINAY?. Senate President Juan Ponce Enrile says on Tuesday former Pres. Joseph Estrada (left) and Makati Mayor Jejomar Binay (right) are the most likely tandem for the 2010 polls. Benjie Aves and AP (File photos)

Interviewed by Senate reporters Tuesday, Enrile said it would be a matter of time before Estrada formally announces his tandem with Binay in next year’s polls.

“Sa palagay ko done deal na yun (I believe it is already a done deal),” said Enrile, chairman emeritus of Estrada’s Pwersa ng Masang Pilipino (PMP) party.

Binay is concurrent president of PDP-Laban of the United Opposition (UNO), composed of political groups critical of the Arroyo administration.

Estrada’s son, Senate President Pro Tempore Jose “Jinggoy” Estrada, confirmed the tandem of his father with Binay. “Yes, it is,” was the younger Estrada’s reply when asked about the tandem.

via Enrile, Jinggoy confirm Erap-Binay tandem – Nation – GMANews.TV – Official Website of GMA News and Public Affairs – Latest Philippine News.