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This skateboarding economist suggests we need more skateparks and less capitalism

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This skateboarding economist suggests we need more skateparks and less capitalism

A young skateboarder riding in front of the Ferry Building on the Embarcadero in San Francisco California.

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“The Skateboarding Ethic and the Spirit of Anti-Capitalism.” That was the title of an unusual paper presented at the annual meeting of American economists this year. The title was clearly a reference to a famous 1905 book by German sociologist and economist Max Weber, The Protestant Work Ethic and the Spirit of Capitalism. And I really wanted to know what this economist was going to argue, and, even more, who he was.

This year’s economics conference was spread out across hotels around San Francisco’s Union Square. On the first day of the conference, it was raining hard, and I ran from my hotel to another one down the street to see this paper be presented.

Sopping wet, I entered a small, basement conference room before the presentations began. “Is this where the skateboarding paper is being presented?” I asked the room.

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Sure enough, a Gen Xer with baggy blue jeans, Vans skate shoes, and a tweed blazer with elbow pads — the only fashion item that screamed “I’m an academic” — stood up and turned around. “Yes, I’m presenting the skateboarding paper here,” he said.

This tweed-jacketed, Vans-wearing man was Thomas Kemp. He’s an economist at The University of Wisconsin–Eau Claire. Kemp says he’s been skateboarding for 40 years, and he continues to skate every day he can (it gets harder to skate during Wisconsin’s winters, so Kemp says he snow skates as well).

For a long time, Kemp published pretty standard economic papers. Papers with titles like, “The Impact of Water Clarity on Home Prices in Northwestern Wisconsin” and “Estimation of product price elasticity of demand.”

“When I was a graduate student, I was actually going to write about skateboarding, but I was told ‘that’s not a good idea,’” Kemp says. But Kemp is more established now. In fact, he’s the chair of his economics department, so he’s more willing to ollie onto the topics he’s the most passionate about.

Kemp’s transformation began a few years back, when he discovered the burgeoning academic literature on skateboarding. “I was just blown away, like, ‘Wow, people are doing academic work on skateboarding,’” Kemp says. And that’s when he did his 180 kickflip.

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“ I literally dropped everything else I was working on and started writing papers on skateboarding,” Kemp says.

The Value of Skateparks

Kemp has now published a series of economic papers about skateboarding. One paper, recently published in The Journal of Economic Analysis, is titled “Shred Central: Estimating the user benefits associated with large public skateparks.” Kemp estimated the consumer benefits of the Lauridsen Skatepark in Des Moines, Iowa. At 88,000 square feet, it’s the largest skatepark in the United States.

One of the issues with the economics of skateparks is they’re generally free to use, which makes it difficult to figure out how much they’re actually worth. This is a common problem for public goods, like parks, beaches, rec centers, and so on. Determining the value of a skatepark is important to figure out whether, for example, communities should build more skateparks, and how big and tricked-out those skateparks should be. Despite the popularity of the sport — estimates suggest there may be as many as 9 million skateboarders in the US — “public resources devoted to skateboarding lag far beyond other leisure activities such as softball, tennis, or soccer,” Kemp writes.

Kemp argues that the distance skaters (and BMXers, roller bladers, and other recreationists) are willing to travel to go to the skatepark provides a good way to estimate the value of it. Traveling requires time and money, so the distance users are willing to travel provides an indication of how much they think a skatepark is worth.

In “Shred Central,” Kemp surveyed skateboarders at Lauridsen Skatepark, and found they “will travel great distances at significant cost to ride a park of high perceived quality.” Crunching numbers on use of the park and travel distance, Kemp estimates that the user benefits of this skatepark are “$61 per user per day and roughly $488,000 annually.” This high estimate for the value of the skatepark suggests that there’s a shortage of high-quality skateparks around the country and that community leaders should build more of them. Rad!

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“The Skateboarding Ethic and the Spirit of Anti-Capitalism”

In his 1905 book, The Protestant Work Ethic and the Spirit of Capitalism, Max Weber argued that Protestant Christianity, especially Calvinism, promoted ethics, like thrift and hard work, that helped nurture the birth of capitalism and rapid economic growth in Northern Europe.

Like Protestants, skateboarders, Kemp argues, have their own set of ethics that can affect their economic lives. And, in Kemp’s view, these ethics can come into conflict with capitalism. For example, skateboarders are known to skate on private property and in front of businesses in search of cool, skateable features. It’s one reason why community leaders have been building skateparks: to encourage skaters to skate in sanctioned areas that are less disruptive to business.

Kemp sees a similar process in history with stickball and baseball. During his presentation, Kemp showed a picture of baseball legend Willie Mays playing stickball in the street when he was young. Like with skateboarding, Kemp says, many leaders saw stickball as a nuisance that disrupted commerce. Kids would shut down streets and disrupt traffic to play the game. They would hit balls and dent cars and break windows. This “irritation to commerce,” Kemp suggests, inspired communities to start building baseball diamonds in community parks and institutionalize the game into more organized and less disruptive baseball leagues.

Willie Mays playing stick ball with Harlem kids.

Willie Mays playing stick ball with Harlem kids.

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“The drive towards creating skateparks appears to me to be on a similar trajectory to what we saw with stickball into baseball,” he says. “That said, we’re now 50-plus years into skateboarding history, and so far, skateboarding seems to be relatively immune from that institutionalization. It’s just as common to see kids skateboarding out in the streets as it is in a skatepark, perhaps even more so.”

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Kemp was the last person to present a paper during this particular conference session. The paper presented before him was much less fun, highlighting physical and mental health problems plaguing our society, including the rise of depression, anxiety, and deaths of despair. The author blamed our economic and health systems, which “prioritizes profits over people’s health,” for making these problems worse.

In important ways, skateboarding is a product of capitalism. For decades, for-profit companies have developed and manufactured better skate decks, trucks, and wheels. They’ve marketed the sport. They’ve popularized it. They’ve made it more accessible. Kemp acknowledges that. But he also sees ethics within the culture of skateboarding that can help people overcome the challenges they may face in our capitalist society.

The skateboarding ethic, Kemp says, is “an ethic of resiliency. I fall, I get up, I do it again.” It’s an ethic of “self-betterment. The skateboarder is always trying to do another trick. They’re trying to do the trick better with more style. They’re trying to do it in different places. They’re comparing themselves to their past selves and not necessarily other skateboarders.” And it’s an ethic that isn’t really concerned with competition with others. Skateboarding, he says, is a non-zero sum game. “In other words, if I do the trick, it doesn’t matter that the other skateboarder didn’t do the trick. I’m not in competition with them. I don’t win, they lose, or I lose, they win. No, we’re all winning — hopefully — compared to our previous selves.”

Skateboarding, Kemp suggests, can help us become more resilient. It can help us build more pride in ourselves. It can help us fight isolation and build community. And it can help us exercise, alleviate stress, find joy, and escape the 9-5 grind.

“Skateboarding has something to show us about living life in these challenging times that we find ourselves in,” Kemp says.

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Kemp’s presentation, appropriately, took place in San Francisco, which is widely recognized as one of the best and most hardcore skateboarding cities in the world. Skaters here are known to “bomb” hills like daredevils, reaching high speeds and doing incredible tricks. And the city has really come to embrace skateboarding. For example, the San Francisco Museum of Modern Art currently has a skateboarding exhibit called “Unity Through Skateboarding” (which, apparently, my son and wife really enjoyed while I was attending this conference).

“San Francisco is legendary,” Kemp said. “Of course, this is a work trip. But, hopefully, I’ll get some skating in while I’m here.”

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Palisades and Eaton Fires May Not Be Fully Extinguished for Weeks

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Palisades and Eaton Fires May Not Be Fully Extinguished for Weeks

It may take weeks or longer for firefighters to fully extinguish the two most destructive fires that have ravaged parts of the Los Angeles area, fire officials warned.

The sheer sizes of those blazes, the Palisades and Eaton fires, have presented a significant challenge. They have charred almost 40,000 acres combined and are still only partly contained.

Difficult weather conditions have also hindered efforts. David Acuna, a battalion chief with Cal Fire, said the persistence of strong winds, and the fact that fires were burning through homes, which can generate intense heat, made containment impossible when the blazes first ignited.

Crews have been trying to establish a boundary around the fires, using trenches, natural barriers and other methods to prevent further spread. But Capt. Erik Scott, a spokesman for the Los Angeles Fire Department, said, “It’s going to be a slow, arduous process.”

The emergence of smaller fires over the last week has further complicated efforts. Of particular concern was the Auto fire in Ventura County, northwest of Los Angeles, which grew to more than 50 acres before being contained. Officials worried about it breaking free again in windy conditions.

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These fires have required an immediate response from both air and ground crews to prevent them from growing, Mr. Acuna said, which diverts resources from the larger blazes.

Stopping the fires’ forward progress is only the first step. Firefighters must also extinguish all remaining flames inside the contained area.

Mr. Scott said this second part of the process would also take time. Among other steps, he said, firefighters need to use hand tools to scrape away brush near the burn perimeter and turn over smoldering piles to ensure nothing is hot enough to reignite.

These timelines are not unusual for large fires. In 2018, the Woolsey fire burned through nearly 100,000 acres in Los Angeles and Ventura counties, destroying over 1,600 structures. The fire ignited in early November and was not contained for two weeks. And it took until early January for the fire to be fully extinguished.

The Santa Ana winds that have repeatedly raised the fire danger over the last week have so far proven lighter than anticipated on Tuesday, but forecasters warn that wind speeds could increase on Wednesday. The region remains critically dry, with little rain expected in the near future. The combination of those elements is threatening to ignite more fires across Southern California, and could further hinder firefighters’ efforts.

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Erin McCann contributed reporting.

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Top BlackRock executive Mark Wiedman to depart

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Top BlackRock executive Mark Wiedman to depart

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Top BlackRock executive Mark Wiedman is departing, in a move that disrupts the asset manager’s planning for the eventual departure of founder Larry Fink, according to four people close to the company.

Wiedman had been widely discussed as a potential successor to Fink for more than a decade and had recently been one of the $11.5tn asset manager’s most prominent public faces as the head of its client business.

BlackRock’s board described him in as a regulatory filing last year as one of three “senior leaders who we believe will play critical roles in BlackRock’s future” as it granted him a special retention package.

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However, Wiedman, who led the integration and rapid growth of BlackRock’s flagship index and exchange traded fund business, has opted not to wait around. His departure is expected to be announced very shortly, the people said. He is forfeiting $8mn in stock options, according to the proxy.

Wiedman’s departure comes after the world’s largest asset manager embarked on a $28bn acquisition spree last year to bulk up its footprint in the fast-growing and lucrative alternative assets sector. The strategic moves not only put pressure on Fink, 72, to personally oversee their success, but also brought in a clutch of high-powered and high-paid executives who need to be carefully managed.

Fink, who has led BlackRock since its 1988 founding, is very popular with investors and is among the most influential figures in finance. But analysts and some within the firm have begun expressing concerns whether the slow pace of succession planning will drive the next generation of top talent to start going elsewhere. BlackRock president Rob Kapito, 67, is also a founder of the firm.

BlackRock declined to comment.

Wiedman is leaving almost exactly a year after Salim Ramji, another executive who was also once touted as a potential leader. Ramji became chief executive of Vanguard, BlackRock’s chief rival in the US and the world’s second-largest asset manager. Several other lower-ranking executives have also left in the past few years to take leadership jobs at smaller firms, including Daniel Gamba to Northern Trust and Zach Buchwald to Russell Investments.

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After Ramji left, the group touted its strong stable of current leaders, including Wiedman and two other executives who also received special option grants: chief operating officer Robert Goldstein and chief financial officer Martin Small.

“BlackRock is proud to have a record of our firm’s alumni going on to lead multiple investment management companies and financial institutions,” it has previously said.

A senior Wall Street figure with knowledge of the situation said “Larry [Fink] and Rob [Kapito] are not going anywhere. They just made a major acquisition and you have to see that through, [but] Wiedman is at an age where if he doesn’t make a move, he ages out of being a CEO.”

A lawyer by training, Wiedman joined BlackRock in 2004 after stints at the US Treasury and McKinsey. He started BlackRock’s financial markets advisory consulting arm, which helped central banks and government agencies dig through the rubble of the 2008 financial crisis.

Wiedman negotiated the 2009 purchase and integration of Barclays Global Investors, the deal widely seen as the most important in BlackRock’s history. He then headed up the resulting iShares business from 2011 to 2019 as it developed into a juggernaut in index and ETFs.

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Keenly interested in talent development, Wiedman recruited or promoted many of BlackRock’s top executives, including Small and Rachel Lord, who heads the international business.

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World News Live Today January 15, 2025: Donald Trump says to create new department to collect revenue from foreign sources on inauguration day

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World News Live Today January 15, 2025: Donald Trump says to create new department to collect revenue from foreign sources on inauguration day

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World News Live: Get real-time updates on international politics, economic changes, conflicts, and environmental issues. Access the latest breaking news and in-depth stories as they happen, keeping you informed of events shaping the world.

Latest news on January 15, 2025: Trump did not specify whether the new agency would replace collections of tariffs, duties, fees and fines by US Customs and Border Protection.

World News Live: Welcome to our World News live blog, your go-to source for instant updates on major events across the globe. Whether it’s political shifts, economic trends, environmental crises, or international conflicts, we deliver real-time reports to keep you informed and engaged with the latest global developments. Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.…Read More

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Jan 15, 2025 12:30 AM IST

US News Live : Donald Trump says to create new department to collect revenue from foreign sources on inauguration day

  • Donald Trump said in a social media post he would create the department on January 20, the day he takes office as president for a second term

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Jan 15, 2025 12:15 AM IST

US News Live : Speaker Johnson orders US Capitol flags raised to full height for Donald Trump’s inauguration

  • The Republican leader’s decision means that President-elect Donald Trump will not take the oath of office for his second term under a half-staff flag

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