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" Fearless commentary on finance, economics, politics and power Follow yvessmith on Twitter Feedburner RSS Feed RSS Feed for Comments Subscribe via Email SUBSCRIBE Recent Items Links 3/11/17 - 03/11/2017 - Yves Smith Deutsche Bank Tries to Stay Alive - 03/11/2017 - Yves Smith John Helmer: Australian Government Trips Up Ukrainian Court Claim of MH17 as Terrorism - 03/11/2017 - Yves Smith 2:00PM Water Cooler 3/10/2017 - 03/10/2017 - Lambert Strether Why a 400-Year Program of Modernist Thinking is Exploding - 03/10/2017 - Yves Smith Links 3/10/17 - 03/10/2017 - Yves Smith Why It Will Take a Lot More Than a Smartphone to Get the Sharing Economy Started - 03/10/2017 - Yves Smith CalPERS' General Counsel Railroads Board on Fiduciary Counsel Selection - 03/10/2017 - Yves Smith Another Somalian Famine - 03/10/2017 - Yves Smith Trade now with TradeStation - Highest rated for frequent traders Why a 400-Year Program of Modernist Thinking is Exploding Posted on March 10, 2017 by Yves Smith By Lynn Parramore, Senior Research Analyst at the Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Across the globe, a collective freak-out spanning the whole political system is picking up steam with every new "surprise" election, rush of tormented souls across borders, and tweet from the star of America's great unreality show, Donald Trump. But what exactly is the force that seems to be pushing us towards Armageddon? Is it capitalism gone wild? Globalization? Political corruption? Techno-nightmares? Rajani Kanth, a political economist, social thinker, and poet, goes beyond any of these explanations for the answer. In his view, what's throwing most of us off kilter - whether we think of ourselves as on the left or right, capitalist or socialist -was birthed 400 years ago during the period of the Enlightenment. It's a set of assumptions, a particular way of looking at the world that pushed out previous modes o

"n a recent article in the New York Times, the development economist Seema Jayachandran discusses three studies that used Randomised Controlled Trials (or RCTs) to understand the benefits of enhancing the self-worth of poor people. Despite wide differences in context, all the cases explore the viability of 'modest interventions' to 'instill hope' in marginalised communities, concluding that 'remarkable improvements' in the quest for poverty reduction are possible."

"We use the word "authority" to mean lots of things - police and state actors are "the authorities", an expert may be "an authority on the matter, etc. But I want to suggest that it is very useful to think of authority as a characteristic of information in a social context. In particular, information is "authoritative" when some community of people to coordinate upon it and behave as if it were true, regardless of whether or not the information is in fact true, or even of whether the individuals doing the behaving personally believe it to be true. If information is authoritative, members of the community behave as if the information is true even despite strong, often opposing interests in the question. When we claim that someone "is an authority", we are claiming that the information they produce will (or should) alter behavior within some human community. Authority subsists in the relationship between information and behavior in a social context."

By exchanging resources, the members of a microbial community can survive in environments where individual species cannot. Despite the abundance of such syntrophy, little is known about its evolutionary origin. The predominant hypothesis is that syntrophy arises when originally independent organisms in the same community become interdependent by accumulating mutations. In this view, syntrophy arises when organisms co-evolve. In sharp contrast we find that different metabolism can interact syntrophically without a shared evolutionary history. We show that syntrophy is an inherent and emergent property of the complex chemical reaction networks that constitute metabolism.

Drought is perhaps the most complex and least understood of all weather and climate extremes. Despite an increasing drought risk in a future warmer climate, this risk is often underestimated and continues to remain a "hidden hazard." Drought can span timescales from a few weeks to decades, and areas from a few kilometers to entire regions. Impacts usually develop slowly, are often indirect and can linger for long after the end of the drought itself.

Research is showing that - despite the fact that many workers report they want to continue to work away from the office post-pandemic - managers are having a hard time with it.

The starting point is to note that, for people to be held responsible for their actions, they have to know about certain features of the world. In many cases, even this minimal condition for blameworthiness isn't satisfied. For example, Chow would have struggled to predict that the rise of ridesharing apps would crater the market for taxi medallions in New York City - but so, too, did most of us. By their very nature, technological disruptions are difficult to foresee; if they were easy to predict, early investors in these technologies wouldn't get so rich. Such a low bar for blameworthiness seems too harsh to be plausible; how can any of us be blamed for failing to spot trends that almost no one was able to see, despite the significant material incentives for doing so?

Large-scale irrigation infrastructure projects are back on the development agenda in sub-Saharan Africa after a near 30-year hiatus, despite projects having had disappointing results, with social and environmental side effects outweighing benefits. Such projects are planned in response to water scarcity pressures and are seen as a solution to intensify agricultural production, support rural economic development and enhance resilience to climate change.

Toothpaste, face creams, hair gel, mayonnaise and ketchup are household items that most people don't think twice about, but in terms of their flow behavior, they have unusual properties. They're all elasto-visco-plastic (EVP) materials, which behave like solids when at rest, but can yield to flow like liquids when placed under enough stress. Despite their ubiquity, the ability to model and predict their behavior relies on a theory that has only been shown to work under certain conditions.

The phenomenon where a mutation overrides another genetic defect is known as genetic suppression and it is not unique to yeasts. Genome sequencing studies have revealed individuals who remain healthy despite carrying catastrophic inborn errors whose usual harmful effects are somehow masked by other unknown changes in their genomes.

A study of nearly 2,000 Marine recruits who went through supervised quarantine before starting basic training revealed several instances of asymptomatic transmission of SARS-CoV-2, the virus that causes COVID-19, despite the quarantine measures.