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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

Normally, causal influence is assumed to go only one way-from cause to effect-and never back from the effect to the cause-the ringing of a bell does not cause the pressing of the button that triggered it. Now, researchers from the University of Oxford and the Université libre de Bruxelles have developed a theory of causality in quantum theory, according to which cause-effect relations can sometimes form cycles. This theory offers a novel understanding of exotic processes in which events do not have a definite causal order. The study has been published in Nature Communications.

There's rarely time to write about every cool science-y story that comes our way. So this year, we're once again running a special Twelve Days of Christmas series of posts, highlighting one science story that fell through the cracks in 2020, each day from December 25 through January 5. Today: the structure of folklore can help explain how unrelated facts and false information connect into a compelling narrative framework that can then go viral as a conspiracy theory.

team of researchers concludes that a game-theory approach may offer new insights into both the spread and disruption of viruses, such as SARS-CoV-2. Its work, described in the Journal of the Royal Society Interface, applies a "signaling game" to an analysis of cellular processes in illuminating molecular behavior.

A new study by UCLA professors offers a new way to understand how unfounded conspiracy theories emerge online. The research, which combines sophisticated artificial intelligence and a deep knowledge of how folklore is structured, explains how unrelated facts and false information can connect into a narrative framework that would quickly fall apart if some of those elements are taken out of the mix.

Modern monetary theory was once the preserve of left-wing utopians. But as governments around the world continue to pile on debt, it's gaining currency

How did life originate? Scientists have been studying the question for decades, and they've developed ingenious methods to try to find out. They've even enlisted biology's most powerful theory, Darwinian evolution, in the search. But they still don't have a complete answer. What they have hit is the world's most theoretically fertile dead end. When scientists look for life's origins, they usually work in one of two directions. They work backwards in time through the record of organisms that have lived on Earth, or they work forward from one of the many hypothetical prebiotic worlds in which life could have emerged.

Rogue waves - enigmatic giants of the sea - were thought to be caused by two different mechanisms. But a new idea that borrows from the hinterlands of probability theory has the potential to predict them all.

"This is Part 3 (and final) of my series responding to an iNET claim that Modern Monetary Theory (MMT) and mainstream macroeconomics were essentially at one in the way they understand the economy but differ on matters of which policy instrument (fiscal or monetary) to assign to counter stabilisation duties. In Part 1, I demonstrated how the core mainstream macroeconomic concepts bear no correspondence with the core MMT concepts, so it was surprising that someone would try to run an argument that the practical differences were really about policy assignment. In Part 2, we saw how the iNET authors created a stylised version of mainstream macroeconomics that ignored the fundamental building blocks (how they reach their conclusions about the real world), which means that they ignore important differences in the way MMT economists and mainstream macroeconomists interpret a given economic state. I will elaborate on that in this final part. Further, by reducing the body of work now known as MMT to be just 'functional finance', the iNET authors also, effectively, abandon any valid comparison between MMT and the mainstream, although they do not acknowledge that sleight of hand. The series so far is: 1. The divide between mainstream macro and MMT is irreconcilable - Part 1 2. The divide between mainstream macro and MMT is irreconcilable - Part 2"