What is wrong with the economies of the West—and with economics?
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in title, tags, annotations or urlWhat Is Wrong with the West's Economies? by Edmund S. Phelps | The New York Review of Books - 1 views
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With little or no effective policy initiative giving a lift to the less advantaged, the jarring market forces of the past four decades—mainly the slowdowns in productivity that have spread over the West and, of course, globalization, which has moved much low-wage manufacturing to Asia—have proceeded, unopposed, to drag down both employment and wage rates at the low end. The setback has cost the less advantaged not only a loss of income but also a loss of what economists call inclusion—access to jobs offering work and pay that provide self-respect.
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The classical idea of political economy has been to let wage rates sink to whatever level the market takes them, and then provide everyone with the “safety net” of a “negative income tax,” unemployment insurance, and free food, shelter, clothing, and medical care
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Accelerationism: how a fringe philosophy predicted the future we live in | World news | The Guardian - 1 views
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Roger Zelazny, published his third novel. In many ways, Lord of Light was of its time, shaggy with imported Hindu mythology and cosmic dialogue. Yet there were also glints of something more forward-looking and political.
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accelerationism has gradually solidified from a fictional device into an actual intellectual movement: a new way of thinking about the contemporary world and its potential.
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Accelerationists argue that technology, particularly computer technology, and capitalism, particularly the most aggressive, global variety, should be massively sped up and intensified – either because this is the best way forward for humanity, or because there is no alternative.
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Why white supremacists and QAnon enthusiasts are obsessed - but very wrong - about the Byzantine Empire - 0 views
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Byzantium – or more properly, the medieval Roman Empire – controlled much of the Mediterranean at the height of its territorial rule in the mid-sixth century.
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His premise is that when Rome fell, the Byzantine Empire went on to preserve a white-European civilization. This isn’t true.
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Mentions of Byzantium are scattered across message boards frequented by both white supremacists and QAnon enthusiasts – who spout conspiracy theories about a deep-state cabal of Satan-worshipping, blood-drinking pedophiles running the world.
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Napoli plays first match at the newly renamed Stadio Diego Armando Maradona - CNN - 0 views
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Naples city council confirmed the renaming of the Stadio San Paolo in honor of the Argentine legend, who died last month at the age of 60.
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holds a God-like status in the southern Italian city after spending seven memorable years playing for Napoli
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Despite conceding the late goal, Napoli still qualified for the knockout stages as Group F winner.
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How Soon Will The U.K. Variant Be Widespread In The U.S.? : Shots - Health News : NPR - 0 views
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Scientists are sending the U.S. a warning: What's happening right now in the United Kingdom with the new coronavirus variant could likely happen in the U.S., and the country has a short window to prepare.
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"I think a lot of countries are looking at the U.K. right now and saying, 'Oh, isn't that too bad that it's happening there, just like we did with Italy in February.
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"But we've seen in this pandemic a few times that, if the virus can happen somewhere else, it can probably happen in your country, too."
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U.S. prepares for coronavirus pandemic, school and business closures: health officials - Reuters - 0 views
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The United States has yet to see community spread of the virus that emerged in central China in late December. But health authorities are preparing medical personnel for the risk, Nancy Messonnier, an official with the Centers for Disease Control and Prevention (CDC) told reporters on a conference call.
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The World Health Organization has warned that the window of opportunity to contain the international spread of the epidemic that has killed more than 2,200 people was closing, as the virus has spread to some 26 countries with a large cluster in South Korea and recent outbreaks in Iran, Lebanon and Italy
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“Our goal continues to be to slow the introduction of the virus into the U.S. This buys us more time to prepare communities for more cases and possibly sustained spread.”
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Turkey, Russia and the Libyan conundrum | Middle East | Al Jazeera - 0 views
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The UAE, Egypt and to a certain extent France and Russia have all been supporting renegade military commander Khalifa Haftar, who since 2014 has been trying to take power in Libya through military force. The military operation he launched in April 2019 to take over the capital Tripoli, has further complicated the situation.
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Currently, Turkey and Russia seem to be trying to work together to resolve the conflict, as they have become the two key international players in Libya. The two managed to broker a ceasefire between the GNA and Haftar's forces which came into effect on January 12.
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Whether Italy and France can use the Berlin conference to seize back the initiative in the Libyan conflict from Turkey and Russia remains to be seen. For now, the shift in dynamics on the ground has established Ankara and Moscow as the main powerbrokers.
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Italian hermit living alone on an island says self-isolation is the ultimate journey | CNN Travel - 0 views
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"I am fine, I'm not scared," he tells CNN Travel via the mobile phone that is his link to the outside world. "I feel safe here. This island offers total protection. No risks at all. Nobody lands, not even a single boat can be seen sailing by."
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Little has changed for Morandi since Italy's virus outbreak, except that he must now wait longer for people to bring him food from the mainland due to harsh restrictions imposed by Rome's government.
Coronavirus Recession: Fears Of Economic Slowdown Race Around The World : NPR - 0 views
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As odds of a global recession rise, governments and central banks around the world are racing to fend off the economic damage from the spread of the coronavirus. The toll has already landed hard on jittery financial markets. Stocks continued to sell off on Thursday as the Dow Jones Industrial Average plunged 969 points, or about 3.6%, as investors fled stocks. Companies have shut factories, canceled conferences and drastically scaled back employee travel.
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Meanwhile, the U.S. Senate on Thursday gave final passage to a roughly $8 billion spending package to provide medical supplies in hard-hit areas and pay for vaccine research. President Trump has said he will sign the bill. Despite such measures, many economists now say growth is likely to slow considerably this year — if not contract altogether.
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Goldman Sachs projected on Sunday that because of the coronavirus, the U.S. economy would grow by an anemic 0.9% during the first three months of 2020 and would flatline during the second quarter.
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The world sacrificed its elderly in the race to protect hospitals. The result was a catastrophe in care homes - CNN - 0 views
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Three months ago, as the novel coronavirus began to gain a foothold in countries across Europe, officials in the UK said they were still confident that the risk to the British public remained low.
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but at the time there were just 13 confirmed cases and no deaths in the UK. While the government ordered hospitals to prepare for an influx of patients, its advice to some of the country's most vulnerable people -- elderly residents of care or nursing homes -- was that they were "very unlikely" to be infected.
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By May 1, of the 33,365 total confirmed deaths in England and Wales, at least 12,526 -- or 38% -- were care home residents, according to the latest estimates from the Office of National Statistics (ONS).
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Why don't we treat the climate crisis with the same urgency as coronavirus? | Owen Jones | Opinion | The Guardian - 0 views
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It is a global emergency that has already killed on a mass scale and threatens to send millions more to early graves. As its effects spread, it could destabilise entire economies and overwhelm poorer countries lacking resources and infrastructure. But this is the climate crisis, not the coronavirus. Governments are not assembling emergency national plans and you’re not getting push notifications transmitted to your phone breathlessly alerting you to dramatic twists and developments from South Korea to Italy.
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More than 3,000 people have succumbed to coronavirus yet, according to the World Health Organization, air pollution alone – just one aspect of our central planetary crisis – kills seven million people every year. There have been no Cobra meetings for the climate crisis, no sombre prime ministerial statements detailing the emergency action being taken to reassure the public. In time, we’ll overcome any coronavirus pandemic. With the climate crisis, we are already out of time
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Pandemics and the climate crisis may go hand in hand, too: research suggests that changing weather patterns may drive species to higher altitudes, potentially putting them in contact with diseases for which they have little immunity.
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Global economy coronavirus bailout reaches $7 trillion and counting - CNN - 0 views
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The response to the coronavirus pandemic has been unprecedented in terms of speed and scale. Commitments from governments and central banks to date are close to $7 trillion, according to an analysis by CNN Business. The total includes government spending, loan guarantees and tax breaks, as well as money printing by central banks to buy assets such as bonds and stock funds.
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The figure includes the $2 trillion US relief package working its way through Congress and an anticipated 30 trillion yen ($274 billion) in stimulus from Japan that could be approved next month. In Europe, CNN Business tallied stimulus efforts by the biggest economies: Germany, France, the United Kingdom, Italy and Spain.
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"The [$2 trillion US] stimulus package is likely the bare minimum needed to offset the current drag from the outbreak," Bank of America economist Joseph Song told clients Thursday. "The economy will likely need close $3 [trillion] in fiscal stimulus, if not more."
Seeking Dark Matter, They Detected Another Mystery - The New York Times - 0 views
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A team of scientists hunting dark matter has recorded suspicious pings coming from a vat of liquid xenon underneath a mountain in Italy
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If the signal is real and persists, the scientists say, it may be evidence of a species of subatomic particles called axions — long theorized to play a crucial role in keeping nature symmetrical but never seen — streaming from the sun.
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Instead of axions, the scientists may have detected a new, unexpected property of the slippery ghostly particles called neutrinos. Yet another equally likely explanation is that their detector has been contaminated by vanishingly tiny amounts of tritium, a rare radioactive form of hydrogen.
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Opinion | Do You Live in a 'Tight' State or a 'Loose' One? Turns Out It Matters Quite a Bit. - The New York Times - 0 views
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Political biases are omnipresent, but what we don’t fully understand yet is how they come about in the first place.
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In 2014, Michele J. Gelfand, a professor of psychology at the Stanford Graduate School of Business formerly at the University of Maryland, and Jesse R. Harrington, then a Ph.D. candidate, conducted a study designed to rank the 50 states on a scale of “tightness” and “looseness.”
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titled “Tightness-Looseness Across the 50 United States,” the study calculated a catalog of measures for each state, including the incidence of natural disasters, disease prevalence, residents’ levels of openness and conscientiousness, drug and alcohol use, homelessness and incarceration rates.
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