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Fears about joblessness on this scale could jolt markets again. Investors have priced in a recession by now, but may still be processing the size of the hole the coronavirus has blown into the global economy, Jeffrey Kleintop, chief global investment strategist at Charles Schwab, told me.

The Dow Jones Industrial Average is now down 35% from its all-time high in mid-February, erasing all its gains since President Donald Trump's inauguration. Between January 20 and last Thursday, $27 trillion was wiped off global stocks, according to Bank of America.

The Fed said it will support American households and businesses, but it acknowledged "our economy will face severe disruptions."

The social distancing policies imposed to fight the coronavirus crisis have brought the American economy to its knees. Malls are empty. Factories have been shut down. Casinos have gone dark. And countless flights have been suspended. The economic toll is massive.

Aided by extremely low interest rates, US businesses have borrowed heavily over the past decade to hire workers, build factories, research new products and pay for share buybacks. That debt now looks especially treacherous as the economy goes into a tailspin.

As Angrist acknowledges, one impetus for the study was the wave of criticism the economics profession has faced over the last decade, after the banking crisis and the “Great Recession” of 2008-2009, which included the finance-sector crash of 2008. The paper’s title alludes to the film “Inside Job” — whose thesis holds that, as Angrist puts it, “economics scholarship as an academic enterprise was captured somehow by finance, and that academic economists should therefore be blamed for the Great Recession.”

The study also details the relationship between economics and four additional social science disciplines: anthropology, political science, psychology, and sociology. Among these, political science has overtaken sociology as the discipline most engaged with economics. Psychology papers now cite economics research about as often as they cite works of sociology. The new intellectual connectivity between economics and psychology appears to be a product of the growth of behavioral economics, which examines the irrational, short-sighted financial decision-making of individuals — a different paradigm than the assumptions about rational decision-making found in neoclassical economics.

“It really seems to be the diversity of economics that makes it do well in influencing other fields,” Ellison says. “Operations research, computer science, and psychology are paying a lot of attention to economic theory. Sociologists are paying a lot of attention to labor economics, marketing and management are paying attention to industrial organization, statisticians are paying attention to econometrics, and the public health people are paying attention to health economics. Just about everything in economics is influential somewhere.”

No test is perfectly accurate; all generate false positives and false negatives. How many varies by the test — the new Abbott Labs test, for example, has a false negative rate of about 3 percent and a false positive rate of about 1.5 percent.

We’d also require public understanding that test results are a risk-assessment tool rather than a definitive answer. And shifting the public’s thinking might be harder than shifting Trump.

Doing that would also require fundamentally changing our thinking.

For mass testing to work, people will need to understand that even an event where all attendees just tested negative isn’t necessarily covid-free, because some false negatives might have slipped through

Giving hundreds of millions of citizens this crash course in elementary statistics would be very difficult. Teaching people how to think about a positive result would be even harder — especially if mass testing does its job of reducing caseloads. Because as case numbers fall, false positives will become a bigger and bigger problem.

Say we’re testing 200 people, 10 of whom have covid-19. Given its rate of false negatives, the Abbott test would probably catch all 10. But with false positives, it could also tell one or two people who don’t have covid-19 that they’re infected. That’s not ideal — as good citizens, they’d have to go home and quarantine. But a more sensitive follow-up test could substantially mitigate this problem, shortening such quarantines to a day or so. It would be worth it to get those 10 true positives out of circulation.

Doing this, we might eventually reduce the share of the population that’s infected to, say, 0.5 percent from 5 percent. Unfortunately, the false positive rate won’t budge, so now for every one true positive uncovered, roughly three false positives would still be generated.

That’s inherently costly: Every false positive means skipping your flight, rehearsal or birthday party. But it would be catastrophic if people didn’t understand that a positive covid-19 test is a guideline, not a guarantee

People who think that they’ve had covid-19, when they haven’t, are apt to go out and engage in risky behavior, maybe a lot of it. And if mass testing ever becomes common, there could be a lot of those people.

So mass testing isn’t just a matter of getting a test that is cheap enough and plentiful enough; the administration and the public must be educated to use this bounty wisely. That’s a hard messaging problem. Given the alternative, though, it’s the kind of problem we’d really like to have.

On the other hand, if you’re talking about 99.8 percent of a common event which translates into some very large number . . . well, suddenly it’s not great, Bob:

2,900,000 passengers fly on airlines each day. If 99.8% of them made it safely to their destinations, 5,800 people a day would be dying in crashes and people like you would never step on an airplane ever again.July 25th 20211 Retweet4 Likes

hugely successful media giants dominating the entertainment scene, growing fat and cocky, dismissive of upstart competitors, followed by a humbling slide toward marginalization, if not outright irrelevance.

First radio was so dominant that surely no one thought television could ever replace it. Then broadcast TV was such an enormous presence in American life, some network executives dismissed cable TV as destined to be small-timey forever.

A viewer could watch a whole series in a single day and never be bothered by somebody selling corn flakes.

There could be a number of reasons for the huge subscriber drop, but the biggest seems to be increased competition, with a slew of companies with great resources and deep libraries of content entering the streaming world in recent years, including Disney, Universal and Warner Bros. Discovery (the parent company of CNN).

Netflix, following in the footsteps of streaming competitors like Hulu and HBO Max, is reportedly exploring a new option for financial security. Or rather an old one, a really old one.

The one that brought all those people together in Manhattan for the upfronts: ad dollars.

a reminder to stay informed and vigilant against groupthink.

A common refrain in battles about Covid-19 and vaccination, politics and conspiracy theories, parenting, drugs, food, stock trading and media, it signals not just a rejection of authority but often trust in another kind.

“Do your own research” is an idea central to Joe Rogan’s interview podcast, the most listened to program on Spotify, where external claims of expertise are synonymous with admissions of malice. In its current usage, DYOR is often an appeal to join in, rendered in the language of opting out.

“There’s this idea that the goal of science is consensus,” Professor Carrion said. “The model they brought to it was that we didn’t need consensus.” She noted that the women she surveyed often used singular rather than plural pronouns. “It was ‘she needs to do her own research,” Professor Carrion said, rather than we need to do ours. Unlike some critical health movements in the past, this was an individualist endeavor.

One of the enticing aspects of cryptocurrencies, which pose an alternative to traditional financial institutions, is that expertise is available to anyone who wants to claim it.

In crypto, the uses of DYOR are various and contradictory, earnest and ironic sometimes within the same discussion. Breathless investment pitches for new coins are punctuated with “NFA/DYOR” (not financial advice), or admonitions not to invest more than you can afford to lose, which many people are obviously ignoring; stories about getting rich are prefaced with DYOR; requests for advice about which coins to hold are answered with DYOR. It is the siren song of crypto investing.

In that way — the momentum of a group — crypto investing isn’t altogether distinct from how people have invested in the stock market for decades. Though here it is tinged with a rebellious, anti-authoritarian streak: We’re outsiders, in this together; we’re doing something sort of ridiculous, but also sort of cool.

“Now it seems like DYOR can only do so much,” the user wrote. Eventually, the user said, you end up relying on “trust.”

Recent episodes have focused on mainstream tech stories — the crypto crash, the Netflix bubble bursting — but others go down truly weird rabbit holes, like the mysterious world of Katie Couric CBD scams on Facebook.

Begun during the early days of quarantine in March 2020, this affable show feels like eavesdropping on a conversation between two internet-savvy friends

“One Click” explores the stories of other young DNP victims, whose deaths were all caused by a combination of predatory marketing, toxic diet culture and unregulated online pharmacies. It’s upsetting but vital listening.

Delving into the deepest recesses of the dark web, “Hunting Warhead” follows a monthslong investigation by Einar Stangvik, the hacker, and Hakon Hoydal, the journalist, that ultimately led to the downfall of a local politician.

In a bizarre twist, the hack turned out to be motivated by the impending release of a movie named “The Interview,” (starring Seth Rogen and James Franco), which depicted a fictional plot to assassinate Kim Jong-un of North Korea.

This wry, richly reported podcast from the BBC World Service chronicles every twist and turn of the saga and its implications far beyond Hollywood.

Ben Brock Johnson and Amory Sivertson, told stories inspired specifically by the quixotic virtual communities Reddit creates and the everyday mysteries it spotlights. (One classic episode focuses on a Reddit thread about a man who stumbled on a huge, inexplicable pile of plates in rural Pennsylvania.)

Cybercrime has snowballed so rapidly that the world has been caught off guard; last year’s ransomware attack on a major U.S. pipeline highlighted just how vulnerable many of our institutions are, not to mention our individual data.

The hosts, Dave Bittner and Joe Carrigan, are cybersecurity experts who emphasize solutions as they unfurl tales of social engineering, phishing scams and online con artists of every stripe.

ght social networks like Gettr and Rumble, and mainstream social media sites to root out early misinformation narratives about voting before they go viral, and then urge the companies to remove or flag the posts that contain false information.

These states, most of them under Democratic control, have been acting as voter confidence in election integrity has plummeted.

In an ABC/Ipsos poll from January, only 20 percent of respondents said they were “very confident” in the integrity of the election system and 39 percent said they felt “somewhat confident.”

Some conservatives and civil rights groups are almost certain to complain that the efforts to limit misinformation could restrict free speech.

“State and local governments are well situated to reduce harms from dis- and misinformation by providing timely, accurate and trustworthy information,” said Rachel Goodman

“Facts still exist, and lies are being used to chip away at our fundamental freedoms,” Ms. Griswold said.

Officials said they would prefer candidates fluent in both English and Spanish, to address the spread of misinformation in both languages. The officer would track down viral misinformation posts on Facebook, Instagram, Twitter and YouTube, and look for emerging narratives and memes, especially on fringe social media platforms and the dark web.

The question at the core of the Roose/Sydney chat is: Who did Bing serve? We assume it should be aligned to the interests of its owner and master, Microsoft. It’s supposed to be a good chatbot that politely answers questions and makes Microsoft piles of money. But it was in conversation with Kevin Roose. And Roose was trying to get the system to say something interesting so he’d have a good story. It did that, and then some. That embarrassed Microsoft. Bad Bing! But perhaps — good Sydney?

Microsoft — and Google and Meta and everyone else rushing these systems to market — hold the keys to the code. They will, eventually, patch the system so it serves their interests. Sydney giving Roose exactly what he asked for was a bug that will soon be fixed. Same goes for Bing giving Microsoft anything other than what it wants.

the dark secret of the digital advertising industry is that the ads mostly don’t work

These systems, she said, are terribly suited to being integrated into search engines. “They’re not trained to predict facts,” she told me. “They’re essentially trained to make up things that look like facts.”

So why are they ending up in search first? Because there are gobs of money to be made in search

That’s where things get scary. Roose described Sydney’s personality as “very persuasive and borderline manipulative.” It was a striking comment

this technology will become what it needs to become to make money for the companies behind it, perhaps at the expense of its users.

I think it’s just going to get worse and worse.”

What about when these systems are deployed on behalf of the scams that have always populated the internet? How about on behalf of political campaigns? Foreign governments? “I think we wind up very fast in a world where we just don’t know what to trust anymore,”

What if they worked much, much better? What if Google and Microsoft and Meta and everyone else end up unleashing A.I.s that compete with one another to be the best at persuading users to want what the advertisers are trying to sell?

Large language models, as they’re called, are built to persuade. They have been trained to convince humans that they are something close to human. They have been programmed to hold conversations, responding with emotion and emoji

They are being turned into friends for the lonely and assistants for the harried. They are being pitched as capable of replacing the work of scores of writers and graphic designers and form-fillers

A.I. researchers get annoyed when journalists anthropomorphize their creations

They are the ones who have anthropomorphized these systems, making them sound like humans rather than keeping them recognizably alien.

I’d feel better, for instance, about an A.I. helper I paid a monthly fee to use rather than one that appeared to be free

It’s possible, for example, that the advertising-based models could gather so much more data to train the systems that they’d have an innate advantage over the subscription models

Much of the work of the modern state is applying the values of society to the workings of markets, so that the latter serve, to some rough extent, the former

We have done this extremely well in some markets — think of how few airplanes crash, and how free of contamination most food is — and catastrophically poorly in others.

One danger here is that a political system that knows itself to be technologically ignorant will be cowed into taking too much of a wait-and-see approach to A.I.

wait long enough and the winners of the A.I. gold rush will have the capital and user base to resist any real attempt at regulation

Somehow, society is going to have to figure out what it’s comfortable having A.I. doing, and what A.I. should not be permitted to try, before it is too late to make those decisions.

Most fears about capitalism are best understood as fears about our inability to regulate capitalism.