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in some of capitalism’s most rarefied circles including Harvard Business School, where last fall Seth Klarman, a highly influential billionaire investor, delivered what he described as a “plaintive wail” to the business community to fix capitalism before it was too late.

“It’s a choice to maintain pleasant working conditions . . . or harsh ones; to offer good benefits or paltry ones.” If business leaders didn’t “ask hard questions about capitalism,” he warned that they would be asked by “ideologues seeking to point fingers, assign blame and make reckless changes to the system.

Leading politicians, such as Trump, Sanders and Sen. Elizabeth Warren (D-Mass.), were advocating positions on tariffs, wealth taxes and changes in corporate governance that would have been unthinkable a few years ago.

One of the most popular classes at Harvard Business School, home to the next generation of Fortune 500 executives, was a class on “reimagining capitalism.” Seven years ago, the elective started with 28 students. Now there were nearly 300 taking it

“Winners Take All,” a book by Anand Giridharadas, a journalist and former McKinsey consultant, that had hit the bestseller list and was provoking heated arguments in places like Silicon Valley, Davos and Harvard Business School. Giridharadas’s book was a withering attack on America’s billionaire class and the notion that America’s iconic capitalists could use their wealth and creativity to solve big social and economic problems that have eluded a plodding and divided government.

To Brockman, a future without work seemed just as likely as one without meat, a possibility that many in the valley viewed as a near certainty. “Once we have meat substitutes as good as the real thing, my expectation is that we’re going to look back at eating meat as this terrible, immoral thing,”

Added another student: “There was a palpable sense of personal desperation.”

“The best thing that happened to me was that I lost my 2014 election,” he said. “Had I won . . . maybe I would’ve been a traditional neoliberal. It really forced my self-reflection and it pointed out every weakness I ever had.”

Mixed in with the valley’s usual frothy optimism about disruption and inventing the future was a growing sense that the tech economy had somehow broken capitalism. The digital revolution had allowed tech entrepreneurs to build massive global companies without the big job-producing factories or large workforces of the industrial era. The result was more and more wealth concentrated in fewer hands.

some feared things were only going to get worse. Robots were eliminating much factory work; online commerce was decimating retail; and self-driving cars were on the verge of phasing out truck drivers. The next step was computers that could learn and think.

thinking computers might be able to diagnose diseases better than doctors by drawing on superhuman amounts of clinical research, said Brockman, 30. They could displace a large number of office jobs. Eventually, he said, the job shortages would force the government to pay people to pursue their passions or simply live

For many of the students, schooled in the notion that business could make a profit while making the world a better place, Giridharadas’s ideas were both energizing and disorienting. Erika Uyterhoeven, a second-year student, recalled one of her fellow classmates turning to her when Giridharadas was finished. “So, what should we do?” her colleague asked. “Is he saying we shouldn’t go into banking or consulting?

The same could be true of work in a future in an era of advanced artificial intelligence. “We’ll look back and say, ‘Wow, that was so crazy and almost immoral that people were forced to go and labor in order to be able to survive,’ ” he said

Khanna had a different view. He saw the country’s problems primarily as the product of growing income inequality and a lack of opportunity.

A review of federal election data showed that a founding partner in HBC Investments, one of the two Texas firms that backs Whitefish Energy Holdings - had donated $2,700 to Mr Trump's presidential campaign, as well as $20,000 to a group that supported the White House bid. According to election data, the investor also gave $30,700 to the Republican National Committee in 2016 - after Mr Trump became the party's presumptive nominee.

When will power be restored?About 18% of customers have electricity as of Tuesday, according to the Pentagon.The Puerto Rican governor's goal is to have 30% restored by 30 October, 50% by 15 November and 95% a month later.

“Owning one’s moment” is a clever way to rebrand “surviving the rat race.” In the new work culture, enduring or even merely liking one’s job is not enough. Workers should love what they do, and then promote that love on social media, thus fusing their identities to that of their employers. Why else would LinkedIn build its own version of Snapchat Stories?

Most visibly, WeWork — which investors recently valued at $47 billion — is on its way to becoming the Starbucks of office culture. It has exported its brand of performative workaholism to 27 countries, with 400,000 tenants, including workers from 30 percent of the Global Fortune 500.

hymns to the virtues of relentless work remind me of nothing so much as Soviet-era propaganda, which promoted impossible-seeming feats of worker productivity to motivate the labor force

Mr. Heinemeier Hansson said that despite data showing long hours improve neither productivity nor creativity, myths about overwork persist because they justify the extreme wealth created for a small group of elite techies. “It’s grim and exploitative,” he said.

Elon Musk

He tweeted in November that there are easier places to work than Tesla, “but nobody ever changed the world on 40 hours a week.” The correct number of hours “varies per person,” he continued, but is “about 80 sustained, peaking about 100 at times. Pain level increases exponentially above 80.”

This is toil glamour, and it is going mainstream.

Today’s messages glorify personal profit, even if bosses and investors — not workers — are the ones capturing most of the gains. Wage growth has been essentially stagnant for years.

the concept of productivity has taken on an almost spiritual dimension. Techies here have internalized the idea — rooted in the Protestant work ethic — that work is not something you do to get what you want; the work itself is all. Therefore any life hack or company perk that optimizes their day, allowing them to fit in even more work, is not just desirable but inherently good.

this is dehumanizing and toxic. “It creates the assumption that the only value we have as human beings is our productivity capability — our ability to work, rather than our humanity,

Jonathan Crawford, a San Francisco-based entrepreneur, told me that he sacrificed his relationships and gained more than 40 pounds while working on Storenvy, his e-commerce start-up. If he socialized, it was at a networking event. If he read, it was a business book. He rarely did anything that didn’t have a “direct R.O.I.,” or return on investment, for his company.

Bernie Klinder, a consultant for a large tech company, said he tried to limit himself to five 11-hour days per week, which adds up to an extra day of productivity. “If your peers are competitive, working a ‘normal workweek’ will make you look like a slacker,” he wrote in an email

Millennials, Ms. Petersen argues, are just desperately striving to meet their own high expectations. An entire generation was raised to expect that good grades and extracurricular overachievement would reward them with fulfilling jobs that feed their passions. Instead, they wound up with precarious, meaningless work and a mountain of student loan debt.

In 17th-century England, work was lauded as a cure for vice, Mr. Spencer said, but the unrewarding truth just drove workers to drink more.

“People aren’t going to stand for this,” he said, using an expletive, “or buy the propaganda that eternal bliss lies at monitoring your own bathroom breaks.” He was referring to an interview that the former chief executive of Yahoo, Marissa Mayer, gave in 2016, in which she said that working 130 hours a week was possible “if you’re strategic about when you sleep, when you shower, and how often you go to the bathroom.”

Ms. Mayer’s comments were widely panned on social media when the interview ran, but since then, Quora users have eagerly shared their own strategies for mimicking her schedule. Likewise, Mr. Musk’s “pain level” tweets drew plenty of critical takes, but they also garnered just as many accolades and requests for jobs.

The grim reality of 2019 is that begging a billionaire for employment via Twitter is not considered embarrassing, but a perfectly plausible way to get ahead. On some level, you have to respect the hustlers who see a dismal system and understand that success in it requires total, shameless buy-in. If we’re doomed to toil away until we die, we may as well pretend to like it. Even on Mondays.

From its March 2009 low to its peak in late January, the Dow roughly quadrupled, making millions of Americans wealthier. But now as bonds begin offering investors a better rate of return without the risk of losses that stockholders face, stocks’ performance is down. Higher interest rates will also push up corporate borrowing costs and erode profits, another negative for stocks. Already, investors in four of the past five weeks pulled money from mutual funds investing in domestic stocks and added to their bond funds, according to the Investment Company Institute, an industry group.

But today’s rising borrowing costs will hit an economy loaded with debt, meaning that people and businesses will have to spend even more on interest payments. Corporations outside the finance industry at the end of last year owed creditors more than $49 trillion.

While financial conditions are tightening, they remain comparatively easy. The Fed’s benchmark interest rate, currently hovering between 1.5 percent and 1.75 percent — would need to reach 3 percent before it begins slowing the economy, William Dudley, president of the New York Federal Reserve Board, said in a recent speech.

Now investors, workers, and taxpayers are counting their losses from the green energy disaster.  E.on’s and RWE’s stocks  have lost 80 percent of their value from the old time highs, as the two companies have had to adjust their business model to the green policies. Workers have been losing their jobs, and taxpayers are in for billions of euros to cover the write off of nuclear plants—E.on and RWE have won lawsuits against government. As of German consumers, they pay one of the highest electricity rates in the developed world.

The FTSE, Dow Jones Industrial Average and the Nikkei have all seen huge falls since the outbreak began on 31 December.

The Dow and the FTSE recently saw their biggest one day declines since 1987.

Investors fear the spread of the coronavirus will destroy economic growth and that government action may not be enough to stop the decline.

In response, central banks in many countries, including the United Kingdom, have slashed interest rates.

In the United States, the number of people filing for unemployment hit a record high, signalling an end to a decade of expansion for one of the world's largest economies.

The travel industry has been badly damaged, with airlines cutting flights and tourists cancelling business trips and holidays.

Governments around the world have introduced travel restrictions to try to contain the virus.

In the US, the Trump administration has banned travellers from European airports from entering the US.

Supermarkets and online delivery services have reported a huge growth in demand as customers stockpile goods such as toilet paper, rice and orange juice as the pandemic escalates.

In order to stop the spread of the Covid-19 outbreak, many countries across the world have started implementing very tough measures. Countries and world capital have been put under strict lockdown, bringing a total halt to major industrial production chains.

The new images clearly show how a strong reduction in emission is now in place over major cities across Europe - in particular Paris, Milan and Madrid.

In China, where the coronavirus first appeared, industrial production, sales and investment all fell in the first two months of the year, compared with the same period in 2019.

Chinese car sales, for example, dropped by 86% in February. More carmakers, like Tesla or Geely, are now selling cars online as customers stay away from showrooms.

But even the price of gold tumbled briefly in March, as investors were fearful about a global recession.

Race No. 2: How quickly can US lawmakers agree on an economic rescue package? Investors were hoping that a deal would emerge over the weekend in the Senate. It did not. Now, House Speaker Nancy Pelosi says that House Democrats will introduce their own plan.

"Economic policy can do little to offset the near-term damage caused by shutting down large parts of the economy -- its main function is to stop that hit from turning into a longer depression. A lasting recovery in markets is unlikely until we also see clear evidence that the global spread of coronavirus is slowing, allowing lockdowns to end," he said.

Royal Dutch Shell (RDSA) is the latest oil company to make major changes in response to the collapse in prices caused by a combination of plunging demand due to the coronavirus and a surge in supply from Saudi Arabia. The company said Monday that it would cut its capital expenditure this year by $5 billion and suspend its share buyback program after crude oil prices were driven to shocking lows in recent weeks.

US coal companies had already lost 90% of their value, he noted, but banks were also at risk. “Just like in any other major structural change, those banks overexposed to the sunset sectors will suffer accordingly,” he told the Guardian.

“Some [assets] will go up, many will go down. The question is whether the transition is smooth or is it something that is delayed and then happens very abruptly. That is an open question,” he said. “The longer the adjustment is delayed in the real economy, the greater the risk that there is a sharp adjustment.”

Far from damaging the global economy, climate action bolsters economic growth, according to Carney. “There is a need for [action] to achieve net zero emissions, but actually it comes at a time when there is a need for a big increase in investment globally to accelerate the pace of global growth, to help get global interest rates up, to get us out of this low-growth, low-interest-rate trap we are in.”

“Certainly the UK financial system is one of the most sophisticated at managing this risk. The UK can extend that lead, for the good of the UK, for the good of the world,” he said. “A number of the industrial solutions draw on the strengths of UK innovation, from the use of artificial intelligence in energy systems through to potentially advanced materials like graphene. There is a big upside for the UK economy.”

Reacting to the Guardian’s revelations about fossil fuel companies, Jeremy Corbyn, the leader of the UK Labour party, said: “Labour will delist companies that fail to meet environmental criteria from the [London Stock Exchange], and reform the finance sector to make it part of the solution to climate change instead of lending to companies that are part of the problem.”

Over the past 10 years, governments and private investors have collectively spent $2 trillion on infrastructure to draw electricity from the wind and the sun,

Capacity from renewable sources has grown by leaps and bounds, outpacing growth from all other sources — including coal, natural gas and nuclear power — in recent years. Solar and wind capacity installed in 2015 was more than 10 times what the International Energy Agency had forecast a decade before.

Still, except for very limited exceptions, all this wind and sun has not brought about much decarbonization. Indeed, it has not added much clean power to the grid.

“We will need twice as much investment over a sustained period of time to get anywhere close to achieving 2 degrees,”

Integrating renewable sources requires vast investments in electricity transmission — to move power from intermittently windy and sunny places to places where power is consumed. It requires maintaining a backstop of idle plants that burn fossil fuel, for the times when there is no wind or sun to be had. It requires investing in power-storage systems at a large scale.

These costs will ultimately be reflected in power prices. One concern is that by raising the retail cost of electricity they will discourage electrification, encouraging consumers to rely on alternative energy sources like gas — and pushing CO2 emissions up.

Another concern is that they will drive wholesale energy prices down too far. Because they produce the most energy when the sun is up and the wind is blowing, renewable generators can flood the grid at critical times of the day, slashing the price of power. This not only threatens the solvency of nuclear reactors, which cannot shut down on a dime and must therefore pay for the grid to accept their power, but also reduces the return on additional investment in renewables.

there is some evidence that among investors, at least, the excitement may be waning. After half a decade of sustained increases, investment in solar and wind energy has been fairly flat since 2010, at around $250 billion per year. While that is a lot of money, it is nowhere near enough.

Environmental Progress performed an analysis of the evolution of the carbon intensity of energy in 68 countries since 1965. It found no correlation between the additions of solar and wind power and the carbon intensity of energy: Despite additions of renewable capacity, carbon intensity remained flat.

I would suggest that the challenge is not just to raise more money. Building a zero-carbon energy system requires broader thinking about the technological mix.

“The prevailing story is that this is the best of all possible worlds — cheap food, widely available. If you don’t think about it too hard, it makes sense,”

A closer look, however, reveals a much different story, he said. “To put it in stark terms: The diet is killing us.”

Part of the problem, he added, is a natural tendency for people to overeat as they can afford more food.

The prevalence of obesity has doubled in 73 countries since 1980, contributing to four million premature deaths, the study found.

The story is as much about economics as it is nutrition. As multinational companies push deeper into the developing world, they are transforming local agriculture, spurring farmers to abandon subsistence crops in favor of cash commodities like sugar cane, corn and soybeans — the building blocks for many industrial food products.

the rising clout of big food companies also translates into political influence, stymieing public health officials seeking soda taxes or legislation aimed at curbing the health impacts of processed food.

For a growing number of nutritionists, the obesity epidemic is inextricably linked to the sales of packaged foods, which grew 25 percent worldwide from 2011 to 2016, compared with 10 percent in the United States,

The same trends are mirrored with fast food, which grew 30 percent worldwide from 2011 to 2016, compared with 21 percent in the United States

For some companies, that can mean specifically focusing on young people, as Ahmet Bozer, president of Coca-Cola International, described to investors in 2014. “Half the world’s population has not had a Coke in the last 30 days,” he said. “There’s 600 million teenagers who have not had a Coke in the last week. So the opportunity for that is huge.”

, Brazil is a microcosm of how growing incomes and government policies have led to longer, better lives and largely eradicated hunger.

now the country faces a stark new nutrition challenge: over the last decade, the country’s obesity rate has nearly doubled to 20 percent, and the portion of people who are overweight has nearly tripled to 58 percent. Each year, 300,000 people are diagnosed with Type II diabetes, a condition with strong links to obesity.

Kushner Companies said it didn't mean for the comment to be interpreted as an incentive for investors to sign onto the project.

The EB-5 visa allows immigrants a path to a green card if they invest more than $500,000 in a project that creates jobs in the United States

Kushner Companies says about 15% of its New Jersey building -- a $976.4 million residential and commercial project called 1 Journal Square -- will be funded through the EB-5 program.

program is used by foreigners, particularly wealthy Chinese nationals, as a way into the United States

Noble said the incident demonstrates why such connections can be dangerous. The company's foreign partners would understandably jump at the chance to push any perceived connections to the White House.

The White House said Monday that it is "evaluating wholesale reform" of the program along with Congress to ensure it is "used as intended and that investment is being spread to all areas of the country."

administration is "exploring the possibility of raising the price of the visa to further bring the program in line with its intent."

Jared Kushner has stepped away from the business since taking a key role in Trump's White House

Kushner is not involved in the operation of Kushner Companies and divested his interests in the Journal Square project by selling them to a family trust that he, his wife and his children are not beneficiaries of, which was suggested by the Office of Government Ethics.

Noble, the ethics attorney, said it's unlikely that Nicole Kushner Meyer violated any laws. In Jared Kushner's case, Noble said it depends on what he has divested and whether he follows through with the promise to not participate in EB-5 matters.

Before the passing of the Tax Cuts and Jobs Act of 2017, the full amount of taxes paid to the local and state authorities could be deducted. The decrease in deductions has been a bone of contention for politicians from high-tax states like California, Illinois, New York, New Jersey and Connecticut.

Because homeowners can no longer deduct the full amount of their property taxes from their federal income tax bill, many have pulled up stakes from high-tax states and moved to places with less of a burden.

On Tuesday, Australia's Minister for Agriculture, Drought and Emergency Management David Littleproud tweeted about the JBS cyberattack, saying the company is working closely with law enforcement agencies and in Australia and overseas to get operations back up and running and "to bring those responsible to account."

Later in May, Microsoft said it believed the hackers responsible for last year's SolarWinds attack targeted 3,000 email accounts at various organizations — most of which were in the United States.

But the F.D.A. advisory committee, along with an independent think tank and several prominent experts — including some Alzheimer’s doctors who worked on the aducanumab clinical trials — said the evidence raised significant doubts about whether the drug is effective.

The F.D.A. authorized the drug under a program called accelerated approval, which has been applied to therapies for some cancers and other serious diseases for which there are few, if any, treatments.

The risks with aducanumab involve brain swelling or bleeding experienced by about 40 percent of Phase 3 trial participants receiving the high dose. Most were either asymptomatic or had headaches, dizziness or nausea. But such effects prompted 6 percent of high-dose recipients to discontinue. No Phase 3 participants died from the effects, but one safety trial participant did.

About two million Americans may fit the description of the patients the drug was tested on: people in the early stages of Alzheimer’s or the stage just before that, Alzheimer’s-related mild cognitive impairment. About six million people in the United States and roughly 30 million globally have Alzheimer’s, a number expected to double by 2050. Currently, five medications approved in the United States can delay cognitive decline for several months in various Alzheimer’s stages.

The crux of the controversy over aducanumab involved two Phase 3 trials with results that contradicted each other: One suggested the drug slightly slowed cognitive decline while the other trial showed no benefit. The trials were stopped early by a data monitoring committee that found aducanumab didn’t appear to be showing any benefit. Consequently, over a third of the 3,285 participants in those trials were never able to complete them.

Aducanumab, a monoclonal antibody, targets a protein, amyloid, that clumps into plaques in the brains of Alzheimer’s patients and is considered a biomarker of the disease. One thing both critics and supporters of approval agree on is that the drug substantially reduces levels of amyloid, and the F.D.A. said that the drug’s effect on a biomarker qualified it for the accelerated approval program.

He estimates 25 to 40 percent of the clinic’s roughly 3,000 patients might be eligible, but it doesn’t have enough neurologists.

In 2019, Facebook came up with a solution to offload the most difficult content moderation decisions. The company created the "Oversight Board," a quasi-judicial body that Facebook claims is independent. The Board, stocked with impressive thinkers from around the world, would issue "rulings" about whether certain Facebook content moderation decisions were correct.

the decision, which is nearly 12,000 words long, illustrates that whether Trump is ultimately allowed to return to Facebook is of limited significance. The more important questions are about the nature of the algorithm that gives people with views like Trump such a powerful voice on Facebook. 

The Oversight Board was Facebook's idea. It spent years constructing the organization, selected its chairs, and funded its endowment. But now that the Oversight Board is finally up and running and taking on high-profile cases, Facebook is choosing to ignore questions that the Oversight Board believes are essential to doing its job.

This is a key passage (emphasis added): 

duces no original reporting. But, on Facebook in April, The Daily Wire received more than double the distribution of the Washington Post and the New York Times combined:

A critical issue, as the Oversight Board suggests, is not simply Trump's posts but how those kinds of posts are amplified by Facebook's algorithms. Equally important is how Facebook's algorithms amplify false, paranoid, violent, right-wing content from people other than Trump — including those that follow Trump on Facebook.

The jurisdiction of the Oversight Board excludes both the algorithm and Facebook's business practices.

The Oversight Board has no power to compel Facebook to answer. It's an important reminder that, for all the pomp and circumstance, the Oversight Board is not a court. The scope of its authority is limited by Facebook executives' willingness to play along. 

Donald Trump's Facebook page is a symptom, not the cause, of the problem. Its algorithm favors low-quality, far-right content. Trump is just one of many beneficiaries.

NewsWhip is a social media analytics service which tracks which websites get the most engagement on Facebook. It just released its analysis for April and it shows low-quality right-wing aggregation sites dominate major news organizations.

Facebook stated to the Board that it considered Mr. Trump’s “repeated use of Facebook and other platforms to undermine confidence in the integrity of the election (necessitating repeated application by Facebook of authoritative labels correcting the misinformation) represented an extraordinary abuse of the platform.” The Board sought clarification from Facebook about the extent to which the platform’s design decisions, including algorithms, policies, procedures and technical features, amplified Mr. Trump’s posts after the election and whether Facebook had conducted any internal analysis of whether such design decisions may have contributed to the events of January 6. Facebook declined to answer these questions. This makes it difficult for the Board to assess whether less severe measures, taken earlier, may have been sufficient to protect the rights of others.

This actually understates how much better The Daily Wire's content performs on Facebook than the Washington Post and the New York Times. The Daily Wire published just 1,385 pieces of content in April compared to over 6,000 by the Washington Post and the New York Times. Each piece of content The Daily Wire published in April received 54,084 engagements on Facebook, compared to 2,943 for the New York Times and 1,973 for the Washington Post. 

It's important to note here that Facebook's algorithm is not reflecting reality — it's creating a reality that doesn't exist anywhere else. In the rest of the world, Western Journal is not more popular than the New York Times, NBC News, the BBC, and the Washington Post. That's only true on Facebook.

Facebook has made a conscious decision to surface low-quality content and recognizes its dangers.

Shortly after the November election, Facebook temporarily tweaked its algorithm to emphasize "'news ecosystem quality' scores, or N.E.Q., a secret internal ranking it assigns to news publishers based on signals about the quality of their journalism." The purpose was to attempt to cut down on election misinformation being spread on the platform by Trump and his allies. The result was "a spike in visibility for big, mainstream publishers like CNN, The New York Times and NPR, while posts from highly engaged hyperpartisan pages, such as Breitbart and Occupy Democrats, became less visible." 

BuzzFeed reported that some Facebook staff members wanted to make the change permanent. But that suggestion was opposed by Joel Kaplan, a top Facebook executive and Republican operative who frequently intervenes on behalf of right-wing publishers. The algorithm change was quickly rolled back.

Other proposed changes to the Facebook algorithm over the years have been rejected or altered because of their potential negative impact on right-wing sites like The Daily Wire. 

dislikes the term breakthrough case, which evokes a barrier walling humans off from disease. “It’s very misleading,” she told me. “It’s like the virus ‘punches’ through our defenses.”

Immunity is not a monolith, and the degree of defense roused by an infection or a vaccine will differ from person to person, even between identical twins. Some people might have underlying conditions that hamstring their immune system’s response to vaccination; others might simply, by chance, churn out fewer or less potent antibodies and T cells that can nip a coronavirus infection in the bud.

An ideal response to vaccination might create an arsenal of immune molecules and cells that can instantaneously squelch the virus, leaving no time for symptoms to appear. But sometimes that front line of fighters is relatively sparse

Should the virus make it through, “it becomes a race [against] time,” Ellebedy told me. The pathogen rushes to copy itself, and the immune system recruits more defenders. The longer the tussle drags on, the more likely the disease is to manifest.

The range of vaccine responses “isn’t a variation of two- to threefold; it’s thousands,”

“Being vaccinated doesn’t mean you are immune. It means you have a better chance of protection.”

The number of post-vaccination infections is also contingent on “the ongoing transmission situation,” Omer told me. “It depends on how much people are mixing.”

he circumstances of exposure to any version of the coronavirus will also make a difference. If vaccinated people are spending time with groups of unvaccinated people in places where the virus is running rampant, that still raises their chance of getting sick. Large doses of the virus can overwhelm the sturdiest of immune defenses, if given the chance.

under many circumstances, vaccines are still best paired with safeguards such as masks and distancing—just as rain boots and jackets would help buffer someone in a storm.

Even excellent vaccines aren’t foolproof, and they shouldn’t be criticized when they’re not. “We can’t expect it’s going to be perfect, on day one, always,” Borio said.

The numbers for asymptomatic infections are still crystallizing, but they’re likely to be lower.

“Whenever someone tests positive, the real question is, are they sick, and how sick are they? That’s a big difference.”

Efficacy, a figure specific to clinical trials, also doesn’t always translate perfectly to the messiness of the real world, where there’s immense variability in how, when, where, by whom, and to whom shots are administered

The vaccine’s performance under these conditions is tracked by a separate measure, called effectiveness. Studies rigorously examining vaccine effectiveness are challenging, but early data suggest that the Pfizer-BioNTech and Moderna shots are living up to their initial hype.

Vaccination is actually more like a single variable in a dynamic playing field—a layer of protection, like an umbrella, that might guard better in some situations than others. It could keep a lucky traveler relatively dry in a light drizzle, but in a windy maelstrom that’s whipping heavy droplets every which way, another person might be overwhelmed.

A vaccine with a recorded efficacy of 95 percent, for example, doesn’t give everyone who’s vaccinated a 5 percent chance of getting sick. Not all of those people will even encounter the virus

The key is how vaccination changes the outcome for those who are meaningfully exposed: Among 100 individuals who might have fallen ill without the vaccine, just five symptomatic cases might appear.