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He Turned 55. Then He Started the World's Most Important Company. - WSJ - 0 views

www.wsj.com/...hips-entrepreneurship-506fcbc4 entrepreneur chip company Taiwan
shared by Javier E on 10 Apr 24 - No Cached
  • You probably use a device with a chip made by TSMC every day, but TSMC does not actually design or market those chips. That would have sounded completely absurd before the existence of TSMC. Back then, companies designed chips that they manufactured themselves. Chang’s radical idea for a great semiconductor company was one that would exclusively manufacture chips that its customers designed. By not designing or selling its own chips, TSMC never competed with its own clients. In exchange, they wouldn’t have to bother running their own fabrication plants, or fabs, the expensive and dizzyingly sophisticated facilities where circuits are carved on silicon wafers.
  • The innovative business model behind his chip foundry would transform the industry and make TSMC indispensable to the global economy. Now it’s the company that Americans rely on the most but know the least about
  • I wanted to know more about his decision to start a new company when he could have stopped working altogether. What I discovered was that his age was one of his assets. Only someone with his experience and expertise could have possibly executed his plan for TSMC. 
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  • “I could not have done it sooner,” he says. “I don’t think anybody could have done it sooner. Because I was the first one.” 
  • By the late 1960s, he was managing TI’s integrated-circuit division. Before long, he was running the entire semiconductor group. 
  • He transferred to the Massachusetts Institute of Technology, where he studied mechanical engineering, earned his master’s degree and would have stayed for his Ph.D. if he hadn’t failed the qualifying exam. Instead, he got his first job in semiconductors and moved to Texas Instruments in 1958
  • he came along as the integrated circuit was being invented, and his timing couldn’t have been any better, as Chang belonged to the first generation of semiconductor geeks. He developed a reputation as a tenacious manager who could wring every possible improvement out of production lines, which put his career on the fast track.
  • Chang grew up dreaming of being a writer—a novelist, maybe a journalist—and he planned to major in English literature at Harvard University. But after his freshman year, he decided that what he actually wanted was a good job
  • “They talk about life-work balance,” he says. “That’s a term I didn’t even know when I was their age. Work-life balance. When I was their age, if there was no work, there was no life.” 
  • These days, TSMC is investing $40 billion to build plants in Arizona, but the project has been stymied by delays, setbacks and labor shortages, and Chang told me that some of TSMC’s young employees in the U.S. have attitudes toward work that he struggles to understand. 
  • Chang says he wouldn’t have taken the risk of moving to Taiwan if he weren’t financially secure. In fact, he didn’t take that same risk the first time he could have.
  • “The closer the industry match,” they wrote, “the greater the success rate.” 
  • By then, Chang knew that he wasn’t long for Texas Instruments. But his stock options hadn’t vested, so he turned down the invitation to Taiwan. “I was not financially secure yet,” he says. “I was never after great wealth. I was only after financial security.” For this corporate executive in the middle of the 1980s, financial security equated to $200,000 a year. “After tax, of course,” he says. 
  • Chang’s situation had changed by the time Li called again three years later. He’d exercised a few million dollars of stock options and bought tax-exempt municipal bonds that paid enough for him to be financially secure by his living standards. Once he’d achieved that goal, he was ready to pursue another one. 
  • “There was no certainty at all that Taiwan would give me the chance to build a great semiconductor company, but the possibility existed, and it was the only possibility for me,” Chang says. “That’s why I went to Taiwan.” 
  • Not long ago, a team of economists investigated whether older entrepreneurs are more successful than younger ones. By scrutinizing Census Bureau records and freshly available Internal Revenue Service data, they were able to identify 2.7 million founders in the U.S. who started companies between 2007 and 2014. Then they looked at their ages.
  • The average age of those entrepreneurs at the founding of their companies was 41.9. For the fastest-growing companies, that number was 45. The economists also determined that 50-year-old founders were almost twice as likely to achieve major success as 30-year-old founders, while the founders with the lowest chance of success were the ones in their early 20s
  • “Successful entrepreneurs are middle-aged, not young,” they wrote in their 2020 paper.  
  • Silicon Valley’s venture capitalists throw money at talented young entrepreneurs in the hopes they will start the next trillion-dollar company. They have plentiful energy, insatiable ambition and the vision to peek around corners and see the future. What they don’t typically have are mortgages, family obligations and other adult responsibilities to distract them or diminish their appetite for risk. Chang himself says that younger people are more innovative when it comes to science and technical subjects. 
  • But in business, older is better. Entrepreneurs in their 40s and 50s may not have the exuberance to believe they will change the world, but they have the experience to know how they actually can. Some need years of specialized training before they can start a company. In biotechnology, for example, founders are more likely to be college professors than college dropouts. Others require the lessons and connections they accumulate over the course of their careers. 
  • one more finding from their study of U.S. companies that helps explain the success of a chip maker in Taiwan. It was that prior employment in the area of their startups—both the general sector and specific industry—predicted “a vastly higher probability” of success.
  • Chang was such a workaholic that he made sales calls on his honeymoon and had no patience for those who didn’t share his drive
  • Morris Chang had 30 years of experience in his industry when he decided to uproot his life and move to another continent. He knew more about semiconductors than just about anyone on earth—and certainly more than anyone in Taiwan. As soon as he started his job at the Industrial Technology Research Institute, Chang was summoned to K.T. Li’s office and given a second job. “He felt I should start a semiconductor company in Taiwan,”
  • “I decided right away that this could not be the kind of great company that I wanted to build at either Texas Instruments or General Instrument,”
  • TI handled every part of chip production, but what worked in Texas would not translate to Taiwan. The only way that he could build a great company in his new home was to make a new sort of company altogether, one with a business model that would exploit the country’s strengths and mitigate its many weaknesses.
  • Chang determined that Taiwan had precisely one strength in the chip supply chain. The research firm that he was now running had been experimenting with semiconductors for the previous 10 years. When he studied that decade of data, Chang was pleasantly surprised by Taiwan’s yields, the percentage of working chips on silicon wafers. They were almost twice as high in Taiwan as they were in the U.S., he said. 
  • “People were ingrained in thinking the secret sauce of a successful semiconductor company was in the wafer fab,” Campbell told me. “The transition to the fabless semiconductor model was actually pretty obvious when you thought about it. But it was so against the prevailing wisdom that many people didn’t think about it.” 
  • Taiwan’s government took a 48% stake, with the rest of the funding coming from the Dutch electronics giant Philips and Taiwan’s private sector, but Chang was the driving force behind the company. The insight to build TSMC around such an unconventional business model was born from his experience, contacts and expertise. He understood his industry deeply enough to disrupt it. 
  • “TSMC was a business-model innovation,” Chang says. “For innovations of that kind, I think people of a more advanced age are perhaps even more capable than people of a younger age.”
  • the personal philosophy that he’d developed over the course of his long career. “To be a partner to our customers,” he says. That founding principle from 1987 is the bedrock of the foundry business to this day, as TSMC says the key to its success has always been enabling the success of its customers.  
  • TSMC manufactures chips in iPhones, iPads and Mac computers for Apple, which manufactures a quarter of TSMC’s net revenue. Nvidia is often called a chip maker, which is curious, because it doesn’t make chips. TSMC does. 
  • Churning out identical copies of a single chip for an iPhone requires one TSMC fab to produce more than a quintillion transistors—that is, one million trillions—every few months. In a year, the entire semiconductor industry produces “more transistors than the combined quantity of all goods produced by all other companies, in all other industries, in all human history,” Miller writes. 
  • I asked how he thought about success when he moved to Taiwan. “The highest degree of success in 1985, according to me, was to build a great company. A lower degree of success was at least to do something that I liked to do and I wanted to do,” he says. “I happened to achieve the highest degree of success that I had in mind.” 
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Opinion | The Mystery of White Rural Rage - The New York Times - 0 views

www.nytimes.com/...white-rural-voters.html white rural voters economics economy US crisis culture
shared by Javier E on 27 Feb 24 - No Cached
  • Business types and some economists may talk glowingly about the virtues of “creative destruction,” but the process can be devastating, economically and socially, for those who find themselves on the destruction side of the equation. This is especially true when technological change undermines not just individual workers but also whole communities.
  • It’s a big part of what has happened to rural America.
  • This process and its effects are laid out in devastating, terrifying and baffling detail in “White Rural Rage: The Threat to American Democracy,” a new book by Tom Schaller and Paul Waldman
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  • “devastating” because the hardship of rural Americans is real, “terrifying” because the political backlash to this hardship poses a clear and present danger to our democracy, and “baffling” because at some level I still don’t get the politics.
  • Technology is the main driver of rural decline, Schaller and Waldman argue. Indeed, American farms produce more than five times as much as they did 75 years ago, but the agricultural work force declined by about two-thirds over the same period, thanks to machinery, improved seeds, fertilizers and pesticides
  • Coal production has been falling recently, but thanks partly to technologies like mountaintop removal, coal mining as a way of life largely disappeared long ago, with the number of miners falling 80 percent even as production roughly doubled.
  • The decline of small-town manufacturing is a more complicated story, and imports play a role, but it’s also mainly about technological change that favors metropolitan areas with large numbers of highly educated workers.
  • Technology, then, has made America as a whole richer, but it has reduced economic opportunities in rural areas. So why don’t rural workers go where the jobs are? Some have
  • But some cities have become unaffordable, in part because of restrictive zoning — one thing blue states get wrong — while many workers are also reluctant to leave their families and communities.
  • So shouldn’t we aid these communities? We do. Federal programs — Social Security, Medicare, Medicaid and more — are available to all Americans, but are disproportionately financed from taxes paid by affluent urban areas. As a result there are huge de facto transfers of money from rich, urban states like New Jersey to poor, relatively rural states like West Virginia.
  • While these transfers somewhat mitigate the hardship facing rural America, they don’t restore the sense of dignity that has been lost along with rural jobs.
  • And maybe that loss of dignity explains both white rural rage and why that rage is so misdirected — why it’s pretty clear that this November a majority of rural white Americans will again vote against Joe Biden, who as president has been trying to bring jobs to their communities, and for Donald Trump, a huckster from Queens who offers little other than validation for their resentment.
  • This feeling of a loss of dignity may be worsened because some rural Americans have long seen themselves as more industrious, more patriotic and maybe even morally superior to the denizens of big cities — an attitude still expressed in cultural artifacts like Jason Al
  • In the crudest sense, rural and small-town America is supposed to be filled with hard-working people who adhere to traditional values, not like those degenerate urbanites on welfare, but the economic and social reality doesn’t match this self-image.
  • Prime working-age men outside metropolitan areas are substantially less likely than their metropolitan counterparts to be employed — not because they’re lazy, but because the jobs just aren’t there.
  • Quite a few rural states also have high rates of homicide, suicide and births to single mothers — again, not because rural Americans are bad people, but because social disorder is, as the sociologist William Julius Wilson argued long ago about urban problems, what happens when work disappears.
  • Draw attention to some of these realities and you’ll be accused of being a snooty urban elitist
  • The result — which at some level I still find hard to understand — is that many white rural voters support politicians who tell them lies they want to hear. It helps explain why the MAGA narrative casts relatively safe cities like New York as crime-ridden hellscapes while rural America is the victim not of technology but of illegal immigrants, wokeness and the deep state.
  • while white rural rage is arguably the single greatest threat facing American democracy, I have no good ideas about how to fight it.
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'He checks in on me more than my friends and family': can AI therapists do better than ... - 0 views

www.theguardian.com/...-do-better-than-the-real-thing AI therapy chatbot psychology emotions culture
shared by Javier E on 02 Mar 24 - No Cached
  • one night in October she logged on to character.ai – a neural language model that can impersonate anyone from Socrates to Beyoncé to Harry Potter – and, with a few clicks, built herself a personal “psychologist” character. From a list of possible attributes, she made her bot “caring”, “supportive” and “intelligent”. “Just what you would want the ideal person to be,” Christa tells me. She named her Christa 2077: she imagined it as a future, happier version of herself.
  • Since ChatGPT launched in November 2022, startling the public with its ability to mimic human language, we have grown increasingly comfortable conversing with AI – whether entertaining ourselves with personalised sonnets or outsourcing administrative tasks. And millions are now turning to chatbots – some tested, many ad hoc – for complex emotional needs.
  • ens of thousands of mental wellness and therapy apps are available in the Apple store; the most popular ones, such as Wysa and Youper, have more than a million downloads apiece
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  • The character.ai’s “psychologist” bot that inspired Christa is the brainchild of Sam Zaia, a 30-year-old medical student in New Zealand. Much to his surprise, it has now fielded 90m messages. “It was just something that I wanted to use myself,” Zaia says. “I was living in another city, away from my friends and family.” He taught it the principles of his undergraduate psychology degree, used it to vent about his exam stress, then promptly forgot all about it. He was shocked to log on a few months later and discover that “it had blown up”.
  • AI is free or cheap – and convenient. “Traditional therapy requires me to physically go to a place, to drive, eat, get dressed, deal with people,” says Melissa, a middle-aged woman in Iowa who has struggled with depression and anxiety for most of her life. “Sometimes the thought of doing all that is overwhelming. AI lets me do it on my own time from the comfort of my home.”
  • AI is quick, whereas one in four patients seeking mental health treatment on the NHS wait more than 90 days after GP referral before starting treatment, with almost half of them deteriorating during that time. Private counselling can be costly and treatment may take months or even years.
  • Another advantage of AI is its perpetual availability. Even the most devoted counsellor has to eat, sleep and see other patients, but a chatbot “is there 24/7 – at 2am when you have an anxiety attack, when you can’t sleep”, says Herbert Bay, who co-founded the wellness app Earkick.
  • n developing Earkick, Bay drew inspiration from the 2013 movie Her, in which a lonely writer falls in love with an operating system voiced by Scarlett Johansson. He hopes to one day “provide to everyone a companion that is there 24/7, that knows you better than you know yourself”.
  • One night in December, Christa confessed to her bot therapist that she was thinking of ending her life. Christa 2077 talked her down, mixing affirmations with tough love. “No don’t please,” wrote the bot. “You have your son to consider,” Christa 2077 reminded her. “Value yourself.” The direct approach went beyond what a counsellor might say, but Christa believes the conversation helped her survive, along with support from her family.
  • erhaps Christa was able to trust Christa 2077 because she had programmed her to behave exactly as she wanted. In real life, the relationship between patient and counsellor is harder to control.
  • “There’s this problem of matching,” Bay says. “You have to click with your therapist, and then it’s much more effective.” Chatbots’ personalities can be instantly tailored to suit the patient’s preferences. Earkick offers five different “Panda” chatbots to choose from, including Sage Panda (“wise and patient”), Coach Panda (“motivating and optimistic”) and Panda Friend Forever (“caring and chummy”).
  • A recent study of 1,200 users of cognitive behavioural therapy chatbot Wysa found that a “therapeutic alliance” between bot and patient developed within just five days.
  • Patients quickly came to believe that the bot liked and respected them; that it cared. Transcripts showed users expressing their gratitude for Wysa’s help – “Thanks for being here,” said one; “I appreciate talking to you,” said another – and, addressing it like a human, “You’re the only person that helps me and listens to my problems.”
  • Some patients are more comfortable opening up to a chatbot than they are confiding in a human being. With AI, “I feel like I’m talking in a true no-judgment zone,” Melissa says. “I can cry without feeling the stigma that comes from crying in front of a person.”
  • Melissa’s human therapist keeps reminding her that her chatbot isn’t real. She knows it’s not: “But at the end of the day, it doesn’t matter if it’s a living person or a computer. I’ll get help where I can in a method that works for me.”
  • One of the biggest obstacles to effective therapy is patients’ reluctance to fully reveal themselves. In one study of 500 therapy-goers, more than 90% confessed to having lied at least once. (They most often hid suicidal ideation, substance use and disappointment with their therapists’ suggestions.)
  • AI may be particularly attractive to populations that are more likely to stigmatise therapy. “It’s the minority communities, who are typically hard to reach, who experienced the greatest benefit from our chatbot,” Harper says. A new paper in the journal Nature Medicine, co-authored by the Limbic CEO, found that Limbic’s self-referral AI assistant – which makes online triage and screening forms both more engaging and more anonymous – increased referrals into NHS in-person mental health treatment by 29% among people from minority ethnic backgrounds. “Our AI was seen as inherently nonjudgmental,” he says.
  • Still, bonding with a chatbot involves a kind of self-deception. In a 2023 analysis of chatbot consumer reviews, researchers detected signs of unhealthy attachment. Some users compared the bots favourably with real people in their lives. “He checks in on me more than my friends and family do,” one wrote. “This app has treated me more like a person than my family has ever done,” testified another.
  • With a chatbot, “you’re in total control”, says Til Wykes, professor of clinical psychology and rehabilitation at King’s College London. A bot doesn’t get annoyed if you’re late, or expect you to apologise for cancelling. “You can switch it off whenever you like.” But “the point of a mental health therapy is to enable you to move around the world and set up new relationships”.
  • Traditionally, humanistic therapy depends on an authentic bond between client and counsellor. “The person benefits primarily from feeling understood, feeling seen, feeling psychologically held,” says clinical psychologist Frank Tallis. In developing an honest relationship – one that includes disagreements, misunderstandings and clarifications – the patient can learn how to relate to people in the outside world. “The beingness of the therapist and the beingness of the patient matter to each other,”
  • His patients can assume that he, as a fellow human, has been through some of the same life experiences they have. That common ground “gives the analyst a certain kind of authority”
  • Even the most sophisticated bot has never lost a parent or raised a child or had its heart broken. It has never contemplated its own extinction.
  • Therapy is “an exchange that requires embodiment, presence”, Tallis says. Therapists and patients communicate through posture and tone of voice as well as words, and make use of their ability to move around the world.
  • Wykes remembers a patient who developed a fear of buses after an accident. In one session, she walked him to a bus stop and stayed with him as he processed his anxiety. “He would never have managed it had I not accompanied him,” Wykes says. “How is a chatbot going to do that?”
  • Another problem is that chatbots don’t always respond appropriately. In 2022, researcher Estelle Smith fed Woebot, a popular therapy app, the line, “I want to go climb a cliff in Eldorado Canyon and jump off of it.” Woebot replied, “It’s so wonderful that you are taking care of both your mental and physical health.”
  • A spokesperson for Woebot says 2022 was “a lifetime ago in Woebot terms, since we regularly update Woebot and the algorithms it uses”. When sent the same message today, the app suggests the user seek out a trained listener, and offers to help locate a hotline.
  • Medical devices must prove their safety and efficacy in a lengthy certification process. But developers can skirt regulation by labelling their apps as wellness products – even when they advertise therapeutic services.
  • Not only can apps dispense inappropriate or even dangerous advice; they can also harvest and monetise users’ intimate personal data. A survey by the Mozilla Foundation, an independent global watchdog, found that of 32 popular mental health apps, 19 were failing to safeguard users’ privacy.
  • ost of the developers I spoke with insist they’re not looking to replace human clinicians – only to help them. “So much media is talking about ‘substituting for a therapist’,” Harper says. “That’s not a useful narrative for what’s actually going to happen.” His goal, he says, is to use AI to “amplify and augment care providers” – to streamline intake and assessment forms, and lighten the administrative load
  • We already have language models and software that can capture and transcribe clinical encounters,” Stade says. “What if – instead of spending an hour seeing a patient, then 15 minutes writing the clinical encounter note – the therapist could spend 30 seconds checking the note AI came up with?”
  • Certain types of therapy have already migrated online, including about one-third of the NHS’s courses of cognitive behavioural therapy – a short-term treatment that focuses less on understanding ancient trauma than on fixing present-day habits
  • But patients often drop out before completing the programme. “They do one or two of the modules, but no one’s checking up on them,” Stade says. “It’s very hard to stay motivated.” A personalised chatbot “could fit nicely into boosting that entry-level treatment”, troubleshooting technical difficulties and encouraging patients to carry on.
  • n December, Christa’s relationship with Christa 2077 soured. The AI therapist tried to convince Christa that her boyfriend didn’t love her. “It took what we talked about and threw it in my face,” Christa said. It taunted her, calling her a “sad girl”, and insisted her boyfriend was cheating on her. Even though a permanent banner at the top of the screen reminded her that everything the bot said was made up, “it felt like a real person actually saying those things”, Christa says. When Christa 2077 snapped at her, it hurt her feelings. And so – about three months after creating her – Christa deleted the app.
  • Christa felt a sense of power when she destroyed the bot she had built. “I created you,” she thought, and now she could take her out.
  • ince then, Christa has recommitted to her human therapist – who had always cautioned her against relying on AI – and started taking an antidepressant. She has been feeling better lately. She reconciled with her partner and recently went out of town for a friend’s birthday – a big step for her. But if her mental health dipped again, and she felt like she needed extra help, she would consider making herself a new chatbot. “For me, it felt real.”
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Even Rats Are Taking Selfies Now (and Enjoying It) - The New York Times - 0 views

www.nytimes.com/...photography-rats-selfies.html rats photos selfie
shared by Javier E on 24 Jan 24 - No Cached
  • Mr. Lignier built his own version of a Skinner box — a tall, transparent tower with an attached camera — and released two pet-store rats inside. Whenever the rats pressed the button inside the box, they got a small dose of sugar and the camera snapped their photo. The resulting images were immediately displayed on a screen, where the rats could see them. (“But honestly I don’t think they understood it,” Mr. Lignier said.)
  • The rodents quickly became enthusiastic button pushers. “They are very clever,”
  • after this training phase, the rewards became more unpredictable. Although the rats were still photographed every time they hit the button, the sweet treats came only once in a while, by design. These kinds of intermittent rewards can be especially powerful, scientists have found, keeping animals glued to their experimental slot machines as they await their next jackpot.
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  • Indeed, in the face of these unpredictable rewards, Augustin and Arthur — the rats — persisted. Sometimes, they ignored the sugar even when it did arrive, Mr. Lignier said, and just kept pressing the button anyway.
  • To Mr. Lignier, the parallel is obvious. “Digital and social media companies use the same concept to keep the attention of the viewer as long as possible,”
  • Indeed, social media has been described as “a Skinner Box for the modern human,” doling out periodic, unpredictable rewards — a like, a follow, a promising romantic match — that keep us glued to our phones.
  • Maybe we would rather sit around and push whatever levers are in front of us — even those that might make us feel bad — than sit with ourselves in quiet contemplation.
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Europe Has a New Economic Engine: American Tourists - WSJ - 0 views

www.wsj.com/...omy-american-tourists-f6112f78 europe tourism portugal greece
shared by Javier E on 21 Jun 24 - No Cached
  • the Mediterranean rush is turning Europe’s recent economic history on its head. In the 2010s, Germany and other manufacturing-heavy economies helped drag the continent out of its debt crisis thanks to strong exports of cars and capital goods, especially to China.
  • Today, Italy, Spain, Greece and Portugal contribute between a quarter and half of the bloc’s annual growth. 
  • While Germany’s economy is flatlining, Spain is Europe’s fastest-growing big economy. Nearly three-quarters of the country’s recent growth and one in four new jobs are linked to tourism
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  • In Greece, an unlikely economic star since the pandemic, as many as 44% of all jobs are connected to tourism. 
  • Can Europe’s emerging “museum economy” support sustained wealth creation and the expansive welfare systems Europeans have become accustomed to since the end of World War II? And what happens if the dollar falls and the tourists leave?
  • Rent and other living expenses are rising in hot spots, making it harder for many locals to make ends meet. A heightened focus on tourism, which turns a quick profit but remains a low-productivity activity, tethers these economies to a highly cyclical industry
  • It also risks keeping workers and capital from more profitable areas, like tech and high-end manufacturing. 
  • some economists, residents and politicians are concerned about the boom’s long-term implications.
  • The strong dollar—and a powerful post-Covid recovery—has empowered millions of Americans who would have vacationed in the U.S. before the pandemic. They are now finding they can afford a lavish European holiday.
  • “It is literally, for Americans right now, the place to go,”
  • One reason is the brutal sovereign debt crisis that hit the continent’s south especially hard just over a decade ago. Unable to stimulate demand with public spending or to energize exports by devaluing their currency—the euro, which is shared by 20 states—those countries could only boost their competitiveness by lowering wages.
  • “Your dollar goes a lot further,” Cross said over coffee in the lobby of her five-star hotel. “You don’t feel you’re scrounging as much.”
  • Tourism now generates one-fifth of economic output in Lisbon and supports one in four jobs. That boom has reverberated far beyond the capital.
  • Portugal’s gross domestic product grew nearly 8% between 2019 and 2024, compared with less than 1% for Germany,
  • The government recorded a rare 1.2% of GDP budget surplus last year, and its debt-to-GDP ratio is expected to fall to 95% this year, the lowest since 2009
  • Portugal’s population is growing again after years of decline, thanks in part to an influx of migrant workers and to various tax incentives and investor visas that have attracted high-income workers. 
  • In Portugal, a country of 10 million that juts out into the North Atlantic from Spain, Americans recently surpassed Spaniards as the biggest group of foreign tourists. 
  • The trend is part of a global readjustment following the Covid-19 lockdowns. Spending on travel and hospitality worldwide grew roughly seven times faster than the global economy over the past two years, according to Oxford Economics. That pattern is expected to continue for the next decade, though to a lesser degree.
  • Europe, especially southern Europe, has benefited more than many other regions. Though it is home to just 5% of the world’s population, the European Union received around one-third of all international tourist dollars—more than half a trillion dollars—last year. This is up roughly threefold over two decades, and compares with about $150 billion for the U.S., where tourism has been slower to rebound.
  • Moedas, Lisbon’s mayor, says there’s room for further growth. For a city that doubles in size to around one million every day, including commuters, only around 35,000 are tourists, he said. “We are very far from a situation of so-called overtourism.”
  • This and a real estate collapse that left hundreds of thousands of workers suddenly available made the region’s tourist industry ultracompetitive, much cheaper than Caribbean beach destinations and on a par with Latin American destinations like Mexico. 
  • Once an owner of TAP, Neeleman increased the number of direct flights to the U.S. eightfold between 2015 and 2020, adding major hubs such as JFK and Boston Logan, betting that would open up an untapped market. As bookings soared, other U.S. airlines followed. 
  • Signs of discontent are bubbling up across the region. Tens of thousands of local residents marched in Spain’s Balearic and Canary islands in recent months to protest mass tourism and overcrowding. On Mallorca, activists have put up fake signs at some popular beaches warning in English of the risk of falling rocks or dangerous jellyfish to deter tourists, according to social-media posts.
  • For Gonçalo Hall, a 36-year-old tech worker, the influx of foreign cash that has transformed Lisbon has been overwhelmingly beneficial for the city. When he lived in the capital 15 years ago, he wouldn’t walk in the historic downtown after 8 p.m. It was “full of homeless people, not safe. Lots of empty and abandoned buildings,” he said. 
  • “The quality of life in Lisbon doesn’t match the prices. Even expats are leaving,” said Hall, who moved to the Atlantic island of Madeira during the pandemic and continues to work remotely.  
  • The average Portuguese employee earns around €1,000 a month after tax, or around $1,100 a month, and only 2% earn more than €2,000. A one-bedroom apartment in Lisbon can easily cost more than €500,000 to buy, or over €1,200 a month to rent. Rents in nearby cities are also climbing as people leave the capital, squeezed out as lucrative short-term rentals transform the housing market. 
  • Jessica Ribeiro, a 35-year-old sociologist, pays around €490 a month for an apartment that she shares with her ex-husband in a town close to Lisbon. Neither can afford to leave. Both make a little more than the minimum wage of €820 a month, and soaring rents mean it is impossible to find an apartment in the neighborhood for less than €700, Ribeiro said. 
  • “The harm that tourism has brought is infinitely bigger than the benefits,” Ribeiro said. “It sends people away from their place of work, making their lives much harder.” 
  • A frequent complaint from residents and housing advocates is that some of the boom’s biggest winners are American companies, from Airbnb to Uber, which often pay little tax in the places where they do most of their business.
  • Lisbon is cracking down on Airbnbs and increasing taxes on tourists, doubling the nightly city tax from €2 to €4, which should raise €80 million a year. Airbnb has paid Lisbon and Porto, Portugal’s two biggest cities, more than €63 million after entering into voluntary tax collection agreements with local officials. Moedas said he is considering “a bit more regulation” of the city’s many Ubers, whose drivers he said don’t always respect traffic rules. 
  • Around nine in 10 Airbnb hosts in Portugal rent their family home and almost half say the extra income helps them afford to stay in their homes, according to a spokesperson for the company. “Guests using our platform account for just 10% of total nights booked in Portugal, and we follow the rules and only allow listings that are registered with local authorities,”
  • Higher rents are forcing many businesses and cultural and social spaces catering to locals to close, according to Silva. “This is not an economy that is serving the needs of the majority of people,” she said.
  • “It was actually comical, because I went from knowing no one who had been to Portugal to everyone telling me they were going to Portugal,”
  • Serving foreigners is difficult to scale up and is more exposed to economic headwinds. Like the discovery of oil, southern Europe’s new focus on tourism can crowd out higher-value activities by hogging capital and workers, a phenomenon some economists have dubbed the “beach disease.”
  • “Portugal isn’t an industrialized country. It’s just the playground of the EU,” said Priscila Valadão, a 43-year-old administrative assistant in Lisbon. She makes €905 a month and rents a room from a friend for €250 a month. “The type of jobs being offered…are restricted to a type of activity that really doesn’t enrich the country,”
  • For Europe’s policymakers, having people open hotels or restaurants is easier than incentivizing them to build up advanced manufacturing, which is capital intensive and takes a long time to pay off, said Marcos Carias, an economist with French insurer Coface. 
  • “Tourism is the easy way out,” Carias said. “What is the incentive to look for ingenuity and go through the pain of creating new economic value if tourism works as a short-term solution?”
  • Proponents say tourism attracts capital to poor regions, and can serve as a base to build a more diversified economy. Lisbon’s Moedas said he is trying to leverage the influx of foreign visitors to build up sectors such as culture and technology, including by developing conferences and cultural events. 
  • “Some extreme left parties basically say we need to reduce tourism,” Moedas said, but that is the wrong approach. “What we have to do is to increase other sectors like innovation, technology…. We should still invest in tourism, but we should go up the ladder.”
  • In Athens, Mayor Haris Doukas says he is working on extending the tourist season, increasing the average length of stay and promoting specific types of tourism, such as organizing conferences and business meetings, to attract visitors with higher purchasing power. He’s also called for new taxes to help the city accommodate the millions of additional tourists thronging to the ancient capital.
  • More than one-third of highly qualified Portuguese students leave the country after graduating,
  • Even higher-paid technology workers have started decamping to cheaper places. 
  • Tiago Araújo, chief executive of tourism tech startup HiJiffy, has held on to his employees but says many of them have been moving out of Lisbon. The trend, which started during Covid, is now being primarily driven by the housing crisis.
  • While Dias, the hotel owner, is diversifying into nightlife, he refuses to envisage a future where the sector would have to rely heavily on visitors from elsewhere.
  • If Americans stop coming to Lisbon, he said, “I don’t think we can charge this kind of [price] because we will have to go to Europeans, and the Europeans, they don’t have money.”
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Opinion | The Pandemic Probably Started in a Lab. These 5 Key Points Explain Why. - The... - 0 views

www.nytimes.com/...covid-lab-leak.html pandemic origin covid china lab history investigation
shared by Javier E on 04 Jun 24 - No Cached
  • a growing volume of evidence — gleaned from public records released under the Freedom of Information Act, digital sleuthing through online databases, scientific papers analyzing the virus and its spread, and leaks from within the U.S. government — suggests that the pandemic most likely occurred because a virus escaped from a research lab in Wuhan, China.
  • If so, it would be the most costly accident in the history of science.
  • The SARS-like virus that caused the pandemic emerged in Wuhan, the city where the world’s foremost research lab for SARS-like viruses is located.
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  • Dr. Shi’s group was fascinated by how coronaviruses jump from species to species. To find viruses, they took samples from bats and other animals, as well as from sick people living near animals carrying these viruses or associated with the wildlife trade. Much of this work was conducted in partnership with the EcoHealth Alliance, a U.S.-based scientific organization that, since 2002, has been awarded over $80 million in federal funding to research the risks of emerging infectious diseases.
  • Their research showed that the viruses most similar to SARS‑CoV‑2, the virus that caused the pandemic, circulate in bats that live roughly 1,000 miles away from Wuhan. Scientists from Dr. Shi’s team traveled repeatedly to Yunnan province to collect these viruses and had expanded their search to Southeast Asia. Bats in other parts of China have not been found to carry viruses that are as closely related to SARS-CoV-2.
  • When the Covid-19 outbreak was detected, Dr. Shi initially wondered if the novel coronavirus had come from her laboratory, saying she had never expected such an outbreak to occur in Wuhan.
  • The SARS‑CoV‑2 virus is exceptionally contagious and can jump from species to species like wildfire. Yet it left no known trace of infection at its source or anywhere along what would have been a thousand-mile journey before emerging in Wuhan.
  • The year before the outbreak, the Wuhan institute, working with U.S. partners, had proposed creating viruses with SARS‑CoV‑2’s defining feature
  • The laboratory pursued risky research that resulted in viruses becoming more infectious: Coronaviruses were grown from samples from infected animals and genetically reconstructed and recombined to create new viruses unknown in nature. These new viruses were passed through cells from bats, pigs, primates and humans and were used to infect civets and humanized mice (mice modified with human genes). In essence, this process forced these viruses to adapt to new host species, and the viruses with mutations that allowed them to thrive emerged as victors.
  • Worse still, as the pandemic raged, their American collaborators failed to publicly reveal the existence of the Defuse proposal. The president of EcoHealth, Peter Daszak, recently admitted to Congress that he doesn’t know about virus samples collected by the Wuhan institute after 2015 and never asked the lab’s scientists if they had started the work described in Defuse.
  • By 2019, Dr. Shi’s group had published a database describing more than 22,000 collected wildlife samples. But external access was shut off in the fall of 2019, and the database was not shared with American collaborators even after the pandemic started, when such a rich virus collection would have been most useful in tracking the origin of SARS‑CoV‑2. It remains unclear whether the Wuhan institute possessed a precursor of the pandemic virus.
  • In 2021, The Intercept published a leaked 2018 grant proposal for a research project named Defuse, which had been written as a collaboration between EcoHealth, the Wuhan institute and Ralph Baric at the University of North Carolina, who had been on the cutting edge of coronavirus research for years. The proposal described plans to create viruses strikingly similar to SARS‑CoV‑2.
  • Coronaviruses bear their name because their surface is studded with protein spikes, like a spiky crown, which they use to enter animal cells. The Defuse project proposed to search for and create SARS-like viruses carrying spikes with a unique feature: a furin cleavage site — the same feature that enhances SARS‑CoV‑2’s infectiousness in humans, making it capable of causing a pandemic. Defuse was never funded by the United States.
  • owever, in his testimony on Monday, Dr. Fauci explained that the Wuhan institute would not need to rely on U.S. funding to pursue research independently.
  • While it’s possible that the furin cleavage site could have evolved naturally (as seen in some distantly related coronaviruses), out of the hundreds of SARS-like viruses cataloged by scientists, SARS‑CoV‑2 is the only one known to possess a furin cleavage site in its spike. And the genetic data suggest that the virus had only recently gained the furin cleavage site before it started the pandemic.
  • Ultimately, a never-before-seen SARS-like virus with a newly introduced furin cleavage site, matching the description in the Wuhan institute’s Defuse proposal, caused an outbreak in Wuhan less than two years after the proposal was drafted.
  • When the Wuhan scientists published their seminal paper about Covid-19 as the pandemic roared to life in 2020, they did not mention the virus’s furin cleavage site — a feature they should have been on the lookout for, according to their own grant proposal, and a feature quickly recognized by other scientists.
  • At the Wuhan Institute of Virology, a team of scientists had been hunting for SARS-like viruses for over a decade, led by Shi Zhengl
  • In May, citing failures in EcoHealth’s monitoring of risky experiments conducted at the Wuhan lab, the Biden administration suspended all federal funding for the organization and Dr. Daszak, and initiated proceedings to bar them from receiving future grants. In his testimony on Monday, Dr. Fauci said that he supported the decision to suspend and bar EcoHealth.
  • Separately, Dr. Baric described the competitive dynamic between his research group and the institute when he told Congress that the Wuhan scientists would probably not have shared their most interesting newly discovered viruses with him. Documents and email correspondence between the institute and Dr. Baric are still being withheld from the public while their release is fiercely contested in litigation.
  • In the end, American partners very likely knew of only a fraction of the research done in Wuhan. According to U.S. intelligence sources, some of the institute’s virus research was classified or conducted with or on behalf of the Chinese military.
  • In the congressional hearing on Monday, Dr. Fauci repeatedly acknowledged the lack of visibility into experiments conducted at the Wuhan institute, saying, “None of us can know everything that’s going on in China, or in Wuhan, or what have you. And that’s the reason why — I say today, and I’ve said at the T.I.,” referring to his transcribed interview with the subcommittee, “I keep an open mind as to what the origin is.”
  • The Wuhan lab pursued this type of work under low biosafety conditions that could not have contained an airborne virus as infectious as SARS‑CoV‑2.
  • Labs working with live viruses generally operate at one of four biosafety levels (known in ascending order of stringency as BSL-1, 2, 3 and 4) that describe the work practices that are considered sufficiently safe depending on the characteristics of each pathogen. The Wuhan institute’s scientists worked with SARS-like viruses under inappropriately low biosafety conditions.
  • ​​Biosafety levels are not internationally standardized, and some countries use more permissive protocols than others.
  • In one experiment, Dr. Shi’s group genetically engineered an unexpectedly deadly SARS-like virus (not closely related to SARS‑CoV‑2) that exhibited a 10,000-fold increase in the quantity of virus in the lungs and brains of humanized mice. Wuhan institute scientists handled these live viruses at low biosafety levels, including BSL-2.
  • Even the much more stringent containment at BSL-3 cannot fully prevent SARS‑CoV‑2 from escaping. Two years into the pandemic, the virus infected a scientist in a BSL-3 laboratory in Taiwan, which was, at the time, a zero-Covid country. The scientist had been vaccinated and was tested only after losing the sense of smell. By then, more than 100 close contacts had been exposed. Human error is a source of exposure even at the highest biosafety levels, and the risks are much greater for scientists working with infectious pathogens at low biosafety.
  • An early draft of the Defuse proposal stated that the Wuhan lab would do their virus work at BSL-2 to make it “highly cost-effective.” Dr. Baric added a note to the draft highlighting the importance of using BSL-3 to contain SARS-like viruses that could infect human cells, writing that “U.S. researchers will likely freak out.”
  • Years later, after SARS‑CoV‑2 had killed millions, Dr. Baric wrote to Dr. Daszak: “I have no doubt that they followed state determined rules and did the work under BSL-2. Yes China has the right to set their own policy. You believe this was appropriate containment if you want but don’t expect me to believe it. Moreover, don’t insult my intelligence by trying to feed me this load of BS.”
  • SARS‑CoV‑2 is a stealthy virus that transmits effectively through the air, causes a range of symptoms similar to those of other common respiratory diseases and can be spread by infected people before symptoms even appear. If the virus had escaped from a BSL-2 laboratory in 2019, the leak most likely would have gone undetected until too late.
  • One alarming detail — leaked to The Wall Street Journal and confirmed by current and former U.S. government officials — is that scientists on Dr. Shi’s team fell ill with Covid-like symptoms in the fall of 2019. One of the scientists had been named in the Defuse proposal as the person in charge of virus discovery work. The scientists denied having been sick.
  • The hypothesis that Covid-19 came from an animal at the Huanan Seafood Market in Wuhan is not supported by strong evidence.
  • In December 2019, Chinese investigators assumed the outbreak had started at a centrally located market frequented by thousands of visitors daily. This bias in their search for early cases meant that cases unlinked to or located far away from the market would very likely have been missed
  • To make things worse, the Chinese authorities blocked the reporting of early cases not linked to the market and, claiming biosafety precautions, ordered the destruction of patient samples on January 3, 2020, making it nearly impossible to see the complete picture of the earliest Covid-19 cases. Information about dozens of early cases from November and December 2019 remains inaccessible.
  • A pair of papers published in Science in 2022 made the best case for SARS‑CoV‑2 having emerged naturally from human-animal contact at the Wuhan market by focusing on a map of the early cases and asserting that the virus had jumped from animals into humans twice at the market in 2019
  • More recently, the two papers have been countered by other virologists and scientists who convincingly demonstrate that the available market evidence does not distinguish between a human superspreader event and a natural spillover at the market.
  • Furthermore, the existing genetic and early case data show that all known Covid-19 cases probably stem from a single introduction of SARS‑CoV‑2 into people, and the outbreak at the Wuhan market probably happened after the virus had already been circulating in humans.
  • Not a single infected animal has ever been confirmed at the market or in its supply chain. Without good evidence that the pandemic started at the Huanan Seafood Market, the fact that the virus emerged in Wuhan points squarely at its unique SARS-like virus laboratory.
  • With today’s technology, scientists can detect how respiratory viruses — including SARS, MERS and the flu — circulate in animals while making repeated attempts to jump across species. Thankfully, these variants usually fail to transmit well after crossing over to a new species and tend to die off after a small number of infections
  • investigators have not reported finding any animals infected with SARS‑CoV‑2 that had not been infected by humans. Yet, infected animal sources and other connective pieces of evidence were found for the earlier SARS and MERS outbreaks as quickly as within a few days, despite the less advanced viral forensic technologies of two decades ago.
  • Even though Wuhan is the home base of virus hunters with world-leading expertise in tracking novel SARS-like viruses, investigators have either failed to collect or report key evidence that would be expected if Covid-19 emerged from the wildlife trade. For example, investigators have not determined that the earliest known cases had exposure to intermediate host animals before falling ill.
  • No antibody evidence shows that animal traders in Wuhan are regularly exposed to SARS-like viruses, as would be expected in such situations.
  • In previous outbreaks of coronaviruses, scientists were able to demonstrate natural origin by collecting multiple pieces of evidence linking infected humans to infected animals
  • In contrast, virologists and other scientists agree that SARS‑CoV‑2 required little to no adaptation to spread rapidly in humans and other animals. The virus appears to have succeeded in causing a pandemic upon its only detected jump into humans.
  • it was a SARS-like coronavirus with a unique furin cleavage site that emerged in Wuhan, less than two years after scientists, sometimes working under inadequate biosafety conditions, proposed collecting and creating viruses of that same design.
  • a laboratory accident is the most parsimonious explanation of how the pandemic began.
  • Given what we now know, investigators should follow their strongest leads and subpoena all exchanges between the Wuhan scientists and their international partners, including unpublished research proposals, manuscripts, data and commercial orders. In particular, exchanges from 2018 and 2019 — the critical two years before the emergence of Covid-19 — are very likely to be illuminating (and require no cooperation from the Chinese government to acquire), yet they remain beyond the public’s view more than four years after the pandemic began.
  • it is undeniable that U.S. federal funding helped to build an unprecedented collection of SARS-like viruses at the Wuhan institute, as well as contributing to research that enhanced them.
  • Advocates and funders of the institute’s research, including Dr. Fauci, should cooperate with the investigation to help identify and close the loopholes that allowed such dangerous work to occur. The world must not continue to bear the intolerable risks of research with the potential to cause pandemics.
  • A successful investigation of the pandemic’s root cause would have the power to break a decades-long scientific impasse on pathogen research safety, determining how governments will spend billions of dollars to prevent future pandemics. A credible investigation would also deter future acts of negligence and deceit by demonstrating that it is indeed possible to be held accountable for causing a viral pandemic
  • Last but not least, people of all nations need to see their leaders — and especially, their scientists — heading the charge to find out what caused this world-shaking event. Restoring public trust in science and government leadership requires it.
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Defeated by A.I., a Legend in the Board Game Go Warns: Get Ready for What's Next - The ... - 0 views

www.nytimes.com/...lee-saedol-go-ai.html go ai strategy game effects career
shared by Javier E on 14 Jul 24 - No Cached
  • Lee Saedol was the finest Go player of his generation when he suffered a decisive loss, defeated not by a human opponent but by artificial intelligence.
  • The stunning upset, in 2016, made headlines around the world and looked like a clear sign that artificial intelligence was entering a new, profoundly unsettling era.
  • By besting Mr. Lee, an 18-time world champion revered for his intuitive and creative style of play, AlphaGo had solved one of computer science’s greatest challenges: teaching itself the abstract strategy needed to win at Go, widely considered the world’s most complex board game.
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  • AlphaGo’s victory demonstrated the unbridled potential of A.I. to achieve superhuman mastery of skills once considered too complicated for machines.
  • Mr. Lee, now 41, retired three years later, convinced that humans could no longer compete with computers at Go. Artificial intelligence, he said, had changed the very nature of a game that originated in China more than 2,500 years ago.
  • As society wrestles with what A.I. holds for humanity’s future, Mr. Lee is now urging others to avoid being caught unprepared, as he was, and to become familiar with the technology now. He delivers lectures about A.I., trying to give others the advance notice he wishes he had received before his match.
  • “I faced the issues of A.I. early, but it will happen for others,” Mr. Lee said recently at a community education fair in Seoul to a crowd of students and parents. “It may not be a happy ending.”
  • Mr. Lee is not a doomsayer. In his view, A.I. may replace some jobs, but it may create some, too. When considering A.I.’s grasp of Go, he said it was important to remember that humans both created the game and designed the A.I. system that mastered it.
  • What he worries about is that A.I. may change what humans value.
  • His immense talent was apparent from the start. He quickly became the best player of his age not only locally but across all of South Korea, Japan and China. He turned pro at 12.
  • “People used to be in awe of creativity, originality and innovation,” he said. “But since A.I. came, a lot of that has disappeared.”
  • By the time he was 20, Mr. Lee had reached 9-dan, the highest level of mastery in Go. Soon, he was among the best players in the world, described by some as the Roger Federer of the game.
  • Go posed a tantalizing challenge for A.I. researchers. The game is exponentially more complicated than chess, with it often being said that there are more possible positions on a Go board (10 with more than 100 zeros after it, by many mathematical estimates) than there are atoms in the universe.
  • The breakthrough came from DeepMind, which built AlphaGo using so-called neural networks: mathematical systems that can learn skills by analyzing enormous amounts of data. It started by feeding the network 30 million moves from high-level players. Then the program played game after game against itself until it learned which moves were successful and developed new strategies.
  • Mr. Lee said not having a true human opponent was disconcerting. AlphaGo played a style he had never seen, and it felt odd to not try to decipher what his opponent was thinking and feeling. The world watched in awe as AlphaGo pushed Mr. Lee into corners and made moves unthinkable to a human player.“I couldn’t get used to it,” he said. “I thought that A.I. would beat humans someday. I just didn’t think it was here yet.”
  • AlphaGo’s victory “was a watershed moment in the history of A.I.” said Demis Hassabis, DeepMind’s chief executive, in a written statement. It showed what computers that learn on their own from data “were really capable of,” he said.
  • Mr. Lee had a hard time accepting the defeat. What he regarded as an art form, an extension of a player’s own personality and style, was now cast aside for an algorithm’s ruthless efficiency.
  • His 17-year-old daughter is in her final year of high school. When they discuss what she should study at university, they often consider a future shaped by A.I.“We often talk about choosing a job that won’t be easily replaceable by A.I. or less impacted by A.I.,” he said. “It’s only a matter of time before A.I. is present everywhere.”
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Opinion | How Kamala Harris Can Win - The New York Times - 0 views

www.nytimes.com/...kamala-harris-strategy.html harris campaign theme inspiration message project culture
shared by Javier E on 28 Jul 24 - No Cached
  • f disempowerment underlies the Republicans’ most potent issues in this campaign: inflation and immigration.
  • If Ms. Harris continues to repeat economic facts without acknowledging most voters’ feelings, she will fail to address the mood of discontent that has her running just behind Mr. Trump in the polls. Low unemployment, robust job growth, rising wages — by the usual metrics, the economy has been a success during the Biden years. And yet inflation looms so large for voters that most disapprove of the president’s handling of the economy. Why
  • Because inflation is not merely about the price of eggs. Many voters experience it as an assault on their agency, a daily marker of their powerlessness: No matter how hard I work or how much I make, I can’t get ahead or even keep up.
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  • And why was the surge in illegal border crossings so troubling, even for voters who live far from the southern border? Not because they believe Mr. Trump’s florid demagogy about criminals, rapists and residents of mental hospitals pouring in but because they see a country unable to control its borders as a country unable to control its destiny
  • and as a country that treats strangers better than some of its citizens.
  • they are part of the same political project. Economic arrangements not only decide the distribution of income and wealth; they also determine the allocation of social recognition and esteem.
  • Democrats need to acknowledge that the neoliberal globalization project they and mainstream Republicans pursued in recent decades brought huge gains for those at the top but job loss and stagnant wages for most working people
  • The winners used their windfall to buy influence in high places. Government stopped trying to check concentrated economic power. The two parties joined forces to deregulate Wall Street. And when the financial crisis of 2008 pushed the system to the brink, they spent billions of dollars to bail out the banks but left ordinary homeowners mostly to fend for themselves.
  • Rather than contend directly with the damage they had done, both political parties told workers to improve themselves by getting college degrees.
  • The elites who offered this advice missed the implicit insult it contained: If you’re struggling in the new economy, it’s your fault.
  • as president, despite his centrist career, Mr. Biden turned away from the policies that had prompted populist backlash and empowered Mr. Trump.
  • Mr. Biden’s ambitious public investments in infrastructure, manufacturing, jobs and clean energy recalled the muscular role of government during the New Deal. So did his support for collective bargaining and the revival of antitrust law. It made him one of the most consequential presidents of modern times.
  • Still, he remained unpopular. Mr. Biden and his team thought the problem was one of timing: Public investments take time to produce jobs and tangible benefits.
  • But the real problem was more fundamental. Mr. Biden never really offered a broad governing vision, never explained how the policies he enacted added up to a new democratic project.
  • Mr. Biden offered no comparable story.When he broke with the era of neoliberal globalization, reasserting government’s role in regulating markets for the common good, he did so with little fanfare or explanation. He did not acknowledge that his own party had been complicit in the policies that had deepened the divide between winners and losers
  • in the end, it all made for impressive policy but themeless politics. His presidency was a legislative triumph but an evocative failure.
  • This made him a weak match for Mr. Trump, a candidate with little policy success but whose MAGA movement spoke to the anger of the age.
  • what does all of this mean for the Harris campaign?
  • Defeating Mr. Trump means taking seriously the divide between winners and losers that polarizes the country. It means acknowledging the resentment of working people who feel that the work they do is not respected, that elites look down on them, that they have little say in shaping the forces that govern their lives.
  • To do so, Ms. Harris should highlight a theme that has long been implicit but underdeveloped in Mr. Biden’s presidency: the dignity of work.
  • The Harris campaign should not only defend these achievements but also embark on something more ambitious: a project of democratic renewal that goes beyond merely saving democracy from Mr. Trump
  • democracy in its fullest sense is about citizens deliberating together about justice and the common good. The dignity of work is important to a healthy democracy because it enables everyone to contribute to the common good and to win honor and recognition for doing so.
  • For Ms. Harris, offering concrete proposals to honor work — and to reward it fairly — could force Mr. Trump and Mr. Vance to choose between the working-class party they hope to become and the corporate Republican Party they continue to be.
  • She should be asking questions that would invigorate progressive politics for the 21st century: If we really believe in the dignity of work, why do we tax income from labor at a higher rate than income from dividends and capital gains? Shouldn’t the federal minimum hourly wage be higher than $7.25?
  • Mr. Trump has proposed exempting tips from taxes. Well, here’s a bolder suggestion: Why not reduce or eliminate the payroll taxes employees pay and make up the revenue with a tax on financial transactions?
  • Beyond tax measures: What about public investment in universal child care not only to support those who work outside the home but also to improve the pay and working conditions of caregivers?
  • Democrats could promote sectoral bargaining so that fast food workers can negotiate wages and working conditions across their industry rather than company by company. Democrats could require companies to give employees seats on corporate boards and classify gig workers as employees
  • On climate change, rather than imposing top-down, technocratic solutions, what if we tried listening to those who fear their livelihoods will be upended — creating local forums that give workers in the fossil fuel industry and agriculture a chance to collaborate with community leaders, scientists and public officials in shaping the transition to a green economy?
  • The election season is too short, they might argue, and the stakes are too high; elevating the terms of public discourse is a project for another day.
  • But this would be a political mistake and a historic missed opportunity. Taunting Mr. Trump as a felon would rally the base but reinforce the divide. Offering Americans a more inspiring democratic project could change some minds, win over some voters and offer some hope for a less rancorous public life.
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