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The result is that less energy is being produced overall, and Germany is loath to buy it from France—where power is much cleaner, because it’s mostly nuclear.

So who absorbed the adjustment? Easy: industry, the old backbone of the German manufacturing state, which has been closing production facilities in significant numbers.

This does not, of course, reduce the overall atmospheric pollution generated in the world, as the old clients of German firms turn to alternatives in other locations that are, almost always, fueled with high carbon sources. The Indonesian, Brazilian, Indian and Chinese companies that will now manufacture the products that German workers used to make are largely run on fossil fuels.

Part of the problem is that there are inherent technical limitations to how high a country can drive wind and solar in its energy mix. State of the art lithium-ion batteries can only store energy in the range of megawatts, up to the low gigawatts. In order to store electricity to survive a German winter with next to no sunlight and long low-wind periods, the country would need to increase its storage capacity by orders of magnitude.

There are only three presently known energy sources that can be used at scale to balance a natural grid: hydroelectricity, nuclear and fossil fuels

hey decided to simply make do with less power: economic degrowth in action. Of course, people depended on those power sources for jobs: good, well-paid, stable union jobs that guys without university degrees could get. The government closed down the factories—can they really be surprised some of these people now want to vote for the far right?

Germany didn’t adopt degrowth by choice, but through a series of blunders. The comic edge of its misfortunes is that so many of them occurred because of miscalculation or just sheer bloody-mindedness on the part of the Greens and Social Democrats. First, a few months before becoming a Russian energy lobbyist in 2005, then-Chancellor Gerhard Schröder insisted on putting Russian natural gas at the core of Germany’s energy grid, continuing a Social Democratic tradition of entwining Germany’s future with Russia’s. Then, a Green Party with its roots in 1970s anti-nuclear weapons activism carried this atavistic policy into the 21st century when it entered government, insisting that Germany decommission the backbone of its zero-emission energy matrix. Then the war in Ukraine happened, and the pipelines were cut. Oooops. Guess who’s digging for coal now?

“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.” 

“China is clearly alarmed by these developments,” said Jingdong Yuan, director of the China and Asia Security Program at the Stockholm International Peace Research Institute. “Chinese interpretations would be that the U.S. and its allies have clearly decided that China needs to be contained.”

aside from pointed words and the perfunctory maritime patrol, Beijing’s options to push back against U.S. pressure appear limited, analysts said, especially as China contends with slowing economic growth and mounting trade frictions.

Whether Mr. Biden’s strategy succeeds in deterring China in the long run remains to be seen. Nationalists in China view American alliances as fragile and subject to the whims of each U.S. presidential election. Then there’s Mr. Xi, who perceives the West to be in structural decline, and China’s ascendance as Asia’s dominant power to be inevitable.

“The Americans should not think so highly of themselves. They could not solve Afghanistan or Ukraine,” said Zheng Yongnian, an influential political scientist at the Chinese University of Hong Kong’s campus in Shenzhen. He said that China still hoped to resolve its disputes peacefully. “The reason we are not touching the Philippines is not that we are afraid of the United States.”

Beijing’s room to maneuver against Washington is limited by its struggling economy, which has been hit by a property crisis and a cratering of foreign investment. China has been increasing exports, but that has already caused friction with countries concerned about a flood of cheap Chinese goods.

The broader American pressure campaign may also be nudging China to avoid escalating tensions further. Despite its differences with the United States, China is engaging in talks between the countries’ leaders and senior officials. Relations with some neighbors, such as Australia, are slowly thawing. Analysts have noted that Beijing has also avoided escalating its military presence around Taiwan in recent months, despite the island’s election of a leader the Communist Party loathes.

“They are definitely being more cautious and demonstrating a willingness to engage,” Ja Ian Chong, an associate professor of political science at the National University of Singapore, said of Beijing. “They are realizing there are actual risks to letting frictions escalate. We just haven’t seen any substantive compromises yet.”

In his review, Bernanke compared the MPC’s forecasting record with six other central banks — in the Nordic countries, New Zealand, the United States and the eurozone — and found the Bank was particularly bad at understanding dynamics in the jobs market and had consistently forecast far higher unemployment, which had not materialised. Its other errors, on forecasting future inflation and growth, put it largely in the “middle of the pack” with its peers.

Republican politicians, sensing momentum, called on other firms to follow suit.

“This was always cosmetic,” said Shivaram Rajgopal, a professor at Columbia Business School. “If signing a piece of paper was getting these companies into trouble, it’s no surprise they’re getting the hell out.

American asset managers have a fiduciary duty to act in the best interest of their clients, and the financial firms were worried that a new strategy by Climate Action 100+ could expose them to legal risks.

Since its founding in 2017, the group focused on getting publicly traded companies to increase how much information they shared about their emissions and identify climate-related risks to their businesses.

In addition to the risk that some clients might disapprove, and potentially sue, there were other concerns. Among them: that acting in concert to shape the behaviors of other companies could fall afoul of antitrust regulations.

The new plan called on asset-management firms to begin pressuring companies like Exxon Mobil and Walmart to adopt policies that could entail, for example, using fewer fossil fuels

last year, Climate Action 100+ said it would shift its focus toward getting companies to reduce emissions with what it called phase two of its strategy

BlackRock also said that one of its subsidiaries, BlackRock International, would continue to participate in the group — a tacit acknowledgment of the different regulatory environment in Europe. BlackRock also said it was initiating new features that would let clients choose if they wanted to pressure companies to reduce their emissions.

Pimco, another big asset manager, followed suit. “We have concluded that our Climate Action 100+ participation is no longer aligned with PIMCO’s approach to sustainability,” a firm spokesman said in a statement.

JPMorgan said it was pulling out of the group in recognition of the fact that, over the past few years, the firm had developed its own framework for engaging on climate risk

The fracturing of Climate Action 100+ was a victory for Representative Jim Jordan, Republican of Ohio, who has led a campaign against companies pursuing E.S.G. goals, shorthand for environmental, social and governance factors.

Embracing E.S.G. principles and speaking up on climate issues has become commonplace across corporate America in recent years. Chief executives warned about the dangers of climate change. Banks and asset managers formed alliances to phase out fossil fuels. Trillions of dollars were allocated for sustainable investing.

“Phase two is not that different,” she said. “It’s basically investors working with companies and saying: ‘OK, you’ve disclosed the risk. We just want to know how you’re going to address it.’ Because that’s what the investors want. How are you dealing with risk?”

Mindy Lubber, the chief executive of Ceres and a member of the steering committee of Climate Action 100+, disputed the notion that the new strategy represented a change from the focus on enhanced disclosure.

“The political cost has heightened, the legal risk has heightened,” he said. “That said, these corporations are not doing U-turns,” he added. “They continue to consider climate. That’s not going away. It’s adapting to the current environment.”

Aron Cramer, chief executive for BSR, a sustainable-business consultancy, said the Wall Street firms were responding to political pressure, but not abandoning their climate commitments altogether.

Several of the firms that backed out of Climate Action 100+ said they remained committed to the issue. JPMorgan said that it had a team of 40 people working on sustainable investing and that it believed “climate change continues to present material economic risks and opportunities to our clients.”

The dourness of the mood contrasted sharply with just a year ago, when many of the same participants — intelligence chiefs and diplomats, oligarchs and analysts — thought Russia might be on the verge of strategic defeat in Ukraine. There was talk of how many months it might take to drive the Russians back to the borders that existed before their invasion on Feb. 24, 2022. Now that optimism appeared premature at best, faintly delusional at worst.

Nikolai Denkov, the prime minister of Bulgaria, argued that Europeans should draw three lessons from the cascade of troubles. The war in Ukraine was not just about gray zones between Europe and Russia, he argued, but “whether the democratic world we value can be beaten, and this is now well understood in Europe.”

“European defense was a possibility before, but now it’s a necessity,” said Claudio Graziano, a retired general from Italy and former chairman of the European Union Military Committee. But saying the right words is not the same as doing what they demand.

third, they needed to separate Ukraine’s urgent needs for ammunition and air defense from longer-term strategic goals.

Some attendees found the commitments made by the leaders who showed up uninspiring, said Nathalie Tocci, director of Italy’s Institute of International Affairs. “Kamala Harris empty, Scholz mushy, Zelensky tired,

Second, European nations have realized that they must combine their forces in military, not just economic endeavors, to build up their own deterrence

“I feel underwhelmed and somewhat disappointed” by the debate here, said Steven E. Sokol, president of the American Council on Germany. “There was a lack of urgency and a lack of clarity about the path forward, and I did not see a strong show of European solidarity.

now two-thirds of the alliance members have met the goal of spending 2 percent of their gross domestic product on defense — up from just a handful of nations 10 years ago. But a few acknowledged that goal is now badly outdated, and they talked immediately about the political barriers to spending more.

the prospect of less American commitment to NATO, as the United States turned to other challenges from China or in the Middle East, was concentrating minds.

the fundamental disconnect was still on display: When Europeans thought Russia would integrate into European institutions, they stopped planning and spending for the possibility they might be wrong. And when Russia’s attitude changed, they underreacted.

“This is 30 years of underinvestment coming home,” said François Heisbourg, a French defense analyst, who called them “les trente paresseuses” — the 30 lazy years of post Cold-War peace dividends, in contrast to the 30 glorious years that followed World War II.

What was important for Europeans to remember was that this hot war in Ukraine was close and could spread quickly, Ms. Kallas said. “So if you think that you are far away, you’re not far away. It can go very, very fast.”

Dmytro Kuleba, the foreign minister of embattled Ukraine, was blunter. “I think our friends and partners were too late in waking up their own defense industries,” he said. “And we will pay with our lives throughout 2024 to give your defense industries time to ramp up production.”

Russian military doctrine states that Russia would use nuclear weapons in the event of attacks against key Russian assets or threats to the existence of the state, and experts believe Russia could use nuclear weapons first in a crisis to signal resolve.

Russia has seen how important space-based assets can be on the battlefield in Ukraine. Starlink, with its thousands of satellites orbiting Earth, provides Ukrainian forces with uninterrupted communication. The U.S. Department of Defense openly discusses its investments in large satellite constellations. Hundreds of satellites used for missile warning, intelligence and communications are seen as a way to be more resilient against a variety of growing space threats. Moscow would look for ways to target these large satellite constellations and to erode the advantage they provide.

Russia has been testing weapons that target space capabilities or using them on the battlefield in Ukraine. In November 2021, Moscow conducted an antisatellite test by launching a missile at one of its own defunct satellites. It has also employed systems designed to jam Starlink and GPS to degrade Ukraine’s communication systems, as well as the drones and munitions the country uses to defend itself. It is not surprising that Moscow would seek to develop a more powerful way to cause widespread damage to constellations of satellites.

But a nuclear detonation in space is indiscriminate. It would degrade or destroy any satellites in its path and within the same orbital region. It wouldn’t just affect U.S. satellites but also the aggressor’s own satellites, as well as an unknown number of satellites owned by the over 90 countries operating in space, and astronauts living on the International Space Station and Chinese space station

Russia, however, has less to lose: Its once vaunted space program is in decline, dinged by sanctions, and said it intends to withdraw from the International Space Station program after 2024. Moscow is now well behind China in its total number of operating on-orbit satellites.

Third, we need to be realistic about prospects for future arms control with Russia. Moscow has shown a disregard for its treaty commitments. Just last month, Moscow rejected attempts by the Biden administration to restart bilateral arms control talks. Rather than trying again, the administration should instead focus on strengthening deterrence by improving our own capabilities and building multilateral coalitions for responsible nuclear behavior

Finally, policymakers need to protect our intelligence sources and intelligence gathering methods

With Russian officials already demanding proof of what the United States knows, declassifying those sources and methods plays directly into Moscow’s hands and jeopardizes those channels for future intelligence collection.

Pressler and Patterson were heroes within the movement. Patterson led Baptist seminaries and became president of the convention. Pressler was a Texas state judge and a former president of the Council for National Policy, a powerful conservative Christian activist organization.

Both men are now disgraced. In 2018, the board of Southwestern Baptist Theological Seminary fired Patterson after it found that he’d grossly mishandled rape allegations — including writing in an email that he wanted to meet alone with a woman who had reported being raped to “break her down” — at both Southwestern and another Baptist seminary.

Pressler’s story is in some ways eerily similar to that of Harvey Weinstein. Both were powerful men so brazen about their misconduct that it was an “open secret” in their respective worlds. Yet they were also so powerful that an army of enablers coalesced around them, protecting them from the consequences of their actions.

The suit set off a sprawling investigation into S.B.C. sexual misconduct by The Houston Chronicle and The San Antonio Express-News. Their report, called “Abuse of Faith,” documented hundreds of sex abuse cases in the S.B.C. and led to the denomination commissioning an independent investigation of its handling of abuse.

The American right exists in a news environment that reports misconduct on the left or in left-wing institutions loudly and with granular detail. When Weinstein fell and that fall prompted the cascade of revelations that created the #MeToo moment, the right was overrun with commentary on the larger lessons of the episode, including scathing indictments of a Hollywood culture

the coverage, or lack thereof, of Pressler’s fall also helps explain why we’re so very polarized as a nation.

the bottom line is clear: For decades, survivors of sex abuse “were ignored, disbelieved or met with the constant refrain that the S.B.C. could take no action due to its polity regarding church autonomy — even if it meant that convicted molesters continued in ministry with no notice or warning to their current church or congregation.”

the coverage on the right also fit a cherished conservative narrative: that liberal sexual values such as those in Hollywood invariably lead to abuse.

stories such as Pressler’s complicate this narrative immensely. If both the advocates and enemies of the sexual revolution have their Harvey Weinsteins — that is, if both progressive and conservative institutions can enable abuse — then all that partisan moral clarity starts to disappear

We’re all left with the disturbing and humbling reality that whatever our ideology or theology, it doesn’t make us good people. The allegedly virtuous “us” commits the same sins as the presumptively villainous “them.”

How does a typical conservative activist deal with this reality? By pretending it doesn’t exist.

Shortly after the Pressler settlement was announced, I looked for statements or commentary or articles by the conservative stalwarts who cover left-wing misconduct with such zeal. The silence was deafening.

I’m reminded of the minimal right-wing coverage of Fox News’s historic defamation settlement with Dominion Voting Systems, the largest known media defamation settlement of all time. I consistently meet conservatives who might know chapter and verse of any second-tier scandal in the “liberal media” but to this day have no clue that the right’s favorite news outlet broadcast some of the most expensive lies in history.

t’s more like a cultivated ignorance, in which news outlets and influencers and their audiences tacitly agree not to share facts that might complicate their partisan narratives.

the dynamic is even worse when stories of conservative abuse and misconduct break in the mainstream media. Conservative partisans can simply cry “media bias!” and rely on their followers to tune it all out. To those followers, a scandal isn’t real until people they trust say it’s real.

Rising inflation has led to surging prices for groceries, cars and many essentials. The cost of a college education has skyrocketed in two decades, with the average student debt for federal loans at $37,000, according to the Education Department. Overall debts for Americans in their 30s jumped 27% from late 2019 to early 2023—steeper than for any other age group.

home prices have risen considerably, while wages haven’t kept pace.

“What Dave Ramsey really misses is any kind of social context,” says Morgan Sanner, a

She began paying off $48,000 in student loans (a Ramsey do) and also took out a loan to buy a 2016 Honda (a Ramsey don’t). Her rationale was that it was safer to pay extra for a more reliable car than a junker she could buy with cash. S

he feels these sorts of real-life decisions don’t factor into his advice.

When she saw a comment from Ramsey online about how people receiving pandemic stimulus payments were “pretty much screwed already,” Israel felt it came across as shaming people. The pandemic shutdowns ended a decadelong economic expansion for Black Americans, a disproportionate number of whom lost their jobs and relied on those checks.

“Moralizing financial decisions is very damaging to marginalized groups,” says Israel, who is Black.

Many young adults scratch their heads over his advice that people should let their credit scores dwindle and die.

People need a good credit score, says Mandy Phillips, a 39-year-old residential mortgage loan originator in Redding, Calif. She uses TikTok and other social media to educate millennials and Gen Z about home buying. Scores are vital when applying for mortgages and rentals.

She also takes issue with Ramsey’s advice to only obtain a home loan if you can take out a 15-year fixed-rate mortgage with a down payment of at least 10%. Few younger buyers can pay the large monthly bills of shorter-term mortgages.

“That may have worked years ago in the ’80s and ’90s, but that’s not something that is achievable for the average American,” Phillips says.

Housing is a particularly hot-button topic. He advises people to only buy a house with their lawfully wedded spouse. Yet many young adults are pooling their finances with partners, friends or roommates to buy their first homes. 

Ramsey is perhaps best known for advocating a “debt snowball method”: People with multiple loans pay off the smallest balances first, regardless of interest rate. As you knock out each loan, he says, the money you have to put toward larger debt snowballs. Seeing small wins motivates people to keep going, he says.Conventional economic theory would be to pay off the highest-interest loans first, says James Choi, a finance professor at the Yale School of Management, who has studied the advice of popular finance gurus.

Ramsey’s save-not-spend message sounds logical, young adults say. It’s his all-or-nothing approach that doesn’t work for them.

Kate Hindman, a 31-year-old administrative assistant in Pasadena, Calif., who has taken an anti-Ramsey stance on TikTok, ended up with $30,000 in credit-card debt after she and her husband faced income-reducing job changes. They’ve since turned it into a consolidation loan with an 8% interest rate and pay about $1,200 a month.

She wonders if the debt aversion is generational. Perhaps younger people are less willing to make huge sacrifices to be debt-free. Maybe carrying some amount of debt forever is a new normal.

ate which products the big-box chains stock.

But these stores exercise an outsize impact, she said, as they di

more than any restaurant, cookbook or online video, Asian grocers are driving this shift.

April 2023 to April 2024, sales of items in the “Asian/ethnic aisle” in U.S. grocery stores grew nearly four times more than overall sales

Miso, ghee, turmeric, soy sauce — their journeys to becoming widely available pantry staples all began with an Asian grocer.

H Mart is attracting the clientele of the big grocers, too. Thirty percent of its shoppers today are non Asian, Mr. Kwon said, and he’s made changes to continue drawing them

placing more emphasis on in-store tastings, explaining how ingredients are used and posting signs in both Korean and English. Similarly, at 99 Ranch, the announcements ring out in Mandarin and English, and Western music has been added to the store playlists.

Swetal Patel, a partner at Patel Brothers, said that as the chain has expanded its audience — he estimates that 20 to 25 percent of shoppers are now non South Asian

“I find it fascinating that there are things on the shelf that I have no idea what they are,” said Jill Connors, an economic development director for the city of Dubuque, Iowa, who started shopping at Hornbill Asian Market earlier this year because she and her husband became vegan and wanted high-quality tofu at a reasonable price.

The sheer variety of foods to explore “brings more joy to the shopping and cooking process,”

As a young State Department policy planner in the 2000s, she was a lonely voice in Washington raising the alarm about the rise of China. She pushed for tariffs and against trade agreements before it was cool, and was an author of a book called “War by Other Means” about how blind faith in free markets put the United States at a geopolitical disadvantage. For years, she felt like an oddball in Washington, where both parties were still in thrall to neoliberalism.

The Hewlett Foundation hired her as the head of an initiative that has given away $140 million so far to people who are devising a new economic philosophy. Then she served a stint in the White House. Today, she’s an intellectual leader of a growing, bipartisan consensus

She fell in love with economics and studied it at Wake Forest. After she joined a student delegation to a NATO summit in Prague in 2002, a faculty adviser on that trip offered her a job in Washington working at the National Intelligence Council. In those early years, she believed what everyone else in Washington believed about the economy — that governments ought not meddle with it.

if Mr. Trump correctly identified a problem — “China is eating our lunch” — he did not solve it, beyond putting tariffs on Chinese products. His tax cut for the rich hurt rather than helped matters.

It’s the Biden administration that came in with a plan to build an economy that was good for workers, not just shareholders, using some strategies Ms. Harris had been talking about for years.

The thinking behind it goes like this: Unquestioning belief in the free market created a globalism that funneled money to the 1 percent, which has used its wealth to amass political power at the expense of everyone else. It produced free trade agreements that sent too many U.S. factories to China and rescue plans after the 2008 financial crisis that bailed out Wall Street instead of Main Street.

It was her job to track China’s use of subsidies, industrial espionage and currency manipulation to fuel its rise as a manufacturing powerhouse. Ms. Harris argued that tariffs on China were a necessary defense. Nobody agreed. “I was kind of just banging my head against this wall,” she told me. “The wall was a foreign policy establishment that saw markets as sacrosanct.”

Barack Obama campaigned on a pledge to renegotiate NAFTA, but he struck up a new trade deal instead — the Trans-Pacific Partnership. Ms. Harris argued against it. “We didn’t have the foggiest idea” of what it would do to our economy, she told me. Nobody listened.

it sent Democrats back to the intellectual drawing board. Larry Kramer, then the president of the Hewlett Foundation, recruited her in 2018 to promote alternatives to ideas that had guided U.S. policy for decades. He hoped she could do for free-market skepticism what Milton Friedman and his allies had done for free-market fundamentalism, which became policy under the Reagan administration and eventually was embraced by both parties as truth.

She has since rejoined the Hewlett Foundation, where she funds people who are proposing new solutions to economic problems. One grantee, the conservative think tank American Compass, promotes the idea of a domestic development bank to fund infrastructure — an idea with bipartisan appeal.

But the work that Ms. Harris and others in the Biden administration have done is unfinished, and poorly understood. The terms “Bidenomics” and “Build Back Better” don’t seem to resonate

Ms. Harris acknowledges that these ideas haven’t yet taken hold in the broader electorate, and that high interest rates overshadow the progress that’s been made. It’s too early for voters to feel it, she told me: “The investments Biden has pushed through aren’t going to be felt in a month, a year, two years.”

she celebrates the fact that leaders across the political spectrum are embracing the idea that Americans need to “get back to building things in this country.” This election has no candidates blindly promoting the free market. The last one didn’t either. In the battle of ideas, she has already won.

Why write this book? The Singularity Is Near talked about the future, but 20 years ago, when people didn’t know what AI was. It was clear to me what would happen, but it wasn’t clear to everybody. Now AI is dominating the conversation. It is time to take a look again both at the progress we’ve made – large language models (LLMs) are quite delightful to use – and the coming breakthroughs.

It is hard to imagine what this would be like, but it doesn’t sound very appealing… Think of it like having your phone, but in your brain. If you ask a question your brain will be able to go out to the cloud for an answer similar to the way you do on your phone now – only it will be instant, there won’t be any input or output issues, and you won’t realise it has been done (the answer will just appear). People do say “I don’t want that”: they thought they didn’t want phones either!

The most important driver is the exponential growth in the amount of computing power for the price in constant dollars. We are doubling price-performance every 15 months. LLMs just began to work two years ago because of the increase in computation.

What’s missing currently to bring AI to where you are predicting it will be in 2029? One is more computing power – and that’s coming. That will enable improvements in contextual memory, common sense reasoning and social interaction, which are all areas where deficiencies remain

LLM hallucinations [where they create nonsensical or inaccurate outputs] will become much less of a problem, certainly by 2029 – they already happen much less than they did two years ago. The issue occurs because they don’t have the answer, and they don’t know that. They look for the best thing, which might be wrong or not appropriate. As AI gets smarter, it will be able to understand its own knowledge more precisely and accurately report to humans when it doesn’t know.

What exactly is the Singularity? Today, we have one brain size which we can’t go beyond to get smarter. But the cloud is getting smarter and it is growing really without bounds. The Singularity, which is a metaphor borrowed from physics, will occur when we merge our brain with the cloud. We’re going to be a combination of our natural intelligence and our cybernetic intelligence and it’s all going to be rolled into one. Making it possible will be brain-computer interfaces which ultimately will be nanobots – robots the size of molecules – that will go noninvasively into our brains through the capillaries. We are going to expand intelligence a millionfold by 2045 and it is going to deepen our awareness and consciousness.

Why should we believe your dates? I’m really the only person that predicted the tremendous AI interest that we’re seeing today. In 1999 people thought that would take a century or more. I said 30 years and look what we have.

I have a chapter on perils. I’ve been involved with trying to find the best way to move forward and I helped to develop the Asilomar AI Principles [a 2017 non-legally binding set of guidelines for responsible AI development]

All the major companies are putting more effort into making sure their systems are safe and align with human values than they are into creating new advances, which is positive.

Not everyone is likely to be able to afford the technology of the future you envisage. Does technological inequality worry you? Being wealthy allows you to afford these technologies at an early point, but also one where they don’t work very well. When [mobile] phones were new they were very expensive and also did a terrible job. They had access to very little information and didn’t talk to the cloud. Now they are very affordable and extremely useful. About three quarters of people in the world have one. So it’s going to be the same thing here: this issue goes away over time.

The book looks in detail at AI’s job-killing potential. Should we be worried? Yes, and no. Certain types of jobs will be automated and people will be affected. But new capabilities also create new jobs. A job like “social media influencer” didn’t make sense, even 10 years ago. Today we have more jobs than we’ve ever had and US average personal income per hours worked is 10 times what it was 100 years ago adjusted to today’s dollars. Universal basic income will start in the 2030s, which will help cushion the harms of job disruptions. It won’t be adequate at that point but over time it will become so.

Everything is progressing exponentially: not only computing power but our understanding of biology and our ability to engineer at far smaller scales. In the early 2030s we can expect to reach longevity escape velocity where every year of life we lose through ageing we get back from scientific progress. And as we move past that we’ll actually get back more years.

What is your own plan for immortality? My first plan is to stay alive, therefore reaching longevity escape velocity. I take about 80 pills a day to help keep me healthy. Cryogenic freezing is the fallback. I’m also intending to create a replicant of myself [an afterlife AI avatar], which is an option I think we’ll all have in the late 2020s

I did something like that with my father, collecting everything that he had written in his life, and it was a little bit like talking to him. [My replicant] will be able to draw on more material and so represent my personality more faithfully.

What should we be doing now to best prepare for the future? It is not going to be us versus AI: AI is going inside ourselves. It will allow us to create new things that weren’t feasible before. It’ll be a pretty fantastic future.

AIs like ChatGPT rapidly got better in their early days, but what we’ve seen in the past 14-and-a-half months are only incremental gains, says Marcus. “The truth is, the core capabilities of these systems have either reached a plateau, or at least have slowed down in their improvement,” he adds.

the gaps between the performance of various AI models are closing. All of the best proprietary AI models are converging on about the same scores on tests of their abilities, and even free, open-source models, like those from Meta and Mistral, are catching up.

models work by digesting huge volumes of text, and it’s undeniable that up to now, simply adding more has led to better capabilities. But a major barrier to continuing down this path is that companies have already trained their AIs on more or less the entire internet, and are running out of additional data to hoover up. There aren’t 10 more internets’ worth of human-generated content for today’s AIs to inhale.

A mature technology is one where everyone knows how to build it. Absent profound breakthroughs—which become exceedingly rare—no one has an edge in performance

companies look for efficiencies, and whoever is winning shifts from who is in the lead to who can cut costs to the bone. The last major technology this happened with was electric vehicles, and now it appears to be happening to AI.

the future for AI startups—like OpenAI and Anthropic—could be dim.

Microsoft and Google will be able to entice enough users to make their AI investments worthwhile, doing so will require spending vast amounts of money over a long period of time, leaving even the best-funded AI startups—with their comparatively paltry warchests—unable to compete.

Many other AI startups, even well-funded ones, are apparently in talks to sell themselves.

the bottom line is that for a popular service that relies on generative AI, the costs of running it far exceed the already eye-watering cost of training it.

That difference is alarming, but what really matters to the long-term health of the industry is how much it costs to run AIs. 

Changing people’s mindsets and habits will be among the biggest barriers to swift adoption of AI. That is a remarkably consistent pattern across the rollout of all new technologies.

the industry spent $50 billion on chips from Nvidia to train AI in 2023, but brought in only $3 billion in revenue.

For an almost entirely ad-supported company like Google, which is now offering AI-generated summaries across billions of search results, analysts believe delivering AI answers on those searches will eat into the company’s margins

Google, Microsoft and others said their revenue from cloud services went up, which they attributed in part to those services powering other company’s AIs. But sustaining that revenue depends on other companies and startups getting enough value out of AI to justify continuing to fork over billions of dollars to train and run those systems

three in four white-collar workers now use AI at work. Another survey, from corporate expense-management and tracking company Ramp, shows about a third of companies pay for at least one AI tool, up from 21% a year ago.

OpenAI doesn’t disclose its annual revenue, but the Financial Times reported in December that it was at least $2 billion, and that the company thought it could double that amount by 2025. 

That is still a far cry from the revenue needed to justify OpenAI’s now nearly $90 billion valuation

the company excels at generating interest and attention, but it’s unclear how many of those users will stick around. 

AI isn’t nearly the productivity booster it has been touted as

While these systems can help some people do their jobs, they can’t actually replace them. This means they are unlikely to help companies save on payroll. He compares it to the way that self-driving trucks have been slow to arrive, in part because it turns out that driving a truck is just one part of a truck driver’s job.

Add in the myriad challenges of using AI at work. For example, AIs still make up fake information,

getting the most out of open-ended chatbots isn’t intuitive, and workers will need significant training and time to adjust.

That’s because AI has to think anew every single time something is asked of it, and the resources that AI uses when it generates an answer are far larger than what it takes to, say, return a conventional search result

None of this is to say that today’s AI won’t, in the long run, transform all sorts of jobs and industries. The problem is that the current level of investment—in startups and by big companies—seems to be predicated on the idea that AI is going to get so much better, so fast, and be adopted so quickly that its impact on our lives and the economy is hard to comprehend. 

Mounting evidence suggests that won’t be the case.

“Over 80 technical papers published since January 2022,” LeCun responded. “What about you?”

To which Musk posted: “That’s nothing, you’re going soft. Try harder!

At stake are the hearts and minds of AI experts—academic and otherwise—needed to usher in the technology

“Join xAI,” LeCun wrote, “if you can stand a boss who:– claims that what you are working on will be solved next year (no pressure).– claims that what you are working on will kill everyone and must be stopped or paused (yay, vacation for 6 months!).– claims to want a ‘maximally rigorous pursuit of the truth’ but spews crazy-ass conspiracy theories on his own social platform.”

Some read Musk’s “science” dig as dismissing the role research has played for a generation of AI experts. For years, the Metas and Googles of the world have hired the top minds in AI from universities, indulging their desires to keep a foot in both worlds by allowing them to release their research publicly, while also trying to deploy products. 

For an academic such as LeCun, published research, whether peer-reviewed or not, allowed ideas to flourish and reputations to be built, which in turn helped build stars in the system.

LeCun has been at Meta since 2013 while serving as an NYU professor since 2003. His tweets suggest he subscribes to the philosophy that one’s work needs to be published—put through the rigors of being shown to be correct and reproducible—to really be considered science. 

“If you do research and don’t publish, it’s not Science,” he posted in a lengthy tweet Tuesday rebutting Musk. “If you never published your research but somehow developed it into a product, you might die rich,” he concluded. “But you’ll still be a bit bitter and largely forgotten.” 

After pushback, he later clarified in another post: “What I *AM* saying is that science progresses through the collision of ideas, verification, analysis, reproduction, and improvements. If you don’t publish your research *in some way* your research will likely have no impact.”

The spat inspired debate throughout the scientific community. “What is science?” Nature, a scientific journal, asked in a headline about the dust-up.

Others, such as Palmer Luckey, a former Facebook executive and founder of Anduril Industries, a defense startup, took issue with LeCun’s definition of science. “The extreme arrogance and elitism is what people have a problem with,” he tweeted.

For Musk, who prides himself on his physics-based viewpoint and likes to tout how he once aspired to work at a particle accelerator in pursuit of the universe’s big questions, LeCun’s definition of science might sound too ivory-tower. 

Musk has blamed universities for helping promote what he sees as overly liberal thinking and other symptoms of what he calls the Woke Mind Virus. 

Over the years, an appeal of working for Musk has been the impression that his companies move quickly, filled with engineers attracted to tackling hard problems and seeing their ideas put into practice.

“I’ve teamed up with Elon to see if we can actually apply these new technologies to really make a dent in our understanding of the universe,” Igor Babuschkin, an AI expert who worked at OpenAI and Google’s DeepMind, said last year as part of announcing xAI’s mission. 

The creation of xAI quickly sent ripples through the AI labor market, with one rival complaining it was hard to compete for potential candidates attracted to Musk and his reputation for creating value

that was before xAI’s latest round raised billions of dollars, putting its valuation at $24 billion, kicking off a new recruiting drive. 

It was already a seller’s market for AI talent, with estimates that there might be only a couple hundred people out there qualified to deal with certain pressing challenges in the industry and that top candidates can easily earn compensation packages worth $1 million or more

Since the launch, Musk has been quick to criticize competitors for what he perceived as liberal biases in rival AI chatbots. His pitch of xAI being the anti-woke bastion seems to have worked to attract some like-minded engineers.

As for Musk’s final response to LeCun’s defense of research, he posted a meme featuring Pepé Le Pew that read: “my honest reaction.”

They also claim that OpenAI has used hardball tactics to prevent workers from voicing their concerns about the technology, including restrictive nondisparagement agreements that departing employees were asked to sign.

“OpenAI is really excited about building A.G.I., and they are recklessly racing to be the first there,” said Daniel Kokotajlo, a former researcher in OpenAI’s governance division and one of the group’s organizers.

Other members include William Saunders, a research engineer who left OpenAI in February, and three other former OpenAI employees: Carroll Wainwright, Jacob Hilton and Daniel Ziegler. Several current OpenAI employees endorsed the letter anonymously because they feared retaliation from the company,

At OpenAI, Mr. Kokotajlo saw that even though the company had safety protocols in place — including a joint effort with Microsoft known as the “deployment safety board,” which was supposed to review new models for major risks before they were publicly released — they rarely seemed to slow anything down.

So was the departure of Dr. Leike, who along with Dr. Sutskever had led OpenAI’s “superalignment” team, which focused on managing the risks of powerful A.I. models. In a series of public posts announcing his departure, Dr. Leike said he believed that “safety culture and processes have taken a back seat to shiny products.”

“When I signed up for OpenAI, I did not sign up for this attitude of ‘Let’s put things out into the world and see what happens and fix them afterward,’” Mr. Saunders said.

Mr. Kokotajlo, 31, joined OpenAI in 2022 as a governance researcher and was asked to forecast A.I. progress. He was not, to put it mildly, optimistic.In his previous job at an A.I. safety organization, he predicted that A.G.I. might arrive in 2050. But after seeing how quickly A.I. was improving, he shortened his timelines. Now he believes there is a 50 percent chance that A.G.I. will arrive by 2027 — in just three years.

He also believes that the probability that advanced A.I. will destroy or catastrophically harm humanity — a grim statistic often shortened to “p(doom)” in A.I. circles — is 70 percent.

Last month, two senior A.I. researchers — Ilya Sutskever and Jan Leike — left OpenAI under a cloud. Dr. Sutskever, who had been on OpenAI’s board and voted to fire Mr. Altman, had raised alarms about the potential risks of powerful A.I. systems. His departure was seen by some safety-minded employees as a setback.

Mr. Kokotajlo said, he became so worried that, last year, he told Mr. Altman that the company should “pivot to safety” and spend more time and resources guarding against A.I.’s risks rather than charging ahead to improve its models. He said that Mr. Altman had claimed to agree with him, but that nothing much changed.

In April, he quit. In an email to his team, he said he was leaving because he had “lost confidence that OpenAI will behave responsibly" as its systems approach human-level intelligence.

“The world isn’t ready, and we aren’t ready,” Mr. Kokotajlo wrote. “And I’m concerned we are rushing forward regardless and rationalizing our actions.”

On his way out, Mr. Kokotajlo refused to sign OpenAI’s standard paperwork for departing employees, which included a strict nondisparagement clause barring them from saying negative things about the company, or else risk having their vested equity taken away.

Many employees could lose out on millions of dollars if they refused to sign. Mr. Kokotajlo’s vested equity was worth roughly $1.7 million, he said, which amounted to the vast majority of his net worth, and he was prepared to forfeit all of it.

Mr. Altman said he was “genuinely embarrassed” not to have known about the agreements, and the company said it would remove nondisparagement clauses from its standard paperwork and release former employees from their agreements.)

In their open letter, Mr. Kokotajlo and the other former OpenAI employees call for an end to using nondisparagement and nondisclosure agreements at OpenAI and other A.I. companies.

“Broad confidentiality agreements block us from voicing our concerns, except to the very companies that may be failing to address these issues,”

They also call for A.I. companies to “support a culture of open criticism” and establish a reporting process for employees to anonymously raise safety-related concerns.

They have retained a pro bono lawyer, Lawrence Lessig, the prominent legal scholar and activist

Mr. Kokotajlo and his group are skeptical that self-regulation alone will be enough to prepare for a world with more powerful A.I. systems. So they are calling for lawmakers to regulate the industry, too.

“There needs to be some sort of democratically accountable, transparent governance structure in charge of this process," Mr. Kokotajlo said. “Instead of just a couple of different private companies racing with each other, and keeping it all secret.”

This is exactly how Democrats should have behaved after the debate between Trump and Joe Biden. In the weeks leading up to their convention next month, this is precisely what they should be doing now