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Analyzing the relative sizes and frequencies of spots and ripples over the years has allowed astronomers to describe the birth of the universe to a precision that would make the philosophers weep. The new data have allowed astronomers to tweak their model a bit. It now seems the universe is 13.8 billion years old, instead of 13.7 billion, and consists by mass of 4.9 percent ordinary matter like atoms, 27 percent dark matter and 68 percent dark energy.

“Our ultimate goal would be to construct a new model that predicts the anomalies and links them together. But these are early days; so far, we don’t know whether this is possible and what type of new physics might be needed. And that’s exciting.”

The microwaves detected by the Planck date from 370,000 years after the Big Bang, which is as far back as optical or radio telescopes will ever be able to see, cosmologists say. But the patterns within them date from less than a trillionth of a second after the Big Bang, when the universe is said to have undergone a violent burst of expansion known as inflation that set cosmic history on the course it has followed ever since. Those patterns are Planck’s prize.

Within the standard cosmological framework, however, the new satellite data underscored the existence of puzzling anomalies that may yet lead theorists back to the drawing board. The universe appears to be slightly lumpier, with bigger and more hot and cold spots in the northern half of the sky as seen from Earth than toward the south, for example. And there is a large, unexplained cool spot in the northern hemisphere.

The biggest surprise here, astronomers said, is that the universe is expanding slightly more slowly than previous measurements had indicated. The Hubble constant, which characterizes the expansion rate, is 67 kilometers per second per megaparsec — in the units astronomers use — according to Planck. Recent ground-based measurements combined with the WMAP data gave a value of 69, offering enough of a discrepancy to make cosmologists rerun their computer simulations of cosmic history.

a Planck team member from the University of California, Berkeley, said it represents a mismatch between measurements made of the beginning of time and those made more recently, and that it could mean that dark energy, which is speeding up the expansion of the universe, is more complicated than cosmologists thought. He termed the possibility “pretty radical,” adding, “That would be pretty exciting.”

The data also offered striking support for the notion of inflation, which has been the backbone of Big Bang theorizing for 30 years. Under the influence of a mysterious force field during the first trillionth of a fraction of a second, what would become the observable universe ballooned by 100 trillion trillion times in size from a subatomic pinprick to a grapefruit in less than a violent eye-blink, so the story first enunciated by Alan Guth of M.I.T. goes.

Submicroscopic quantum fluctuations in this force field are what would produce the hot spots in the cosmic microwaves, which in turn would grow into galaxies. According to Planck’s measurements, those fluctuations so far fit the predictions of the simplest model of inflation, invented by Andrei Linde of Stanford, to a T. Dr. Tegmark of M.I.T. said, “We’re homing in on the simplest model.”

Cosmologists still do not know what might have caused inflation, but the recent discovery of the Higgs boson has provided evidence that the kinds of fields that can provoke such behavior really exist.

another clue to the nature of inflation could come from the anomalies in the microwave data — the lopsided bumpiness, for example — that tend to happen on the largest scales in the universe. By the logic of quantum cosmology, they were the first patterns to be laid down on the emerging cosmos; that is to say, when inflation was just starting.

experience with Romneycare in Massachusetts — hey, this is a great age for irony — shows that such a system is indeed workable, and it can provide Americans with a huge improvement in medical and financial security.

where the New Deal had a revolutionary impact, empowering workers and creating a middle-class society that lasted for 40 years, the Big Deal has been limited to equalizing policies at the margin.

That said, health reform will provide substantial aid to the bottom half of the income distribution, paid for largely through new taxes targeted on the top 1 percent, and the “fiscal cliff” deal further raises taxes on the affluent. Over all, 1-percenters will see their after-tax income fall around 6 percent; for the top tenth of a percent, the hit rises to around 9 percent

No Exit makes it very clear that the life of a startup founder is a miserable one, and that engineers are invariably happier when they’re working for a big company.

Financially, starting up a company in Silicon Valley makes very little sense. You have a very high chance (indeed, a certainty) of having to scrape by on a very low income in a very expensive city. At a time of your life when you should be out enjoying life and meeting friends and generally having lots of fun, you will instead be unhappily tethered to your laptop at all times. In return for sacrificing a six-figure salary elsewhere and general enjoyment of life, you’re given a lottery ticket: you get a minuscule chance of making untold millions of dollars.

So where does it come from, this intense Silicon Valley desire to buy the most expensive lottery ticket in the world?

The Silicon Valley trade is also pretty close to being zero-sum. Even on a purely financial basis, if you add up all the profits from successful investments, they barely cover the losses on all the unsuccessful ones. A few big-name angels and VCs can do OK for themselves, but in aggregate the industry of investing in startups does not make money.

Essentially the way that the startup ecosystem works is by taking the valuable labor of thousands of hopeful founders, and converting it into large amounts of capital for a tiny number of successes

On its face, the winners, here, are the people with the big successful exits. But after reading No Exit, a different conclusion presents itself. The real winners are the happy and well-paid engineers, enjoying their lives and their youth while working for great companies like Google. In the world of startups, the only winning move is not to play.

Everything in American culture would lead one to think that it is easy to launch a new restaurant, hair salon, company, or fill in the blank. I wouldn’t go so far to say that those who do it have a false sense of entitlement – but there’s seemingly no sense of contentment in being a no. 2 or lower in a company.

most of the website or mobile app start-ups that you guys in the general media (I will lazily generalize like you all do and lump you all together) lazily or ignorantly refer to as “tech” or “silicon valley” are not founded by computer engineers. They are started by coders, which are a couple notches below computer engineers on the knowledge and experience scale. They are willing to forego a big steady paycheck because they are short on knowledge and experience, and are not usually “incredibly qualified engineers – in fact, they are mostly just qualified to work on mobile apps and economically unsustainable web start-ups. Their value to established companies that need to develop products that generate revenue and profits is questionable, at best.

I don’t know if you have ever worked for a very large multi-national company that compartmentalizes your job into little tasks so that your skills can be exploited for a few years, and then discarded when they are obsolete. Many big companies are poorly managed, and while they may offer stable employment in the short term, when the errors of their executives impose their costs on the company, the employees usually pay the price. And then what do they do? People who avoid working for large companies and seek the excitement of start-ups have a different value system than you and all those who would choose the illusion of job security.

Some experts displayed a top-down style of reasoning: politics as a deductive art. They started with a big-idea premise about human nature, society, or economics and applied it to the specifics of the case. They tended to reach more confident conclusions about the future. And the positions they reached were easier to classify ideologically: that is the Keynesian prediction and that is the free-market fundamentalist prediction and that is the worst-case environmentalist prediction and that is the best case technology-driven growth prediction etc. Other experts displayed a bottom-up style of reasoning: politics as a much messier inductive art. They reached less confident conclusions and they are more likely to draw on a seemingly contradictory mix of ideas in reaching those conclusions (sometimes from the left, sometimes from the right). We called the big-idea experts “hedgehogs” (they know one big thing) and the more eclectic experts “foxes” (they know many, not so big things).

The most consistent predictor of consistently more accurate forecasts was “style of reasoning”: experts with the more eclectic, self-critical, and modest cognitive styles tended to outperform the big-idea people (foxes tended to outperform hedgehogs).

Lehrer: Can non-experts do anything to encourage a more effective punditocracy?

Tetlock: Yes, non-experts can encourage more accountability in the punditocracy. Pundits are remarkably skillful at appearing to go out on a limb in their claims about the future, without actually going out on one. For instance, they often “predict” continued instability and turmoil in the Middle East (predicting the present) but they virtually never get around to telling you exactly what would have to happen to disconfirm their expectations. They are essentially impossible to pin down. If pundits felt that their public credibility hinged on participating in level playing field forecasting exercises in which they must pit their wits against an extremely difficult-to-predict world, I suspect they would be learn, quite quickly, to be more flexible and foxlike in their policy pronouncements.

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The short answer: Technology moves up in steps, and each step, each new platform, is usually biased toward a new set of capabilities. Around the year 2000 we took a huge step up that was biased toward connectivity, because of the explosion of fiber-optic cable, wireless and satellites.

Around 2007, we took another big step up. The iPhone, sensors, digitization, big data, the internet of things, artificial intelligence and cloud computing melded together and created a new platform that was biased toward abstracting complexity at a speed, scope and scale we’d never experienced before.

Over the last decade, these advances in the speed of connectivity and the elimination of complexity have grown exponentially

It means machines can answer so many more questions than nonmachines, also known as “humans.” The percentage of calls a chatbot, or virtual agent, is able to handle without turning the caller over to a person is called its “containment rate,” and these rates are steadily soaring. Soon, automated systems will be so humanlike that they will have to self-identify as machines.

“People are looking to achieve very big numbers. Earlier they had incremental, 5 to 10 percent goals in reducing their work force. Now they’re saying, ‘Why can’t we do it with 1 percent of the people we have?’

But bad guys, who are always early adopters, also see the same potential to go deep in wholly new ways.

Surveillance capitalism,” Zuboff wrote, “unilaterally claims human experience as free raw material for translation into behavioral data. Although some of these data are applied to service improvement, the rest are declared as a proprietary behavioral surplus, fed into advanced manufacturing processes known as ‘machine intelligence,’ and fabricated into prediction products that anticipate what you will do now, soon and later. Finally, these prediction products are traded in a new kind of marketplace that I call behavioral futures markets. Surveillance capitalists have grown immensely wealthy from these trading operations, for many companies are willing to lay bets on our future behavior.”

Unfortunately, we have not developed the regulations or governance, or scaled the ethics, to manage a world of such deep powers, deep interactions and deep potential abuses.

I wish I thought that catch-up was around the corner. I don’t. Our national discussion has never been more shallow — reduced to 280 characters.

This has created an opening and burgeoning demand for political, social and religious leaders, government institutions and businesses that can go deep — that can validate what is real and offer the public deep truths, deep privacy protections and deep trust.

But deep trust and deep loyalty cannot be forged overnight. They take time.

The next president could go further and tell allies such as Germany, Japan and Canada that their status as major trading partners protected by the U.S. security umbrella is now contingent upon their making steep emissions cuts.

adaptation, which means preparing societies and their infrastructure for the effects of climate change, such as building flood walls to hold back higher sea levels or retrofitting buildings to withstand more severe heat waves.

Rich countries industrialized with fossil fuels, developing industries powered by coal, delivering fossil-fuel-based electricity and heat to homes, and building transportation systems that run on the internal-combustion engine. In following this path, these countries chewed through most of the planet’s “carbon budget” — the amount of greenhouse gas that could be spewed until global temperatures warmed by 2 degrees Celsius

The United States has contributed about 26 percent of the world’s cumulative emissions, and the 28 nations of the European Union are responsible for only slightly less.

if Americans had been restricted to emitting a proportional share of a global carbon budget that capped warming at 1.5 degrees, we would have blown through that limit in 1944.

Climate finance means foreign aid for three main purposes

mitigation: subsidies for renewable-energy deployment and storage, electrical-grid modernization, and other means of reducing emissions

In the Paris negotiations, developing nations were explicitly open to making more ambitious commitments if developed countries contributed to making them happen.

coverage for loss or damage: compensation for people whose homes become uninhabitable or whose livelihoods are destroyed by climate change.

“climate justice,” which also includes providing support to marginalized communities that are disproportionately affected by climate change in rich countries.

Last year, at a climate summit in Poland, India reiterated its openness to doing more if it were adequately subsidized, and an organization of the 47 least-developed nations echoed that plea.

Nobody knows how big the ultimate U.S. number will need to be; it depends on how many rich countries pitch in, and how much they give, and how much help poorer countries need to modernize in eco-friendly way

to stay below 2 degrees of warming, by 2030 the global economy needs to give a “green” makeover to the $5 trillion per year spent worldwide on sectors such as agriculture, energy, transportation, construction and heavy industry.

his may be toxic for American voters. Polls show that Americans overwhelmingly accept the science of climate change, are increasingly worried about it and in theory support the notion that the government should address it — but they are more divided in their willingness to actually pay for climate action

only 23 percent said they’d pay at least $40 per month to fight climate change

The United States may have a narrow opportunity to pay down some of its historical debts, stem the tide of future climate refugees and manage the political instability that extreme warming would cause. The last chance came in 2009-2010, but the Senate failed, in part thanks to Obama’s bungling of the negotiations, to pass even domestic climate legislation

The leaders of developing nations aren’t suckers, and they know how dire the problem is. They have something rich countries want (emissions reductions), and they’d be fools to just give it away for free, even if they could. If we want them to succeed, it’s going to cost us, and we’ll need to move quickly. The science is clear: We do not have another decade to waste.

the tea-party movement has largely fallen in behind President Trump and looked the other way as his administration has overseen a rise in the federal budget deficit to $1 trillion—and that was before the new surge of coronavirus spending.

Now, though, some of that tea-party resistance may be re-emerging. Jenny Beth Martin, co-founder of the Tea Party Patriots organization, says 96% of the group’s supporters “don’t want any more spending. They think $2.2 trillion-plus in spending should be enough.”

Overall, though, the Republican party is moving in a markedly different direction this time. A variety of forces are behind the shift.

Finally, and perhaps above all, this is a different Republican party. It’s the populist party of Donald Trump, not the party of traditional conservative ideology. Mr. Trump isn’t opposed to activist government and, as noted, isn’t the least afraid of debt and deficit spending.

Second, this time rescue legislation has been crafted so that it helps average Americans and small businesses at least as much as big businesses. That approach reflects the nature of this crisis, where the damage is as much at the bottom of the economic food chain as at the top, but it also changes the politics.

Third, Republicans—and Democrats for that matter—learned some lessons from the last rescue. For one, don’t call it a “bailout.” Americans of all stripes are more sympathetic to an economic rescue, and even economic stimulus, than they are to bailouts.

In addition, most of those who lived through the political and legislative horror show of the 2008-09 crisis emerged thinking the government response actually should have been bigger, not smaller. That’s in part because the rescue, giant as it seemed at the time, didn’t end up costing the government as much as originally thought. T

This time, the problems that have hit the economy are even bigger and have descended with more alarming speed. More important, unlike in 2008, nobody’s business decisions can be blamed.

Which is why today’s actions may spur further change in Republican orthodoxy.

So how big a deal is this? Huge, say industry insiders -- big enough to have already shaken the aviation map of Europe, and big enough to have knock-on effects beyond the continent -- particularly if the situation escalates further.

If it did, passengers could see their flight times increased, a rise in fares across the networks, and even long-haul, nonstop flights needing to make refueling stops along the way.

"Now that they're not flying over its airspace, that's good -- governments have acted swiftly to restore confidence -- but I think it'll throw up questions for consumers over who they're flying with, which points they're flying between and how they're flying between them. If you were flying from Athens to Lithuania, or in the region around Russia, you might think twice.

The events, described by some governments as a state-sponsored hijacking, have "inevitably redrawn the aviation map of Europe," says one airline industry insider, who wanted to remain anonymous due to the risk of being identified. (

But the issues don't just end there, they say. "The problem you have is the challenge around where you draw the new map -- that whole region has restrictions."There are already restrictions flying over Ukraine"

"So Belarus had seen a huge increase in traffic because people were going around Ukraine."

"Airlines will either have to go very far north into the polar region, or to go down to the Gulf States -- but then most European carriers would avoid flying over Iraq and Iran. So, they'd probably go over Egypt, Saudi Arabia and across India.

"There's a big lump of airspace which is strategically important to airlines and is now being denied them -- and there'll be a knock-on effect on flight times, cost, and environmental impact."

Everyone in the industry agrees that if diversions become a long-term thing, it'll be a headache.

As well as the increased fuel burn and longer flight times, he says, any unplanned stops can send crews over their allotted hours. "They might need to be swapped out, with a new crew being flown in. There are significant consequences to this sort of disruption," he says.

The rules and regulations around airline safety are "absolutely sacrosanct," he says -- and have been enshrined in international law since 1944, in the Chicago Convention, which established freedom of the skies after the Second World War.

"This is the first time that a mechanism designed to ensure the safety and security of air travel has allegedly been used for political ends, and what's also worrying is that the political response to that has also been to use another mechanism designed to ensure flight security for political ends.

If you start playing politics with flight safety, you're setting out on a slippery slope, he argues.

"This symbolizes something really big -- since the Chicago Convention, freedom of the skies has been laid out. It's supposed to be universally accepted that airlines have a right to overfly a foreign country without being forced to land," they say.

"Clearly that has been violated. What Belarus is said to have done is really horrible -- and if it turns out to be a precedent, it's even worse. It's a terrible signifier of what could happen."

In short?"Everyone is worried about what this incident means for the future."

or decades, the country’s leading oil and gas companies have understood the science of climate change and the dangers posed by fossil fuels. Year after year, top executives heard it from their own scientists whose warnings were explicit and often dire.

In 1979, an Exxon study said that burning fossil fuels “will cause dramatic environmental effects” in the coming decades.“The potential problem is great and urgent,” it concluded.

o investigate the lengths of the oil and gas industry’s deceptions – and the disastrous consequences for communities across the country – the Guardian is launching a year-long series tracking the unprecedented efforts to hold the fossil fuel industry to account.

the legal reasoning behind foreign court judgments are unlikely to carry much weight in the US and domestic law is largely untested. In 2018, a federal court knocked back New York City’s initial attempt to force big oil to cover the costs of the climate crisis by saying that its global nature requires a political, not legal, remedy.

Among them is a 1988 Exxon memo laying out a strategy to push for a “balanced scientific approach”, which meant giving equal weight to hard evidence and climate change denialism. That move bore fruit in parts of the media into the 2000s as the oil industry repositioned global heating as theory, not fact, contributing to the most deep-rooted climate denialism in any developed country.

Other climate lawsuits, including one filed in Minnesota, allege the oil firms’ campaigns of deception and denial about the climate crisis amount to fraud. Minnesota is suing Exxon, Koch Industries and an industry trade group for breaches of state law for deceptive trade practices, false advertising and consumer fraud over what the lawsuit characterises as distortions and lies about climate science.

Farber said cases rooted in claims that the petroleum industry lied have the most promising chance of success.“To the extent the plaintiffs can point to misconduct, like telling everybody there’s no such thing as climate change when your scientists have told you the opposite, that might give the courts a greater feeling of comfort that they’re not trying to take over the US energy system,” he said.

The public nuisance claim, also pursued by Honolulu, San Francisco and Rhode Island, follows a legal strategy with a record of success in other types of litigation. In 2019, Oklahoma’s attorney general won compensation of nearly half a billion dollars against the pharmaceutical giant Johnson & Johnson over its false marketing of powerful prescription painkillers on the grounds it created a public nuisance by contributing to the opioid epidemic in the state.

Exxon set up equipment on a supertanker, the Esso Atlantic, to monitor carbon dioxide in seawater and the air. In 1982, the company’s scientists drew up a graph accurately plotting an increase in the globe’s temperature to date.

“The 1980s revealed an established consensus among scientists,” the Minnesota lawsuit against Exxon says. “A 1982 internal Exxon document … explicitly declares that the science was ‘unanimous’ and that climate change would ‘bring about significant changes in the earth’s climate’.”Then the monitoring on the Esso Atlantic was suddenly called off and other research downgraded.

Year after year, Exxon scientists recorded the evidence about the dangers of burning fossil fuels. In 1978, its science adviser, James Black, warned that there was a “window of five to ten years before the need for hard decisions regarding changes in energy strategy might become critical”.

newspapers to sow doubt. One in the New York Times in 2000, under the headline “Unsettled Science”, compared climate data to changing weather forecasts. It claimed scientists were divided, when an overwhelming consensus already backed the evidence of a growing climate crisis, and said that the supposed doubts meant it was too soon to act.

Exxon’s chairman and chief executive, Lee Raymond, told industry executives in 1996 that “scientific evidence remains inconclusive as to whether human activities affect global climate”.“It’s a long and dangerous leap to conclude that we should, therefore, cut fossil fuel use,” he said.Documents show that his company’s scientists were telling Exxon’s management that the real danger lay in the failure to do exactly that.

In 2019, Martin Hoffert, a professor of physics at New York University, told a congressional hearing that as a consultant to Exxon on climate modelling in the 1980s, he worked on eight scientific papers for the company that showed fossil fuel burning was “increasingly having a perceptible influence on Earth’s climate”.

Exxon worked alongside Chevron, Shell, BP and smaller oil firms to shift attention away from the growing climate crisis. They funded the industry’s trade body, API, as it drew up a multimillion-dollar plan to ensure that “climate change becomes a non- issue” through disinformation. The plan said “victory will be achieved” when “recognition of uncertainties become part of the ‘conventional wisdom’”.

The fossil fuel industry also used its considerable resources to pour billions of dollars into political lobbying to block unfavourable laws and to fund front organisations with neutral and scientific-sounding names, such as the Global Climate Coalition (GCC). In 2001, the US state department told the GCC that President George W Bush rejected the Kyoto protocol to reduce greenhouse gas emissions “in part, based on input from you”.

“Big oil was engaged in exactly the same type of behaviour that the tobacco companies engaged in and were found liable for fraud on a massive scale,” said Eubanks. “The cover-up, the denial of the problem, the funding of scientists to question the science. The same pattern. And some of the same lawyers represent both tobacco and Big oil.”

Contrary to conventional wisdom, urban population density does not seem to have been the primary factor in the virus’s spread — note how Asian megacities like Hong Kong and Seoul combated the virus successfully, while many American rural areas suffered major outbreaks.

But in New York and other American cities, overcrowding within residences, caused by a lack of affordable housing, did exacerbate the contagion. So let’s fix that: In addition to loosening our antiquated zoning rules, perhaps vacant office buildings and retail space can be turned into apartments, lowering the cost of housing.

This is also our chance to remake crumbling urban infrastructure — to create more engaging outdoor public spaces and to radically improve public transportation.

Then there is climate change. Think of the coronavirus as a trailer for the horror flick of natural disasters to come. We have a chance to fortify urban space against future outbreaks of disease as well as the coming calamities caused by the changing weather — we can even do both at the same time

The coronavirus does not have to kill cities — just our old idea of what cities were, how they worked, and who they were for.

Despite their economic and cultural importance, cities in the United States are often marginalized in politics and, more deeply, in our picture of how America should work. About 80 percent of Americans live in urban areas, but most say they’d rather live somewhere else.

Democrats depend on big cities and their surrounding suburbs for the bulk of their voters, but when was the last time you heard a national Democratic politician make a forceful case for the beauty, creativity and importance of cities

“Cities were once the most helpless and devastated victims of disease, but they became great disease conquerors,” wrote Jane Jacobs, the great urbanist, in “The Death And Life of Great American Cities.”

“All the apparatus of surgery, hygiene, microbiology, chemistry, telecommunications, public health measures, teaching and research hospitals, ambulances and the like, which people not only in cities but also outside them depend upon for the unending war against premature mortality, are fundamentally products of big cities and would be inconceivable without big cities.”

In Europe renewable energy prompted something almost as wrenching for a different sort of energy firm—utilities. Faced with an existential threat from wind and solar, fossil-fuel power producers such as Germany’s E.ON and RWE tore themselves apart, redesigned their businesses, and emerged cleaner and stronger.

Southern European firms like Spain’s Iberdrola and Italy’s Enel took renewables worldwide. Last year total shareholder returns from the reinvigorated European utilities left the oil-and-gas industry in the dust.

Some giants, like ExxonMobil and Chevron in America, continue to bet most heavily on oil

Others, among them Europe’s supermajors, Royal Dutch Shell, Total and BP, increasingly favour natural gas, and see low-carbon (though not necessarily zero-carbon) power generation as a way to prop up their business model as more cars and other things begin to run on electricity.

of a whopping $80bn or so of capital expenditure by Europe’s seven biggest listed energy firms last year, only 7.4%—less than $1bn each on average—went to clean energy.

capital spending on renewable energy, power grids and batteries will need to rise globally to $1.2trn a year on average from now until 2050, more than double the $500bn spent each year on oil and gas.

To help fund that, it reckons that oil-and-gas companies will need to divert $10trn of investments away from fossil fuels over the same period.

For now, oil executives show no appetite for such a radical change of direction. If anything, they are working their oil-and-gas assets harder, to skim the profits and hand them to shareholders while they still can. Oil, they say, generates double-digit returns on capital employed. Clean energy, mere single digits.

Big Oil has ways to make other high-risk, high-reward bets on clean energy. One is through venture capital. The OIES calculates that of 200 recent investments by the oil majors, 70 have been in clean-energy ventures, such as electric-vehicle charging networks. They have generally been small for now. But BP reportedly plans to build five $1bn-plus “unicorns” over the next five years with an aim of providing more energy with lower emissions

Another way is to back research and development in potentially groundbreaking technologies such as high-altitude wind energy, whose generating efficiency promises equally lofty profits.

As national climate commitments grow more stringent, governments may go on the warpath. UBS argues that it may be necessary for governments to “ban” the $10trn of oil-and-gas investments to reach net zero emissions by 2050

With respect to crime, poverty and homelessness, Brown argued,One thing that may occur is that disinvestment in city downtowns will alter the spatial distribution of these elements in cities — i.e. in which neighborhoods or areas of a city is crime more likely, and homelessness more visible. Urban downtowns are often policed such that these visible elements of poverty are pushed to other parts of the city where they will not interfere with commercial activities. But absent these activities, there may be less political pressure to maintain these areas. This is not to say that the overall crime rate or homelessness levels will necessarily increase, but their spatial redistribution may further alter the trajectory of commercial downtowns — and the perception of city crime in the broader public.

“The more dramatic effects on urban geography,” Brown continued,may be how this changes cities in terms of economic and racial segregation. One urban trend from the last couple of decades is young white middle- and upper-class people living in cities at higher rates than previous generations. But if these groups become less likely to live in cities, leaving a poorer, more disproportionately minority population, this will make metropolitan regions more polarized by race/class.

the damage that even the perception of rising crime can inflict on Democrats in a Nov. 27 article, “Meet the Voters Who Fueled New York’s Seismic Tilt Toward the G.O.P.”: “From Long Island to the Lower Hudson Valley, Republicans running predominantly on crime swept five of six suburban congressional seats, including three that President Biden won handily that encompass some of the nation’s most affluent, well-educated commuter towns.

In big cities like New York and San Francisco we estimate large drops in retail spending because office workers are now coming into city centers typically 2.5 rather than 5 days a week. This is reducing business activity by billions of dollars — less lunches, drinks, dinners and shopping by office workers. This will reduce city hall tax revenues.

Public transit systems are facing massive permanent shortfalls as the surge in working from home cuts their revenues but has little impact on costs (as subway systems are mostly a fixed cost. This is leading to a permanent 30 percent drop in transit revenues on the New York Subway, San Francisco Bart, etc.

These difficulties for cities will not go away anytime soon. Bloom provided data showing strong economic incentives for both corporations and their employees to continue the work-from-home revolution if their jobs allow it:

First, “Saved commute time working from home averages about 70 minutes a day, of which about 40 percent (30 minutes) goes into extra work.” Second, “Research finds hybrid working from home increases average productivity around 5 percent and this is growing.” And third, “Employees also really value hybrid working from home, at about the same as an 8 percent pay increase on average.

three other experts in real estate economics, Arpit Gupta, of N.Y.U.’s Stern School of Business, Vrinda Mittal, both of the Columbia Business School, and Van Nieuwerburgh. They anticipate disaster in their September 2022 paper, “Work From Home and the Office Real Estate Apocalypse.”

“Our research,” Gupta wrote by email,emphasizes the possibility of an ‘urban doom loop’ by which decline of work in the center business district results in less foot traffic and consumption, which adversely affects the urban core in a variety of ways (less eyes on the street, so more crime; less consumption; less commuting) thereby lowering municipal revenues, and also making it more challenging to provide public goods and services absent tax increases. These challenges will predominantly hit blue cities in the coming years.

the three authors “revalue the stock of New York City commercial office buildings taking into account pandemic-induced cash flow and discount rate effects. We find a 45 percent decline in office values in 2020 and 39 percent in the longer run, the latter representing a $453 billion value destruction.”

Extrapolating to all properties in the United States, Gupta, Mittal and Van Nieuwerburgh write, the “total decline in commercial office valuation might be around $518.71 billion in the short-run and $453.64 billion in the long-run.”

the share of real estate taxes in N.Y.C.’s budget was 53 percent in 2020, 24 percent of which comes from office and retail property taxes. Given budget balance requirements, the fiscal hole left by declining central business district office and retail tax revenues would need to be plugged by raising tax rates or cutting government spending.

Since March 2020, Manhattan has lost 200,000 households, the most of any county in the U.S. Brooklyn (-88,000) and Queens (-51,000) also appear in the bottom 10. The cities of Chicago (-75,000), San Francisco (-67,000), Los Angeles (-64,000 for the city and -136,000 for the county), Washington DC (-33,000), Seattle (-31,500), Houston (-31,000), and Boston (-25,000) make up the rest of the bottom 10.

Prior to the pandemic, these ecosystems were designed to function based on huge surges in their daytime population from commuters and tourists. The shock of the sudden loss of a big chunk of this population caused a big disruption in the ecosystem.

Just as the pandemic has caused a surge in telework, Loh wrote, “it also caused a huge surge in unsheltered homelessness because of existing flaws in America’s housing system, the end of federally-funded relief measures, a mental health care crisis, and the failure of policies of isolation and confinement to solve the pre-existing homelessness crisis.”

The upshot, Loh continued,is that both the visibility and ratio of people in crisis relative to those engaged in commerce (whether working or shopping) has changed in a lot of U.S. downtowns, which has a big impact on how being downtown ‘feels’ and thus perceptions of downtown.

The nation, Glaeser continued, isat an unusual confluence of trends which poses dangers for cities similar to those experienced in the 1970s. Event#1 is the rise of Zoom, which makes relocation easier even if it doesn’t mean that face-to-face is going away. Event#2 is a hunger to deal with past injustices, including police brutality, mass incarceration, high housing costs and limited upward mobility for the children of the poor.

Progressive mayors, according to Glaeser,have a natural hunger to deal with these problems at the local level, but if they try to right injustices by imposing costs on businesses and the rich, then those taxpayers will just leave. I certainly remember New York and Detroit in the 1960s and 1970s, where the dreams of progressive mayors like John Lindsay and Jerome Patrick Cavanagh ran into fiscal realities.

Richard Florida, a professor of economic analysis and policy at the University of Toronto, stands out as one of the most resolutely optimistic urban scholars. In his August 2022 Bloomberg column, “Why Downtown Won’t Die,”

His answer:

Great downtowns are not reducible to offices. Even if the office were to go the way of the horse-drawn carriage, the neighborhoods we refer to today as downtowns would endure. Downtowns and the cities they anchor are the most adaptive and resilient of human creations; they have survived far worse. Continual works in progress, they have been rebuilt and remade in the aftermaths of all manner of crises and catastrophes — epidemics and plagues; great fires, floods and natural disasters; wars and terrorist attacks. They’ve also adapted to great economic transformations like deindustrialization a half century ago.

Florida wrote that many urban central business districts are “relics of the past, the last gasp of the industrial age organization of knowledge work the veritable packing and stacking of knowledge workers in giant office towers, made obsolete and unnecessary by new technologies.”

“Downtowns are evolving away from centers for work to actual neighborhoods. Jane Jacobs titled her seminal 1957 essay, which led in fact to ‘The Death and Life of Great American Cities,’ ‘Downtown Is for People’ — sounds about right to me.”

Despite his optimism, Florida acknowledged in his email thatAmerican cities are uniquely vulnerable to social disorder — a consequence of our policies toward guns and lack of a social safety net. Compounding this is our longstanding educational dilemma, where urban schools generally lack the quality of suburban schools. American cities are simply much less family-friendly than cities in most other parts of the advanced world. So when people have kids they are more or less forced to move out of America’s cities.

What worries me in all of this, in addition to the impact on cities, is the impact on the American economy — on innovation. and competitiveness. Our great cities are home to the great clusters of talent and innovation that power our economy. Remote work has many advantages and even leads to improvements in some kinds of knowledge work productivity. But America’s huge lead in innovation, finances, entertainment and culture industries comes largely from its great cities. Innovation and advance in. these industries come from the clustering of talent, ideas and knowledge. If that gives out, I worry about our longer-run economic future and living standards.

The risk that comes with fiscal distress is clear: If city governments face budget shortfalls and begin to cut back on funding for public transit, policing, and street outreach, for the maintenance of parks, playgrounds, community centers, and schools, and for services for homelessness, addiction, and mental illness, then conditions in central cities will begin to deteriorate.

There is reason for both apprehension and hope. Cities across time have proven remarkably resilient and have survived infectious diseases from bubonic plague to cholera to smallpox to polio. The world population, which stands today at eight billion people, is 57 percent urban, and because of the productivity, innovation and inventiveness that stems from the creativity of human beings in groups, the urbanization process is quite likely to continue into the foreseeable future. There appears to be no alternative, so we will have to make it work.

Last month, President Biden’s trade representative, Katherine Tai, notified the World Trade Organization that the American government no longer supported a proposal it once spearheaded that would have exported the American laissez-faire approach to tech. Had that proposal been adopted, it would have spared tech companies the headache of having to deal with many different domestic laws about how data must be handled, including rules mandating that it be stored or analyzed locally. It also would have largely shielded tech companies from regulations aimed at protecting citizens’ privacy and curbing monopolistic behavior.

The move to drop support for that digital trade agenda has been pilloried as disaster for American companies and a boon to China, which has a host of complicated restrictions on transferring data outside of China. “We have warned for years that either the United States would write the rules for digital trade or China would,” Senator Mike Crapo, a Republican from Idaho, lamented in a press statement. “Now, the Biden administration has decided to give China the pen.”

While some of this agenda is reasonable and good for the world — too much regulation stifles innovation — adopting this agenda wholesale would risk cementing the advantages that big American tech companies already enjoy and permanently distorting the market in their favor.

who used to answer the phone and interact with lobbyists at the U.S. trade representative’s office. The paper includes redacted emails between Trump-era trade negotiators and lobbyists for Facebook, Google, Microsoft and Amazon, exchanging suggestions for the proposed text for the policy on digital trade in the United States-Mexico-Canada Agreement. “While they were previously ‘allergic to Washington,’ as one trade negotiator described, over the course of a decade, technology companies hired lobbyists and joined trade associations with the goal of proactively influencing international trade policy,” Ms. Li wrote in the Socio-Economic Review.

That paper explains how U.S. trade officials came to champion a digital trade policy agenda that was nearly identical to what Google, Apple and Meta wanted: No restrictions on the flow of data across borders. No forced disclosure of source codes or algorithms in the normal course of business. No laws that would curb monopolies or encourage more competition — a position that is often cloaked in clauses prohibiting discrimination against American companies. (Since so many of the monopolistic big tech players are American, rules targeting such behavior disproportionately fall on American companies, and can be portrayed as unfair barriers to trade.)

This approach essentially takes the power to regulate data out of the hands of governments and gives it to technology companies, according to research by Henry Gao, a Singapore-based expert on international trade.

The truth is that Ms. Tai is taking the pen away from Meta, Google and Amazon, which helped shape the previous policy, according to a research paper published this year by Wendy Li,

Many smaller tech companies complain that big players engage in monopolistic behavior that should be regulated. For instance, Google has been accused of privileging its own products in search results, while Apple has been accused of charging some developers exorbitant fees to be listed in its App Store. A group of smaller tech companies called the Coalition for App Fairness thanked Ms. Tai for dropping support for the so-called tech-friendly agenda at the World Trade Organization.

Still, Ms. Tai’s reversal stunned American allies and foreign business leaders and upended negotiations over digital trade rules in the Indo-Pacific Economic Framework, one of Mr. Biden’s signature initiatives in Asia.

The about-face was certainly abrupt: Japan, Singapore and Australia — which supported the previous U.S. position — were left on their own. It’s unfortunate that U.S. allies and even some American officials were taken by surprise. But changing stances was the right call.

The previous American position at the World Trade Organization was a minority position. Only 34 percent of countries in the world have open data transfer policies like the United States, according to a 2021 World Bank working paper, while 57 percent have adopted policies like the European Union’s, which allow data to flow freely but leave room for laws that protect privacy and personal data.

Nine percent of countries have restrictive data transfer policies, including Russia and China.

The United States now has an opportunity to hammer out a sensible global consensus that gives tech companies what they need — clarity, more universal rules, and relative freedom to move data across borders — without shielding them from the kinds of regulations that might be required to protect society and competition in the future.

If the Biden administration can shepherd a digital agreement that strikes the right balance, there’s a chance that it will also restore faith in free trade by showing that trade agreements don’t have to be written by the powerful at the expense of the weak.

if we are agreed that Beijing looks set to stop the largest property boom in history without unleashing a systemic financial crisis, it is doing something truly remarkable. It is setting a new standard in economic policy.

Is this perhaps what policy looks like if it actually takes financial stability seriously? And if we look in the mirror, why aren’t we applauding more loudly?

Add to real estate the other domestic factor roiling the Chinese financial markets: Beijing’s remarkable humbling of China’s platform businesses, the second-largest cluster of big tech in the world. That too is without equivalent anywhere else.

Beijing’s aim is to ensure that gambling on big tech no longer produces monopolistic rents. Again, as a long-term policy aim, can one really disagree with that?

we have two dramatic and deliberate policy-induced shocks of the type for which there is no precedent in the West. Both inflict short-term pain with a view to longer-term social, economic and financial stability.

Ultimately political economy determines the conditions for long-run growth. So if you had to bet on a regime, which might actually have what it takes to break a political economy impasse, to humble vested interests and make a “big play” on structural change, which would it be? The United States, the EU or Xi’s China?

Beijing’s challenge right now is to manage the fall out from the two most dramatic development policies the world has ever seen, the one-child policy and China’s urbanisation, plus the historic challenge of big tech — less a problem specific to China than the local manifestation of what Shoshana Zuboff calls “surveillance capitalism”.

no, Xi’s regime has not yet presented a fully convincing substitute plan. But, as Michael Pettis has forcefully argued, China has options. There is an entire range of policies that Beijing could put in place to substitute for the debt-fuelled infrastructure and housing boom.

demography is normally treated as a natural parameter for economic activity. But in China’s case the astonishing fact is that the sudden ageing of its workforce is also a policy-induced challenge. It is a legacy of the one-child policy — the most gigantic and coercive intervention in human reproduction ever undertaken.

China needs to spend heavily on renewable energy and power distribution to break its dependence on coal. If it needs more housing, it should be affordable. All of this would generate more balanced growth. 5 per cent? Perhaps not, but certainly healthier and more sustainable.

If it has not so far pursued an alternative growth model in a more determined fashion, some of the blame no doubt falls on the prejudices of the Beijing policy elite. But even more significant are surely the entrenched interests of the infrastructure-construction-local government-credit machine, in other words the kind of political economy factors that generally inhibit the implementation of good policy.

The problem is only too familiar in the West. In Europe and the US too, such interest group combinations hobble the search for new growth models. In the United States they put in doubt the possibility of the energy transition, the possibility of providing a healthcare system that is fit for purpose and any initiative on trade policy that involves widening market access.

First and foremost China needs a welfare state befitting of its economic development.

On balance, if you want to be part of history-making economic transformation, China is still the place to be. But it is undeniably shifting gear. And thanks to developments both inside and outside the country, investors will have to reckon with a much more complex picture of opportunity and risk. You are going to need to pick smart and follow the politics and geopolitics closely.

If on the other hand you want to invest in the green energy transition — the one big vision of economic development that the world has come up with right now — you simply have to have exposure to China, whether directly or indirectly by way of suppliers to China’s green energy sector. China is where the grand battle over the future of the climate is going to be fought. It will be a huge driver of innovation, capital accumulation and profit, the influence of which will be felt around the world.

it is one key area that both the Biden administration and the EU would like to “silo off” from other areas of conflict with China.

I worry that we may be too focused on the medium-term. Given the news out of Hong Kong and mainland China, Covid may yet come back to bite us.

Here too China is boxed in by its own success. It has successfully pursued a no-Covid policy, but due to the failing of the rest of the world, it has been left to do so in “one country”.

Until China finds some way to contain the risks, this is a story to watch. A dramatic Omicron surge across China would upend the entire narrative of the last two years, which is framed by Beijing success in containing the first wave.

Their policies tend to please no one; it’s a common refrain that antipathy toward Big Tech companies is one of the few truly bipartisan issues

You can just feel it, the cumulative weight of this stagnation, in the tech that most of us encounter every day. The act of scrolling past the same dumb ad to peer at the same bad news on the same glass screen on the same social network: This is the stuck future. There is a sense that we have reached the end of the internet, and no one wants to be left holding the bag

There’s a palpable exhaustion with the whole enterprise, with the men who set out to build the future or at least get rich, and who accomplished only one and a half of those things.

The big social networks are stuck. And there is little profit incentive to get them unstuck. That, after all, would require investing heavily in content moderators, empowering trust and safety teams, and penalizing malicious viral content that brings in huge traffic.

It’s not just social media that’s in decline, already over, or worse.

As its mighty iPhone sales figures have plateaued and its business has grown more conservative—it hasn’t released a culturally significant new product line since 2016’s AirPods—Apple has begun to embrace advertising.

as Google has consolidated its monopoly, the quality of its flagship search product has gotten worse. Result pages are cluttered with ads that must be scrolled through in order to find the “‘organic”’ items, and there’s reason to think the quality of the results has gotten worse over time as well.

YouTube, meanwhile, is facing many of the same policy quagmires as Facebook and Twitter, especially when it comes to content moderation—and similarly failing to meaningfully address them.

What a grim outcome for the internet, where the possibilities were once believed to be endless and where users were promised an infinite spectrum of possibility to indulge their creativity, build robust communities, and find their best expression, even when they could not do so in the real world

Big Tech, of course, never predicated its business models on enabling any of that, though its advertising and sloganeering may have suggested otherwise. Rather, companies’ ambitions were always focused on being the Biggest: having the most users, selling the most devices, locking the most people into their walled gardens and ecosystems. The stuckness we’re seeing is the result of some of the most ambitious companies of our generation succeeding wildly yet having no vision beyond scale—no serious interest in engaging the civic and social dimensions of their projects.

The hierarchy of status is a different one. The professionals are the apex of that hierarchy.

these two hierarchies live side by side. They share a lot of the same assumptions about the world and a lot of the same attitudes, but they also differ in important ways. So I’m not one of these people who says the Democrats and the Republicans are the same. I don’t think they are. But there are sometimes similarities between these two groups.

professionals tend to be very liberal on essentially any issue other than workplaces issues. So on every matter of cultural issues, culture war issues, all the things that have been so prominent in the past, they can be very liberal.

On economic questions, however, they tend not to be. (dishes clattering) They tend to be much more conservative. And their attitudes towards working-class people in general and organized labor specifically is very contemptuous.

if you look just back to the Bill Clinton administration: In policy after policy after policy, he was choosing between groups of Americans, and he was always choosing the interests of professionals over the interests of average people. You take something like NAFTA, which was a straight class issue, right down the middle, where working people are on one side of the divide and professionals are on another. And they’re not just on either side of the divide: Working people are saying, “This is a betrayal. You’re going to ruin us.” And professional people are saying, “What are you talking about? This is a no-brainer. This is what you learn on the first day of economics class.” And hilariously, the working people turned out to be right about that. The people flaunting their college degrees turned out to be wrong.

Every policy decision he made was like this. The crime bill of 1994, which was this sort of extraordinary crackdown on all sorts of different kinds of people. And at the same time he’s deregulating Wall Street.

You’re teaching a course that meets three times a week and you’re getting $1,500 for an entire semester. That was a shocking lesson but at the same time that was happening to us, the price of college was going up and up and up, because increasingly the world or increasingly the American public understands and believes that you have to have a college degree to get ahead in life. So they are charging what the markets can bear

If you go down the list of leading Democrats, leading Democratic politicians, what you find is that they’re all plucked from obscurity by fancy universities. This is their life story. Bill Clinton was from a town in Arkansas, goes to Georgetown, becomes a Rhodes Scholar, goes to Yale Law School — the doors of the world open up for him because of college.

beginning in the 1960s, Americans decided that the right way to pursue opportunities was through the university. It’s more modern than you think. I was reading a book about social class from right after World War II. And the author was describing this transition, this divide between people who came up through their work, who learned on the job and were promoted, versus people who went to universities. And this was in the ’40s. But by the time Bill Clinton was coming up in the ’60s, university was essential

just look at his cabinet choices, which are all from a very concentrated very narrow sector of the American elite. It’s always Ivy League institutions.

The tuition price spiral is one of the great landmark institutions of our country in the last couple of decades.

Or deregulating telecoms. Or capital gains tax cuts. It’s always choosing one group over another.

look, I’m in favor of education. I think people should be educated, should go to college. I think it’s insane that it costs as much as it does. And I think that the country is increasingly agreeing with me

The student debt crisis? This is unbearable. We have put an entire generation of young people — basically they come out of college with the equivalent of a mortgage and very little to show for it. It’s unbelievable that we’ve done this. My dad went to college basically for free. It wasn’t even that expensive when I went, in the early 1980s. This is unbelieveable what we’re doing to young people now and it can’t go on

You seem to be suggesting, the way you talk about the Democrats, that somehow this is elitist and to pursue an education puts you out of touch with real people.I don’t think so. Especially since we’re rapidly becoming a country where — what is the percentage of people who have a college degree now? It’s pretty high. It’s a lot higher than it was when I was young.

One of the chronic failings of meritocracy is orthodoxy. You get people who don’t listen to voices outside their discipline. Economists are the most flagrant example of this. The economics profession, which treats other ways of understanding the world with utter contempt. And in fact they treat a lot of their fellow economists with utter contempt.

there’s no solidarity in a meritocracy. The guys at the top of the profession have very little sympathy for the people at the bottom. When one of their colleagues gets fired, they don’t go out on strike

There’s no solidarity in this group, but there is this amazing deference between the people at the top. And that’s what you see with Obama. He’s choosing those guys.

you start to wonder, maybe expertise is a problem.But I don’t think so. I think it’s a number of things.

The first is orthodoxy which I mentioned

when Clinton ran in ’92, they were arguing about inequality then as well. And it’s definitely the question of our time. The way that issue manifested was Wall Street in ’08 and ’09. He could have taken much more drastic steps. He could have unwound bailouts, broken up the banks, fired some of those guys. They bailed out banks in the Roosevelt years too and they broke up banks all the time. They put banks out of business. They fired executives, all that sort of thing. It is all possible, there is precedent and he did none of it

the third thing is this. You go back and look at when government by expert has worked, because it has worked. It worked in the Roosevelt administration, very famously. They called it the Brains Trust. These guys were excellent.

These were not the cream of the intellectual crop. Now he did have some Harvard- and Yale-certified brains but even these were guys who were sort of in protest. Galbraith: This is a man who spent his entire career at war with economic orthodoxy. I mean, I love that guy. You go right on down the list. Its amazing the people he chose. They weren’t all from this one part of American life.

Is there a hero in your book?I don’t think there is.

The overarching question of our time is inequality, as [Obama] himself has said. And it was in Bill Clinton’s time too.Well you look back over his record and he’s done a better job than most people have done. He’s no George W. Bush. He hasn’t screwed up like that guy did. There have been no major scandals. He got us out of the Iraq war. He got us some form of national health insurance. Those are pretty positive things. But you have to put them in the context of the times, weigh them against what was possible at the time. And compared to what was possible, I think, no. It’s a disappointment.

The second is that a lot of the professions have been corrupted. This is a very interesting part of the book, which I don’t explore at length. I wish I had explored it more. The professions across the board have been corrupted — accounting, real estate appraisers, you just go down the list

What else? You know a better solution for health care. Instead he has this deal where insurance companies are basically bullet-proof forever. Big Pharma. Same thing: When they write these trade deals, Big Pharma is always protected in them. They talk about free trade. Protectionism is supposed to be a bad word. Big Pharma is always protected when they write these trade deals.

You talk about “a way of life from which politicians have withdrawn their blessing.” What is that way of life?You mean manufacturing?You tell me. A sort of blue-collar way of life. It’s the America that I remember from 20, 30, 40 years ago. An America where ordinary people without college degrees were able to have a middle class standard of living. Which was — this is hard for people to believe today — that was common when I was young

Today that’s disappeared. It’s disappearing or it has disappeared. And we’ve managed to convince ourselves that the reason it’s disappeared is because — on strictly meritocratic grounds, using the logic of professionalism — that people who didn’t go to college don’t have any right to a middle-class standard of living. They aren’t educated enough. You have to be educated if you want a middle-class standard of living.

here have been so many different mechanisms brought into play in order to take their power away. One is the decline of organized labor. It’s very hard to form a union in America. If you try to form a union in the workplace, you’ll just get fired. This is well known. Another, NAFTA. All the free trade treaties we’ve entered upon have been designed to give management the upper hand over their workers. They can threaten to move the plant. That used to happen of course before NAFTA but now it happens more often.

Basically everything we’ve done has been designed to increase the power of management over labor in a broad sociological sense.

And then you think about our solutions for these things. Our solutions for these things always have something to do with education. Democrats look at the problems I am describing and for every economic problem, they see an educational solution

The problem is not that we aren’t smart enough; the problem is that we don’t have any power

Why do you think that is?I go back to the same explanation which is that Obama and company, like Clinton and company, are in thrall to a world view that privileges the interest of this one class over everybody else. And Silicon Valley is today when you talk about the creative class or whatever label you want to apply to this favored group, Silicon Valley is the arch-representative.

So do you think it’s just a matter of being enthralled or is it a matter of money? Jobs? Oh the revolving door! Yes. The revolving door, I mean these things are all mixed together.

When you talk about social class, yes, you are talking about money. You are talking about the jobs that these people do and the jobs that they get after they’re done working for government. Or before they begin working for government. So the revolving door — many people have remarked upon the revolving door between the Obama administration and Wall Street.

Now it’s between the administration and Silicon Valley. There’s people coming in from Google. People going out to work at Uber.

the productivity advances that it has made possible are extraordinary. What I’m skeptical of is when we say, oh, there’s a classic example when Jeff Bezos says, ‘Amazon is not happening to book-selling. The future is happening to book-selling.’ You know when people cast innovation — the interests of my company — as, that’s the future. That’s just God. The invisible hand is doing that. It just is not so.

Every economic arrangement is a political decision. It’s not done by God. It’s not done by the invisible hand — I mean sometimes it is, but it’s not the future doing it. It’s in the power of our elected leaders to set up the economic arrangements that we live in. And to just cast it off and say, oh that’s just technology or the future is to just blow off the entire question of how we should arrange this economy that we’re stumbling into.

I may end up voting for Hillary this fall. If she’s the candidate and Trump is the Republican. You bet I’m voting for her. There’s no doubt in my mind. Unless something were to change really really really dramatically.

Bernie Sanders because he has raised the issues that I think are really critical. He’s a voice of discontent which we really need in the Democratic party. I’m so tired of this smug professional class satisfaction. I’ve just had enough of it. He’s talking about what happens to the millennials. That’s really important. He’s talking about the out-of-control price of college. He’s even talking about monopoly and anti-trust. He’s talking about health care. As far as I’m concerned, he’s hitting all the right notes. Now, Hillary, she’s not so bad, right? I mean she’s saying the same things. Usually after a short delay. But he’s also talking about trade. That’s critical. He’s really raising all of the issues, or most of the issues that I think really need to be raised.

My main critique is that she, like other professional class liberals who are so enthralled with meritocracy, that she can’t see this broader critique of all our economic arrangements that I’ve been describing to you. For her, every problem is a problem of the meritocracy: It’s how do we get talented people into the top ranking positions where they deserve to be

People who are talented should be able to rise to the top. I agree on all that stuff. However that’s not the problem right now. The problems are much more systemic, much deeper, much bigger. The whole thing needs to be called into question. So I think sometimes watching Hillary’s speeches that she just doesn’t get that

Kohr’s guiding principle was anarchism, “the noblest of philosophies.” But its inherent nobility, he recognized, also made it utopian:

Kohr cleverly turned this utopianism upside down, from weakness to strength: any party, any leader, any ideology promising utopia is automatically wrong, or lying [7]. Acceptance of utopia’s unattainability, in other words, is the best insurance against totalitarianism.

The strength of the American federation, Kohr thought, rested in no small part on the genius of its division: into states of roughly equal size. How different American history could have coursed, if the Union had looked like this:

in Kohr’s vision, smaller government should mean, first and foremost, a smaller area to govern.

: “The absolute maximum to which a society can expand without having its basic functions degrade, is about 12 to 15 million people.”

One of his 10 basic laws is the so-called Beanstalk Principle: For every animal, object, institution or system, there is an optimal limit beyond which it ought not to grow. In other words: “too big to fail” is a contradiction in terms. The real solution is to make countries (and companies) too small to fai

Kohr supported the independence movements of Puerto Rico, Wales and Anguilla [8], and opposed grand unification projects like the European Union. He appealed for the breakup of Czechoslovakia and Yugoslavia, long before they happened

In 1992, Freddy Heineken — yes, he of beer-brewing fame — devised Eurotopia, a Europe divided into 75 regions, based on Kohr’s ideas. And much earlier, revolutionary France produced a proposal for geometrically identical départements [12] prefiguring Kohr’s Europe map.

Some other Kohr principles: the Law of Peripheral Neglect (governmental concern, like marital fidelity or gravitational pull, diminishes with the square of distance); the Population Principle (as the size of a population doubles, its complexity quadruples); and the Self-Reliance Principle (self-reliant communities are less likely to get involved in war than those who depend on global trade systems).

Such big drops are a reminder of how investors don't have any tolerance when stocks at large are hovering around their long-term average valuations. "Any company that misses in this environment is getting hurt big time," says Peter Cardillo of Rockwell Global Capital. "It's a question of investors not being forgiving."

as soon as law firms begin measuring their performance by the revenue each attorney generates, money begins to supplant all other means of assessing performance.

To professionals who choose careers in fields such as law, medicine, and teaching, it is demoralizing to be treated as a unit of production. Even some of the lawyers earning millions of dollars report that they find little or no fulfillment in the work they do.

by stoking the flames of competition between law firms and attorneys, the current system has engrained what economists call a “zero-sum” mentality. There is only a relatively fixed quantity of legal work to be done, and for one firm or attorney to command more of it, others must make due with less.

As a professional, a lawyer represents her clients in the courtroom, in her office and at the negotiating table. She operates with an appreciation for her role in the adversarial judicial process, the need to educate clients about the limits and purpose of the law, and the importance of helping clients create frameworks to work together to form organizations, build businesses, and plan for the future. Doing these things well provides a sense of meaning and value in work.

As a mere service provider, by contrast, her role is to provide a discrete technical service—usually assumed to be the same as any other lawyer would provide—for a fee. Her success is measured not in the professional insight and practical wisdom she offers but in the technical efficiency with which she provides services and her ability to attract other clients willing to pay her to do the same. The sense of professional fulfillment associated with the role of service provider is small at best.