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How could these two seemingly contradictory statements both be true?

respondents in 2016 and 2020 reported more moderate views, on average, than in previous elections. As a result, Trump improved the most over previous Republicans by capturing the votes of a larger number of people who report racially moderate views

the number of people scoring at moderate levels of racial resentment increased. Trump was not as popular among this voting bloc, compared to those with high racial resentment. But because this group is larger, whites with moderate racial resentment scores ended up contributing more net votes to Trump.

The point about Trump voters being less racially resentful on average than voters for previous Republican candidates, while likely true, should, I think, be interpreted as a statement about why it’s important to be mindful of over-time changes in groups’ sizes in the population,

Trump’s supporters were less xenophobic than prior Republican candidates’, less sexist, had lower animus to minority groups, and lower levels of racial resentment. Far from deplorables, Trump voters were, on average, more tolerant and understanding than voters for prior Republican candidates.

The data, Grimmer continued,point to two important and undeniable facts. First, analyses focused on vote choice alone cannot tell us where candidates receive support. We must know the size of groups and who turns out to vote. And we cannot confuse candidates’ rhetoric with the voters who support them, because voters might support the candidate despite the rhetoric, not because of it.

Several pieces of research into the 2016 election, including our book, “Identity Crisis,” and this interesting paper by Grimmer, Marble and Tanigawa-Lau, find that people’s vote choices in that election were more strongly related to their views on “identity-inflected issues” than they had been in prior elections. That is why our book argues that these issues are central to how we interpret the outcome in 2016.

the Grimmer paper in fact provides a key corrective to the debate over the 2016 election. In an email, Kane pointed to a key section that reads:

election-night pundits and even some academics have claimed that Trump’s victory was the result of appealing to white Americans’ racist and xenophobic attitudes. We show this conventional wisdom is (at best) incomplete

The Grimmer paper, Engelhardt continued, “encourages us to take a step back and focus on the big picture for understanding elections: where do most votes come from and are these patterns consistent across elections?”

understanding election outcomes requires not just understanding what contributes to vote choice (e.g., racial group attachments, racial prejudice), but also how many people with that particular attitude turned out to vote and what share of the electorate that group makes up.

Trump, Westwood concluded, “found support from both racists and moderates, but with the pool of racist voters shrinking, it is clear this is not a path to future victory.”

Discussion of racial resentment driving support for Trump could miss how folks low in racial resentment were actually critical to the election outcome. The paper makes just this clarifying point, noting, for instance, that White Democrats low in racial resentment were even more influential in contributing votes to Clinton in 2016 than to Obama in 2012. Change between 2012 and 2016 is not exclusively due to the behavior of the most prejudiced.

“It is a nice reminder for scholars and, especially, the media, that it is important to think carefully about base rates.”

Donald Trump’s candidacy in 2016 was a stress test for Republican partisanship, and Republican partisanship passed with flying colors

The election was close enough for Trump to win because the vast majority of G.O.P. voters found the idea of either sitting it out or voting for a Democrat they had spent 20+ years disliking so distasteful that Trump’s limitations, liabilities and overt racism and misogyny were not a deal-breaker.

Theodoridis noted that his oneminor methodological and measurement critique is that this sort of analysis has to take seriously what the racial resentment scale actually means

It may be that race is actually quite salient for those in the middle part of the scale, but they are just less overtly racist than those at the top of the scale.

and NOT as a statement about Trump being successful in attracting racially liberal voters (indeed, those lowest in racial resentment turned away from him, per Grimmer-Marble-Tanigawa-Lau’s own findings).

It is an interesting academic exercise to predict who will win the vote within a specific group, but it is more fundamental to elections to understand how many voters candidates will gain from each group

the important contribution from Grimmer et al is that there was a big change in the attitudes of the white electorate. A small number of whites with high levels of racial resentment did support Trump in 2016 at a higher rate than in prior elections, but the bulk of support for Trump came from more moderate whites. Trump managed to pull in support from racists, but he was able to pull in much more support from economically disadvantaged whites.

The Grimmer paper, according to Westwood, has significant implications for those making “general claims about the future Republican Party,” specifically challenging those who believe

that Republicans can continue to win by appealing to white Americans’ worst attitudes and instincts. While it is true Trump support is largest for the most racist voters, this group is a shrinking part of the electorate

Republicans, as Grimmer et al. show, must figure out how to appeal to moderate whites who hold more moderate attitudes in order to win

Also, the meaning of the racial resentment scale changes over time in ways that are not independent of politics, and especially of presidential politics. Position on the scale is not immutable in the way some descriptive characteristics may be.

it’s critical to avoid the idea that there is a single skeleton key that can explain all the varied undercurrents that led to Trump’s 2016 victory, or that any one paper will provide a definitive explanation

One clear benefit emerging from the continuing study of Trump’s 2016 victory is a better understanding of the complexity and nuance of what brought it about.

the presence of racial resentment among Republican voters emerged long before Trump ran for president, while such resentment among Democratic voters has been sharply declining

racial resentment didn’t do more for Trump than it did for Romney. The highly racially resentful have, with reason, been voting for Republicans for a long time

Trump’s more explicit use of race didn’t make supporters more racially resentful. Levels of racial resentment among Republicans are no higher now than they were before Trump. In fact, they are slightly lower

And the highly racially resentful already knew full well that their home was in the G.O.P.

While the focus of attention has been on those who fall at the high end of the distribution on racial resentment

Almost all the change has taken place among Democrats, as they moved to lower and lower levels of resentment

In a statistical sense, the fact that there are now so many more people at the low end of the distribution than before will produce a larger coefficient for the effect of racial resentment on voting behavior.

that does not mean that those high in racial resentment are now even more likely to vote for Republicans or that there are more people high in resentment

there are more people low in resentment than before and that they are even less likely to vote for Republicans than before. So the low end of the scale is doing the work.

my own view is that Grimmer, Marble and Tanigawa-Lau have made a significant contribution to understanding the Trump phenomenon.

Most important, they make the case that explanations of Trump’s victory pointing to the role of those at the extremes on measures of racial resentment and sexism, while informative, are in their own way too comforting, fostering the belief that Trump’s triumph was the product of voters who have drifted far from the American mainstream.

In fact, the new analysis suggests that Trumpism has found fertile ground across a broad swath of the electorate, including many firmly in the mainstream. That Trump could capture the hearts and minds of these voters suggests that whatever he represents beyond racial resentment — anger, chaos, nihilism, hostility — is more powerful than many recognize or acknowledge

Joy is becoming countercultural; in fashion instead is a heavy coat of doom. Anxiety and depression are endemic, psychologists tell us, and why wouldn’t they be, when optimism and cheerfulness are taken as signs of obtuseness?

When happiness is a dead giveaway that someone either doesn’t know, or doesn’t care, how very bad things are?

One cannot usefully address a threat to birds if they do not delight in individual birds.

One cannot meaningfully answer the climate crisis if they lack excitement about the human capacity for invention and reinvention

one cannot build the future if one fears the future.

It stands to reason — doesn’t it? — that the answer is not greater and greater attention to more and more crises

It is more time spent by each of us on the nurture of joy and the cultivation of hope.

The Tesla Inc. CEO tweeted in February that OpenAI had been founded as an open-source nonprofit “to serve as a counterweight to Google, but now it has become a closed source, maximum-profit company effectively controlled by Microsoft. Not what I intended at all.”

Backers say his brand of social-minded capitalism makes him the ideal person to lead OpenAI. Others, including some who’ve worked for him, say he’s too commercially minded and immersed in Silicon Valley thinking to lead a technological revolution that is already reshaping business and social life. 

In the long run, he said, he wants to set up a global governance structure that would oversee decisions about the future of AI and gradually reduce the power OpenAI’s executive team has over its technology. 

OpenAI researchers soon concluded that the most promising path to achieve artificial general intelligence rested in large language models, or computer programs that mimic the way humans read and write. Such models were trained on large volumes of text and required a massive amount of computing power that OpenAI wasn’t equipped to fund as a nonprofit, according to Mr. Altman. 

In its founding charter, OpenAI pledged to abandon its research efforts if another project came close to building AGI before it did. The goal, the company said, was to avoid a race toward building dangerous AI systems fueled by competition and instead prioritize the safety of humanity.

While running Y Combinator, Mr. Altman began to nurse a growing fear that large research labs like DeepMind, purchased by Google in 2014, were creating potentially dangerous AI technologies outside the public eye. Mr. Musk has voiced similar concerns of a dystopian world controlled by powerful AI machines. 

Messrs. Altman and Musk decided it was time to start their own lab. Both were part of a group that pledged $1 billion to the nonprofit, OpenAI Inc. 

Mr. Altman said he doesn’t necessarily need to be first to develop artificial general intelligence, a world long imagined by researchers and science-fiction writers where software isn’t just good at one specific task like generating text or images but can understand and learn as well or better than a human can. He instead said OpenAI’s ultimate mission is to build AGI, as it’s called, safely.

“We didn’t have a visceral sense of just how expensive this project was going to be,” he said. “We still don’t.”

Tensions also grew with Mr. Musk, who became frustrated with the slow progress and pushed for more control over the organization, people familiar with the matter said. 

OpenAI executives ended up reviving an unusual idea that had been floated earlier in the company’s history: creating a for-profit arm, OpenAI LP, that would report to the nonprofit parent. 

Reid Hoffman, a LinkedIn co-founder who advised OpenAI at the time and later served on the board, said the idea was to attract investors eager to make money from the commercial release of some OpenAI technology, accelerating OpenAI’s progress

“You want to be there first and you want to be setting the norms,” he said. “That’s part of the reason why speed is a moral and ethical thing here.”

The decision further alienated Mr. Musk, the people familiar with the matter said. He parted ways with OpenAI in February 2018. 

Mr. Musk announced his departure in a company all-hands, former employees who attended the meeting said. Mr. Musk explained that he thought he had a better chance at creating artificial general intelligence through Tesla, where he had access to greater resources, they said.

OpenAI said that it received about $130 million in contributions from the initial $1 billion pledge, but that further donations were no longer needed after the for-profit’s creation. Mr. Musk has tweeted that he donated around $100 million to OpenAI. 

Mr. Musk’s departure marked a turning point. Later that year, OpenAI leaders told employees that Mr. Altman was set to lead the company. He formally became CEO and helped complete the creation of the for-profit subsidiary in early 2019.

A young researcher questioned whether Mr. Musk had thought through the safety implications, the former employees said. Mr. Musk grew visibly frustrated and called the intern a “jackass,” leaving employees stunned, they said. It was the last time many of them would see Mr. Musk in person.  

In the meantime, Mr. Altman began hunting for investors. His break came at Allen & Co.’s annual conference in Sun Valley, Idaho in the summer of 2018, where he bumped into Satya Nadella, the Microsoft CEO, on a stairwell and pitched him on OpenAI. Mr. Nadella said he was intrigued. The conversations picked up that winter.

“I remember coming back to the team after and I was like, this is the only partner,” Mr. Altman said. “They get the safety stuff, they get artificial general intelligence. They have the capital, they have the ability to run the compute.”   

Mr. Altman disagreed. “The unusual thing about Microsoft as a partner is that it let us keep all the tenets that we think are important to our mission,” he said, including profit caps and the commitment to assist another project if it got to AGI first. 

Some employees still saw the deal as a Faustian bargain. 

OpenAI’s lead safety researcher, Dario Amodei, and his lieutenants feared the deal would allow Microsoft to sell products using powerful OpenAI technology before it was put through enough safety testing,

They felt that OpenAI’s technology was far from ready for a large release—let alone with one of the world’s largest software companies—worrying it could malfunction or be misused for harm in ways they couldn’t predict.  

Mr. Amodei also worried the deal would tether OpenAI’s ship to just one company—Microsoft—making it more difficult for OpenAI to stay true to its founding charter’s commitment to assist another project if it got to AGI first, the former employees said.

Microsoft initially invested $1 billion in OpenAI. While the deal gave OpenAI its needed money, it came with a hitch: exclusivity. OpenAI agreed to only use Microsoft’s giant computer servers, via its Azure cloud service, to train its AI models, and to give the tech giant the sole right to license OpenAI’s technology for future products.

In a recent investment deck, Anthropic said it was “committed to large-scale commercialization” to achieve the creation of safe AGI, and that it “fully committed” to a commercial approach in September. The company was founded as an AI safety and research company and said at the time that it might look to create commercial value from its products. 

Mr. Altman “has presided over a 180-degree pivot that seems to me to be only giving lip service to concern for humanity,” he said. 

“The deal completely undermines those tenets to which they secured nonprofit status,” said Gary Marcus, an emeritus professor of psychology and neural science at New York University who co-founded a machine-learning company

The cash turbocharged OpenAI’s progress, giving researchers access to the computing power needed to improve large language models, which were trained on billions of pages of publicly available text. OpenAI soon developed a more powerful language model called GPT-3 and then sold developers access to the technology in June 2020 through packaged lines of code known as application program interfaces, or APIs. 

Mr. Altman and Mr. Amodei clashed again over the release of the API, former employees said. Mr. Amodei wanted a more limited and staged release of the product to help reduce publicity and allow the safety team to conduct more testing on a smaller group of users, former employees said. 

Mr. Amodei left the company a few months later along with several others to found a rival AI lab called Anthropic. “They had a different opinion about how to best get to safe AGI than we did,” Mr. Altman said.

Anthropic has since received more than $300 million from Google this year and released its own AI chatbot called Claude in March, which is also available to developers through an API. 

Mr. Altman shared the contract with employees as it was being negotiated, hosting all-hands and office hours to allay concerns that the partnership contradicted OpenAI’s initial pledge to develop artificial intelligence outside the corporate world, the former employees said. 

In the three years after the initial deal, Microsoft invested a total of $3 billion in OpenAI, according to investor documents. 

More than one million users signed up for ChatGPT within five days of its November release, a speed that surprised even Mr. Altman. It followed the company’s introduction of DALL-E 2, which can generate sophisticated images from text prompts.

By February, it had reached 100 million users, according to analysts at UBS, the fastest pace by a consumer app in history to reach that mark.

n’s close associates praise his ability to balance OpenAI’s priorities. No one better navigates between the “Scylla of misplaced idealism” and the “Charybdis of myopic ambition,” Mr. Thiel said. 

Mr. Altman said he delayed the release of the latest version of its model, GPT-4, from last year to March to run additional safety tests. Users had reported some disturbing experiences with the model, integrated into Bing, where the software hallucinated—meaning it made up answers to questions it didn’t know. It issued ominous warnings and made threats. 

“The way to get it right is to have people engage with it, explore these systems, study them, to learn how to make them safe,” Mr. Altman said.

After Microsoft’s initial investment is paid back, it would capture 49% of OpenAI’s profits until the profit cap, up from 21% under prior arrangements, the documents show. OpenAI Inc., the nonprofit parent, would get the rest.

He has put almost all his liquid wealth in recent years in two companies. He has put $375 million into Helion Energy, which is seeking to create carbon-free energy from nuclear fusion and is close to creating “legitimate net-gain energy in a real demo,” Mr. Altman said.

He has also put $180 million into Retro, which aims to add 10 years to the human lifespan through “cellular reprogramming, plasma-inspired therapeutics and autophagy,” or the reuse of old and damaged cell parts, according to the company. 

He noted how much easier these problems are, morally, than AI. “If you’re making nuclear fusion, it’s all upside. It’s just good,” he said. “If you’re making AI, it is potentially very good, potentially very terrible.” 

If Mr. Kahlenberg had his way, college admissions would be upended.

His basic recipe: Get rid of preferences for alumni children, as well as children of faculty, staff and big donors. Say goodbye to recruited athletes in boutique sports like fencing. Increase community college transfers. Give a break to students who have excelled in struggling schools, who have grown up in neighborhoods of concentrated poverty, in families with low income, or better yet, low net worth. Pump up financial aid. Look for applicants in towns that do not normally send students to highly selective colleges.

elite colleges have become fortresses for the rich, he said. Harvard had “23 times as many rich kids as poor kids,” Mr. Kahlenberg testified in 2018 at the federal court trial in the Harvard case, referring to a 2017 paper by Raj Chetty, then a Stanford economist, and colleagues.

his 2012 study that found seven of 10 leading universities were able to return to previous levels of diversity through race-neutral means.

In 2020, Berkeley boasted that it had admitted its most diverse class in 30 years, with offers to African American and Latino students rising to the highest numbers since at least the late-1980s, without sacrificing academic standards.

In a simulation of the class of 2019, he found that the share of Black students at Harvard would drop to 10 percent from 14 percent, but the share of white students would also drop, to 33 percent from percent from 40 percent, mainly because of the elimination of legacy and other preferences. The share of Hispanic students would rise to 19 percent from 14 percent and the Asian American share would rise to 31 percent from 24 percent.

The share of “advantaged” students (parents with a bachelor’s degree, family income over $80,000, living in a neighborhood not burdened by concentrated poverty) would make up about half of the class, from 82 percent. SAT scores would drop to the 98th percentile from the 99th.

In the affirmative action trial, Harvard said that Mr. Kahlenberg’s model would produce too little diversity, and water down academic quality. Its actual class of 2026 is 15.2 percent African American, 12.6 percent Hispanic and 27.9 percent Asian American.

Edward Blum, the conservative activist behind the lawsuits against Harvard and U.N.C., said Mr. Kahlenberg came to his attention when “The Remedy” was published. The focus on class seemed like a powerful bridge between the left and the right, Mr. Blum said

Dr. Laycock, of the University of Virginia, expects that once the Supreme Court rules, conservative groups that are now promoting race-neutral alternatives will claim they are racial proxies and turn against them. “Everybody knows that’s why it’s being used,” he said. (Mr. Blum said his group will not, though other conservative groups could do so.)

There is no “We Believe” sign in the yard. But on the living room wall, a sign says, “Live simply, dream big, be grateful, give love, laugh lots.”

In that spirit, his stubborn campaign might be traced to being the son of a pastor whose family could afford to make him a Harvard graduate, twice over. “I do have some measure of class guilt,” he said. “I wish people who are far richer than I am had more class guilt.”

If all of this sounds familiar, it’s because we basically saw this same environmental dynamic play out several years ago with tech’s last big obsession: Crypto and web3. In that case, Bitcoin emerged as the industry’s obvious environmental sore spot due to the vast amounts of energy needed to mine coins in its proof of work model. Some estimates suggest Bitocin alone requires more energy every year than Norway’s annual electricity consumption.

rs of criticism from environmental activists however led the crypto industry to make some changes. Ethereum, the second largest currency on the blockchain, officially switched last year to a proof of stake model which supporters claim could reduce its power usage by over 99%. Other smaller coins similarly were designed with energy efficiency in mind. In the grand scheme of things, large language models are still in their infancy and it’s far from certain how its environmental report card will play out.

Looking through a political lens, James Piereson in “Shattered Consensus” observes a collapse of the postwar understanding of government’s role, namely to promote full employment and to police a disorderly world. He expects a “fourth revolution” around the end of this decade, following the Jeffersonian upheaval of 1800, the Civil War and the New Deal. Such a revolution, he writes, is required or else “the polity will begin to disintegrate for lack of fundamental agreement.”

In “The Fourth Turning Is Here,” published this summer, demographic historian Neil Howe arrived at a similar conclusion. His view springs from a conviction that human history follows highly predictable cycles based on the “saeculum,” or typical human life span of 80 years or so, and the differing experiences of four generations within that span. The next “turning,” he predicts, is due in about 2033

It will resemble those in the 1760s, 1850s and 1920s, Howe writes, that produced “bone-jarring Crises so monumental that, by their end, American society emerged wholly transformed.”

Others see disaster’s origins in economics

Failure to resume strong growth and to produce greater economic equality will bring forth authoritarian regimes both left and right. This year, in his book “The Crisis of Democratic Capitalism,” Financial Times editor Martin Wolf advocated for an array of reforms, including carbon taxation, a presumption against horizontal mergers, a virtual ban on corporate share buybacks, compulsory voting, and extra votes for younger citizens and parents of children. He fears that, absent such measures, “the light of political and personal freedom might once again disappear from the world.”

Unsettling as these forecasts are, the even more troubling thought is that maybe a true crisis is not just inevitable but also necessary to future national success and social cohesion.

Now, I’m grudgingly ready to surrender and accept that the cliché must be true: Washington will not face up to its duty except in a genuine crisis. Then and only then will we, as some would say, focus on the existential threats to our iconic institutions.

Now, market guru John Mauldin has begun forecasting a “great reset” when these unsustainable bills cannot be paid, when “the economy comes crashing down around our ears.” Writing in August, he said he sees this happening “roughly 7-10 years from now.”

Encouragingly, if vaguely, most of these seers retain their optimism. Piereson closes by imagining “a new order on the foundations of the old.” Confessing that he doesn’t “know exactly how it will work,” Mauldin expects us to “muddle through” somehow.

Howe, because he sees his sweeping, socially driven generational cycles recurring all the way back to the Greeks, is the most cavalier. Although “the old American republic is collapsing,” he says, we will soon pass through a “great gate in history,” resolve our challenges and emerge with a “new collective identity.”

Paradoxically, these ominous projections can help worrywarts like me move through what might be called the stages of political grief.

A decade ago, an optimist could tell himself that a democratically mature people could summon the will or the leaders to stop plundering its children’s futures, and to reconcile or at least agree to tolerate sincerely held cultural disagreements.

For a while after that, it seemed plausible to hope for incremental reforms that would enable the keeping of most of our safety-net promises, and for a cooling or exhaustion of our poisonous polarization.

Bowles called what’s coming “the most predictable economic crisis” — there’s that word again, aptly applied — “in history.” And that was many trillions of borrowing ago.

So maybe we might as well get on with it, and hope that we at least “muddle through.” I’ve arrived at the final stage: Crisis? Ready when you are.

Parents need to know that when children go online, they are entering a world of influencers, many of whom are hoping to make money by pushing dangerous products. It’s a world that’s invisible to us

when we log on to our social media, we don’t see what they see. Thanks to algorithms and ad targeting, I see videos about the best lawn fertilizer and wrinkle laser masks, while Ian is being fed reviews of flavored vape pens and beautiful women livestreaming themselves gambling crypto and urging him to gamble, too.

Smartphones are taking our kids to a different world

Greyson Imm, an 18-year-old high school student in Prairie Village, Kan., said he was 17 when Zyn videos started appearing on his TikTok feed. The videos multiplied through the spring, when they were appearing almost daily. “Nobody had heard about Zyn until very early 2023,” he said. Now, a “lot of high schoolers have been using Zyn. It’s really taken off, at least in our community.”

all of this is, unfortunately, only part of what makes social media dangerous.

The tobacco conglomerate Philip Morris International acquired the Zyn maker Swedish Match in 2022 as part of a strategic push into smokeless products, a category it projects could help drive an expected $2 billion in U.S. revenue in 2024.

P.M.I. is also a company that has long denied it markets tobacco products to minors despite decades of research accusing it of just that. One 2022 study alone found its brands advertising near schools and playgrounds around the globe.

the ’90s, when magazines ran full-page Absolut Vodka ads in different colors, which my friends and I collected and taped up on our walls next to pictures of a young Leonardo DiCaprio — until our parents tore them down. This was advertising that appealed to me as a teenager but was also visible to my parents, and — crucially — to regulators, who could point to billboards near schools or flavored vodka ads in fashion magazines and say, this is wrong.

Even the most committed parent today doesn’t have the same visibility into what her children are seeing online, so it is worth explaining how products like Zyn end up in social feeds

influencers. They aren’t traditional pitch people. Think of them more like the coolest kids on the block. They establish a following thanks to their personality, experience or expertise. They share how they’re feeling, they share what they’re thinking about, they share stuff they l

With ruthless efficiency, social media can deliver unlimited amounts of the content that influencers create or inspire. That makes the combination of influencers and social-media algorithms perhaps the most powerful form of advertising ever invented.

Videos like his operate like a meme: It’s unintelligible to the uninitiated, it’s a hilarious inside joke to those who know, and it encourages the audience to spread the message

Enter Tucker Carlson. Mr. Carlson, the former Fox News megastar who recently started his own subscription streaming service, has become a big Zyn influencer. He’s mentioned his love of Zyn in enough podcasts and interviews to earn the nickname Tucker CarlZyn.

was Max VanderAarde. You can glimpse him in a video from the event wearing a Santa hat and toasting Mr. Carlson as they each pop Zyns in their mouths. “You can call me king of Zynbabwe, or Tucker CarlZyn’s cousin,” he says in a recent TikTok. “Probably, what, moved 30 mil cans last year?”

Freezer Tarps, Mr. VanderAarde’s TikTok account, appears to have been removed after I asked the company about it. Left up are the large number of TikToks by the likes of @lifeofaZyn, @Zynfluencer1 and @Zyntakeover; those hashtagged to #Zynbabwe, one of Freezer Tarps’s favorite terms, have amassed more than 67 million views. So it’s worth breaking down Mr. VanderAarde’s videos.

All of these videos would just be jokes (in poor taste) if they were seen by adults only. They aren’t. But we can’t know for sure how many children follow the Nelk Boys or Freezer Tarps — social-media companies generally don’t release granular age-related data to the public. Mr. VanderAarde, who responded to a few of my questions via LinkedIn, said that nearly 95 percent of his followers are over the age of 18.

They’re incentivized to increase their following and, in turn, often their bank accounts. Young people are particularly susceptible to this kind of promotion because their relationship with influencers is akin to the intimacy of a close friend.

The helicopter video has already been viewed more than one million times on YouTube, and iterations of it have circulated widely on TikTok.

YouTube said it eventually determined that four versions of the Carlson Zyn videos were not appropriate for viewers under age 18 under its community guidelines and restricted access to them by age

Mr. Carlson declined to comment on the record beyond his two-word statement. The Nelk Boys didn’t respond to requests for comment. Meta declined to comment on the record. TikTok said it does not allow content that promotes tobacco or its alternatives. The company said that it has over 40,000 trust and safety experts who work to keep the platform safe and that it prevented teenagers’ accounts from viewing over two million videos globally that show the consumption of tobacco products by adults. TikTok added that in the third quarter of 2023 it proactively removed 97 percent of videos that violated its alcohol, tobacco and drugs policy.

Greyson Imm, the high school student in Prairie Village, Kan., points to Mr. VanderAarde as having brought Zyn “more into the mainstream.” Mr. Imm believes his interest in independent comedy on TikTok perhaps made him a target for Mr. VanderAarde’s videos. “He would create all these funny phrases or things that would make it funny and joke about it and make it relevant to us.”

It wasn’t long before Mr. Imm noticed Zyn blowing up among his classmates — so much so that the student, now a senior at Shawnee Mission East High School, decided to write a piece in his school newspaper about it. He conducted an Instagram poll from the newspaper’s account and found that 23 percent of the students who responded used oral nicotine pouches during school.

“Upper-decky lip cushions, ferda!” Mr. VanderAarde coos in what was one of his popular TikTok videos, which had been liked more than 40,000 times. The singsong audio sounds like gibberish to most people, but it’s actually a call to action. “Lip cushion” is a nickname for a nicotine pouch, and “ferda” is slang for “the guys.”

“I have fun posting silly content that makes fun of pop culture,” Mr. VanderAarde said to me in our LinkedIn exchange.

I turned to Influencity, a software program that estimates the ages of social media users by analyzing profile photos and selfies in recent posts. Influencity estimated that roughly 10 percent of the Nelk Boys’ followers on YouTube are ages 13 to 17. That’s more than 800,000 children.

I’ve spent the past three years studying media manipulation and memes, and what I see in Freezer Tarps’s silly content is strategy. The use of Zyn slang seems like a way to turn interest in Zyn into a meme that can be monetized through merchandise and other business opportunities.

Such as? Freezer Tarps sells his own pouch product, Upperdeckys, which delivers caffeine instead of nicotine and is available in flavors including cotton candy and orange creamsicle. In addition to jockeying for sponsorship, Mr. Carlson may also be trying to establish himself with a younger, more male, more online audience as his new media company begins building its subscriber base

This is the kind of viral word-of-mouth marketing that looks like entertainment, functions like culture and can increase sales

What’s particularly galling about all of this is that we as a society already agreed that peddling nicotine to kids is not OK. It is illegal to sell nicotine products to anyone under the age of 21 in all 50 states

numerous studies have shown that the younger people are when they try nicotine for the first time, the more likely they will become addicted to it. Nearly 90 percent of adults who smoke daily started smoking before they turned 18.

Decades later — even after Juul showed the power of influencers to help addict yet another generation of children — the courts, tech companies and regulators still haven’t adequately grappled with the complexities of the influencer economy.

Facebook, Instagram and TikTok all have guidelines that prohibit tobacco ads and sponsored, endorsed or partnership-based content that promotes tobacco products. Holding them accountable for maintaining those standards is a bigger question.

We need a new definition of advertising that takes into account how the internet actually works. I’d go so far as to propose that the courts broaden the definition of advertising to include all influencer promotion. For a product as dangerous as nicotine, I’d put the bar to be considered an influencer as low as 1,000 followers on a social-media account, and maybe if a video from someone with less of a following goes viral under certain legal definitions, it would become influencer promotion.

Laws should require tech companies to share data on what young people are seeing on social media and to prevent any content promoting age-gated products from reaching children’s feeds

hose efforts must go hand in hand with social media companies putting real teeth behind their efforts to verify the ages of their users. Government agencies should enforce the rules already on the books to protect children from exposure to addictive products,

I refuse to believe there aren’t ways to write laws and regulations that can address these difficult questions over tech company liability and free speech, that there aren’t ways to hold platforms more accountable for advertising that might endanger kids. Let’s stop treating the internet like a monster we can’t control. We built it. We foisted it upon our children. We had better try to protect them from its potential harms as best we can.

how many are aware that President Biden is among the more popular — well, less unpopular — leaders in the Western world?

First, let’s talk about some other international comparisons that seem relevant to the current situation.

But public perception of our economic performance is strongly colored by rising prices. Inflation — the rate at which prices are rising — has subsided a lot, but prices haven’t and won’t come down

No matter what we did, many people were going to die — but the death toll was affected by politics, perhaps especially by the way vaccines became a front in the culture war. And America had a really bad pandemic, even compared with its peers. U.S. life expectancy was already lagging behind comparable countries’ by 2019, but the gap widened after Covid-19 struck.

On the other hand, the U.S. economy experienced an exceptionally strong bounce back from the pandemic recession. Even after adjusting for inflation, U.S. gross domestic product per capita is up 7 percent since the eve of the pandemic, greatly exceeding growth in other major wealthy economies

This would seem on the face of it to say something good about Biden’s economic policies.

Although we hear politicians on the campaign trail trying to make hay with the old Reagan-era question — Are you better off than you were four years ago? — there’s a lot of amnesia about what was actually happening in 2020, namely a deadly, terrifying pandemic

there have been huge recriminations against policymakers, both the Biden administration and the Federal Reserve, either for supposedly causing the bout of inflation or at any rate failing to prevent it.

the similarities between the wealthiest nations are more revealing than their differences.

Inflation surged almost everywhere after the pandemic. And if you take care to compare “apples to Äpfel” — to use the same consumer price measures — inflation has been remarkably similar in different countries.

Since the eve of the pandemic, the Harmonized Index of Consumer Prices has risen 19.6 percent in the United States and 19.8 percent in the euro area.

This strongly suggests that pandemic-related disruptions, rather than national policies, were inflation’s main driver.

Still, inflation rankles voters. Even when income growth exceeds inflation, as it has in the United States, people tend to feel that they earned their higher wages only to have them snatched away by higher prices

this is probably the most important reason that, according to tracking polls conducted by Morning Consult, every single leader of a Group of 7 nation is underwater, with more voters disapproving than approving of their leadership.

So who’s the winner of this unpopularity contest? Who has the least bad net approval? The answer is Joe Biden, with Giorgia Meloni of Italy a close second. The other Group of 7 leaders are even more unpopular

this has political consequences

every political analysis that says the fault for Biden’s low approval lies with the president and his campaign — that he’s too old (although that narrative, after suddenly peaking, mostly faded away after his State of the Union address) or is out of touch with the concerns of “real” Americans — needs to explain why he’s doing less badly than his foreign peers.

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?

But only a handful of cancers—of the breast, lung, colon and cervix—have screening tests recommended by the U.S. Preventive Services Task Force

Many companies are developing blood tests that can detect cancer signals before symptoms occur, and Grail’s is the most advanced. A study found it can identify more than 50 types of cancer 52% of the time and the 12 deadliest cancers in Stages I through III 68% of the time.

There’s a hitch. The test costs $949 and isn’t covered by Medicare or most private insurance.

The trouble is that this cancer is almost never caught early. There’s no routine screening for it, and symptoms don’t develop until it is advanced. Mr. Royse, 64, had no idea he was sick until he took a blood test called Galleri, produced by the Menlo Park, Calif., startup Grail. He had surgery and chemotherapy and is now cancer-free.

Mr. Royse visited Grail’s website, which referred him to a telemedicine provider who ordered a test. Another telemedicine doctor walked him through his results, which showed a cancer signal likely emanating from the pancreas, gallbladder, stomach or esophagus.

An MRI revealed a suspicious mass on his pancreas, which a biopsy confirmed was cancerous. Mr. Royse had three months of chemotherapy, surgery and another three months of chemotherapy, which ended last February. Because pancreatic cancer often recurs, he gets CT and MRI scans every three months. In addition, he has signed up for startup Natera’s Signatera customized blood test, which checks DNA specific to the patient’s cancer and can signal its return before signs are visible on the scans

Grail’s test likewise looks for DNA shed by cancer cells, which is tagged by molecules called methyl groups that are specific to a cancer’s origin. Grail uses genetic sequencing and machine learning to recognize links between DNA methyl groups and particular cancers

The test “is based on how much DNA is being shed by tumor,” Grail’s president, Josh Ofman, says. “Some tumors shed a lot of DNA. Some shed almost none.

ut slow-growing tumors typically aren’t shedding a lot of DNA.” That reduces the probability that Grail’s test will identify indolent cancers that pose no immediate danger.

Grail’s test has a roughly 0.5% false-positive rate, meaning 1 in 200 patients who don’t have cancer will get a positive signal

Its positive predictive value is 43%, so that of every 100 patients with a positive signal, 43 actually have cancer

the legislation’s price tag could reduce political support. According to one private company’s estimate, the test could cost the government $39 billion to $145 billion over a decade. Mr. Goldman counters that analysts usually overestimate the costs and underestimate the benefits of medical interventions.

Because Grail uses machine learning to detect DNA-methylation cancer linkages, the Grail test’s accuracy should improve as more tests and patient data are collected

regulators may balk at approving the test, and insurers at covering it, until it becomes cheaper and more reliable.

How would the FDA weigh the risk that a false positive on a test like Grail’s could require invasive follow-up testing against the dire but hard-to-quantify risk that a deadly cancer wouldn’t be caught until it’s much harder to treat? It’s unclear.

some experts urge the FDA to require large randomized controlled trials before approving blood cancer tests. “Multicancer screening would entail tremendous costs and potentially substantial harms,” H. Gilbert Welch and Tanujit Dey of Brigham and Women’s Hospital wrote

Dr. Welch and Mr. Dey also suggested that companies should be required to prove their tests reduce overall mortality, even though the FDA doesn’t require drugmakers to prove their products reduce deaths or extend life. Clinical trials for the mRNA Covid vaccines didn’t show they reduced deaths.

One alternative is to rely on real-world studies, which Grail is already doing. One study of patients 50 and older without signs of cancer showed that the test doubled the number of cancers detected.

One recurring problem he has seen: “Epidemiologists are always getting cancer wrong,” he says. “Epidemiologists a decade ago said U.S. overtreats cancers. Well, no, the EU undertreats cancer.”

A 2012 study that he co-authored found that the higher U.S. spending on cancer care relative to Europe between 1983 and 1999 resulted in significantly higher survival rates for American patients than for those in Europe

By his study’s calculation, U.S. spending on cancer treatments during that period resulted in $556 billion in net benefits owing to reduced mortality.

He expects Galleri and other multicancer early-detection tests to reduce deaths and produce public-health and economic benefits that exceed their monetary costs

Expanding access to multicancer early-detection tests could also help solve the chicken-and-egg problem of drug development. Because few patients are diagnosed at early stages of some cancers, it’s hard to develop treatments for them

the positive predictive value for some recommended cancer screenings is far lower. Fewer than 1 in 10 women with an abnormal finding on a mammogram are diagnosed with breast cancer.

Mr. Royse makes the same point with personal force. “I would be dead right now if not for multicancer early-detection testing,” Mr. Royse told an FDA advisory committee last fall. “The longer the FDA waits, the more people are going to die. It’s that simple.”

“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.” 

Since coming to power in 2019, Bukele has declared a still-to-be-rescinded state of exception, suspended the Salvadorean constitution, and locked up some 70,000 alleged gang members without due process.

This trait also makes him a touchstone for the Right-wing movement that I predict will replace “conservatism” in the 21st century. This outlook owes more to the Italian Futurist Filippo Marinetti than conservatives of the G.K. Chesterton variety

yet, Bukele’s strongman tactics have made him wildly popular with Salvadoreans, who doubtless enjoy a reported 70% reduction in the country’s previously extremely high murder rate. They have also made Bukele a rock star for the online Right. This group, fond of complaining about spineless leaders, fraying Western law and order, and the bleeding-away of political agency into international institutions and NGOs, regards the spectacle of a strongman leader with good social media game as something like a fantasy made flesh.

Arguably, it’s as much his embrace of technology that accords Bukele the mantle of poster-boy for a futuristic Right. Whether in his extremely online presence, his (admittedly not completely successful) embrace of Bitcoin as legal tender, or the high-tech, recently rebuilt National Library, funded by Beijing and serving more as showcase for futuristic technologies than as reading-room

Western critics, though, point to allegations that he has corrupted institutions by packing them with allies, not to mention, according to Amnesty International, “concealed and distorted public information, backed actions to undermine civic space, militarised public security, and used mass arrests and imprisonment as the sole strategies for counteracting violence in the country”.

is perhaps most visibly embodied in American technologists such as Elon Musk, Mark Andreessen or Peter Thiel. As a worldview, it is broadly pro-capitalist, enthusiastically pro-technology and unabashedly hierarchical, as well as sometimes also scornful of Christian-inflected concern for the weak.

We might call it, rudely, “space fascism”, though N.S. Lyons’s formulation “Right-wing progressivism” is probably more accurate. Among its adherents, high-tech authoritarianism is a feature, not a bug, and egalitarianism is for fools. Thinkers such as Curtis Yarvin propose an explicitly neo-monarchical model for governance; Thiel has declared that: “I no longer believe freedom and democracy are compatible.”

El Salvador is thus the most legible real-world instance of something like a Right-wing progressive programme in practice. And along with the tech enthusiasm and public-order toughness, the third distinctive feature of this programme can be gleaned: a desire not to end international migration, but to restrict it to elites.

For Right-wing progressives, polities are not necessarily premised on ethnic or cultural homogeneity — at least not for elites. Rather, this is a vision of statehood less based on affinity, history or even ethnicity, and more on a kind of opt-in, utility-maximisation model

As a worldview, it’s jarring to cultural conservatives, who generally value thick ties of shared history and affinity

Right-wing progressives generally accord greater political value to gifted, high-productivity foreigners than any slow-witted, unproductive coethnic: those within Right-wing progressive circles propose, and in some cases are already working on, opt-in startup cities and “network states” that would be, by definition, highly selective about membership.

As for those still wedded to the 20th-century idea that being Right-wing necessarily means ethnicity-based nationalism, they are likely to find this outlook bewildering.

Yet it’s still more heretical to egalitarian progressives, for whom making migration and belonging an elite privilege offends every premise of inclusion and social justice.

Right-wing progressives, by contrast, propose to learn from the immigration policies of polities such as Singapore and the Gulf states, and avert the political challenges posed by ethnic voting blocs by imposing tiered citizenship for low-skilled migrants, while courting the wealth and productivity of international elites

Bukele’s proposal suggests a pragmatic two-tier Right-wing progressive migration policy that courts rich, productive, geographically rootless international “Anywheres” of the kind long understood to have more affinity with one another than with less wealthy and more rooted “Somewheres” — but to do so while explicitly protecting cultural homogeneity on behalf of the less-mobile masses.

There are larger structural reasons for such pragmatism, not least that population growth is slowing or going into reverse across most of the planet.

At the same time, impelled by easier transportation, climate change, social-media promises of better lives elsewhere, and countless other reasons, people everywhere are on the move. As such, like a global game of musical chairs, a battle is now on for who ends up where, once the music stops — and on what terms.

How do you choose who is invited? And how do you keep unwanted demographics out? Within an egalitarian progressive framework, these are simply not questions that one may ask

Within the older, cultural conservative framework, meanwhile, all or most migration is viewed with suspicion.

The Right-wing progressive framework, by contrast, is upbeat about migration — provided it’s as discerning as possible, ideally granting rights only to elite incomers and filtering others aggressively by demographics, for example an assessment of the statistical likeliho

od of committing crime or making a net economic contribution.

In Britain, meanwhile, whatever happens to the Tories, I suspect we’ll see more of the Right-wing progressives. I find many of their policies unnerving, especially on the biotech side; but theirs is a political subculture with optimism and a story about the future, two traits that go a long way in politics.

Fresh estimates from the Congressional Budget Office this month said the U.S. labor force in 2023 had grown by 5.2 million people, thanks especially to net immigration

The sudden snapback in demand sent inflation soaring. Supply chain issues were a main reason prices rose quickly. But labor shortages posed a problem, too, and economists feared that rising wages — as employers scrambled to find workers — would keep price increases dangerously high.

he flow of migrants to the United States started slowing during the Trump administration, when officials took hundreds of executive actions designed to restrict migration.

Right before the pandemic, there were about 1.5 million fewer working-age immigrants in the United States than pre-2017 trends would have predicted, according to the San Francisco Fed. By the end of 2021, that shortfall had widened to about 2 million

But the economy overall wound up rebounding aggressively from the sudden, widespread closures of 2020, bolstered by historic government stimulus and vaccines that debuted faster than expected.

economy grow. But today’s snapshot still represents a stark turnaround from just a short time ago.

That’s because the labor force that emerged as the pandemic ebbed was smaller than it had been: Millions of people retired early, stayed home to take over child care or avoid getting sick, or decided to look for new jobs entirely

In the span of a year or so, employers went from having businesses crater to sprinting to hire enough staff to keep restaurants, hotels, retail stores and construction sites going. Wages for the lowest earners rose at the fastest pace.

About the same time, the path was widening for migrants to cross the southern border, particularly as the new Biden administration rolled back Trump-era restrictions.

Experts argue that the strength of the U.S. economy has benefited American workers and foreign-born workers alike. Each group accounts for roughly half of the labor market’s impressive year-over-year growth since January 2023

But the past few years were extremely abnormal because companies were desperate to hire.

lus, it would be exceedingly difficult for immigration to affect the wages of enormous swaths of the labor force,

“What it can do is lower the wages of a specific occupation in a specific area, but American workers aren’t stupid. They change jobs. They change what they specialize in,” Nowrasteh said. “So that’s part of the reason why wages don’t go down.”

In normal economic times, some analysts note, new immigrants can drag down wages, especially if employers decide to hire them over native-born workers. Undocumented workers, who don’t have as much leverage to push for higher pay, could lower average wages even more.

Particularly for immigrants fleeing poorer countries, the booming U.S. job market and the promise of higher wages continue to be an enormous draw.

“More than any immigration policy per se, the biggest pull for migrants is the strength of the labor market,” said Catalina Amuedo-Dorantes, an economics professor at the University of California at Merced. “More than any enforcement policy, any immigration policy, at the end of the day.”

Upon arriving in Denver in October, Santander hadn’t acquired a work permit but needed to feed his small children. Even without authorization, he found a job as a roofer for a contractor that ultimately pocketed his earnings, then one cleaning industrial refrigerators on the overnight shift for $12 an hour. Since receiving his work permit in January, Santander has started “a much better job” at a wood accessories manufacturer making $20 an hour.

But for the vast majority of migrants who arrive in the United States without prior approval, including asylum seekers and those who come for economic reasons, getting a work permit isn’t easy.

Federal law requires migrants to wait nearly six months to receive a work permit after filing for asylum. Wait times can stretch for additional months because of a backlog in cases.

While they wait, many migrants find off-the-books work as day laborers or street vendors, advocates say. Others get jobs using falsified documents, including many teenagers who came into the country as unaccompanied minors.

Still, many migrants miss the year-long window to apply for asylum — a process that can cost thousands of dollars — leaving them with few pathways to work authorization, advocates say. Those who can’t apply for asylum often end up working without official permission in low-wage industries where they are susceptible to exploitation.

Biden, as part of the 2022 Inflation Reduction Act, largely resolved these problems, reducing maximum premium payments (net of subsidies) and eliminating the cliff at 400 percent. The result is to make health insurance coverage substantially more affordable, especially for middle-income Americans who previously earned too much to be eligible for subsidies. Hence the surge in marketplace enrollments.

The big question, then, is how do you bring about widespread, deep-seated cultural change within the organs of government and institutions connected to it?

Can you legislate to change a culture?

Sir Brian Langstaff, the report author, thinks you might be able to – or at least make a start.

He suggests there should be a so-called duty of candour demanded in law for civil servants and others.It would then become a legal obligation to speak up, rather than a cultural expectation to shut up.Whistleblowing would be mandatory.But will it happen, and will it make any difference?

In his 2007 history of the movement, Radicals for Capitalism, Brian Doherty identifies five key figures who most shaped the nascent ideology and its organized advocacy: author Ayn Rand, and economists Ludwig von Mises, F. A. Hayek, Milton Friedman, and Murray Rothbard

With one exception, all paired radical free-market and smaller government views with liberal tolerance and cosmopolitanism on social issues. None were religious, and Rand and Mises were both avowedly irreligious. Friedman and Hayek both trended more moderate and pragmatic, and also achieved the highest degree of mainstream intellectual recognitio

It was in Rothbard that the divergence began which today has culminated in the Libertarian Party’s convention transforming into a literal Trump rally

He was in many ways the most radical—an avowed anarchist—and the most marginal

he was also the most involved in creating a self-consciously libertarian movement and many of its institutions. In this he was aided by his skills as a prolific polemicist.

From the start, Trump’s brand of illiberal populism had more than a passing resemblance to Rothbard’s paleo strategy—minus, as many classical liberal critics had long predicted, any meaningful moves to actually shrink government

By accommodating and embracing conservative culture warriors, even including avowed white supremacists, Rothbard believed he was forming the basis of a political coalition to demolish modern big government

it included an open embrace of police brutality, fuming about the need to “dispense instant punishment” to “bums,” while railing against efforts to undo America’s white supremacist past. Later, opposition to immigration became one of the paleo posture’s signature issues.

Across the loose constellation of libertarian think tanks, advocacy organizations, and electoral efforts in both the L.P. and the GOP, the embrace or rejection of Rothbard’s “paleo” idea was a source of perennial tension. Rothbard himself was involved for a time in both the Libertarian Party and the Cato Institute, co-founding the latter before being acrimoniously ejected after a few years.

the other end of the movement came to embrace the view of libertarianism as fundamentally an extension of the larger liberal tradition, continuous with a classical liberal political philosophy rather than a socially conservative one.

Free markets and limited government were still a big part of the picture, but in service to a vision of a dynamic and pluralistic free society.

As much as each held a dim view of the other, both continued to work under the “libertarian” label.

As he outlined in a 1992 essay, “Right Wing Populism: A Strategy for the Paleo Movement,” paleolibertarianism was an explicit alliance between small-government radicalism and the extremist far-right.

it still embodied the burn-it-all-down reactionary ethos that saw tearing down established institutions as a necessary first step, even if that required an unrestrained autocrat

After the deadly 2017 neo-Nazi rally in Charlottesville, the then party leadership denounced the “blood and soil” rhetoric. But to the Rothbardians, this smacked of unacceptable wokeness. Within a few days, the Mises Caucus—named more for the ideas exhibited by the think-tank than the actual economist—was founded. Over the next few years, this group began launching hostile takeovers of state parties and then the national party. As they did so, the party increasingly adopted rhetoric that sounded more like the tiki-torch brigade than one committed to individual liberty.

The two camps within the movement—the cosmopolitan and the paleo—already strained to nearly the breaking point, went through the inevitable rupture. A number of differences and disagreements fueled the split, but most central was the divide into MAGA-friendly and anti-Trump sympathies.

It is no longer possible to ignore the conflict of visions about what kind of society freedom was supposed to yield. One in which private bigotry and established hierarchies were allowed free rein? Or an open and all-embracing one where different people and lifestyles disapproved by the traditional order could flourish?

The only way the libertarian movement’s demise could bring down libertarianism as a political-philosophical framework is if one expected the ideas themselves to disappear. Happily, a robust conviction of the centrality of individual liberty—or of the need to fight a tyrannical state—is in no danger of fully fading away.

But while those are huge numbers by any measure (world GDP is around $100 trillion), they aren’t big enough to motivate most leaders to justify mitigation, which will also cost a whole lot of money.

To put it in terms the authors use, the recently enacted Inflation Reduction Act will cost Americans roughly $80 per ton of carbon emissions avoided, and while each ton not pumped into the atmosphere would save the world $200 as a whole, it would only save Americans about $40 of that $200, making it feel to some altruistic but not self-evident in purely economic terms.

In their new paper, economists Adrien Bilal of Harvard and Diego Känzig of Northwestern take a fresh look at the data

They show that the social cost of carbon is likely far bigger — six times bigger — than previously estimated: losses of more than $1,000 per ton, or around 12 percent of world GDP per degree of warming.

— roughly equivalent to the economic drag on big economies if they were permanently at war.

Suddenly, that $80 Americans are spending on reducing one ton of carbon emissions is netting them $200 or so in U.S. economic activity.

Bilal and Känzig argue that it’s very much worth it for countries of means to spend the money now to avoid much greater costs down the line

the potential losses are so vast it makes sense for these countries to go ahead and act on their own to avoid climate change losses, even if other nations do nothing.

What’s different about your methodology and how did it lead you to the numbers you've come up with?

Adrien Bilal: So virtually all of the previous work that's been done on the subject has relied on comparisons of different countries that heat up or cool down at different points in time. The U.K. gets a little hotter in one year, and then Germany stays cool. And then you look at how GDP in the U.K. evolves following that change in temperature.

that generally gives you numbers in the vicinity of $150 per ton of carbon emitted and a 2 percent decline in GDP per degree Celsius in warming

we think that is quite different from what climate change is actually doing to the world. It's not only that the U.K. is going to heat up a little more than Germany, but the whole world is heating up because of climate change. And, in particular, oceans are also heating up. And when the whole planet warms, that has potentially really different implications for the climate system, increased frequency of extreme weather events that then have big local impacts. 

that's actually what geoscientists have been telling us for a long time, but it simply hadn't percolated into economics. And so we took that perspective very seriously and thought, "Well, what happens when we basically compare years where the world is very hot to years where the world is cooler?" And that gives you a much larger effect of climate change on the economy.

In fact, the news from Wall Street lately has mostly been about retreat from climate goals, rather than recommitment. Banks and asset managers are withdrawing from international climate alliances and chafing at their rules. Regional banks are stepping up lending to fossil fuel producers. Sustainable investment funds have sustained crippling outflows, and many have collapsed.

In some cases, it’s a classic prisoner’s dilemma: If firms collectively shift to cleaner energy, a cooler climate benefits everyone more in the future

in the short term, each firm has an individual incentive to cash in on fossil fuels, making the transition much harder to achieve.

when it comes to avoiding climate damage to their own operations, the financial industry is genuinely struggling to comprehend what a warming future will mean.

A global compact of financial institutions made commitments worth $130 trillion to try to bring down emissions, confident that governments would create a regulatory and financial infrastructure to make those investments profitable. And in 2022, the Inflation Reduction Act passed.

What about the risk that climate change poses to the financial industry’s own investments, through more powerful hurricanes, heat waves that knock out power grids, wildfires that wipe out towns?

“If we think about what is going to be the best way to tilt your portfolios in the direction to benefit, it’s really difficult to do,”

“These will probably be great investments over 20 years, but when we’re judged over one to three years, it’s a little more challenging for us.”

Some firms cater to institutional clients, like public employee pension funds, that want combating climate change to be part of their investment strategy and are willing to take a short-term hit. But they aren’t a majority

And over the past couple of years, many banks and asset managers have shrunk from anything with a climate label for fear of losing business from states that frown on such concerns.

On top of that, the war in Ukraine scrambled the financial case for backing a rapid energy transition. Artificial intelligence and the movement toward greater electrification are adding demand for power, and renewables haven’t kept up

All of that is about the relative appeal of investments that would slow climate change

If you bought some of the largest solar-energy exchange-traded funds in early 2023, you would have lost about 20 percent of your money, while the rest of the stock market soared.

There is evidence that banks and investors price in some physical risk, but also that much of it still lurks, unheeded.

“I’m very, very worried about this, because insurance markets are this opaque weak link,” Dr. Sastry said. “There are parallels to some of the complex linkages that happened in 2008, where there is a weak and unregulated market that spills over to the banking system.”

Regulators worry that failing to understand those ripple effects could not just put a single bank in trouble but even become a contagion that would undermine the financial system.

But while the European Central Bank has made climate risk a consideration in its policy and oversight, the Federal Reserve has resisted taking a more active role, despite indications that extreme weather is feeding inflation and that high interest rates are slowing the transition to clean energy.

“The argument has been, ‘Unless we can convincingly show it’s part of our mandate, Congress should deal with it, it’s none of our business,’”

a much nearer-term uncertainty looms: the outcome of the U.S. election, which could determine whether further action is taken to address climate concerns or existing efforts are rolled back. An aggressive climate strategy might not fare as well during a second Trump administration, so it may seem wise to wait and see how it shakes out.

big companies are hesitating on climate-sensitive investments as November approaches, but says that “two things are misguided and quite dangerous about that hypothesis.”

One: States like California are establishing stricter rules for carbon-related financial disclosures and may step it up further if Republicans win

And two: Europe is phasing in a “carbon border adjustment mechanism,” which will punish polluting companies that want to do business there.

at the moment, even European financial institutions feel pressure from the United States, which — while providing some of the most generous subsidies so far for renewable-energy investment — has not imposed a price on carbon.

The global insurance company Allianz has set out a plan to align its investments in a way that would prevent warming above 1.5 degrees Celsius by the end of the century, if everyone else did the same. But it’s difficult to steer a portfolio to climate-friendly assets while other funds take on polluting companies and reap short-term profits for impatient clients.