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The United States has one of the world’s largest pay gaps, with chief executives earning nearly 300 times what the average worker makes, according to some economists’ estimates. That is much higher than the 20-to-1 ratio recommended by Gilded Age magnates like J. Pierpont Morgan and the 20th century management visionary Peter Drucker.

“The market rate for me as a C.E.O. compared to a regular person is ridiculous, it’s absurd,” said Mr. Price, who said his main extravagances were snowboarding and picking up the bar bill. He drives a 12-year-old Audi

Mr. Price, who started the Seattle-based credit-card payment processing firm in 2004 at the age of 19, said he would pay for the wage increases by cutting his own salary from nearly $1 million to $70,000 and using 75 to 80 percent of the company’s anticipated $2.2 million in profit this year.

Of all the social issues that he felt he was in a position to do something about as a business leader, “that one seemed like a more worthy issue to go after.”

The happiness research behind Mr. Price’s announcement on Monday came from Angus Deaton and Daniel Kahneman, a Nobel Prize-winning psychologist. They found that what they called emotional well-being — defined as “the emotional quality of an individual’s everyday experience, the frequency and intensity of experiences of joy, stress, sadness, anger, and affection that make one’s life pleasant or unpleasant” — rises with income, but only to a point. And that point turns out to be about $75,000 a year.

Of course, money above that level brings pleasures — there’s no denying the delights of a Caribbean cruise or a pair of diamond earrings — but no further gains on the emotional well-being scale.

As Mr. Kahneman has explained it, income above the threshold doesn’t buy happiness, but a lack of money can deprive you of it.

Serious psychological distress and suicide-related thoughts or actions also rose by 70 percent in young adults, from 7.7 percent to 13.1 percent

The percentages for older adults remained stable over the same period, indicating that whatever is driving the changes is disproportionately affecting those who are young

“cultural trends in the last 10 years may have had a larger effect on mood disorders and suicide-related outcomes among younger people

found the greatest upticks in young people who were wealthier and female.

they occurred during a period of economic expansion and at a time when drug and alcohol use among young people has been unchanged or decreasing.

the increases may be linked to increased time spent on social media and electronic communication, along with a decrease in the sleep young people are getting

“Social media has moved from being something that about half of teens were using every day to something almost all teens are doing every day,”

“It used to be an optional thing, and now, especially among girls, it’s virtually mandatory,”

she called social media “the perfect place to be verbally aggressive,” which can contribute to depression and low self-esteem.

Jared Roseman, 20, a German and linguistics major at Georgetown, who described himself as “a generally kind of anxious person,” said constantly viewing the curated images of friends’ lives can skew one’s sense of self. “It creates a false sense of reality so that many people start to doubt themselves.”

The increase in adolescent depression was higher among wealthier people, rising 79 percent between 2010 and 2017 in the highest income bracket, to 14.1 percent, while increasing 55 percent, to 15.3 percent, in the lowest income group during the same period.

“the message being transmitted by parents is that the world is a dangerous place.”

“Children aren’t really being allowed to be exposed to the idea that you can survive stress . . . so all of this could be affecting children’s ability to feel resilient and be resilient to everyday stressors,”

Social media plays into an innate human and animal preoccupation with hierarchy, said Joshua Coleman, a psychologist in Oakland, Calif., and a senior fellow at the Council on Contemporary Families. “It offers almost a minute-to-minute update on your social status,” he said. “Every interaction you have is rated, and that’s basically what life is like for young people these days.

“Maintaining your parents’ standard of living is harder than it was 20 years ago,” she said. “They feel, ‘I have to get into that top university that my parents attended, and if I don’t, I have no life, I will be left behind, I won’t be able to support myself.’ ”

Lydia Turnage, 23, who graduated from Georgetown last year and is now a law student at Columbia University, said among her peers a bachelor’s degree is so common these days that getting one feels less momentous than it might have a generation or two back.

“All this work to try to get to this place, and then it feels like you’re just checking a box; it doesn’t really get you anything meaningful,” she said. “It’s caused a feeling — I don’t want to say hopelessness, but cynicism.”

That feeling is compounded by the pressure to already have a job lined up after college, she said. “It’s definitely a conversation that students are having a lot more.

Despite the increase in distress indicators, he said, the overall percentages are still low.

I’m not willing to say that we have a widespread problem on our hands when it’s only 13 percent of the population.”

“We are living at a time of massive inequality, where the key to social mobility in our country is higher education, but access to higher education has not expanded,” he said. “Kids sense that their futures are very uncertain, and that’s also anxiety-producing.”

Turnage said she wishes there were a better solution to stress than “just Band-Aid fixes.”

“A lot of students feel like that’s not really helpful at the end of the day, like figuring out a way to stop it from happening is more important than trying to do something about it as it’s happening,”

One solution she came up with for herself was quitting Instagram a couple of months ago. “I just felt like every time I went on it, it just made me unhappy,” she said. “I just took it off my phone. And I can tell there’s a big difference in just day-to-day mood. It really does make a difference.”

If a black man is carrying a weapon, the chance is 0.00075. One is too many, but it seems to me important to get the scale of this right. Our perceptions are not reality.

I have no doubt at all that Kaepernick and Reid are sincere, and I absolutely defend their right to protest in the way they have, and am disgusted by the president’s response. But on the deaths of unarmed black men, the left-liberal characterization of the problem just does not match the statistical reality.

A Cornell Ph.D. student, Philippe Lemoine, has dug into exactly that: by examining the data from the Police-Public Contact Survey, conducted by the Bureau of Justice Statistics. This is testimony from black people themselves, not the police; it’s far less tainted than self-serving police records.

It’s a big survey — around 150,000 people, including 16,000 African-Americans.

are black men in America disproportionately likely to have contact with the police? Surprisingly, no. In the survey years that Lamoine looked at, 20.7 percent of white men say they interacted at least once with a cop, compared with 17.5 percent of black men.

black men (1.5 percent) are indeed more likely than whites (1.2 percent) to have more than three contacts with police per year — but it’s not a huge difference.

You could also argue that lynching was statistically very rare in the past, but it instilled a real terror that belied this real fact.

If you restrict it to physical violence, the data is worse: Of men who have had at least one encounter with the police in a given year, 0.9 percent of white men reported the use of violence, compared with 3.4 percent of black men.

I think it shows the following: that police violence against black men, very broadly defined, is twice as common as against white men, and narrowly defined as physical force, three times as common, but that there’s no racial difference in police violence that might lead to physical harm, and all such violence is rare.

On the key measure of use of force by the cops, however, black men with at least one encounter with cops are more than twice as likely to report the use of force as whites (one percent versus 0.4 percent). That’s the nub of it. “Force,” by the way, includes a verbal threat of it, as well as restraining, or subduing.

Is “rare” a fair judgment? It’s certainly a subjective one, and I do not know how I would feel if there were a 0.5 percent chance that any time I encountered a cop, I could be subjected to physical violence, as opposed to the 0.2 percent chance that I, as a white man, experience.

What makes it worse for black men, of course, is something called history, in which any violence by the state rightly comes with immensely more emotional and political resonance — and geography. Police violence may be rare across the entire country, but it is concentrated in urban pockets, where the atmosphere is therefore more fearful — and there’s a natural tendency to extrapolate from that context.

Specific horrifying incidents — like Alton Sterling’s death — operate in our psyches the way 9/11 does. It understandably terrified Eric Reid — but also distorted his assessment of the actual risk that one of his family members could suffer the same fate.

It’s true, too, that the huge racial discrepancy in the prison population affects our judgment.

the 3.4 percent of black men who experience violence at the hands of the police are 3.4 percent of the 17.5 percent of those who have at least one encounter with the cops, i.e., 0.5 percent of all black men.)

we’re not talking about extralegal lynchings by civilians, in the context of slavery or segregation or state-imposed discrimination. We’re talking about instantaneous decisions by cops, often in contexts where their own lives are at stake as well. Their perspective — and many of these cops are also African-American — matters as well.

This is the balance we have to strike. We can and should honor the spirit of the protests. But we cannot allow ourselves to let emotion, however justified, overwhelm reality

t the election wasn’t just an anti-May vote. It was also a pro-Corbyn one, especially among the rising generation. Millennials, having never experienced socialism, love it. And Corbyn is on the leftist edge of socialism. He’s for huge increases in taxation and public spending, he promises free college for all, he wants to instate rent controls across Britain’s major cities, and, in his speech last Wednesday, he described gentrification as “social cleansing.”

Most of his proposals would add mountains of debt to the British economy, and he doesn’t really care. Austerity is so over.

This makes him a bigger leap to the left than Trump is to the right. It’s as if Roy Moore were the GOP nominee — and leading in the polls.

another key factor is Corbyn’s effortless Englishness. He is a very specific character — a very English leftist. He’s mild-mannered in speech, even as his ideas are radical. In the last election campaign, he came off as an ordinary man of the people

Evolutionary biology, neuroscience, and psychology are the foundation of Buddhism Is True. And I find much of it both intellectually convincing, and also recognizable with my own developing practice.

“By smoothly addressing the key pending alliance issue early on after the launch of the Biden administration, South Korea and the United States demonstrated the robustness of the firm alliance,”

North Korea has long campaigned for the American troops’ withdrawal, arguing that the threat they posed, including their joint war games with the South Korean military, had forced it to develop nuclear weapons.

How to bring North Korea back to the negotiating table will be a key topic when Mr. Blinken and Mr. Austin visit South Korea next Wednesday and Thursday, meeting President Moon Jae-in and other senior South Korean officials. North Korea has yet to react to their planned visit or the joint military drill by Washington and Seoul.

Mr. Moon’s government hopes that the Biden administration will follow up on the diplomacy started by Mr. Trump rather than going back to former President Obama’s policy of “strategic patience,” which focused on squeezing North Korea with sanctions.

Dubbed “Black Wall Street,” the northern section of Tulsa was home to dozens of Black-owned businesses, including hotels, restaurants, law firms and medical practices.

Despite its prominence, the massacre was little known, if at all, in most parts of the country, until the Oklahoma Commission to Study the Tulsa Race Riot of 1921 was created in 1997

he seeds of violence were planted on the morning of May 31, when the Tulsa Tribune reported that 19-year-old Black shoeshine Dick Rowland had attempted to assault Sarah Page, a 17-year-old white elevator operator in the Drexel Building in the white part of town.

The Tribune’s overdramatized account of what happened — the story headline read “Nab Negro for Attacking Girl in Elevator” — sparked the forming of a lynch mob outside the Tulsa County Courthouse, where Rowland was in custody.

A group of roughly 25 Black men from Greenwood went to the courthouse armed to stop the mob from taking Rowland, only to be turned away by authorities.

Later, after the white mob continued to grow and a larger group from Greenwood returned, a scuffle broke out, followed by gunfire

Tulsa police appointed hundreds of white men and boys “special deputies,” even supplying some of them with guns.

It’s a “striking example of how our institutions, particularly policing but not only policing, have played a role over our history in enforcing systemic racism and brutality against Black Americans,” Rep. Steven HorsfordSteven Alexander HorsfordTulsa marks race massacre centennial as US grapples with racial injustice Gun violence: Save the thoughts and prayers, it's time for Senate action Democrats offer bill to encourage hiring of groups hard-hit by pandemic MORE (D-Nev.), second vice chair of the Congressional Black Caucus, told The Hill.

The white mob had razed more than 1,200 houses across 35 city blocks, looting hundreds more. The prosperous business district of Greenwood was destroyed.

As many as 300 people died, historians say, though the exact number is unknown due to mass gravesites. The destruction displaced about 10,000 Greenwood residents.

In total, more than $1.8 million of Black property was destroyed, more than $27 million by today’s dollar.

The staggering economic loss was never recovered by Black Tulsans and is seen as a key factor in the stark racial wealth disparity in the city 100 years later.

Restorative justice, also known as reparative justice or reparations, was one of the recommendations of the Oklahoma commission’s 2001 report.

Steps toward justice, the commission said, could take the form of direct payments to the survivors and their descendants, a scholarship for descendants, economic development in Greenwood and a memorial for the massacre victims.

The 100-year anniversary includes events hosted by the 1921 Tulsa Race Massacre Centennial Commission, which spearheaded the building of Greenwood Rising, a $30 million history museum and center that will fully open in July.

Many advocates have argued that the centennial commission hasn’t done enough to raise up the voices of the survivors and their descendants, but Horsford said he doesn’t want that to detract from the importance of the weekend.The focus should be on “what caused the massacre and those who contributed to it and the systemic reasons for it,” Horsford said.

There are no obvious financial bubbles, and given the stock market expansion, consumers and investors appear confident about the long run.

The scope of tax losses could mean layoffs of teachers, firefighters and police across much of the nation.

The next round of Covid relief must accomplish two things. First, it must extend the supplemental pandemic unemployment insurance that has sustained more than 10 million families since March.

Failure to replace state and local government tax losses will have damaging effects, deepening the downturn and potentially adding years to a full recovery.

In fact, since January, approximately 1 million local government employees have already lost their jobs. But it also means significant reductions in public services next year.

Many investments could also reduce costs for local governments with more energy efficient buildings and lower transportation costs.

The House passed a version of pandemic relief with a $2.2 trillion estimated cost in the spring.

While GOP resistance to this size of relief has been characterized as a bailout to poorly run states, that rhetoric is simply wrong.

the economic distress facing states is caused by the fallout of Covid, not fiscal mismanagement.

But we face the pandemic with the government we have, not the government we wished we had. So, a new relief bill should provide a good working example of compromise for the next administration

Most large American cities face significant congestion problems, and few roads have the necessary technology to accommodate smart vehicles.

The Biden infrastructure plan calls for $2 trillion of spending. This is more than earlier transit plans, but not out of range of all federal infrastructure spending over a typical five to seven year spending plan.

Still, the short-term economic damage from the pandemic will likely persist for several more years. And the long-term damage, particularly to children and young adults, may last for decades. Because of this, Covid-19 relief should be the first economic policy priority of the Biden administration.

We still have rapidly rising health care spending, a counterproductive trade war that weakened US manufacturing and comprehensive immigration reform to contend with. We need longer term paths to constructive compromise.

Over the past few decades, the United States has moved away from federalism, where state and local government take a more active role in determining their own best course of action on many of our most divisive issues. This weakens our ability to craft compromises.

President-elect Biden faces an historically weakened economy and strengthening pandemic. He also steps into office in an age of deep political distrust. As he fights the economic fallout of Covid, he has a rare chance to resurrect the mechanisms of compromise that have served the United States well for 244 years.

D’Errico has developed a scenario to explain how number systems might have arisen through the very act of producing such artefacts. His hypothesis is one of only two published so far for the prehistoric origin of numbers.

It all started by accident, he suggests, as early hominins unintentionally left marks on bones while they were butchering animal carcasses. Later, the hominins made a cognitive leap when they realized that they could deliberately mark bones to produce abstract designs — such as those seen on an approximately 430,000-year-old shell found in Trinil, Indonesia6. At some point after that, another leap occurred: individual marks began to take on meaning, with some of them perhaps encoding numerical information

The Les Pradelles hyena bone is potentially the earliest known example of this type of mark-making, says D’Errico. He thinks that with further leaps, or what he dubs cultural exaptations, such notches eventually led to the invention of number signs such as 1, 2 and 37.

Overmann has developed her own hypothesis to explain how number systems might have emerged in prehistory — a task made easier by the fact that a wide variety of number systems are still in use around the world. For example, linguists Claire Bowern and Jason Zentz at Yale University in New Haven, Connecticut, reported in a 2012 survey that 139 Aboriginal Australian languages have an upper limit of ‘three’ or ‘four’ for specific numerals. Some of those languages use natural quantifiers such as ‘several’ and ‘many’ to indicate higher values

here is even one group, the Pirahã people of the Brazilian Amazon, that is sometimes claimed not to use numbers at all10.

In a 2013 study11, Overmann analysed anthropological data relating to 33 contemporary hunter-gatherer societies across the world. She discovered that those with simple number systems (an upper limit not much higher than ‘four’) often had few material possessions, such as weapons, tools or jewellery. Those with elaborate systems (an upper numeral limit much higher than ‘four’) always had a richer array of possessions.

In societies with complex number systems, there were clues to how those systems developed. Significantly, Overmann noted that it was common for these societies to use quinary (base 5), decimal or vigesimal (base 20) systems. This suggested to her that many number systems began with a finger-counting stage.

This finger-counting stage is important, according to Overmann. She is an advocate of material engagement theory (MET), a framework devised about a decade ago by cognitive archaeologist Lambros Malafouris at the University of Oxford, UK12. MET maintains that the mind extends beyond the brain and into objects, such as tools or even a person’s fingers. This extension allows ideas to be realized in physical form; so, in the case of counting, MET suggests that the mental conceptualization of numbers can include the fingers. That makes numbers more tangible and easier to add or subtract.

The societies that moved beyond finger-counting did so, argues Overmann, because they developed a clearer social need for numbers. Perhaps most obviously, a society with more material possessions has a greater need to count (and to count much higher than ‘four’) to keep track of objects.

An artefact such as a tally stick also becomes an extension of the mind, and the act of marking tally notches on the stick helps to anchor and stabilize numbers as someone counts.

some societies moved beyond tally sticks. This first happened in Mesopotamia around the time when cities emerged there, creating an even greater need for numbers to keep track of resources and people. Archaeological evidence suggests that by 5,500 years ago, some Mesopotamians had begun using small clay tokens as counting aids.

Overmann acknowledges that her hypothesis is silent on one issue: when in prehistory human societies began developing number systems. Linguistics might offer some help here. One line of evidence suggests that number words could have a history stretching back at least tens of thousands of years.

Evolutionary biologist Mark Pagel at the University of Reading, UK, and his colleagues have spent many years exploring the history of words in extant language families, with the aid of computational tools that they initially developed to study biological evolution. Essentially, words are treated as entities that either remain stable or are outcompeted and replaced as languages spread and diversif

Using this approach, Pagel and Andrew Meade at Reading showed that low-value number words (‘one’ to ‘five’) are among the most stable features of spoken languages14. Indeed, they change so infrequently across language families — such as the Indo-European family, which includes many modern European and southern Asian languages — that they seem to have been stable for anywhere between 10,000 and 100,000 years.

The kunga is the first known instance of a human-engineered hybrid of two species, a production far beyond the traditional processes of the domestication of animals, the researchers found.

Like mules, which are hybrids between horses and donkeys, and which were created much later, the kungas were sterile. Each new kunga was a one-off, a mating between a wild ass stallion and a donkey.

The stallions had to be captured and kept in captivity, even though they were highly aggressive, as modern records have indicated.

Kungas held their high status for at least 500 years, Dr. Geigl said. Horses did not appear until around 4,000 years ago to take their place in battle and ceremony, and to contribute to the creation of other hybrids. Before the current research, the oldest known hybrid was a mule from a site in Turkey dating to 3,000 years ago. Members of the same team reported on that find in 2020.

the “results were very convincing,” showing that people “were experimenting with hybrid equids long before the arrival of the horse.”

Fiona Marshall, an archaeologist at Washington University in St. Louis, who has researched the prehistory of donkeys and their domestication, said the study was “enormously significant” partly because it showed that the breeders had clear intentions. The early process of domestication was always murky — probably part accident, part human intervention — but this research showed what the ancient Syrians were after.

“People wanted the qualities of a wild animal,” she said. Donkeys might have been tamer than their ancestors, the African wild ass, but the breeders in Mesopotamia wanted to back breed to other wild asses for strength and speed — and perhaps size.

the team sequenced DNA from numerous sources, including modern donkeys, horses and several species of wild asses, and museum samples.

Of particular importance were the bones of 44 kungas interred at a rich burial site in Syria called Umm el-Marra. Those skeletons had earlier led Dr. Weber and others to hypothesize that they were hybrids and that they were the kungas described in tablets and represented in art.

Their teeth showed bit marks and indicated they had been fed a special diet.

Donkeys are plentiful, of course, but the last known Syrian wild asses died in the late 1920s.

“The recipe for making the kunga was unknown for thousands of years,” Dr. Bennett said. “And we finally decode it not even 100 years since one element has become extinct.”

the scope of emigration has been highly variable over time. For most of the early 2000s around half a million residents, on net, were leaving every year according to United Nations data. But after 2008 that number fell sharply—probably in part due to China’s strong recovery from the global financial crisis while the U.S. and other major economies struggled. The early 2010s, a period of strong Chinese growth, also coincided with the slow erosion of China’s working-age labor force, creating opportunities for both ambitious Chinese citizens and foreigners willing to relocate there.

by the late 2010s, this trend had begun to reverse. Net emigration from China, which had fallen as low as 125,000 in 2012 according to U.N. data, had rebounded to nearly 300,000 by 2018

net emigration in 2022 at over 300,000 again, after a net drain of about 200,000 in 2021.

Net outflows of high net-worth individuals (with more than $1 million in assets) from China were steady at around 9,000 a year for most of the early 2010s. But in the late 2010s, that number started rocketing up: In 2017, net emigration by the wealthy was over 11,000 individuals, and by 2019 it was more than 15,000.

Higher numbers of wealthy individuals leaving could indicate faster wealth creation itself—and ambitious emigrants can help facilitate flows of capital and technology back to China.

this latest emigration wave is also taking place at a time of weakening growth and an increased populist tilt by Beijing. It is also happening during a fast rise in postsecondary education that is creating a growing supply of credentialed workers. Those same workers are facing anemic job growth in the service sectors where many of them would find employment

Since 2017, average annual service-sector employment growth has been just 0.4%, according to figures from data provider CEIC. Excluding 2022, when much of the economy was shut due to Covid-19 lockdowns, only moves that average up to 1.4%. In the five years through 2017 on the other hand, service jobs grew an average of 4.4% a year.

Rising net emigration also mirrors much smaller influxes of foreign talent in recent years—another trend that threatens to slow China’s climb up the technological ladder. Foreign residents of Shanghai and Beijing numbered just 163,954 and 62,812 in 2020, according to official data, down 21% and 42%, respectively, since 2010.

For much of the new millennium, China has been a place where the ambitious, hardworking and lucky could often get ahead. But in today’s China—more focused on security and control, less on growth—it is no longer clear how true that really is.

China’s drop was much much bigger; the Japan of the 80s was never the export machine people believed it to be. Both countries turned to investment in real estate and infrastructure as a replacement growth driver — although again, China did this much more than Japan did. Essentially, China did all the the things we typically think of Japan as having done 25 years earlier, but much more than Japan actually did them.

Yes, for those who were wondering, this does look a little bit like what happened to Japan in the 1990s

Already the country is not growing much faster than the G7, and as the ongoing real estate bust weighs on the economy, even that small difference may now be gone. The country’s surging auto industry is a bright spot, but won’t be big enough to rescue the economy from the evaporation of its primary growth driver.

Even if it manages to climb up to 40%, that’s still a fairly disappointing result — South Korea is at 71% and Japan at 65%

a re-acceleration would require a massive burst of productivity growth, which just seems unlikely.

That means China’s catch-up growth only took it to 30% of U.S. per capita GDP (PPP)

There’s one main argument that people make for a quick Chinese decline: rapid aging. But while I don’t want to wave this away, I don’t think it’s going to be as big a deal as many believe

This is another example of China’s peak being both awe-inspiring and strangely disappointing at the same time.

Now that China has hit its peak, will it decline? And if so, how much and how fast?

it seems likely that China’s growth will now slow to developed-country levels, or slightly higher, without much prospect for a sustained re-acceleration

when people contemplate Chinese decline, they’re not asking whether its economy will shrink; they’re asking whether its relative economic dominance and geopolitical importance will decrease.

If we just casually pattern-match on history, the answer would probably be “not for a long time”. Most powerful countries seem to peak and then plateau. Britain ruled the waves for a century.

U.S. relative power and economic dominance peaked in the 1950s, but it didn’t really start declining until the 2000s

Japan and Germany had their military power smashed in WW2, but remained economic heavyweights for many decades afterwards.

When the Roman Empire declined, it got a lot poorer. But in the modern economy, countries that decline in relative terms, and in geopolitical power, often get richer

he total fertility rate has been low since even before the one-child policy was implemented, but recently it has taken a nose-dive. Two years ago, the UN put it at 1.16, which is 40% lower than the U.S. and 22% lower than Europe

The country’s total population only started shrinking this year, but its young population started falling sharply 20 years ago, due to the echo of low fertility in the 80s. The most common age for a Chinese person is now about 50 years old, with another peak at 35:

The first reason is that power is relative, and China’s rivals have demographic issues of their own. The U.S., Europe, India and Japan all have higher fertility than China, but still below replacement level

demographics aren’t actually going to force Chinese power or wealth into rapid decline over the next few decades.

third of all, evidence suggests that population aging is really more of a persistent drag than a crisis or disaster.

Second, demographics won’t take away China’s biggest economic advantage, which is clustering and agglomeration effects. Asia is the world’s electronics manufacturing hub. It’s also by far the most populous region in the world, giving it the biggest potential market size

China will act as a key hub for that region, in terms of trade, supply chains, investment, and so on. China is shrinking, but Asia is not

As a result, there are suddenly many fewer Chinese people able to bear children, which is why the actual number of births in China has fallen by almost half since 2016:

we’d find that every percentage point of the senior population share that China gains relative to other countries might reduce its relative economic performance by about 1.15%. That’s not a huge number.

Now, if we look at the research, we find some estimates that are much larger than this — for example, Ozimek et al. (2018) look at specific industries and specific U.S. states, and find an effect on productivity that’s three times as large as the total effect on growth that I just eyeballed above. Maestas et al. (2022) look at U.S. states, and also find a larger effect. But Acemoglu and Restrepo (2017) look across countries and find no effect at all.

On top of that, there are plenty of things a country can do to mitigate the effects of aging. One is automation. China is automating at breakneck speed,

A second is having old people work longer; China, which now has higher life expectancy than the U.S., is well-positioned to do this.

Finally, aging will prompt China to do something it really needs to do anyway: build a world class health care system

this would help rectify the internal imbalances that Michael Pettis always talks about, shifting output from low-productivity real estate investment toward consumption.

if not aging, the only other big dangers to China are war and climate change.

To realize its full potential, Altasia will need integration — it will need some way to get Japanese and Korean and Taiwanese investment and technology to the vast labor forces of India, Indonesia, and the rest

the most likely outcome is that China sits at or near its current peak of wealth, power and importance through the middle of this century at least.

Altasia has more people and arguably more technical expertise than China. And it’s the only alternative location for the Asian electronics supercluster.

War was the big mistake that Germany made a century ago, so let’s hope China doesn’t follow in its footsteps.

The story of whether and how that complex web of investment, tech transfer, and trade develops will be the next great story of globalization.

But I think the very complexity of Altasia will lead to its own sort of adventure and excitement.

for Western companies looking for new markets, Altasia will potentially be more exciting than China ever was. The Chinese market delivered riches to some, but the government banned some products (especially internet services) and stole the technology used to make others. Ultimately, China’s billion consumers turned out to be a mirage for many. The economies and societies of Altasia, in comparison, are much more open to foreign products.

as I have a headache because (of) shrapnel in my head."

German intelligence officials said they, too, have similar if not identical documents, though they didn't detail how they got them.

The words include answers to simple questions such as the would-be militant's birth date, blood type, address, marital status and countries visited.

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That means the people questioned could have gone into ISIS-controlled territory, have been turned away or perhaps fought for the terror group in Syria and Iraq and then perhaps left. If they aren't in the war zone, one fear is that they may bring their ISIS approach, tactics and mindset elsewhere -- perhaps proving a threat to other countries.

Koths said. "We are taking these into consideration of our law enforcement measures and security. "

We have seen the attacks perpetrated on mainland Europe over the past year,"

That is why it is so important for us to work together to counter this threat."

Form has 23 items

“When you’re in your 50s and you want to save this thing, it seems like the greatest idea. You’re full of fire,” said Cuthbert. “But when you’re in your 70s? Well, it’s a bit of a different story.”

“Driving across the flat parts of Canada and being able to see these architectural elements juxtaposed against the landscape, it really is magical,” said Piwowar.

On the final day, a small crowd lined the train tracks and highway to watch a sliver of town’s history collapse into a cloud of grain dust.

China’s annual births, the official said, could hit 20 million soon, resulting in a population of 1.45 billion in 2030

The new two-child policy, which among other things obliges parents to seek permission for a second child and does not allow single women to bear children

What that index didn't take into account — and what has compounded months of governmental failures — is that even before COVID-19 arrived on its shores, the U.S. was an unusually sick country for its level of wealth and development.

High blood pressure, obesity and metabolic disorders are all on the rise in the U.S.

Healthy life expectancy — the number of years people can expect to live without disability — is 65.5 years in the U.S., more than two decades fewer than in Japan.

65,700 Americans died of drug overdoses in 2019, more than double the number in 2010. Those deaths account for more than half of all drug overdose fatalities worldwide and held down life expectancy in the U.S.

Mortality for mothers and children under 5 is 6.5 per 1,000 live births in the U.S., compared to 4.9 for other wealthy countries.

All in all, more than 40% of American adults have a pre-existing health condition that puts them at higher risk of severe COVID-19.

A study published in August found cardiovascular disease can double a patient's risk of dying from COVID-19, while diabetics — who number more than 30 million in the U.S. — are 1.5 times more likely to die.

Context: Lancet Editor-in-Chief Richard Horton has called COVID-19 a "syndemic" — a synergistic epidemic of a new and deadly infectious disease and numerous underlying health problems. The U.S. is squarely in the heart of that syndemic.

Those conditions are particularly prevalent in minority communities with unequal health care access that have disproportionately suffered from COVID-19.

A report from McKinsey earlier this month estimated that poor health costs the U.S. economy about $3.2 trillion a year

For every $1 invested in targeting population health, the U.S. stands to gain almost $4 in economic benefit, and altogether health improvements could add up to a 10% boost to U.S. GDP by 2040.

The bottom line: There is no excuse for the way the U.S. has mishandled COVID-19, but the seeds of this catastrophe were planted well before the novel coronavirus arrived on American shores.

2. How movement spread COVID-19

What's happening: Researchers in Germany studied the effect of entry bans and mandatory quarantines on COVID-19 mortality, and found the earlier such measures were implemented, the greater the effect they had on limiting deaths.

Of note: The study found mandatory quarantines for incoming travelers were more effective than outright entry bans, largely because such bans often exempted citizens and permanent residents, while quarantines usually applied to everyone.

The U.S. lost track of at least 1,600 people flying in from China in just the first few days after the ban went into effect, according to reporting from the AP.

Border controls are of little use if governments don't track and quarantine travelers coming from infected areas.

The bottom line: A virus only moves with its host. One lesson we should learn for future pandemics is that restricting that movement is key to controlling a new pathogen, even though the costs of such controls will only grow in a globalized world.

“This is something that European politicians and consumers didn’t want to admit for quite a long time. It sounds terrible, but that’s the reality. In wartime the economy is mobilized. The decisions are made by the governments, not by the free market. This is the case for Europe this winter,” she said, adding that we may see forced rationing, price controls, the suspension of energy markets and shutdowns of whole industrial sectors. “We are not actually talking about extremely high prices, but we are talking about physical absence of energy resources in certain parts of Europe.”

It’s increasingly clear that Vladimir Putin is using gas as a weapon and trying to supply just enough gas to Europe to keep Europe in a perpetual state of panic about its ability to weather the coming winter.

Europe has been finding all the supplies that it can, but governments are realizing that’s not going to be sufficient. There are going to have to be efforts taken to curb demand as well and to prepare for the possibility of really severe energy rationing this winter.

If things become really severe this winter, I fear that you could see European countries start to look out for themselves rather than one another.

I think we could start to see governments saying, “Well, we’re going to restrict exports. We’re going to keep our energy at home.” Everyone starts to just look out for themselves, which I think would be exactly what Putin would hope for.

it would be wise to assume that Russia will use every opportunity it can to turn the screws on Europe.

I think you would see Russia continue to restrict gas exports and maybe cut them off completely to Europe — and a very cold winter. I think a combination of those two things would mean sky-high energy prices.

governments will have to ration energy supplies and decide what’s important.

Since Russia invaded Ukraine and maybe until very recently, I’ve had the sense that the European public and the public beyond Europe, as well as policymakers, have been a little bit sleepwalking into a looming crisis.

here was some unrealistic optimism about how quickly Europe could do without Russian gas. And we took too long to confront seriously just how bad the numbers would look if the worst came to pass.

I think there was continued skepticism that Putin would really cut the gas supply. “It might be declining. It might be a little bit lower,” people thought. “But he’s not really going to shut off the supply.” And I think now everyone’s recognizing that’s a real possibility.

Putin has the ability to do a lot of damage to the global economy — and himself, to be sure — if he cuts oil exports as well.

There’s no extra oil supply in the world at all, as OPEC Plus reminded everyone by saying: No, we’re not going to be increasing production much, and we can’t even if we wanted to.

For all the talk about high gasoline prices and the rhetoric of Putin’s energy price hike, Russia’s oil exports have not fallen very much. If that were to happen — either because the U.S. and Europe forced oil to come off the market to put economic pressure on Putin or because he takes the oil off the market to hurt all of us — oil prices go up enormously.

it depends how much he takes off the market. We don’t know exactly. If Russia were to cut its oil exports completely, the prices would just skyrocket — to hundreds of dollars a barrel, I think.

That’s because there’s just no extra supply out there today at all. There’s a very little extra supply that the Saudis and the Emiratis can put on the market. And that’s about it. We’ve used the strategic petroleum reserve, and that’s coming to an end in the next several months.

We’re heading into a winter where markets might simply not be able to work anymore as the instrument by which you determine supply and demand.

if prices just soar to uncontrollable levels, markets are not going to work anymore. You’re going to need governments to step in and decide who gets the scarce energy supplies — how much goes to heating homes, how much goes to industry. There’s going to be a pecking order of different industries, where some industries are deemed more important to the economy than others.

a lot of governments in Europe are putting in place those kinds of emergency plans right now.

if the worst comes to pass, governments will, by necessity, step in to say: Homes get the natural gas, and parts of industry get dumped. Probably they would set price caps on energy or massively subsidize it. So it’s going to be very painful.

Worryingly for the European economy, this may mean that factories that can’t switch fuels will go dormant.

Today, before winter comes, gas prices in Europe are around $60 per million British thermal units. That compares to around $7 to $8 here in the United States

if the worst comes to pass, the market, as a mechanism, simply won’t work. The market will break. The prices will go too high. There’s just not enough energy for the market to balance at a certain price.

don’t forget, the amount of liquid natural gas that Europe is importing today — Asia is competing for those shipments. What happens if the Asia winter is very bad? What happens if China and others are willing to pay very high prices for it?

I think we’re in a multiyear potential energy crisis.

one thing that hasn’t gotten enough attention and that I worry most about is the impact this is having on emerging markets and the developing economies, because it is an interconnected market. When Europe is competing to buy L.N.G. at very high prices, not to mention Asia, that means if you’re in Pakistan or Bangladesh or lower-income countries, you’re really struggling to afford it. You’re just priced out of the market for natural gas — and coal. Coal is incredibly expensive now,

I think that that is a real potential humanitarian crisis, as a ripple effect of what’s happening in Europe right now.

right now, the price of gas in Europe is about four times what it was last year. Russia has cut flows to Europe by two-thirds but is earning the same revenue as it did last year. So Putin is not being hurt by the loss of gas exports to Europe. Europe’s being hurt by that.

this situation could last for several years.

Could the energy crisis bring about a change of heart, in which European countries withdraw some of their support or even begin to pressure Ukraine to negotiate a settlement? Is it possible that could even happen in advance of this winter?

you would imagine that, over time, when you don’t see Ukraine on the front page each and every day, eventually people’s attention wanes a bit and at a certain point the economic pain of high energy prices or other economic harms from the conflict reach a point where support may start to fracture a bit.

Whether that reaches a point where you start to see the West put pressure on Ukraine to capitulate, I think we’re pretty far away from that now, because everyone recognizes how outrageous and unacceptable Putin’s conduct is.

Almost all of these accidental mutations are inconsequential: The virus still looks and functions just as its parent before it did. Over time, though, sets of mutations can layer on top of one another and accumulate, and the virus begins to function differently. Some of these differences confer an advantage of one sort or another—for example, increased transmissibility.

He has been at the forefront of identifying and tracking the variant, but says huge questions remain unanswered. “There’s still considerable uncertainty as to the long-term consequences” of B.1.1.7, Pybus told me. “We don’t even know whether this lineage truly originated in the U.K., with so many countries not doing this surveillance.”

most economists see global trade as a win-win proposition, but resource limitation turns it into a win-lose, zero-sum contest. “The faster China grows, the higher grain prices go, the more people in China or India who upgrade to meat, the higher the tendency for Africa to starve,” he said.

Grantham argues that the late-18th-century doomsayer Thomas Malthus pretty much got it right but just had the bad timing to make his predictions about unsustainable population growth on the eve of the hydrocarbon-fueled Industrial Revolution, which “partially removed the barriers to rapid population growth, wealth and scientific progress.” That put off the inevitable for a couple of centuries, but now, ready or not, the age of cheap hydrocarbons is ending. Grantham’s July letter concludes: “We humans have the brains and the means to reach real planetary sustainability. The problem is with us and our focus on short-term growth and profits, which is likely to cause suffering on a vast scale. With foresight and thoughtful planning, this suffering is completely avoidable.”

Grantham, the public face of a company that manages more than $100 billion in assets, the very embodiment of a high-finance insider in blue blazer and yellow tie, has serious doubts about capitalism’s ability to address the biggest problems facing humanity.

When he reminds us that modern capitalism isn’t equipped to handle long-range problems or tragedies of the commons (situations like overfishing or global warming, in which acting rationally in your own self-interest only deepens the harm to all), when he urges us to outgrow our touching faith in the efficiency of markets and boundless human ingenuity, and especially when he says that a wise investor can prosper in the coming hard times, his bad news and its silver lining come with a built-in answer to the skeptical question that Americans traditionally pose to egghead Cassandras: If you’re so smart, how come you’re not rich?

Grantham believes that the best approach may be to recast global warming, which depresses crop yields and worsens soil erosion, as a factor contributing to resource depletion. “People are naturally much more responsive to finite resources than they are to climate change,” he said. “Global warming is bad news. Finite resources is investment advice.”

“Americans are just about the worst at dealing with long-term problems, down there with Uzbekistan,” he said, “but they respond to a market signal better than almost anyone. They roll the dice bigger and quicker than most.”

“E.D.F. is educating people that dealing with climate change will be good for the economy and job creation. One of Jeremy’s insights is that we can make headway on the market side because higher commodity prices will enforce greater efficiency.”

Grantham says that corporations respond well to this message because they are “persuaded by data,” but American public opinion is harder to move, and contemporary American political culture is practically dataproof. “The politicians are the worst,” he said. “An Indian economist once said to me, ‘We have 28 political parties, and they all think climate change is important.’ ” Whatever the precise number of parties in India, and it depends on how you count, his point was that the U.S. has just two that matter, one that dismisses global warming as a hoax and one that now avoids the subject.

Grantham, who says that “this time it’s different are the four most dangerous words in the English language,” has become a connoisseur of bubbles. His historical study of more than 300 of them shows the same pattern occurring again and again. A bump in sales or some other impressive development causes people to get excited. When they do, the price of that asset class — South Sea company shares, dot-coms — goes up, and human nature and the financial industry conspire to push it higher. People want to hear good news; they tend to be bad with numbers and uncertainty, and to assume that present conditions will persist. In the financial industry, the imperative to minimize career risk produces herd behavior.

So it’s news when Grantham, who has built his career on the conviction that peaks and troughs will even out as prices inevitably revert to their historical mean, says that this time it really is different, and not in a good way. In his April letter, “Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever,” he argued that “we are in the midst of one of the giant inflection points in economic history.” The market is “sending us the Mother of all price signals,” warning us that “if we maintain our desperate focus on growth, we will run out of everything and crash.”

here’s the short version: “The prices of all important commodities except oil declined for 100 years until 2002, by an average of 70 percent. From 2002 until now, this entire decline was erased by a bigger price surge than occurred during World War II. Statistically, most commodities are now so far away from their former downward trend that it makes it very probable that the old trend has changed — that there is in fact a Paradigm Shift — perhaps the most important economic event since the Industrial Revolution.”

When prices go up and stay up, it’s not a bubble. Prices may always revert to the mean, but the mean can change; that’s a paradigm shift. As Grantham tells it, oil went first. For a century it steadily returned to about $16 a barrel in today’s currency, then in 1974 the mean shifted to about $35, and Grantham believes it has recently doubled again. Metals and nearly everything else — coal, corn, palm oil, soybeans, sugar, cotton — appear to be following suit. “From now on, price pressure and shortages of resources will be a permanent feature of our lives,” he argues. “The world is using up its natural resources at an alarming rate, and this has caused a permanent shift in their value. We all need to adjust our behavior to this new environment. It would help if we did it quickly.”

Grantham is taking the Malthusian side in an ongoing debate about growth and commodity prices­. The argument often circles back to the bet made in 1980 between the biologist Paul Ehrlich, who foretold catastrophic scarcity caused by overpopulation, and the economist Julian Simon, who argued that any short-term increase in resource prices caused by population growth will stimulate inventors and entrepreneurs to find new ways to exploit those resources, lowering prices in the long run. The two men picked five commodities and wagered on whether their prices, taken as an indicator of scarcity, would be higher or lower in 1990. Simon won, 5-0, even though the world’s population grew by 800 million during that decade. Malthusians have been trying to live down that defeat ever since, but, as Grantham points out in his July letter, if we extend the original bet past its arbitrary 10-year limit to the present day, Ehrlich wins the five-commodity bet 4-1, and he wins big if the bet is further extended to all important commodities.

He’s an impassioned environmentalist not only for the usual reasons but also because he believes humanity’s vexed relationship with the planet is the great economic story of our time. “This commodities thing may turn out to be the most interesting call of my career,” he told me. “I have no doubt we’re going to have a bad hundred years. We have the resources to gracefully handle the transition, but we won’t. We apparently can’t.”

“Whether the stable population will be 1.5 billion or 5 billion,” he said to me, “the question is: How do we get there?”

We allowed about 1.5 million immigrants a year to settle in America in 2014 and 2015, the latest year such figures are available, but a new poll shows that Americans think that number is way too high. 

Harvard-Harris poll, 72 percent of Americans think we should admit fewer than 1 million immigrants a year. Of those, 54 percent think we should have fewer than 500,000 immigrants a year, and 35 percent think the number should be 250,000 or even less.

While President Trump has been acting as “good cop” with his extremely generous offer of eventual citizenship for 1.8 million Dreamers, his essential “bad cop,” Acting ICE Director Tom Homan, has been enforcing the law in sanctuary cities and states.

The Obama administration had essentially allowed San Francisco and other liberal areas to opt out of federal immigration law, but that is changing under Director Homan, who promised a 400 percent increase in workplace enforcement.

Harvard-Harris poll shows that most Americans not only think total immigration should be reduced, but also that we should give preference to immigrants with something to contribute to our country, based on their education and skills.

“It is wrong,” Bill Clinton said then, “to permit the kind of abuse of our immigration laws we have seen in recent years, and we must do more to stop it.”

Asia accounted for about $1tn of the decline in the total wealth of the world’s super-rich, with China accounting for more than a quarter of the fall in total HNWI wealth against a backdrop of plunging Chinese stock markets.

HNWI wealth declined across nearly all other regions: Latin America declined by 4%, Europe by 3% and North America by 1%, while wealth rose by 4% in the Middle East. The total wealth of the US super-rich declined by 1%, despite US GDP rising and the rate of unemployment dropping to the lowest level since the 1960s

In the worst annual performance since the financial crisis, the widespread turmoil dragged the FTSE All-World index down 11.5%. More than £240bn was erased from the value of London-listed shares, while the Shanghai composite index crashed by 25%, leaving investors suffering heavy losses.

The 18 million HNWI individuals have at least $3m each, on average, while the total wealth pile of $68.1tn is almost worth as much as the total output of the world economy each year

Oxfam warned earlier this year that the rising concentration of the world’s wealth meant 26 billionaires own as many assets as the 3.8 billion people who make up the poorest half of the planet’s population.

nearly half of all global pay is scooped up by the top 10% of workers, while the lowest-paid 50% receive only 6.4%.

Many scientists have been warning us for years, citing a pace of extinctions far beyond the historical "background" rate. Yet critics have argued that's based on inadequate data, preserving doubt about the scope of modern wildlife declines. To see if such doubt is justified, the 2015 study compared a conservatively low estimate of current extinctions with an estimated background rate twice as high as those used in previous studies. Despite the extra caution, it still found species are disappearing up to 114 times more quickly than they normally do in between mass extinctions

six important things to know about life in the sixth mass extinction:

1. This isn't normal.

"Even under our assumptions, which would tend to minimize evidence of an incipient mass extinction, the average rate of vertebrate species loss over the last century is up to 114 times higher than the background rate," the study's authors write. "Under the 2 E/MSY background rate, the number of species that have gone extinct in the last century would have taken, depending on the vertebrate taxon, between 800 and 10,000 years to disappear.

ndicating that a sixth mass extinction is already under way."

2. Space is at a premium.

The No. 1 cause of modern wildlife declines is habitat loss and fragmentation, representing the primary threat for 85 percent of all species on the IUCN Red List. That includes deforestation for farming, logging and settlement, but also the less obvious threat of fragmentation by roads and other infrastructure.

5. No species is safe.

The number of vertebrate species that have definitely gone extinct since 1500 is at least 338,

Even under the most conservative estimates, the extinction rates for mammals, birds, amphibians and fish have all been at least 20 times their expected rates since 1900, the researchers note (the rate for reptiles ranges from 8 to 24 times above expected). Earth's entire vertebrate population has reportedly fallen 52 percent in the last 45 years alone

he threat of extinction still looms for many — including an estimated 41 percent of all amphibian species and 26 percent of mammals.

4. It's probably still worse than we think.

The 2015 study was intentionally conservative, so the actual rate of extinctions is almost certainly more extreme than it suggests

The study also focuses on vertebrates, which are typically easier to count than smaller or subtler wildlife like mollusks, insects and plants. As another recent study pointed out, this leaves much of the crisis unexamined. "Mammals and birds provide the most robust data, because the status of almost all has been assessed," the authors of that study write. "Invertebrates constitute over 99 percent of species diversity, but the status of only a tiny fraction has been assessed, thereby dramatically underestimating overall levels of extinction.

we may already have lost 7 percent of [contemporary] species on Earth

3. Vertebrates are vanishing.

"If it is allowed to continue, life would take many millions of years to recover, and our species itself would likely disappear early on," says Gerardo Ceballos of the Universidad Autónoma de México, lead author of the 2015 study. "We are sawing off the limb that we are sitting on,"

6. Unlike an asteroid, we can be reasoned with.