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For decades — and particularly since the 2008 recession — politicians in both parties have mounted a strident campaign against government funding for the liberal arts. They express a growing disdain for any courses not explicitly tailored to the job market and outright contempt for the role the liberal arts-focused university has played in American society.

Former Gov. Scott Walker’s assault on higher education in Wisconsin formed the bedrock of many later conservative attacks. His work severely undermined a state university system that was once globally admired. Mr. Walker reportedly attempted to cut phrases like “the search for truth” and “public service” — as well as a call to improve “the human condition” — from the University of Wisconsin’s official mission statement

But blue states also regularly cut higher education funding, sometimes with similar rationales. In 2016, Matt Bevin, the Republican governor of Kentucky at the time, suggested that students majoring in the humanities shouldn’t receive state funding. The current secretary of education, Miguel Cardona, a Democrat, seems to barely disagree. “Every student should have access to an education that aligns with industry demands and evolves to meet the demands of tomorrow’s global work force,” he wrote in December.

Federal funding reflects those priorities. The National Endowment for the Humanities’ budget in 2022 was just $180 million. The National Science Foundation’s budget was about 50 times greater, having nearly doubled within two decades.

What were students meant to think? As the cost of higher education rose, substantially outpacing inflation since 1990, students followed funding — and what politicians repeatedly said about employability — into fields like business and computer science. Even majors in mathematics were hit by the focus on employability.

Universities took note and began culling. One recent study showed that history faculty across 28 Midwestern universities had dropped by almost 30 percent in roughly the past decade. Classics programs, including the only one at a historically Black college, were often simply eliminated.

Higher education, with broad study in the liberal arts, is meant to create not merely good workers but good citizens

this is a grim and narrow view of the purpose of higher education, merely as a tool to train workers as replaceable cogs in America’s economic machine, to generate raw material for its largest companies.

Citizens with knowledge of their history and culture are better equipped to lead and participate in a democratic society; learning in many different forms of knowledge teaches the humility necessary to accept other points of view in a pluralistic and increasingly globalized society.

In 1947, a presidential commission bemoaned an education system where a student “may have gained technical or professional training” while being “only incidentally, if at all, made ready for performing his duties as a man, a parent and a citizen.” The report recommended funding to give as many Americans as possible the sort of education that would “give to the student the values, attitudes, knowledge and skills that will equip him to live rightly and well in a free society,” which is to say the liberal arts as traditionally understood. The funding followed.

The report is true today, too

the American higher education system is returning to what it once was: liberal arts finishing schools for the wealthy and privileged, and vocational training for the rest.

Reversing this decline requires a concerted effort by both government and educational actors

renewed funding for the liberal arts — and especially the humanities — would support beleaguered departments and show students that this study is valuable and valued.

At the university level, instituting general education requirements would guarantee that even students whose majors have nothing to do with the humanities emerged from college equipped to think deeply and critically across disciplines.

Liberal arts professors must also be willing to leave their crumbling ivory towers and the parochial debates about their own career path, in order to engage directly in public life

Apple and Google said they allow users to create audiobooks free of charge that use digitally replicated human voices. The voices featured in audiobooks generated by Apple and Google come from real people, whose voices helped train their automated-narration engines.

Ms. Papel said there is still plenty of work for professional narrators because the new era of AI auto-narration is just getting under way, though she said that might not be the case in the future.

“From what I can see, human narrators are freaking out,

Melissa Papel, a Paris-born actress who records from her home studio in Los Angeles, said she recorded eight hours of content for DeepZen, reading in French from different books. “One called for me to read in an angry way, another in a disgusted way, a humorous way, a dramatic way,” she said.

Charles Watkinson, director of the University of Michigan Press, said the publisher has made about 100 audiobooks using Google’s free auto-narrated audiobook platform since early last year. The new technology made those titles possible because it eliminated the costs associated with using a production studio, support staff and human narrators.

“I understood that they would use my voice to teach software how to speak more humanly,” Ms. Papel said. “I didn’t realize they could use my voice to pronounce words I didn’t say. That’s incredible.”

DeepZen pays its narrators a flat fee plus a royalty based on the revenue the company generates from different projects. The agreements span multiple years

a national union that represents performers, including professional audiobook narrators, said he expects AI to eventually disrupt the industry.

Audiobook sales rose 7% last year, according to the Association of American Publishers, while print book sales declined by 5.8%, according to book tracker Circana BookScan.

eepZen says it has signed deals with 35 publishers in the U.S. and abroad and is working with 25 authors.

Josiah Ziegler, a psychiatrist in Fort Collins, Colo., last year created Intellectual Classics, which focuses on nonfiction works that are out of copyright and don’t have an audiobook edition. 

He chose Mr. Herrmann as the narrator for “The War with Mexico,” a work by Justin H. Smith that won the 1920 Pulitzer Prize for history whose audiobook version Dr. Ziegler expects to publish later this year.

DeepZen, which has created nearly a hundred audiobooks featuring Mr. Herrmann’s voice, is pursuing the rights of other well-known stars who have died.

the major finding of the survey “is that democratic norm violations of the sort many Republicans ran on are an electoral loser.”

Republican candidates, Westwood added, “running on platforms that supported democratic norm violations were standing behind a policy that seems to only resonate with Trump and a small minority of Republican voters.

A publicly released post-election analysis by Neil Newhouse and Jim Hobart, partners at the Republican polling firm Public Opinion Strategies, found, for example, that a far higher percentage of Democrats, 81 percent, believe “Republicans represent a threat to democracy that, if not stopped, will destroy America as we know it,” than Republicans (69 percent) believe the same thing about Democrats

the election outcomes are consistent with the interpretation that the candidates most closely associated with Trump suffered a penalty. Voters rejected all the Trump-endorsed secretary of state nominees in important swing states. Republicans unexpectedly lost seats in districts where Republican incumbents who supported Trump’s impeachment had been denied renomination. Republicans closely linked to Trump lost elections in winnable swing states

Both Democrats and Republicans, Westwood said,overestimate the extent to which the other side supports democratic norm violations by up to five times. There is a real risk that damage to our country could occur not because of support for norm violations but as a pre-emptive strike based on the faulty assumption that the other side has abandoned democracy.

abortion, which worked to the advantage of Democrats, “was more of a factor than the pre-election polls indicated,” with almost as many voters, 31 percent, saying it was a high-priority issue as the 32 percent who identified rising prices and inflation, an issue that benefited Republicans

Almost identical percentages identified concern over democratic backsliding, at 25 percent, a pro-Democratic issue, as the 26 percent who identified jobs and the economy, a pro-Republican concern.

through 2020, a larger percentage of Republicans considered themselves “to be more a supporter of Donald Trump” than “a supporter of the Republican Party.” That came to an end in January 2021, and by this month, 67 percent said they were “more a supporter of the Republican Party,” more than double the 30 percent who said they were “more a supporter of Donald Trump.”

Crime, Greenberg wrote,was a top issue for many Democratic base voters. A quarter of Blacks and half of Hispanics and Asians voters trusted Republicans more than Democrats to address the issue. With Democrats trailing Republicans by 10 points on crime, Democrats have a lot of work to do.There is another word of caution for Democrats. The party’s single most important achievement in 2022 was to maintain control of the Senate, preventing Republicans from blocking Biden’s judicial and executive branch appointments.

n 2024, however, 23 seats in the Democratic caucus will be up for grabs — including two independent seats (Angus King in Maine and Bernie Sanders in Vermont) — making it that much harder for Democrats to keep their thin majority. Eight of these Democratic seats are in purple or red states (Montana and West Virginia, for example), offering multiple opportunities to the Republican Party

In contrast, all 10 of the Republican-held seats up for election in 2024 are in solidly red states.

Socially, cryptocurrency is a coordination game; people want to have the coin that other people want to have, and some sort of abstract technical equivalence doesn’t make one cryptocurrency a good substitute for another. Social acceptance—legitimacy—is what makes a cryptocurrency valuable, and you can’t just copy the code for that.

A thing that worked exactly like Bitcoin but didn’t have Bitcoin’s lineage—didn’t descend from Satoshi’s genesis block and was just made up by some copycat—would have the same technology but none of the value.

Here’s another generalization of Bitcoin: Satoshi made up an arbitrary token that trades electronically for some price. The price turns out to be high and volatile. The price of an arbitrary token is … arbitrary?

it’s very interesting as a matter of finance theory. Modern portfolio theory demonstrates that adding an uncorrelated asset to a portfolio can improve returns and reduce risk.

To the extent that the price of Bitcoin 1) mostly goes up, though with lots of ups and downs along the way, and 2) goes up and down for reasons that are arbitrary and mysterious and not tied to, like, corporate earnings or the global economy, then Bitcoin is interesting to institutional investors.

In practice, it turns out that the price of Bitcoin is pretty correlated with the stock market, especially tech stocks

Bitcoin hasn’t been a particularly effective inflation hedge: Its price rose during years when US inflation was low, and it’s fallen this year as inflation has increased.

The right model of crypto prices might be that they go up during broad speculative bubbles when stock prices go up, and then they go down when those bubbles pop. That’s not a particularly appealing story for investors looking to diversify.

one important possibility is that the first generalization of Bitcoin, that an arbitrary tradeable electronic token can become valuable just because people want it to, permanently broke everyone’s brains about all of finance.

Before the rise of Bitcoin, the conventional thing to say about a share of stock was that its price represented the market’s expectation of the present value of the future cash flows of the business.

But Bitcoin has no cash flows; its price represents what people are willing to pay for it. Still, it has a high and fluctuating market price; people have gotten rich buying Bitcoin. So people copied that model, and the creation of and speculation on pure, abstract, scarce electronic tokens became a big business.

a “builder class”—a brains trust of youngish idealists, which includes Patrick Collison, co-founder of Stripe, a payments firm valued at $74bn, and other (mostly white and male) techies, who are posing questions that go far beyond the usual interests of Silicon Valley’s titans. They include the future of man and machine, the constraints on economic growth, and the nature of government.

They share other similarities. Business provided them with their clout, but doesn’t seem to satisfy their ambition

The number of techno-billionaires in America (Mr Collison included) has more than doubled in a decade.

ome of them, like the Medicis in medieval Florence, are keen to use their money to bankroll the intellectual ferment

The other is Paul Graham, co-founder of Y Combinator, a startup accelerator, whose essays on everything from cities to politics are considered required reading on tech campuses.

Mr Altman puts it more optimistically: “The iPhone and cloud computing enabled a Cambrian explosion of new technology. Some things went right and some went wrong. But one thing that went weirdly right is a lot of people got rich and said ‘OK, now what?’”

A belief that with money and brains they can reboot social progress is the essence of this new mindset, making it resolutely upbeat

The question is: are the rest of them further evidence of the tech industry’s hubristic decadence? Or do they reflect the start of a welcome capacity for renewal?

Two well-known entrepreneurs from that era provided the intellectual seed capital for some of today’s techno nerds.

Mr Thiel, a would-be libertarian philosopher and investor

This cohort of eggheads starts from common ground: frustration with what they see as sluggish progress in the world around them.

Yet the impact could ultimately be positive. Frustrations with a sluggish society have encouraged them to put their money and brains to work on problems from science funding and the redistribution of wealth to entirely new universities. Their exaltation of science may encourage a greater focus on hard tech

the rationalist movement has hit the mainstream. The result is a fascination with big ideas that its advocates believe goes beyond simply rose-tinted tech utopianism

A burgeoning example of this is “progress studies”, a movement that Mr Collison and Tyler Cowen, an economist and seer of the tech set, advocated for in an article in the Atlantic in 2019

Progress, they think, is a combination of economic, technological and cultural advancement—and deserves its own field of study

There are other examples of this expansive worldview. In an essay in 2021 Mr Altman set out a vision that he called “Moore’s Law for Everything”, based on similar logic to the semiconductor revolution. In it, he predicted that smart machines, building ever smarter replacements, would in the coming decades outcompete humans for work. This would create phenomenal wealth for some, obliterate wages for others, and require a vast overhaul of taxation and redistribution

His two bets, on OpenAI and nuclear fusion, have become fashionable of late—the former’s chatbot, ChatGPT, is all the rage. He has invested $375m in Helion, a company that aims to build a fusion reactor.

Mr Lonsdale, who shares a libertarian streak with Mr Thiel, has focused attention on trying to fix the shortcomings of society and government. In an essay this year called “In Defence of Us”, he argues against “historical nihilism”, or an excessive focus on the failures of the West.

With a soft spot for Roman philosophy, he has created the Cicero Institute in Austin that aims to inject free-market principles such as competition and transparency into public policy.

He is also bringing the startup culture to academia, backing a new place of learning called the University of Austin, which emphasises free speech.

All three have business ties to their mentors. As a teen, Mr Altman was part of the first cohort of founders in Mr Graham’s Y Combinator, which went on to back successes such as Airbnb and Dropbox. In 2014 he replaced him as its president, and for a while counted Mr Thiel as a partner (Mr Altman keeps an original manuscript of Mr Thiel’s book “Zero to One” in his library). Mr Thiel was also an early backer of Stripe, founded by Mr Collison and his brother, John. Mr Graham saw promise in Patrick Collison while the latter was still at school. He was soon invited to join Y Combinator. Mr Graham remains a fan: “If you dropped Patrick on a desert island, he would figure out how to reproduce the Industrial Revolution,”

While at university, Mr Lonsdale edited the Stanford Review, a contrarian publication co-founded by Mr Thiel. He went on to work for his mentor and the two men eventually helped found Palantir. He still calls Mr Thiel “a genius”—though he claims these days to be less “cynical” than his guru.

“The tech industry has always told these grand stories about itself,” says Adrian Daub of Stanford University and author of the book, “What Tech Calls Thinking”. Mr Daub sees it as a way of convincing recruits and investors to bet on their risky projects. “It’s incredibly convenient for their business models.”

In the 2000s Mr Thiel supported the emergence of a small community of online bloggers, self-named the “rationalists”, who were focused on removing cognitive biases from thinking (Mr Thiel has since distanced himself). That intellectual heritage dates even further back, to “cypherpunks”, who noodled about cryptography, as well as “extropians”, who believed in improving the human condition through life extensions

Silicon Valley has shown an uncanny ability to reinvent itself in the past.

Like all of these books, it is about the power and untrustworthiness of written texts—history texts in particular. These various strands don’t always cohere. The question of who killed Bonkowski Pasha is part of the main story of the novel, and yet it disappears for chapters at a time. Perhaps more seriously, the postmodern elements sometimes sit uncomfortably with the torrents of historical and sensory detail

“It’s shoot first, ask questions later,”

Each one of these incidents resulted from unique events. But activists and researchers say they stem from a convergence of bigger factors — increased fear of crime and an attendant surge in gun ownership, increasingly extreme political messaging on firearms, fearmongering in the media and marketing campaigns by the gun industry that portray the suburban front door as a fortified barrier against a violent world.

“The gun lobby markets firearms as something you need to defend yourself — hammers in search of nails,”

The perception that crime, especially violent gun crime, has increased is not a manufactured myth. National murder rates have climbed by about a third since 2019, according to government data, even accounting for modest declines in fatal shootings over the past 18 months.

Gun purchases rose during the pandemic and the unrest and racial-justice protests after the murder of George Floyd. Nearly 20 percent of American households bought a gun from March 2020 to March 2022, and about 5 percent of Americans bought a gun for the first time,

More than 30 states also have “stand your ground” laws. Some have recently strengthened their “castle doctrine” laws, making it more difficult to prosecute homeowners who claim self-defense in a shooting.

“People become paranoid and over-worried — and then comes an unannounced knock on their door,”

But several large-scale studies have suggested that the laws have few benefits, increase the likelihood of gun violence and might discriminate against minority groups, especially Black people.

The effect of self-defense laws protecting homeowners and gun owners is fiercely debated, with proponents arguing that their mere presence deters criminal behavior or civil disorder

shootings in which white people shot Black people were nearly three times as likely to be found “justified” compared with cases where white people shot other white people.

A 2023 analysis of recent academic research by the nonpartisan RAND Corporation found no evidence that such laws had the deterrent effect that their sponsors claimed, and there was some indication, while not conclusive, that the laws might account for some increases in gun violence.

weapons were actually more likely to be used in suicides, discharged accidentally, stolen or brandished in domestic disputes, than used to fend off an external attack.

The National Rifle Association and other gun-rights groups have long disputed such assessments, citing surveys that show far greater use of weapons for legitimate self-defense.

About a third of the roughly 16,700 gun owners surveyed in a study led by William English, a Georgetown University business school professor, said they had used their guns for self-defense, prompting Mr. English to estimate that as many as 1.6 million people in the country had defended themselves with a weapon that year.

With consumers buying so little, at least relative to the Chinese economy’s productive capacity, how can the nation generate enough demand to keep that capacity in use? The main answer, as Michael Pettis points out, has been to promote extremely high rates of investment, more than 40 percent of G.D.P. The trouble is that it’s hard to invest that much money without running into severely diminishing returns.

financial repression — paying low interest on savings and making cheap loans to favored borrowers — that holds down household income and diverts it to government-controlled investment, a weak social safety net that causes families to accumulate savings to deal with possible emergencies, and more.

Part of the answer is bad leadership. President Xi Jinping is starting to look like a poor economic manager, whose propensity for arbitrary interventions — which is something autocrats tend to do — has stifled private initiative.

very high rates of investment may be sustainable if, like China in the early 2000s, you have a rapidly growing work force and high productivity growth as you catch up with Western economies

But China’s working-age population peaked around 2010 and has been declining ever since. While China has shown impressive technological capacity in some areas, its overall productivity also appears to be stagnating.

This, in short, isn’t a nation that can productively invest 40 percent of G.D.P. Something has to give.

the government was able to mask the problem of inadequate consumer spending for a number of years by promoting a gigantic real estate bubble. In fact, China’s real estate sector became insanely large by international standards.

what China must do seems straightforward: end financial repression and allow more of the economy’s income to flow through to households, and strengthen the social safety net so that consumers don’t feel the need to hoard cash. And as it does this it can ramp down its unsustainable investment spending.

But there are powerful players, especially state-owned enterprises, that benefit from financial repression

And when it comes to strengthening the safety net, the leader of this supposedly communist regime sounds a bit like the governor of Mississippi, denouncing “welfarism” that creates “lazy people.”

Japan ended up managing its downshifting well. It avoided mass unemployment, it never lost social and political cohesion, and real G.D.P. per working-age adult actually rose 50 percent over the next three decades, not far short of growth in the United States.

My great concern is that China may not respond nearly as well. How cohesive will China be in the face of economic trouble? Will it try to prop up its economy with an export surge that will run headlong into Western efforts to promote green technologies? Scariest of all, will it try to distract from domestic difficulties by engaging in military adventurism?

The latest study looked at data from 126,972 people over the study period. It found that in 2015, 4.2 percent of Medicaid enrollees under the age of 17 in Maryland had overlapping prescriptions of three or more different classes of psychiatric medications. That figure rose to 4.6 percent in 2020.

easy money. In an eye-opening new book, “What Went Wrong With Capitalism,” he makes a convincing case.

“When the price of borrowing money is zero,” Sharma told me this week, “the price of everything else goes bonkers.”

To take just one example: In 2010, as the era of ultralow and even negative interest rates was getting started, the median sale price for a house in the United States hovered around $220,000. By the start of this year, it was more than $420,000.

Nowhere has inflation (in the broad sense of the term) been more evident than in global financial markets. In 1980 they were worth a total of $12 trillion — equal to the size of the global economy at the time. After the pandemic, Sharma noted, those markets were worth $390 trillion, or around four times the world’s total gross domestic product.

But the worst hit is to capitalism itself: a pervasive and well-founded sense that the system is broken and rigged, particularly against the poor and the young. “A generation ago, it took the typical young family three years to save up to the down payment on a home,” Sharma observes in the book. “By 2019, thanks to no return on savings, it was taking 19 years.”

In theory, easy money should have broad benefits for regular people, from employees with 401(k)s to consumers taking out cheap mortgages. In practice, it has destroyed much of what used to make capitalism an engine of middle-class prosperity in favor of the old and very rich.

For wealthier Americans who own assets or had locked in low-interest mortgages, this hasn’t been a bad thing. But for Americans who rely heavily on credit, it’s been devastating.

Since investors “can’t make anything on government bonds when those yields are near zero,” he said, “they take bigger risks, buying assets that promise higher returns, from fine art to high-yield debt of zombie firms, which earn too little to make even interest payments and survive by taking on new debt.”

The hit to the overall economy comes in other forms, too: inefficient markets that no longer deploy money carefully to their most productive uses, large corporations swallowing smaller competitors and deploying lobbyists to bend government rules in their favor, the collapse of prudential economic practices.

“The most successful investment strategy of the 2010s,” Sharma writes, citing the podcaster Joshua Brown, “would have been to buy the most expensive tech stocks and then buy more as they rose in price and valuation.”

First, there was inflation in real and financial assets, followed by inflation in consumer prices, followed by higher financing costs as interest rates have risen to fight inflation

The social consequence of this is rage; the political consequence is populism.

“He promised to deconstruct the administrative state but ended up adding new rules at the same pace as his predecessor — 3,000 a year,” Sharma said of Trump. “His exercise of presidential authority to personal ends shattered historic precedents and did more to expand than restrict the scope of government. For all their policy differences, both leading U.S. candidates are committed and fearless statists, not friends of competitive capitalism.”

We are wandering in fog. And the precipice is closer than we think.