Just how good AI is getting needs to be taken seriously. How China-US rivalry could be a source of self-renewal not mutual destruction. Whatever measures the government takes, its burst real-estate bubble remains a threat to the Chinese economy. The current geopolitical crisis in Europe should be harnessed to spur speedy execution in critical areas of innovation. Fitness fads seem to suit consumers’ lack of constancy, but above all they suit the wellness industry.
QUOTE OF THE WEEK
ARTICLE OF THE WEEK
Kevin Roose, We Need to Talk About How Good A.I. Is Getting
(The New York Times, 24 August 2022)
A must-read to understand in palatable terms what’s going on with AI. It finds itself in a “golden age” of progress. Over the past 10 years many areas of AI research have experienced a wave of tremendous innovation through the rise of techniques like deep learning and the advent of specialized hardware for running huge, computationally intensive AI models. Some of that progress has been slow and steady, but at other times, “it feels more like the flick of a switch — impossible acts of magic suddenly becoming possible.” Many experts now believe that major changes are right around the corner, for better or worse, so it’s time to start taking the potential and risks of AI seriously (behind a paywall but gifted article – reads in 7-8 min).
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Yuen Yuen Ang, The Clash Of Two Gilded Ages
(Noéma, 31 August 2022)
A rich and unusual perspective! The academic makes an intriguing proposition, explaining that despite their great-power rivalry, America and China share more similarities than most people think (though they are never identical), both living through a Gilded Age and struggling to end excesses of capitalism. “The U.S. and China confront sharp inequality, corruption or capture of state power by economic elites, and persistent financial risks to common people who have no way to indemnify themselves.” In conclusion, she argues that “competition can be a force for self-renewal instead of mutual destruction” (metered paywall – reads in about 10 min).
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Brad Setser, Beijing’s Debts Come Due
(Foreign Affairs, 30 August 2022)
It is well understood how China’s real estate crisis poses financial risks, but, as this article explains, it is ultimately a crisis of economic growth. The real estate industry is estimated to drive over a quarter of the country’s current economic activity, so it is not difficult to see how a downturn in the property market could trigger a prolonged economic slump. Simply put: even though pervasive government intervention can prevent the destabilizing withdrawal of all financing to the property market, the burst of the real-estate bubble threatens China’s economy (metered paywall that may require prior registration – reads in 8-10 min).
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Jim Snabe, We must cut Europe’s Gordian knots
(Politico, 1 September 2022)
Siemens’ chairman argues that we should be encouraged and inspired by the collective achievements of which the EU is sometimes capable to use the current geopolitical crisis as a spark for the same kind of speedy execution in four critical areas: (1) Renewable energy systems; (2) Industrial chips, (3) 5G, (4) data sharing and AI (metered paywall – reads in 5-6 min).
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Emily Stewart, Why we keep falling for fitness fads
(VOX, 24 August 2022)
Millions of people give up significant portions of ther time, energy, and money for a workout that they do not really enjoy. And then, they are on to the next thing, the next fad. “Everyone does what’s hot, then something else becomes hot, and everyone does that.” Fitness trends (like Peloton) constantly ebb and flow, often by design. Fitness is not inherently a consumer endeavor, but we tend to approach it as one (particularly in the US), and the wellness industry is more than happy to oblige. The reason: “There’s no money in telling people to go for a walk” (free access – reads in 6-7 min).
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