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Category: economics – Page 150

The data show such births in the U.S. and EU are predominantly to unmarried couples living together rather than to single mothers, the report says. The data suggest that societal and religious norms about marriage, childbearing and women in the workforce have changed, said Kelly Jones, the director for the Center on the Economics of Reproductive Health at the Institute for Women’s Policy Research.

Births outside marriage have skyrocketed in developed nations, according to a report from the United Nations.

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…but Our Timelines Are Too Rosy I would actually welcome a correction in public opinion about what AI can and cannot do. This has happened to me multiple times, where I would listen to a CEO on stage make an announcement about what their company is doing with AI, and then 20 minutes later I’d talk to one of their engineers, and they’d say, “No, we’re not doing that, and we have no idea how to do it.” I think it still takes judgment to know what is and what isn’t possible with AI, and when the C-suite does not yet have that judgment it’s possible for companies to make promises very publicly that are just not feasible. Frankly, we see some of this in the self-driving space. Multiple auto [original equipment manufacturer] CEOs have promised self-driving car roadmaps that their own engineers think are unrealistic. I feel [CEOs are] being sincere but just not really understanding what can be done in a certain timeframe.

The co-founder of Google’s deep-learning research team on the promise of a conditional basic income, the need for a skills-based education system and what CEOs don’t understand about artificial intelligence.

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At Quora.com, I respond to quetions on Bitcoin and Cryptocurrency. Today, a reader asked “Will we all be using a blockchain-based currency some day?”.

This is an easy question to answer, but not for usual Geeky reasons: A capped supply, redundant bookkeeping, privacy & liberty or blind passion. No, these are all tangential reasons. But first, let’s be clear about the answer:

Yes, Virginia. We are all destined to move,
eventually, to a blockchain based currency.

I am confident of this because of one enormous benefit that trumps all other considerations. Also, because of flawed arguments behind perceived negatives.

Let’s start by considering the list of reasons why many analysts and individuals expect cryptocurrencies to fail widespread adoption—especially as a currency:

  • It lacks ‘intrinsic value’, government backing or a promise of redemption
  • It facilitates crime
  • Privacy options interfere with legitimate tax enforcement
  • It is susceptible to hacks, scams, forgery, etc
  • It is inherently deflationary, and thus retards economic growth
  • It subverts a government’s right to control its own monetary policy

All statements are untrue, except the last two. My thoughts on each point are explained and justified in other articles—but let’s look at the two points that are partially true:

  1. Indeed, a capped blockchain-based cryptocurrency is deflationary, but this will not necessarily inhibit economic growth. In fact, it will greatly spur commerce, jobs and international trade.
  2. Yes, widespread adoption of a permissionless, open source, p2p cryptocurrency (not just as a payment instrument, but as the money itself), will decouple a government from its money supply, interest rates, and more. This independence combined with immutable trust is a very good thing for everyone, especially for government.

How so?…

Legislators, treasuries and reserve boards will lose their ability to manipulate the supply and demand of money. That’s because the biggest spender of all no longer gets to define “What is money?” Each dollar spent must be collected from taxpayers or borrowed from creditors who honestly believe in a nation’s ability to repay. Ultimately, Money out = Money in. This is what balancing the books requires in every organization.

This last point leads to certainty that we will all be using a blockchain based cryptocurrency—and not one that is issued by a government, nor one that is backed by gold, the dollar, a redemption promise—or some other thing of value.

Just like the dollar today, the value arises from trust and a robust two sided network. So, which of these things would you rather trust?

a) The honesty, fiscal restraint and transparency of transient politicians beholden to their political base?

b) The honesty, fiscal restraint and transparency of an asset which is capped, immutable, auditable? —One that has a robust two sided network and is not gated by any authority or sanctioned banking infrastructure

Today, with the exception of the United States Congress, everyone must ultimately balance their books: Individuals, households, corporations, NGOs, churches, charities, clubs, cities, states and even other national governments. Put another way: Only the United States can create money without a requirement to honor, repay or demonstrate equivalency. This remarkable exclusion was made possible by the post World War II evolution of the dollar as a “reserve currency” and the fractional reserve method by which US banks create money out of thin air and then lend it with the illusion of government insurance as backing. (A risky pyramid scheme that is gradually unravelling).

But, imagine a nation that agrees upon a form of cash that arises from a “perfect” and fair natural resource. Imagine a future where no one—not even governments—can game the system. Imagine a future where creditors know that a debtor cannot print paper currency to settle debts. Imagine what can be accomplished if citizens truly respect their government because the government lives by the same accounting rules as everyone else.

A fair cryptocurrency (based on Satoshi’s open-source code and free for anyone to use, mine, or trade) is gold for the modern age. But unlike gold, the total quantity is clearly understood. It is portable, electronically transmittable (instant settlement without a clearing house), immutable—and it needn’t be assayed in the field with each transaction.

And the biggest benefit arises as a byproduct directly of these properties: Cryptocurrency (and Bitcoin in particular) is remarkably good for government. All it takes for eventual success is an understanding of the mechanism, incremental improvement to safety and security practices and widespread trust that others will continue to value/covet your coins in the future. These are all achievable waypoints along the way to universal adoption.

Philip Raymond co-chairs CRYPSA, hosts the Bitcoin Event and is keynote speaker at Cryptocurrency Conferences. He advises The Disruption Experience in Singapore, sits on the New Money Systems board of Lifeboat Foundation and is a top writer at Quora. Book a presentation or consulting engagement.

The Mars Society is holding a special contest called The Mars Colony Prize for designing the best plan for a Mars colony of 1000 people. There will be a prize of $10,000 for first place, $5,000 for second and $2500 for third. In addition, the best 20 papers will be published in a book — “Mars Colonies: Plans for Settling the Red Planet.”

The Mars colony should be self-supporting to the maximum extent possible – i.e. relying on a minimum mass of imports from Earth. In order to make all the things that people need on Earth takes a lot more than 1000 people, so you will need to augment both the amount and diversity of available labor power through the use of robots and artificial intelligence. You will need to be able to both produce essential bulk materials like food, fabrics, steel, glass, and plastics on Mars, and fabricate them into useful structures, so 3D printing and other advanced fabrication technologies will be essential. The goal is to have the colony be able to produce all the food, clothing, shelter, power, common consumer products, vehicles, and machines for 1000 people, with only the minimum number of key components, such as advanced electronics needing to be imported from Earth.

As noted, imports will always be necessary, so you will need to think of useful exports – of either material or intellectual products that the colony could produce and transport or transit back to Earth to pay for them. In the future, it can be expected that the cost of shipping goods from Earth to Mars will be $500/kg and the cost of shipping goods from Mars to Earth will be $200/kg. Under these assumptions, your job is to design an economy, cost it out, and show that after a certain initial investment in time and money, that it can become successful.

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Maria Bustillos is founder of the blockchain supported publication, Popula. I stole the title of this post from her essay at Medium.com (linked below).* I hope that Maria considers it a tribute rather than title-plagiarism. Her article is blocked by a pay wall, so allow me to explain a concept that confounds even a Nobel Prize winning economist. My take on the issue is somewhat different than Ms. Bustillos.

The difficulty understanding or appreciating Bitcoin boils down to a misconception that the dollar is backed by something more tangible, such as gold, guns or the promise of redemption. Not only is this an illusion, but Bitcoin is backed by something far more tangible, intrinsic and durable.

The illusion that “real” value emanates from government coupled with a robust consumer economy has been woven into our DNA for millennia. But, the value we attribute to a Dollar, Euro, or Yuan is a result of conditioning rather than any intrinsic value. That same conditioning has led us to believe that there is something sane and inherent in a nation that controls its money supply and its monetary policy.

Most public works projects—power generation, space ships, or the telephone network—were controlled by government in the past. If not, they were regulated as a licensed monopoly. This creates a choke point, a lack of competition, and a gaping opportunity for inefficiency, mismanagement or graft. It defies a free market economy and it concentrates power in the hands of politicians. But, at one time, it seemed necessary.

You might assume that government controlled these industries because they relate to areas of critical infrastructure and public welfare. That’s part of it, but it’s not the real reason. In each sector, a distributed or free market solution was prevented due to technology limitations or issues of scaling and geography.

Government issued money exists because in the past, we had no mechanism to arrive at a consensus on the value of something that is portable, fungible, secure, anti-forgeable and easily transmitted. Not even Gold fits the bill (pun intended). Prior to 2009, the only thing that met the criteria for money in a modern society was government issued fiat. At least someone, somewhere said that this is money and that this is what we must use to pay our taxes.

Today, there is no more reason for a government to control its money supply than there is for it to control communication networks, space travel or package delivery services. Today, a free and competitive marketplace benefits all of these industries and even government itself. And here’s the kicker: No harm will come to a government that uses a completely trusted, transparent and decentralized currency, rather than firing up a printing press whenever a group of transient politicians spends beyond their means.

The economic order facilitated by the blockchain is not as radical as it seems. Aristotle sought to solve the double-spend problem and lamented the lack of an accounting tool that we can now address via the clever combination of encryption and a communications network that is both instant and ubiquitous.

I am not smarter than your average bear, nor am I clairvoyant. But once in a while, I recognize a truth before the masses—and before its time. It’s time to clearly and succinctly illuminate business, banks, consumers, creditors and government:

1. The value we attribute to the dollar is an illusion

2. Bitcoin is not just fair and cost effective. It is tangible and durable. It is good for consumers and good for governments.

Bitcoin ushers in an era of accountability and more fairness. It does not facilitate crime, nor interfere with a government’s ability to tax, spend or enforce tax collection.

Bitcoin is a cryptocurrency with a firmly capped supply. Will it lead to deflation? Could governments lose control over their own monetary policy? Yes to both questions…

But, these are each good things. Capping the money supply and decoupling a nation from monetary policy not only eliminates inflation—it increases access to capital, retires debt more quickly, reassures creditors, imposes transparency and honesty—And it accelerates economic growth, rather than retarding commerce.

Dispelling three millennia of conditioning can be confusing and unsettling. I hate understanding something before my peers. Let’s please get ahead of the curve on this one. I want to enjoy the benefits of using real money in my lifetime.

Related Reading:

* I wrote the first article more than 7 years ago. It is a simple explanation of a geeky, new economic mechanism. Bitcoin had not yet entered mainstream media nor gained attention of Wall Street investors. But consider the similarity to Maria’s tutorial in the 2nd article. Perhaps Maria and I think alike!

Philip Raymond co-chairs CRYPSA, hosts the New York Bitcoin Event and is keynote speaker at Cryptocurrency Conferences. He advises The Disruption Experience in Singapore, sits on the New Money Systems board of Lifeboat Foundation and is a top Bitcoin writer at Quora. Book a presentation or consulting engagement.

Just where artificial intelligence is taking us, at what pace and along what trajectory, is uncertain. The technology, of course, is raising serious questions about its potential impact on jobs, privacy and politics.

The internet is a technology of low-cost communication and connection. Everything from email to e-commerce to social networks has hinged on the internet’s transformative role in changing the economics of communication. All those connections suddenly became both possible and cheap.

Artificial intelligence is a technology of low-cost prediction and discovery. It exploits the new resource of the digital age — vast amounts of data — to identify patterns and make predictions. Much of what A.I. does today can be thought of as a prediction. What product to recommend, what ad to show you, what image is in that picture, what move should the robot make next — all are automated predictions.

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A team of researchers led by Principal Investigator Dr. Jan Gruber from Yale-NUS College has discovered a combination of pharmaceutical drugs that not only increases healthy lifespan in the microscopic worm Caenorhabditis elegans (C. elegans), but also delays the rate of ageing in them, a finding that could someday mean longer, healthier lives for humans.

The study, published in the peer-reviewed international journal Developmental Cell on 8 October 2018, lays crucial groundwork for further research into designing combinations that produce the same effect in mammals.

“Many countries in the world, including Singapore, are facing problems related to ageing populations,” said Dr. Gruber, whose lab and research team made the discovery. “If we can find a way to extend healthy lifespan and delay ageing in people, we can counteract the detrimental effects of an ageing population, providing countries not only medical and , but also a better quality of life for their people.”

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Hard as it is to believe, for the first time the life expectancy for Americans (not counting the effect of wars) has https://www.ajc.com/lifestyles/health/cdc-life-expectancy-de…279HCufnO/” target=”_blank” rel=” nofollow noopener noreferrer” data-ga-track=” ExternalLink: https://www.ajc.com/lifestyles/health/cdc-life-expectancy-de…279HCufnO/”>dropped for two consecutive years. Perhaps less hard to believe is that this is https://news.harvard.edu/gazette/story/2016/04/for-life-expe…y-matters/” target=”_blank” rel=” nofollow noopener noreferrer” data-ga-track=” ExternalLink: https://news.harvard.edu/gazette/story/2016/04/for-life-expe…y-matters/”>not true across economic levels. The richest Americans are gaining in longevity, indeed to unprecedented levels. The poor don’t have it so well, and in the U.S., this includes the shrinking middle class, who are also dying earlier. With the widening income gap, there’s a growing discrepancy between life expectancies for the rich and poor. Depending on geography, those on the lower end of the income bracket spread can expect to live 20 years less than their better-off counterparts, a shocking finding from an http://jamanetwork.com/journals/jamainternalmedicine/fullart.…2017.0918” target=”_blank” rel=” nofollow noopener noreferrer” data-ga-track=” ExternalLink: http://jamanetwork.com/journals/jamainternalmedicine/fullart.…2017.0918”>in-depth study coming out of the University of Washington.

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China wants to integrate four areas for stronger AI. China will use abundant data, hungry entrepreneurs, many AI scientists, and AI-friendly policy.

29 U.S. states have enacted their own laws regulating autonomous vehicles. And governors in 10 states have issued executive orders curbing testing and use.

In 2018, China adopted national self-driving car guidelines that allow any city to perform tests on self-driving cars. China has started engineering multi-tiered roads and entire cities tailored to incorporate driverless vehicles.

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