Category: economics – Page 194
Human civilization has always been a virtual reality. At the onset of culture, which was propagated through the proto-media of cave painting, the talking drum, music, fetish art making, oral tradition and the like, Homo sapiens began a march into cultural virtual realities, a march that would span the entirety of the human enterprise. We don’t often think of cultures as virtual realities, but there is no more apt descriptor for our widely diverse sociological organizations and interpretations than the metaphor of the “virtual reality.” Indeed, the virtual reality metaphor encompasses the complete human project.
Virtual Reality researchers, Jim Blascovich and Jeremy Bailenson, write in their book Infinite Reality; “[Cave art] is likely the first animation technology”, where it provided an early means of what they refer to as “virtual travel”. You are in the cave, but the media in that cave, the dynamic-drawn, fire-illuminated art, represents the plains and animals outside—a completely different environment, one facing entirely the opposite direction, beyond the mouth of the cave. When surrounded by cave art, alive with movement from flickering torches, you are at once inside the cave itself whilst the media experience surrounding you encourages you to indulge in fantasy, and to mentally simulate an entirely different environment. Blascovich and Bailenson suggest that in terms of the evolution of media technology, this was the very first immersive VR. Both the room and helmet-sized VRs used in the present day are but a sophistication of this original form of media VR tech.
(credit: WEF)The World Economic Forum’s annual list of this year’s breakthrough technologies, published today, includes “socially aware” openAI, grid-scale energy storage, perovskite solar cells, and other technologies with the potential to “transform industries, improve lives, and safeguard the planet.” The WEF’s specific interest is to “close gaps in investment and regulation.”
“Horizon scanning for emerging technologies is crucial to staying abreast of developments that can radically transform our world, enabling timely expert analysis in preparation for these disruptors. The global community needs to come together and agree on common principles if our society is to reap the benefits and hedge the risks of these technologies,” said Bernard Meyerson, PhD, Chief Innovation Officer of IBM and Chair of the WEF’s Meta-Council on Emerging Technologies.
The list also provides an opportunity to debate human, societal, economic or environmental risks and concerns that the technologies may pose — prior to widespread adoption.
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My new Psychology Today story on BREXIT and the EU:
Scientific innovation doesn’t just happen on its own. It takes stable economies, free societies, and open-minded governments. The best environment for science to thrive in is that of collaborating groups incentivized to communicate and cooperate with one another. This is precisely what the European Union is.
And now, more than ever, the union of Europe is needed—because we are crossing over into the transhumanist age, where radical science and technology will engulf our lives and challenge our institutions. Robots will take 75% of the jobs in the next 25 years. CRISPR gene editing technology will allow us to augment our intelligence, perhaps doubling our IQ. Bionic organs will stave off death, allowing 200 year lifespans.
The science and technology coming in just the next two decades will cause unprecedented challenges to humanity. Most of the world will get chip implants— I have one —to assist with quick payments, emergency tracking, and to replace archaic accessories like car keys. We’ll also all use genetic therapies to cure cancer, heart disease, Alzheimer’s, and even aging. And robots will be ubiquitous—driving us everywhere, homeschooling our children, and maybe even becoming preferred sexual partners.
Always a trickle down effect on things that improve or change. Just reconfirms and reminds us organically how everything is indeed connected.
Capital tends to have greater value the more skilled and educated the workforce. Anticipating genetically enhanced workers would cause firms to want to invest more now in new equipment and buildings. Many assets, such as real estate and intellectual property, become more valuable the richer a society and so expectations of a much higher economic growth rate would cause companies to spend more buying and developing these assets so that businesses, as well as governments, will wish to borrow more when they realize the potential of human genetic engineering.
Many individuals will reduce their savings rate in anticipation of a future richer society. Today, fear that Social Security won’t survive motivates many Americans to save, but this fear and so this incentive for saving would disappear once genetic engineering for intelligence proves feasible. Furthermore, many citizens would rationally expect future government benefits to senior citizens to increase in a world made richer by genetic engineering and this expectation would reduce the perceived need to save for retirement.
Since understanding the consequences of a smarter workforce will increase the desire to borrow but reduce the wish to save, real interest rates will have to go up. These higher rates will reduce incentives to borrow while increasing the willingness to save and so will restore equilibrium to money markets. Expect to see higher interest rates as soon as markets price in embryo selection and genetic engineering.
Spectroscopy studies of charge transfer from cadmium selenide quantum dots to molecular nickel catalysts reveal unexpectedly fast electron transfer, enabling exceptional photocatalytic hydrogen production.
A key challenge facing the US is the harvesting, production, storage, and distribution of energy to support economic prosperity with responsible environmental management. Currently, fossil fuels provide more than 80% of the energy consumed in the US (even when significant increases in the use of alternative sources of energy in recent years are accounted for).1 For the US Department of Defense in particular, volatility in the price and availability of fossil fuels leads to significant short- and long-term financial, operational, and strategic risks.2 There is, therefore, clearly a need for new alternative sources of energy.
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Researchers at Sandia National Laboratories’ Combustion Research Facility are helping to develop sparkplug-free engines that will help meet ambitious automotive fuel economy targets of 54.5 miles per gallon by 2025.
They are working on low-temperature gasoline combustion (LTGC) operating strategies for affordable, high-efficiency engines that will meet stringent air-quality standards.
Sandia researchers Isaac Ekoto and Benjamin Wolk said the goal of the LTGC project is an engine in which chemically controlled ignition initiates the combustion of dilute charge mixtures.
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