What predicts success in science?

How does a person’s childhood socioeconomic status (SES) influence their chances to participate and succeed in science? To investigate this question, we use machine-learning methods to link scientists in a comprehensive biographical dictionary, the American Men of Science (1921), with their childhood home in the US Census and with publications. First, we show that children from low-SES homes were already severely underrepresented in the early 1900s. Second, we find that SES influences peer recognition, even conditional on participation: Scientists from high-SES families have 38% higher odds of becoming stars, controlling for age, publications, and disciplines. Using live-in servants as an alternative measure for SES confirms the strong link between childhood SES and becoming a star. Applying text analysis to assign scientists to disciplines, we find that mathematics is the only discipline in which SES influences stardom through the number and the quality of a scientist’s publications. Using detailed data on job titles to distinguish academic from industry scientists, we find that industry scientists have lower odds of being stars. Controlling for industry employment further strengthens the link between childhood SES and stardom. Elite undergraduate degrees explain more of the correlation between SES and stardom than any other control. At the same time, controls for birth order, family size, foreign-born parents, maternal education, patents, and connections with existing stars leave estimates unchanged, highlighting the importance of SES.

That is from a new NBER working paper by Anna Airoldi and Petra Moser.

The post What predicts success in science? appeared first on Marginal REVOLUTION.

      

Related Stories

 

Janky remote backups without root on the far end

Sometimes I do dumb things to solve my own problems. This is one of those times. In this case, I wanted something that would give me access to a block device on a physically distant machine for backup purposes. I didn't want to do anything particularly fancy on the distant box, so rootly powers are out of the question. I just need disk space, a bit of bandwidth, and some CPU time every now and then.

Here's how it works. Perhaps you have heard of "nbd" if you're in the Linux world. It lets you load a kernel module on the client machine and then it'll turn a network type connection into a block device. That is in fact right in the name: "nbd" equals "network block device". Nice, right?

I wanted this, but didn't want it making a "bare" connection to the far end. By default, it's just a plain old TCP session to the other side. While you can rig it to use TLS, there are a bunch of problems with this. It means you need to leave a daemon running on the far end, and again, if you aren't root out there, that can be troublesome. It means the distant host ends up stuck with a listening port, and that's not always nice. It also forces you to deal with getting the whole certificate thing hooked up. Hope you're good at wrangling OpenSSL.

This seemed wholly unnecessary to me. I already have ssh access to the machines in question, so that right there will give me a relatively solid transport. I just needed to convince the nbd stuff to use it.

Now, let you stop you right here: if you're saying "SOCKS proxy" and/or "port forwarding", you have missed the part where I'd rather not have a persistent daemon on the far end that's listening on some port, *even if* it's "merely bound to loopback". That's still something running as me that presents an unnecessary orifice to unwelcome visitors. No thank you.

There's another way the nbd client can work: it will totally connect to a stream-style Unix domain socket. As long as whatever is on the other end of that socket speaks the right language, it doesn't matter where it is or what it is. Thus, I needed to make a Unix domain socket reach over the network to the other end of a ssh connection.

Here's what happened: I wrote some grungy plumbing stuff (my specialty) that sets up a Unix domain socket on my local machine. It does it in a directory where only I can access it, and it waits for a connection. Once it gets one, it forks, and the child fires up a ssh to the far end to invoke the nbd server (a trivial userspace thing I can leave in my personal bin directory).

Meanwhile, the parent process of the client sticks around and fires up a pair of threads to do a bucket-brigade thing. It takes any data from the Unix domain socket connection it just received and flings it at the ssh connection. The other one does the reverse.

This keeps going until one of the fds shows up as disconnected, at which point it shuts down everything and exits politely.

The other part of this is a currently a bit of *local* rootly scripting madness which points the NBD client at that socket, then does the crypto gunk to attach it, then fscks it, mounts it, and fires up rsync. Then after it's done, it undoes everything and declares victory.

It's not meant to be fast, and it's definitely not meant to be beautiful, but it does work. My only footprint on the far end is a giant blob of a file that is entirely meaningless to anyone without a suitable key. The data is only ever seen in a usable form here on the client machine which already has access to the original data by definition. I didn't have to install anything special on the far end, I don't have to run any daemons, and I didn't need root out there.

It's the type of thing that you can stand up and just let it run every now and then, kind of like Time Machine on a Mac. You hope you never need to use it, but it's there if you really get stuck somehow.

So, yeah, when my part of CA "falls into the ocean", I will bob up to the surface, swim to shore, and then walk to where my offsites are and restore from backups. You know, that whole thing.

Just basic sysadmin stuff. Nothing fancy.

Tuesday: Richmond Fed Mfg

Mortgage Rates From Matthew Graham at Mortgage News Daily: Rates Jump Quickly to Highest Levels Since July
By the smallest of margins, mortgage rates are back up to levels last seen in July. That means we've gone from being fairly close to 6% in mid-September to being nearly as close to 7% today when it comes to top tier 30yr fixed scenarios for the average lender.

Today's jump was particularly quick and frustratingly lacking in satisfying explanations. It's not the explanations make bad news any more palatable, but it's always more frustrating to be confronted with unpleasantness that seems to be happening for no good reason. [30 year fixed 6.82%]
emphasis added
Tuesday:
• At 10:00 AM ET, Richmond Fed Survey of Manufacturing Activity for October.

• Also at 10:00 AM, State Employment and Unemployment (Monthly) for September 2024

Donaueschingen doings

Several significant premières took place during the 2024 edition of the Donaueschingen Festival, and, as usual, SWR has made the concerts available online. At around 1 hr 14m in the video above you can hear Chaya Czernowin's Unforeseen dusk: bones into wings, for six amplified voices, orchestra, and electronics — a minutely teeming natural soundscape, with the vocal soloists calling out in sometimes desperate, sometimes dreamlike tones. Also very much worth a listen is a concert featuring George Lewis's The Reincarnation of Blind Tom, a majestically wild piece written for the great Roscoe Mitchell (with obbligato AI piano), and Simon Steen-Andersen's kaleidoscopic grosso, composed for Yarn/Wire. Mark Andre's sprawling, meditative piano-and-electronics work …selig ist…, which Jeffrey Arlo Brown previewed for the New York Times, can be heard here.

Previously: Donaueschingen 2012.

Monday 21 October 1661

Early with Mr. Moore by coach to Chelsy, to my Lord Privy Seal’s, but have missed of coming time enough; and having taken up Mr. Pargiter, the goldsmith (who is the man of the world that I do most know and believe to be a cheating rogue), we drank our morning draft there together of cake and ale, and did make good sport of his losing so much by the King’s coming in, he having bought much of Crown lands, of which, God forgive me! I am very glad. At Whitehall, at the Privy Seal, did with Sir W. Pen take advice about passing of things of his there that concern his matters of Ireland. Thence to the Wardrobe and dined, and so against my judgment and conscience (which God forgive, for my very heart knows that I offend God in breaking my vows herein) to the Opera, which is now newly begun to act again, after some alteracion of their scene, which do make it very much worse; but the play, “Love and Honour,” being the first time of their acting it, is a very good plot, and well done. So on foot home, and after a little business done in my study and supper, to bed.

Read the annotations

Temperature Scales

In my new scale, °X, 0 is Earths' record lowest surface temperature, 50 is the global average, and 100 is the record highest, with a linear scale between each point and adjustment every year as needed.

MBA Survey: Share of Mortgage Loans in Forbearance Increases to 0.34% in September

From the MBA: Share of Mortgage Loans in Forbearance Increases to 0.34% in September
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance increased to 0.34% as of September 30, 2024. According to MBA’s estimate, 170,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.3 million borrowers since March 2020.

The share of Fannie Mae and Freddie Mac loans in forbearance remained the same as the previous month at 0.13% in September 2024. Ginnie Mae loans in forbearance increased by 10 basis points to 0.76%, and the forbearance share for portfolio loans and private-label securities (PLS) increased 2 basis points to 0.37%.

“The percentage of loans in forbearance increased for the fourth consecutive month,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Since May 2024, Ginnie Mae loans in forbearance increased by almost 40 basis points, compared to six basis points for portfolio and PLS loans and three basis points for Fannie and Freddie loans.”

Added Walsh, “We are seeing some weakening in loan performance, particularly among government products. Overall government loan performance reached a new low for the year in September. In addition, the share of government post-forbearance workouts that are current dropped considerably over the past four months. These trends indicate that some homeowners are exhibiting signs of distress – whether because of economic hardships, natural disasters, or other reasons.”
emphasis added
At the end of August, there were about 170,000 homeowners in forbearance plans.

Live coverage: SpaceX to launch 68th Starlink mission of 2024 as it seeks permission to operate nearly 30,000 Gen2 satellites

A Falcon 9 stands ready for a Starlink mission at Cape Canaveral’s pad 40. File photo: Adam Bernstein/Spaceflight Now.

Update Oct. 21, 4:20 p.m.: SpaceX is pushing back its planned launch to no earlier than Tuesday, Oct. 22.

SpaceX is set to launch another batch of 23 Starlink satellites from Cape Canaveral Space Force Station to low Earth orbit on Tuesday.

The Falcon 9 rocket launch comes on the heels of a week that saw the company launch a record six missions with four Falcon 9 rockets, one Falcon Heavy rocket and a Starship rocket, utilizing all four of its launch pads.

Liftoff of the Starlink 6-61 mission from pad 40 at CCSFS is set for no earlier than 6:14 p.m. EDT (2214 UTC), pending weather. This will be SpaceX’s 68th dedicated Starlink launch of the year.

Spaceflight Now will have live coverage beginning about an hour prior to liftoff.

Coming into the Monday launch opportunity, the 45th Weather Squadron forecast 70 percent chance of favorable weather during that window. Meteorologists said they are tracking the impacts of Hurricane Oscar, which may also impact the booster recovery zone.

“The breezy, onshore flow will continue into the upcoming week as the combination of a strong

high centered to the north and Hurricane Oscar to the southeast enhance the pressure gradient over the Florida peninsula,” launch weather officers wrote. “These conditions will persist tomorrow as an area of higher low-level moisture moves in, enhancing Atlantic shower activity along the Space Coast.”

A little more then eight minutes after liftoff, the first stage booster is set to touchdown on a SpaceX droneship, stationed in the Atlantic Ocean west of the Bahamas. If successful, this will be the 280th droneship landing and 357th overall booster landing.

Expanding Starlink

The mission is the first time that SpaceX has launched a batch of its Starlink satellites bound for the sixth shell of its constellation since May 31 with the Starlink 6-64 mission. Since then, it has been building out its eighth, ninth, tenth and 11th shells.

The company has been working to get approval from the Federal Communications Commission to deploy and operate nearly 30,000 Gen2 Starlink satellites.

Back in March, the FCC approved a request “to conduct communications in the 71.0-76.0 GHz (space-to-Earth) and 81.0-86.0 GHz (Earth-to-space) frequency bands (collectively, E-band), with the 7,500 Gen2 Starlink satellites that the Commission previously authorized in the first partial grant of this application.” That authorization caps the number Gen2 satellites at that number, for now.

“Grant of this portion of SpaceX’s request will serve the public interest by allowing SpaceX to utilize the full capacity of its more advanced Gen2 Starlink satellites, which will improve the broadband service that SpaceX is bringing to U.S. customers, including those in unserved and underserved areas of the country,” the FCC wrote on March 8.

“We continue to defer consideration of the remainder of SpaceX’s request, including SpaceX’s ongoing use of emergency beacons, which is the subject of a second amendment to SpaceX’s application, as well as the remaining 22,488 satellites SpaceX proposed in its application, as amended.”

On Aug. 16, the FCC’s Satellite Programs and Policy Division approved a license modification request from SpaceX regarding its Gen1 satellites, of which there are 4,408, according to the FCC.

“Specifically, SpaceX is authorised to modify its operations due to planned changes in satellite hardware, including modification of beam-forming and digital processing equipment to enable narrower beam capabilities,” the FCC wrote. “This modification also reflects updates to SpaceX’s orbital debris mitigation plan due to planned deployment of larger satellites.”

Essentially, this approval allows SpaceX to launch Gen2 Starlinks as replacements for the Gen1 versions under the Gen1 authorization.

According to astronomer and expert orbital tracker, Jonathan McDowell, as of Oct. 20, 2024, there are 6,473 Starlink satellites in low Earth orbit. Among those, 4,150 are Gen1 and 2,323 are the Gen2 Mini variety.

The full-size Gen2 Starlink satellites will be launched using SpaceX’s Starship rocket, which just completed its fifth test flight on Oct. 13. The company was able to catch the first stage booster, called Super Heavy, using its launch tower for the first time. SpaceX points to this capability as key to being able to enable rapid reusability of the rocket in the future.

In addition to expanding the number of Starlink satellites that it is allowed to launch and operate, SpaceX also wanted to modify the nominal orbits of some of its shells, as first reported by Ars Technica. In a filing to the FCC dated Oct. 11, 2024, Jameson Dempsey, SpaceX Director of Satellite Policy, wrote that SpaceX wants “to lower the nominal altitudes of its shells at 525 km, 530 km, and 535 km to 480 km, 485 km, and 475 km altitude, respectively.”

“For the lower-altitude shell at 475 km, SpaceX requests authority to reduce the nominal inclination from 33 degrees to 32 degrees,” Dempsey wrote. “With the exception of its shell at 475 km altitude, SpaceX requests to modify its authorization to more flexibly distribute satellites in up to 56 planes per shell and up to 120 satellites per plane.

“While this reconfiguration will result in a higher potential maximum number of orbital planes and satellites per plane for all but one shell at 475 km, the total number of satellites in the Gen2 system will not exceed 29,988 satellites, and the first tranche of satellites in the Gen2 system will remain 7,500 satellites until such time that the Commission permits deployments beyond that first tranche.”

Dempsey argues that the requested modifications will allow the Starlink Internet constellation to “deliver gigabit-speed, truly low-latency broadband and ubiquitous mobile connectivity to all Americans and the billions of people globally who still lack access to adequate broadband.”

The FCC has yet to respond to this latest request.

Special coverage concluding

While there aren’t any Starlink satellites that feature the Direct to Cell capabilities on the Starlink 6-61 mission, SpaceX is about to wrap up a unique learning opportunity with the technology.

On Oct. 7, the FCC’s Satellite Licensing Division granted SpaceX “special temporary authority” to operate its second-generation Starlink satellites that have the DTC capacity for 15 days “with supplemental coverage from space-capable Earth stations in the areas of Florida affected by Hurricane Milton.”

It was also granted the same authority on Oct. 4 for the territories impacted by Hurricane Helene.

In the United States, SpaceX is partnering with telecommunications company, T-Mobile, to provide the service, though it has expressed an interest in working with other providers in the future.

SpaceX also began testing the functionality down in New Zealand with telecommunications company, One New Zealand.

“When we announced our collaboration with SpaceX, we were dealing with the aftermath of Cyclone Gabrielle, a stark reminder of the necessity of a resilient back up to our mobile network, which can be disrupted by climate-related, fibre and power outages,” said One New Zealand CEO Jason Paris in a statement.

“We’re unfortunately seeing this play out with Hurricane Milton in Florida right now, where Starlink satellites with direct-to-cell capability are playing a vital role keeping people connected as the extreme weather has disrupted their ground based mobile networks. That’s why starting testing here is a giant step forward on our mission to bring coverage like never before to New Zealand.”

A funny feature of the AI doomster argument

If you ask them whether they are short the market, many will say there is no way to short the apocalypse.  But of course you can benefit from pending signs of deterioration in advance.  At the very least, you can short some markets, or go long volatility, and then send those profits to Somalia to mitigate suffering for a few years before the whole world ends.

Still, in a recent informal debate at the wonderful Roots of Progress conference in Berkeley, many of the doomsters insisted to me that “the end” will come as a complete surprise, given the (supposed) deceptive abilities of AGI.

But note what they are saying.  If markets will not fall at least partially in advance, they are saying the passage of time, and the events along the way, will not persuade anyone.  They are saying that further contemplation of their arguments will not persuade any marginal investors, whether directly or indirectly.  They are predicting that their own ideas will not spread any further.

I take those as signs of a pretty weak argument.  “It will never get more persuasive than it is right now!”  “There’s only so much evidence for my argument, and never any more!”  Of course, by now most intelligent North Americans with an interest in these issues have heard these arguments and they are most decidedly not persuaded.

There is also a funny epistemic angle here.  If the next say twenty years of evidence and argumentation are not going to persuade anyone else at the margin, why should you be holding this view right now?  What is it that you know, that is so resistant to spread and persuasion over the course of the next twenty years?

I would say that to ask such questions is to answer them.

The post A funny feature of the AI doomster argument appeared first on Marginal REVOLUTION.

       

Comments

Related Stories

 

Hizbullah’s sprawling financial empire looks newly vulnerable

Why Israel is now bombing Lebanese banks

The Election and the Economy

After the election in November 2016, I wrote The Future is still Bright! and The Cupboard is Full. I pointed out that there were many tailwinds for the economy (heading into 2017) and that most of Mr. Trump's proposals probably wouldn't happen like repealing the ACA or deporting 10+ million people. However, as expected, Trump did cut taxes on high income earners.

I also noted in 2016: "The general rule is don't invest based on your political views, however it is also important to look at the impact of specific policies."

For the upcoming election, most key economists and analysts (Goldman Sachs, Moody's and more) believe the economy will perform better under Harris than Trump.  I agree.  If Harris is elected, the economy will mostly continue on the current path and the US economy is the envy of the world (a better recovery from the pandemic than most other countries).  There is always more to do, but the US has done better than most.

However, I doubt I will be as sanguine as I was in 2016 if Mr. Trump is elected again.  

Although Trump is lazy and incoherent regarding policy (everything is always 2 weeks away - aka "Free beer tomorrow"), he is making many of the same promises again (repeal ACA, deport 20+ million people, cut taxes on the wealthy, raise taxes on lower- and middle-income earners via tariffs).  Some of those promises might happen and have a negative impact on the economy.

I'll write more on the economic outlook after the election.

Is our universe haunted? Is our universe haunted?


Monday assorted links

1. Grandmaster level chess without search, or how AI can learn from Stockfish directly.   And one possible interpretation.

2. Shakespeare on the wane.

3. Eric Budish on the limits of blockchains, now in the QJE.

4. A defense of surveillance capitalism.

5. The effects of the Dawes Act on American Indian mortality.

6. Stripe and stablecoin infrastructure.

The post Monday assorted links appeared first on Marginal REVOLUTION.

       

Comments

 

NMHC: "Apartment Market Conditions Continue to Loosen"

Today, in the CalculatedRisk Real Estate Newsletter: NMHC on Apartments: "Looser market conditions for the ninth consecutive quarter"

Excerpt:
From the NMHC: Though the Apartment Market Continues to Loosen, Deal Flow Increases for Third Consecutive Quarter as Debt and Equity Conditions Improve
Apartment market conditions showed signs of improvement in the National Multifamily Housing Council’s (NMHC’s) October 2024 Quarterly Survey of Apartment Market Conditions. All but the Market Tightness (37) index indicated more favorable conditions this quarter, with Sales Volume (67), Equity Financing (63) and Debt Financing (77) all coming in above the breakeven level (50)
...
NMHC Apartment Indx• The Market Tightness Index came in at 37 this quarter – below the breakeven level of 50 – indicating looser market conditions for the ninth consecutive quarter. While close to half of respondents (46%) thought market conditions were unchanged relative to three months ago, 40% of respondents thought markets have become looser, up from 27% in July. Fifteen percent of respondents reported tighter markets than three months ago.
This index has been an excellent leading indicator for rents and vacancy rates, and this suggests higher vacancy rates and a further weakness in asking rents. This is the ninth consecutive quarter with looser conditions than the previous quarter.
There is much more in the article.

AI, Cryptocurrencies and Data Privacy

The Conversation logoBiden-Harris Pushes Stronger Tech Regulation Than Trump

It’s not surprising that technology regulation is an important issue in the 2024 U.S. presidential campaign.

The past decade has seen advanced technologies, from social media algorithms to large language model artificial intelligence systems, profoundly affect society. These changes, which spanned the Trump and Biden-Harris administrations, spurred calls for the federal government to regulate the technologies and the powerful corporations that wield them.

As a researcher of information systems and AI, I examined both candidates’ records on technology regulation. Here are the important differences.

Algorithmic Harms

With artificial intelligence now widespread, governments worldwide are grappling with how to regulate various aspects of the technology. The candidates offer different visions for U.S. AI policy. One area where there is a stark difference is in recognizing and addressing algorithmic harms from the widespread use of AI technology.

AI affects your life in ways that might escape your notice. Biases in algorithms used for lending and hiring decisions could end up reinforcing a vicious cycle of discrimination. For example, a student who can’t get a loan for college would then be less likely to get the education needed to pull herself out of poverty.

At the AI Safety Summit in the U.K. in November 2023, Harris spoke of the promise of AI but also the perils from algorithmic bias, deepfakes and wrongful arrests. Biden signed an executive order on AI on Oct. 30, 2023, that recognized AI systems can pose unacceptable risks of harm to civil and human rights and individual well-being. In parallel, federal agencies such as the Federal Trade Commission have carried out enforcement actions to guard against algorithmic harms.

Kamala Harris speaking passionately on tech policies during a public event, reflecting her stance on AI regulation and data privacy.
Vice President Kamala Harris addresses critical issues surrounding AI regulation and data privacy, highlighting her commitment to safeguarding individual rights in the digital age. Photo by Xinhua

By contrast, the Trump administration did not take a public stance on mitigation of algorithmic harms. Trump has said he wants to repeal President Biden’s AI executive order. In recent interviews, however, Trump noted the dangers from technologies such as deepfakes and challenges posed to security from AI systems, suggesting a willingness to engage with the growing risks from AI.

Technological Standards

The Trump administration signed the American AI Initiative executive order on Feb. 11, 2019. The order pledged to double AI research investment and established the first set of national AI research institutes. The order also included a plan for AI technical standards and established guidance for the federal government’s use of AI. Trump also signed an executive order on Dec. 3, 2020, promoting the use of trustworthy AI in the federal government.

The Biden-Harris administration has tried to go further. Harris convened the heads of Google, Microsoft and other tech companies at the White House on May 4, 2023, to undertake a set of voluntary commitments to safeguard individual rights. The Biden administration’s executive order contains an important initiative to probe the vulnerablity of very large-scale, general-purpose AI models trained on massive amounts of data. The goal is to determine the risks hackers pose to these models, including the ones that power OpenAI’s popular ChatGPT and DALL-E.

Donald Trump speaks assertively in a public setting, expressing his views on technology regulation and AI policies.
Former President Donald Trump discusses his stance on AI and technology regulation, contrasting his approach with the Biden-Harris administration’s policies. Photo by Lev Radin.

Antitrust

Antitrust law enforcement – restricting or conditioning mergers and acquisitions – is another way the federal government regulates the technology industry.

The Trump administration’s antitrust dossier includes its attempt to block AT&T’s acquisition of Time Warner. The merger was eventually allowed by a federal judge after the FTC under the Trump administration filed a suit to block the deal. The Trump administration also filed an antitrust case against Google focused on its dominance in internet search.

Biden signed an executive order on July 9, 2021, to enforce antitrust laws arising from the anticompetitive effects of dominant internet platforms. The order also targeted the acquisition of nascent competitors, the aggregation of data, unfair competition in attention markets and the surveillance of users. The Biden-Harris administration has filed antitrust cases against Apple and Google.

The Biden-Harris administration’s merger guidelines in 2023 outlined rules to determine when mergers can be considered anticompetitive. While both administrations filed antitrust cases, the Biden administration’s antitrust push appears stronger in terms of its impact in potentially reorganizing or even orchestrating a breakup of dominant companies such as Google.

Cryptocurrency

The candidates have different approaches to cryptocurrency regulation. Late in his administration, Trump tweeted in support of cryptocurrency regulation. Also late in Trump’s administration, the federal Financial Crimes Enforcement Network proposed regulations that would have required financial firms to collect the identity of any cryptocurrency wallet to which a user sent funds. The regulations were not enacted.

Trump has since shifted his position on cryptocurrencies. He has criticized existing U.S. laws and called for the United States to be a Bitcoin superpower. The Trump campaign is the first presidential campaign to accept payments in cryptocurrencies.

The Biden-Harris administration, by contrast, has laid out regulatory restrictions on cryptocurrencies with the Securities and Exchange Commission, which brought about a series of enforcement actions. The White House vetoed the Financial Innovation and Technology for the 21st Century Act that aimed to clarify accounting for cryptocurrencies, a bill favored by the cryptocurrency industry.

Data Privacy

Biden’s AI executive order calls on Congress to adopt privacy legislation, but it does not provide a legislative framework to do so. The Trump White House’s American AI Initiative executive order mentions privacy only in broad terms, calling for AI technologies to uphold “civil liberties, privacy, and American values.” The order did not mention how existing privacy protections would be enforced.

Across the U.S., several states have tried to pass legislation addressing aspects of data privacy. At present, there is a patchwork of statewide initiatives and a lack of comprehensive data privacy legislation at the federal level.

The paucity of federal data privacy protections is a stark reminder that while the candidates are addressing some of the challenges posed by developments in AI and technology more broadly, a lot still remains to be done to regulate technology in the public interest.

Overall, the Biden administration’s efforts at antitrust and technology regulation seem broadly aligned with the goal of reining in technology companies and protecting consumers. It’s also reimagining monopoly protections for the 21st century. This seems to be the chief difference between the two administrations.The Conversation

Anjana Susarla, Professor of Information Systems, Michigan State University

This article is republished from The Conversation under a Creative Commons license. Read the original article.


CLICK HERE TO DONATE IN SUPPORT OF OUR NONPROFIT COVERAGE OF POLITICS

The post AI, Cryptocurrencies and Data Privacy appeared first on DCReport.org.

My Russian classical music podcast with Rick Rubin

You will find it here.  Rick asked me to give him my account of Russian classical music, “standing on one foot” as you might say.  With musical clips as well, played on Rick’s sound system.  So we started with Rimsky and Mussorgsky, and the European and folk/peasant music traditions as contrasting influences in Russian music.  There is then plenty of Tchaikovsky, Scriabin, and Stravinsky followinig, with perhaps Stravinsky as the organizing figure of the presentation.

It is never easy to do such things off the top of one’s head.  Nonetheless recommended.

The post My Russian classical music podcast with Rick Rubin appeared first on Marginal REVOLUTION.

       

Comments

Related Stories

 

Programming Note

The last few weeks have been very hectic, so I haven’t blogged very much, but things have calmed down somewhat, and I hope to return to a more regular blogging schedule (probably jinxed it though…)

Profiting From (Some) Failure

Some sound economic thinking lies behind Extreme Programming, or at least validates XP. I’ve talked about reversibility, for example.

Another economic concept, but one that required me more work to turn into intuition, is the idea of a basket of options. Here, with exercises, is the basket of options. I never work through the exercises while I’m reading, but I hope you will. It was only through repetition in detail that I was able to bake this idea into my brain.

Option

Let’s say you have an egg. We’ll ignore how you got it. You have an egg. It’s worth $5 (nice egg!). What happens to the value of your egg if the egg price goes down by a dollar? The value goes down by a dollar. Price goes up a dollar, value goes up a dollar.

Earning a dollar is great. Losing a dollar, not so much. How can we change this picture so we win when we win but we don’t lose when we lose?

What if, instead of an egg, we have a piece of paper promising we can buy an egg for $5. (Again, we’ll ignore who we got this piece of paper from.) Now if the price goes up, the value of our “portfolio” goes up. If the price of the egg goes down, so sad, we’ll just kiss the piece of paper bye bye 👋.

Happy days! We benefit from good news but we’re insulated from bad news.

Basket

Savvy investors that we are, we want a diverse portfolio. We also want a bar of silver. (We’ll get to software development at the end, I promise.) If we have an egg & a bar of silver, what happens to the value of our holding in the various combinations of price changes?

Here’s where the exercises kick, the kind of exercises that I need to reframe my brain. Fill out the four quadrants.

I’m going to assume you didn’t, because I wouldn’t as a first-time reader. It’s okay. You can come back later. Here is the value of our portfolio in the various scenarios:

We don’t like that big ol’ -2. What if we use the same piece of paper trick?

Again, work it out. Again, I’ll assume you didn’t. Here’s the answer:

Yes! 👏 We turned that ugly ol’ -2 into a 0. If both prices go down, we recycle the piece of paper & whistle on down the road. If one price goes down & one goes up they cancel out. If both prices go up, we use the piece of paper & profit.

Mixed News?

It’s a pity, though, that when egg prices go up we can’t profit. Is there anything we can do? Let’s tweak our paper writing strategy. Instead of one piece of paper applying to both items, what if we have 2 pieces of paper?

(Work it out. Really. It’s good for you.) Okay, okay:

Now we’ve done it! If either price goes up, the total value goes up. One price goes up & one price goes down, we use the valuable piece of paper & discard the other one. Both prices go up, we use them both & buy the good champagne that night. Both prices go down, we haven’t lost anything (except the hitherto-ignored price of the pieces of paper).

Bundles of Options

What we’ve done here is use the economic dictum, attributed to Nobel Prize winner XXX, “A bundle of options is worth more than options on a bundle”.

What does this have to do with software? Far more than I can go into here. To start with, though, we can make sure that the optionality we create in Empirical Software Design is a bundle of options. Every time we decouple, we create options in 2 different directions. We can now change one element without changing the other.

We have, in essence, created 2 pieces of paper saying, “You can change X” & “You can change Y”.

The pieces of paper aren’t free. We invest in the structure of the system to create them. Then, when we want to use them they aren’t free to “exercise”. But the basic relationship holds—the more we can create bundles of options, the more value we create. And that value comes in likeliest scenario—something went right & something went wrong.

Housing Oct 21st Weekly Update: Inventory Up 1.0% Week-over-week, Up 33.4% Year-over-year

Altos reports that active single-family inventory was up 1.0% week-over-week. Inventory is now up 49.7% from the February seasonal bottom.  

The first graph shows the seasonal pattern for active single-family inventory since 2015.

Altos Year-over-year Home InventoryClick on graph for larger image.

The red line is for 2024.  The black line is for 2019.  

Inventory was up 33.4% compared to the same week in 2023 (last week it was up 34.0%), and down 21.0% compared to the same week in 2019 (last week it was down 22.6%). 

Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is closing.

Altos Home InventoryThis second inventory graph is courtesy of Altos Research.

As of October 18th, inventory was at 739 thousand (7-day average), compared to 732 thousand the prior week. 

Mike Simonsen discusses this data regularly on Youtube.

Payments for election-related actions

 Buying votes is illegal, but other election related offers may seem odd but are legal.  

The Guardian has the story.

‘There are certain things that we don’t allow to be sold’: why vote buying in the US is illegal. by George Chidi

"Last week, Tesla CEO Elon Musk offered a $47 payment to people who refer registered voters in swing states to sign a petition supporting free speech and gun rights. The billionaire’s political action committee is using the petition to gather contact information in a last push for support of Donald Trump’s campaign.

"Responding to that offer, card game company Cards Against Humanity, long a Musk foe, announced it will pay up to $100 to each person who didn’t vote in 2020, who apologizes for that, makes a plan to vote and posts in public the phrase “Donald Trump is a human toilet.” Residents of swing states can earn the most money.

"The card game company told the New York Times that more than 1,150 people had been paid through the program as of Wednesday afternoon.

"Vote buying in illegal under US law, but Cards Against Humanity’s site claims that it is “exploiting a legal loophole to pay America’s blue-leaning non-voters”.

"The Guardian talked with Richard Hasen, a professor specializing in election law and director of the Safeguarding Democracy Project at the UCLA School of Law, about the legality – if not the propriety – of these offers.

Q:"I want to get a sense from you about where the line is. What’s legal and what’s not? What are we looking at with Trump buying $100 worth of groceries for somebody at the store, or Musk with this $47 thing, or the reaction by Cards Against Humanity to that? How much of this is legal, and how much isn’t?

A: "It’s all legal. The Cards Against Humanity one comes closest, but there’s a pretty bright line. You cannot pay someone to vote, to register to vote, to vote in a particular way in a federal election. Elon Musk is not paying anyone to vote. He’s paying for leads. I mean, if he’s actually going to pay people to vote, that’s a different question.

To the astonishment of forecasters, a tiny hurricane just sprang up near Cuba

A hurricane so small that it could not be observed by satellite formed this weekend, surprising meteorologists and even forecasters at the National Hurricane Center.

Hurricane Oscar developed on Saturday near Turks and Caicos, and to the northeast of Cuba, in the extreme southwestern Atlantic Ocean. As of Saturday evening, hurricane-force winds extended just 5 miles (8 km) from the center of the storm.

This is not the smallest tropical cyclone—as defined by sustained winds greater than 39 mph, or 63 kph—as that record remains held by Tropical Storm Marco back in 2008. However, this may possibly be the smallest hurricane in terms of the extent of its hurricane-force winds.

Read full article

Comments

Heirlooms

A painting of two girls with long hair each holding peacock feathers standing in front of a textured, muted background.

A Bible, a piece of wood, a song – a poignant portrait of the everyday family keepsakes that can bridge generations

- by Aeon Video

Watch at Aeon

Sex and death

Blurry photo of a person lying back with head tilted, set against a red and dark background.

Our culture works hard to keep sex and death separate but recharging the libido might provide the release that grief needs

- by Cody Delistraty

Read at Aeon

Gustav de Molinari, the first libertarian?

He was a nineteenth century Belgian economist, wonderful to read, and still neglected as a thinker.  Here is one excerpt from a short open access book by Benoit Malbranque, now on line:

Gustave de Molinari himself was perhaps as much a traveler, a journalist and an historian, as he was a political philosopher. In fact, apart from a handful of professional travelers, very few people knew so much about the world as he did. Over the years, he made lengthy stays in Switzerland (1857), Russia (1860, 1882), Canada (1876, 1880, 1885), Ireland (1880), and the United States (1876, 1880, 1885). His journeys also made him discover England, Germany, Poland, Sweden, Finland, Denmark, Turkey, as well as the Caribbean islands, Panama, Columbia, and Venezuela. Travels were obviously, at that time, more perilous and adventurous than they are now. By sea, they were both uncomfortable and terribly long: crossing the Atlantic Ocean took de Molinari 12 days in 1876, 10 days in 1880, and 11 days in 1885.

Part of his forward-looking libertarianism was a strong belief in international agreements, in the interests of peace and mutual cooperation.  He also blamed the poor quality and high expense of American food, as he perceived it, on American protectionism.

Here is a more general page of relevant material on French liberalism.  All via Daniel Klein.

The post Gustav de Molinari, the first libertarian? appeared first on Marginal REVOLUTION.

       

Comments

Related Stories

 

Comet Tsuchinshan-ATLAS meets the ESO Supernova

Earth has a majestic new visitor. Seen last week above the ESO Supernova Planetarium & Visitor Centre, the comet C/2023 A3, also known as Tsuchinshan-ATLAS comes to us from the distant Oort Cloud, a gigantic cluster of icy objects that envelops the Solar System. As it got closer to the Sun, it heated up and developed tails of dust and gas observed by comet watchers around the world, including at ESO Headquarters in Garching bei München, Germany. 

The comet was first detected in early 2023 by two independent facilities: the Tsuchinshan observatory in China and a telescope from the Asteroid Terrestrial-impact Last Alert System (ATLAS), located in South Africa. Since then, it has been getting closer, reaching its closest distance to the Sun in September 2024. Its brightness peaked in early October, and the comet is now dimming down as it embarks on a long journey back home.

This object is one of the brightest comets of the last two decades. In this Picture of the Week, several images were stacked together to reveal faint details in the tail, but the comet was easily visible to the naked eye. Is there a better way to end a day learning about the wonders of the Universe than to leave the Planetarium and seeing one of them yourself?

Link

Acemoglu interview with Times of India

Here is part of the segment on AI:

Given the potential for AI to exacerbate inequality, how can we redirect technology?

We need to actively steer technological development in a direction that benefits broader swathes of humanity.  This require a pro-human approach that prioritises enhancing worker productivity and autonomy, supporting democracy and citizen empowerment, and fostering creativity and innovation.

To achieve this, we need to: a) Change the narrative around technology, emphasising societal control and a focus on human well-being. b) Build strong countervailing powers, such as labour unions and civil society organisations, to balance the power of tech companies, and c) Implement policies that level the playing field, including tax reforms that discourage automation and promote labour, data rights for individuals and creative workers, and regulations on manipulative digital advertising practices.

Here is the full interview.

The post Acemoglu interview with Times of India appeared first on Marginal REVOLUTION.

       

Comments

Related Stories

 

Movies Watched, September 2024

Demi Moore is fantastic in director Coralie Fargeat’s “The Substance”—I guess? The actor has received tons of accolades for her…

Sunday 20 October 1661

(Lord’s day). At home in bed all the morning to ease my late tumour, but up to dinner and much offended in mind at a proud trick my man Will hath got, to keep his hat on in the house, but I will not speak of it to him to-day; but I fear I shall be troubled with his pride and laziness, though in other things he is good enough. To church in the afternoon, where a sleepy Presbyter preached, and then to Sir W. Batten who is to go to Portsmouth to-morrow to wait upon the Duke of York, who goes to take possession and to set in order the garrison there. Supped at home and to bed.

Read the annotations

Sunday Night Futures

Weekend:
Schedule for Week of October 20, 2024

Monday:
• No major economic releases scheduled.

From CNBC: Pre-Market Data and Bloomberg futures S&P 500 are up 4 and DOW futures are up 12 (fair value).

Oil prices were down over the last week with WTI futures at $69.22 per barrel and Brent at $73.06 per barrel. A year ago, WTI was at $89, and Brent was at $96 - so WTI oil prices are down about 22% year-over-year.

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $3.13 per gallon. A year ago, prices were at $3.52 per gallon, so gasoline prices are down $0.39 year-over-year.

Links 10/20/24

Links for you. Science:

Phage-antibiotic synergy suppresses resistance emergence of Klebsiella pneumoniae by altering the evolutionary fitness
Molecular and structural insights into SARS-CoV-2 evolution: from BA.2 to XBB subvariants
A cynomolgus monkey E. coli urinary tract infection model confirms efficacy of new FimH vaccine candidates
This American fruit could outcompete apples and peaches on a hotter planet
The U.S. gets a new national marine sanctuary, the first led by a tribe
Long COVID Is Harming Too Many Kids

Other:

This Is Exactly How an Elon Musk-Funded PAC Is Microtargeting Muslims and Jews With Opposing Messages
Enemies Lists, Then and Now. How open records requests are weaponized by authoritarians
The US just lost a war, and no one noticed
Rise of the dragons: Fire-breathing drones duel in Ukraine
MAGA Stalwart Sought For Top Trump Administration Job Has A Shocking Agenda
Va. Gov. Youngkin arrived like a GOP star, but arena failure clouds legacy
Suddenly, the Electoral College Is Posing a Problem for Trump
A utility promised to stop burning coal. Then Google and Meta came to town.
You Can’t Make Friends With The Rockstars
How geeks transformed the NFL’s conventional wisdom about fourth down
It’s time to say goodbye to Elon Musk’s X. Changes to blocking online harassment will endanger users.
For the reporters of Hell Gate, heaven is covering Mayor Eric Adams
“Not able to run for two weeks”: Trump cancels NRA rally appearance amid decline concerns
A tour of the very weird places where the global elite hide wealth
Democrats Are Enthusiastic About Harris—but Don’t Tell the Media
Captured documents reveal Hamas’s broader ambition to wreak havoc on Israel
AG Brian Schwalb Is Suing Fort Myer, One of D.C.’s Biggest Contractors, for Water Pollution
JD Vance’s mom got health coverage under Trump — by using Obamacare
We Are All Don Bacon’s Wife: The Threats Trump Elicits for Personal Gain
Biden taunts Bloomberg for prediction of a recession that never came
Frozen waffles sold at Target, Walmart and other major retailers recalled over listeria risk
Breaking the Public Schools: Red states are enacting universal education vouchers, threatening budget calamity and potentially degrading student achievement.
It Sure Looks Like Trump Watches Are Breaking Copyright Law
The Best Tool to Solve the Housing Crisis: To improve conditions and lower prices, tenants should start withholding rent.
It’s Good to Be the King: The ins and outs of how the mega-rich wall themselves off from government’s prying eyes
Pro-Trump group funded by Musk struggles with outreach targets, inflation of doorknocking figures (lol)
New records show Texas judge on X case didn’t sell his Tesla shares after taking the suit

w/e 2024-10-20

I returned from Essex on Tuesday, hoping that Monday’s visit to the hospital wasn’t Goodbye. Looking as OK-as-can-be-expected so far.

I was home to spend a few days with Mary before she headed off to Nepal. She’s currently in Kathmandu and then off to the mountains for three weeks of emergency-contact-only. It’s just me, here, wondering who I am, with only the huge black spider who lives behind the bathroom basin pedestal for company. 😬


§ Whenever a new album by Hurray for the Riff Raff comes out I see someone mention it and I listen to it a couple of times and like it and that’s it. The music almost feels too easy, coupled with some lyrics that are too hard, like virtuous and ethical, and I don’t quite feel it click for me.

But anyway, this time I’m trying not to think too much and am enjoying their latest The Past is Still Alive.

Buffalo on YouTube

§ Before I returned, National Grid replaced or adjusted the “taps” on the box up an electricity pole in the next field, in order to keep the voltages within required levels. We could then get our new Zappi EV charger – which does not like over-high voltages – up and running.

Its app is the first time we’ve had any up-to-the-minute data about how much solar power our panels are generating, and what’s being exported to the grid (and, now, what’s charging the car). Although most of the time the app insists the charger can’t get online, even though the charger insists it’s connected. Computers, yet again.

In further modernisation we were due to have Octopus come and fit a smart electricity meter this week – despite their near-impossible process for getting an appointment – but that coincided with they day of rain that meant all roads to us were underwater. They’ve yet to get in touch to reschedule, as promised, of course.


§ A photo of me outside in the garden, wearing glasses made of brown resin or plasic, a pretty traditional, fairly rounded style.
New glasses, Moscot Lemtosh

I got new glasses this week. I used to get new frames every time I needed a new prescription, which was every few years when I was younger. But my eyes stopped changing so quickly, and I liked my previous frames so much that even when I got my first varifocal lenses about five years ago, I stuck with the same ones.

So these are my first new frames in about 12 years and I’m not yet convinced. The previous ones were more wraparound and, with their thin frame, I was barely aware of wearing them. These more conventional, thick, brown frames are very apparent – I feel like I’m looking through the eye-holes of a mask by comparison.

A similar photo of me, wearing glasses with thin grey metal frames. They're wider, slightly more rectangular, and wrap around closer to my face. They have slightly complicated-looking hinges.
Previous glasses, Mykita Temple

And when I catch myself in a mirror they also look like a mask, like I’m trying to be someone else. Someone older than I feel, and more confident than I’ve felt for a long time, even though I’ve worn similar frames before, years ago.

But (a) I do need a second pair of glasses in case one breaks, (b) they don’t make the older frames any more, and (c) I don’t want to end up in my 70s or whatever still wearing glasses that are obviously from the early 2000s. Need to keep moving. I expect I’ll get used to me again.


§ Some finishing of telly things this week.

I finished season three of Atlanta which I really enjoyed. It’s so rare to find a TV series where you have no idea what will be in the next episode, and it was always interesting.

We finished season four of Slow Horses which continues to be one of the best things. I feel like BBC thrillers should be this good but they’re so often, well, at least a bit rubbish.

Great criticism there. I’m like the child of Clive James and Nancy Banks-Smith.

And we’ve now watched both seasons of Pachinko which I’d heard very little about, only a couple of friends saying how good it was. And it was! Holding together multiple storylines spanning decades must be tricky but it worked, didn’t feel jarring, and I was equally interested in all of them.

An extra surprise was seeing the dramatisation of the 1923 earthquake that my grandfather was in Yokohama for. I’d heard his description of it but, even so, seeing it brought to high-budget life made it seem even more terrifying.


§ That’s all. I hope you’re holding it together.


Read comments or post one

Ives at 150

Happy birthday, Mr. Ives! Jeremy Denk marks the anniversary.

Sunday assorted links

1. Casey Handmer on the exoplanet telescope.

2. What is England?

3. What is it like to work on a mega-yacht?

4. Income inequality and sexy selfies.

5. FT podcast with Mark Koyama and Jared Rubin on economic growth.

6. Cuban power grid collapses again.

7. A short genetic history of Ethiopia.

The post Sunday assorted links appeared first on Marginal REVOLUTION.

       

Comments

 

What do panda rental contracts look like?

Administrators cannot discuss panda illness, death, disease or “any other important matters” without first consulting with their Chinese partners, whose views “shall be fully respected.”

“In cases where release of related information to the outside world or acceptance of media interviews is necessary, it shall be implemented only after communication and consultation between the parties and a consensus is reached,” the contracts read. “And where no consensus is reached, no news shall be released.”

In a statement, the San Diego Zoo said it was common for partners to discuss animal well-being “and come to a mutual understanding before sharing updates publicly.”

Previous contracts did not contain such “information management” restrictions.

Here is more from Mara Hvistendahl at the NYT, interesting throughout.

The post What do panda rental contracts look like? appeared first on Marginal REVOLUTION.

       

Comments

Related Stories

 

Lawler: Update on the “Neutral” Rate and Early Read on September Existing Home Sales

Today, in the Calculated Risk Real Estate Newsletter: Lawler: Update on the “Neutral” Rate and Early Read on September Existing Home Sales

A brief excerpt:
From housing economist Tom Lawler:

Early Read on Existing Home Sales in September

Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 3.83 million in September, down 0.8% from August’s preliminary pace and down 3.8% from last September’s seasonally adjusted pace.

Local realtor/MLS reports suggest that the median existing single-family home sales price last month was up by about 3.9% from a year earlier.

CR Note on September sales: The National Association of Realtors (NAR) is scheduled to release September Existing Home Sales on Wednesday, October 23rd at 10 AM ET. The consensus is for 3.89 million SAAR, up from 3.86 million in August. The cycle low was 3.85 million SAAR in October 2023.

Update on the “Neutral” Rate

Executive Summary: Estimates of the “neutral” real interest rate are all over the map.  Based on an assessment of various measures, my best is that the neutral real interest rate in the US is between 1 ¾% to 2%.  One of course needs to add inflation/inflation expectations to that range.  If/when the Fed were to achieve its 2% inflation target, then the neutral nominal interest rate would be 3 ¾% to 4%.
There is much more in the article.

Musk on Sharks

A great little video on over-regulation.

The post Musk on Sharks appeared first on Marginal REVOLUTION.

       

Comments

Related Stories

 

Italy criminalizes surrogacy from abroad

 Italy has banned its citizens from accessing surrogacy in other countries where it is legal.  It will be interesting to see how they enforce this. (But of course gay couples will have fewer opportunities to skirt the law than couples who could pretend to have had a pregnancy..)

The NYT has the story:

Italy Criminalizes Surrogacy From Abroad, a Blow to Gay and Infertile Couples. The new law was pushed by the party of Giorgia Meloni, Italy’s conservative prime minister. by Emma Bubola

"Italy passed a law on Wednesday that criminalizes seeking surrogacy abroad, a move the country’s conservative government said would protect women’s dignity, while critics see it as yet another crackdown by the government on L.G.B.T. families, as the law will make it virtually impossible for gay fathers to have children.

"Surrogacy is already illegal in Italy. But the government of Prime Minister Giorgia Meloni has vowed to broaden the ban to punish Italians who seek it in countries where it is legal, like in parts of the United States."


###########

Earlier:

Thursday, August 22, 2024  Surrogacy under continued attack in Italy

Why the West faces new inflation fears

Having moved in lockstep, America and Europe now have very different concerns

EVs are just going to win

Metropolitan Transportation Authority of the State of New York from United States of America, CC BY 2.0, via Wikimedia Commons

My last post was pretty dark and dire, so here’s something a little more cheerful and optimistic. One of the most important and positive trends that I’ve been trying to highlight over the past few years is the amazing progress in battery technology. Huge increases in energy density and even bigger declines in manufacturing costs have made batteries competitive with combustion engines for a large variety of applications. The most important of these is transportation.

At the beginning of this year, the big story about electric vehicles was that sales were slowing down. Detractors of EVs — and there are a lot of them out there — declared that EVs are a flash in the pan, that interest is already waning, that the problems of EVs would prevent them from ever displacing internal combustion cars, that EVs will never be viable without subsidies, and so on. Essentially, the story was that the EV revolution was over, or at least stalled indefinitely.

That narrative has now essentially collapsed. EV sales reaccelerated in the U.S. after just a couple of months, and their market share has hit a new record high:

And EVs continue to outsell combustion cars:

Nor is there any sign of a slowdown at the global level:

Source: BNEF via Colin Mckerracher

A number of developing countries are seeing truly spectacular growth in EV sales:

Source: RMI

So EVs are still winning. But they haven’t won yet; only 4% of the global passenger car fleet, 23% of the bus fleet, and less than 1% of delivery trucks are electrified.

But at this point I think the writing is on the wall. The phenomenon of a superior technology displacing an older, inferior technology is not uncommon, and it generally looks like the EV transition is looking now. When a new technology passes a 5% adoption rate, it almost never turns out to be inferior to what came before; with EVs, that threshold has now been reached in dozens of countries.

In fact, we don’t have to rely on trend-based forecasting to understand why EVs are just going to win. There are a number of fundamental factors that make EVs simply better than combustion vehicles. The longer time goes on, the more these inherent advantages will make themselves felt in the market.

The first of these is price. Currently, EVs often require government subsidies in order to be price-competitive with combustion cars. But batteries are getting cheaper and cheaper as we get better and better at building them. The cheaper batteries get, the smaller the subsidies required to get people to switch to EVs. Goldman Sachs reports that this crucial tipping point will be reached in about two years:

Technological advances designed to increase battery energy density, combined with a drop in green metal prices, are expected to push battery prices lower than previously expected, according to a new briefing from Goldman Sachs Research…

Goldman Sachs’ researchers further predict that average battery prices could fall as far as $80/kWh by 2026, which would equate to a drop of almost 50 per cent from 2023 levels.

It is at this point that the investment giant expects battery electric vehicles could potentially achieve cost parity with ICE vehicles in the United States on an unsubsidised basis.

Once batteries cross that tipping point, the EV revolution will take on its own momentum. It will simply be cheaper to buy an EV than a combustion car. People will gravitate toward the cheaper option, especially if it comes with other advantages. And in this case it does.

EVs’ second advantage is convenience. Most EV owners will almost never have to fill their cars up at a station. This is because they will charge their cars at night, in their own home garages or driveway.

The BYD Atto 3 has a range of 260 miles. Suppose you only charge your Atto 3 halfway every night, to preserve the battery life (just as you would for your phone). That’s 130 miles. And let’s say that just to be on the safe side, you’d stop driving at 100 miles a day.

Very few Americans drive their cars for more than 100 miles a day! The number is less than 1%. In fact, the average miles driven per day is around 40. Which means that as an EV owner, on all those days when you don’t drive over 100 miles, you will never have to visit a charging station at all, any more than you now visit charging stations for your phone.

I suspect that many Americans still don’t understand this basic fact about EVs. They’ve spent their entire adult lives periodically visiting gas stations to fill up, so they naturally imagine that they’ll be doing something similar with an EV — visiting a charging station whenever their batteries get low. But that’s not how EVs work at all! They’re more like a phone than a car — you plug them in at home, so you almost never have to charge them when you’re out and about.

Of course, this doesn’t work for everyone, because not everyone has a place to charge their car at home. If you use street parking instead of a driveway or garage, it’ll be a lot harder for you to own an EV. But fewer than 10% of Americans park on the street when they’re at home. If you live in an apartment complex, that complex will eventually have EV chargers in most or all of the spaces in its parking lot, especially as EV adoption increases.

This means that simply comparing how long it takes to charge an EV vs. how long it takes to fill up a combustion car’s gas tank makes absolutely no sense. With a combustion car, you’ll be going to the gas station about once a week, spending about 8 minutes there each time. With an EV, it’ll take 30-40 minutes at a station to charge your car fully, but you’ll almost never go to a station. You’ll only go when you’re on a road trip or on those very rare days when you need to drive more than 100 miles in a day. So the proper comparison of filling times is “eight minutes every week, or 30-40 minutes on very rare occasions”. The latter is just much more convenient.

EVs’ third big advantage is that they require much less maintenance than combustion cars. A combustion car has a complicated engine with a lot of moving parts, all of which can break down. An EV is much more simple, getting its energy directly from the battery with far less machinery in between. A simpler car means fewer parts to break down. That’s why EV maintenance costs are 50% lower than combustion cars.

EVs’ fourth advantage is faster acceleration. Acceleration is one of the things people enjoy the most about driving cars, and EVs just completely destroy combustion cars here. A battery-powered electric motor can start accelerating your car with maximum force pretty much instantaneously, as soon as you hit the pedal. A combustion car has to burn gasoline and turn a bunch of gears before the acceleration can begin. Thus, EVs will always be able to go from 0 to 60 faster than combustion cars.

EVs’ fifth advantage is quiet. Combustion cars make a lot of noise, with that controlled explosion and all of those moving parts. EVs are incredibly quiet, since all they’re doing is pushing electrons through a wire. This is why EVs are far, far quieter than combustion cars.1 That’s helpful for when you’re driving and want to listen to music or a podcast. It’s also nice for the neighborhood around you — the fewer growling, roaring combustion cars there are on the streets, the more peace and quiet we all get.

That’s a huge suite of technological advantages for EVs. What advantages do ICE cars still have? Combustion cars’ range advantage has basically evaporated, with plenty of EVs having ranges of over 300 miles. Their slight remaining cost advantage is about to become a cost disadvantage in a couple of years, even without subsidies. Their quicker fill-up time almost never comes into play, since EV owners rarely have to fill up.

Other than the familiarity born of long use, I don’t see many significant, enduring advantages for combustion cars over EVs. And as EVs become more popular, combustion cars will become less and less convenient, because of a doom loop. In a post a year ago, I tried to explain why:

[T]he more gas stations there are, the more convenient it is to drive, and the more people drive, the more profitable it is to run a gas station. This is why we have a lot of cars and a lot of gas stations; they reinforce each other.

By taking internal combustion traffic off the road, EVs are going to make gas stations less profitable to run. Gas stations have fixed costs that they need to make up for by catering to large volumes of customers; when they can cater to fewer customers, their fixed costs are harder to pay, and some go out of business (or switch entirely to EV charging stations). When the number of gasoline-powered cars on the road goes down by double-digit percentages, it’s going to lead to a lot of closures or conversions.

When some gas stations vanish, it makes it harder to drive an internal combustion car as your primary mode of transport. This is because gas stations are fewer and farther between. This creates range anxiety if you’re on a long trip, but it also just forces you to drive farther and every time you fill up. That gives people an incentive to switch to an electric.

Note that this network effect is yet another subtle advantage of EVs over combustion cars. Combustion cars rely on a nationwide network of gas stations in order to be usable. But EVs almost always charge at home, so they rely much less on having a network of charging stations.

So EVs are just a superior technology to combustion cars. They’re soon to be cheaper, they’re more convenient, they’re much easier to maintain, they’re more powerful and far more silent. They will mostly replace combustion vehicles; it’s just a matter of when.

American industry needs to realize this fact. Right now, Chinese auto companies have been far more aggressive than their established rivals in terms of switching to EV technology. Bloomberg’s Gabrielle Coppola and Danny Lee have an excellent, sobering feature on the rise of China’s electric auto champion BYD:

Now executives from Detroit to Tokyo have to figure out how to compete with BYD, and they know tariffs alone won’t cut it. For years, they couldn’t or wouldn’t make the case for cannibalizing profitable business with an expensive, technologically novel experiment such as the electric vehicle, and now it’s unclear if they’ll ever catch up. The Alliance for American Manufacturing (AAM), a lobbying group representing American companies and labor groups, has called China’s EV offensive “an extinction-level event” for the American auto industry. They realize BYD has built EVs that many Americans, starved for an affordable option, would probably be happy to buy.

Tesla was America’s answer to BYD — indeed, it did more than BYD to pioneer many of the key technologies in the EV revolution, and to drive down their costs in the 2010s. It’s still (just barely) the world’s top electric car seller. But in the last year or two, Tesla has stumbled, losing some EV market share to old-line auto companies in the U.S. domestic market, and facing an increasingly uphill battle against domestic champions in China. Hopefully Tesla will recover its footing, but even if so, the U.S. needs more than one EV champion.

But even though the U.S. has lagged, the EV revolution is a great thing for the world. In addition to benefitting consumers directly by giving them better cars to drive, the ascendance of EVs will also help the world mitigate climate change. It’s definitely a reason for optimism in these troubled times.


Subscribe now

Share

1

They’re so quiet, in fact, that they have to add back in a little noise just so pedestrians know they’re coming

Saudi construction project of the day

Saudi Arabia is preparing to begin construction work on its next giga-project: a cube-shaped skyscraper big enough to fit 20 Empire State Buildings.

The Mukaab will be 400-meters on each side when construction is finished, which would make it the largest built structure in the world. The building will be the centerpiece of New Murabba, a community the country hopes will be a new destination within the capital city of Riyadh.

“It’s masquerading as a building today but it’s so much more,” Michael Dyke, chief executive officer of New Murabba, said in an interview. “Ultimately, a capital city the size of Riyadh deserves to have a global, central icon as other capital cities do.”

Here is more from Zainab Fattah at Bloomberg.  Here are various images based on artist renderings.  Here is further information.

The post Saudi construction project of the day appeared first on Marginal REVOLUTION.

       

Comments

Related Stories

 

The Declining Relative Quality of the Child Care Workforce

Although it is widely acknowledged that high-skilled teachers are integral to service quality and young children’s well-being in child care settings, little is known about the qualifications and skills of the child care workforce. This paper combines data from multiple sources to provide a comprehensive assessment of the quality of individuals employed in the child care sector. I find that today’s workforce is relatively low-skilled: child care workers have less schooling than those in other occupations, they score substantially lower on tests of cognitive ability, and they are among the lowest-paid individuals in the economy. I also show that the relative quality of the child care workforce is declining, in part because higher-skilled individuals increasingly find the child care sector less attractive than other occupations. Furthermore, I provide evidence that at least three other factors may be associated with the decline in worker quality. First, the recent proliferation of community college programs offering child care-related certificates and degrees may divert students away from attending four-year schools. Second, those majoring in child care-related fields are negatively selected for their cognitive skills, thereby decreasing the quality of the child care labor pool. Third, I show that the increased availability of outside employment options for high-skilled women had a detrimental effect on the quality of the child care workforce.

That is from a new paper by Chris M. Herbst.  Via the excellent Kevin Lewis.

The post The Declining Relative Quality of the Child Care Workforce appeared first on Marginal REVOLUTION.

       

Comments

Related Stories

 

Weather Up

My thanks to Weather Up for sponsoring this week at DF. If you’re even a semi-regular reader, you know I’m an aficionado of weather apps. There are a bunch of really good ones — including Apple’s own — but there’s an incredible degree of variety and originality in their information design, style, and priorities. Weather Up is one of my favorites, and ever since version 3 shipped earlier this year, it’s been my primary iPhone weather widget, which, in turn, makes it my most-glanced-at weather app.

Widgets are where Weather Up really shines: informative, glanceable, and intuitively interactive, simultaneously presenting what’s going to happen in the next hour and the forecast for the next few days. Yes, this is my thank-you post for a paid sponsorship, but I absolutely mean this: Weather Up’s widget is the best.

The Weather Up app takes a different approach from the widget, presenting a map-first design. No other weather app (that I’m aware of) goes map-first presentation-wise — which is likely explained by the fact that, as Weather Up developer David Barnard explained on The Talk Show, weather map data is expensive.

In fact, all weather data costs money, and good weather data costs more. Most “free” weather apps are only free at the expense of your privacy. Because you generally grant your weather apps location access — for the obvious purpose of getting local weather info and notifications wherever you go — weather apps are a top category for privacy-invasive advertising.

The developers of Weather Up, on the other hand, are privacy fanatics. Weather Up takes extra steps to protect your data. GPS coordinates are rounded to prevent precise location tracking, data requests go through Weather Up’s servers to hide your IP address, and the app doesn’t collect or share any personal data. A Weather Up subscription normally costs a very reasonable $5/month or $40/year — but with this DF sponsorship link, you can start with a completely free 7-day trial and then pay just $20 for your first year, a 50 percent discount.

If you care about weather apps at all, I implore you to give Weather Up a try. You won’t regret it.

 ★ 

CPHC Central North Pacific Outlook


Central North Pacific 2-Day Graphical Outlook Image
Central North Pacific 7-Day Graphical Outlook Image


ZCZC HFOTWOCP ALL
TTAA00 PHFO DDHHMM

Tropical Weather Outlook
NWS Central Pacific Hurricane Center Honolulu HI
200 PM HST Mon Oct 21 2024

For the central North Pacific...between 140W and 180W:

No tropical cyclones are expected during the next 7 days.

$$
Forecaster Kino
NNNN


NHC Atlantic Outlook


Atlantic 2-Day Graphical Outlook Image
Atlantic 7-Day Graphical Outlook Image


ZCZC MIATWOAT ALL
TTAA00 KNHC DDHHMM

Tropical Weather Outlook
NWS National Hurricane Center Miami FL
800 PM EDT Mon Oct 21 2024

For the North Atlantic...Caribbean Sea and the Gulf of Mexico:

Active Systems:
The National Hurricane Center is issuing advisories on Tropical
Storm Oscar, located near the north coast of eastern Cuba.

Tropical cyclone formation is not expected during the next 7 days.

$$
Forecaster Reinhart
NNNN


NHC Eastern North Pacific Outlook


Eastern North Pacific 2-Day Graphical Outlook Image
Eastern North Pacific 7-Day Graphical Outlook Image


ZCZC MIATWOEP ALL
TTAA00 KNHC DDHHMM

Tropical Weather Outlook
NWS National Hurricane Center Miami FL
500 PM PDT Mon Oct 21 2024

For the eastern North Pacific...east of 140 degrees west longitude:

Active Systems:
The National Hurricane Center is issuing advisories on newly-formed
Tropical Storm Kristy, located a few hundred miles south of the
southwestern coast of Mexico.

Tropical cyclone formation is not expected during the next 7 days.

&&
Public Advisories on Tropical Storm Kristy are issued under WMO
header WTPZ32 KNHC and under AWIPS header MIATCPEP2.
Forecast/Advisories on Tropical Storm Kristy are issued under WMO
header WTPZ22 KNHC and under AWIPS header MIATCMEP2.

$$
Forecaster Bucci
NNNN


The tails of Comet Tsuchinshan-ATLAS were a sight to behold. The tails of Comet Tsuchinshan-ATLAS were a sight to behold.