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Category: Economics/Business

World dangerously underestimating economic cost of climate change, study finds

World dangerously underestimating economic cost of climate change, study finds

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HuffPost reports: Leading global forecasts widely underestimate the future costs of climate change, a new paper warns. The findings, to be released Monday in the Review of Environmental Economics and Policy, say projections used by the United Nations Intergovernmental Panel on Climate Change rely on outdated models and fail to account for “tipping points” ― key moments when global warming rapidly speeds up and becomes irreversible. The IPCC, established in 1988, is the leading international body for assessing climate change,…

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How a Eurasian steppe empire coped with decades of drought

How a Eurasian steppe empire coped with decades of drought

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By Diana Crow The bitterly cold, dry air of the Central Asian steppe is a boon to researchers who study the region. The frigid climate “freeze-dries” everything, including centuries-old trees that once grew on lava flows in Mongolia’s Orkhon Valley. A recent study of the tree-ring record, published in March, from some of these archaic logs reveals a drought that lasted nearly seven decades—one of the longest in a 1,700-year span of steppe history—from A.D. 783–850. Decades of prolonged drought…

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William Morris’ vision of a world free from wage slavery is finally within reach

William Morris’ vision of a world free from wage slavery is finally within reach

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Vasilis Kostakis and Wolfgang Drechsler write: At the beginning of the 21st century, a new world is emerging. Not since Marx identified the manufacturing plants of Manchester as the blueprint for the new capitalist society has there been a deeper transformation of the fundamentals of our socioeconomic life. A new commons-based mode of production, enabled by information and communication technology (ICT), what we now call digitisation, redefines how we (can) produce, consume and distribute. This pathway is exemplified by interconnected…

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The real villain behind our new Gilded Age

The real villain behind our new Gilded Age

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Eric Posner and Glen Weyl write: The comedian Chris Rock once said, “If poor people knew how rich rich people are, there would be riots in the streets.” Populist revolts throughout the world may not count as street riots, but they do reflect disenchantment with not just our government but also liberal democracy itself. In the past two decades, growth rates in the United States have fallen to half of what they were in the middle of the 20th century….

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In America’s new civil war, one side must win

In America’s new civil war, one side must win

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Peter Leyden and Ruy Teixeira write: This is no ordinary political moment. Trump is not the reason this is no ordinary time — he’s simply the most obvious symptom that reminds us all of this each day. The best way to understand politics in America today is to reframe it as closer to civil war. Just the phrase “civil war” is harsh, and many people may cringe. It brings up images of guns and death, the bodies of Union and Confederate soldiers….

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MIT project claims nuclear fusion power will be on the grid within 15 years

MIT project claims nuclear fusion power will be on the grid within 15 years

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The Guardian reports: The dream of nuclear fusion is on the brink of being realised, according to a major new US initiative that says it will put fusion power on the grid within 15 years. The project, a collaboration between scientists at MIT and a private company, will take a radically different approach to other efforts to transform fusion from an expensive science experiment into a viable commercial energy source. The team intend to use a new class of high-temperature…

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Why Amartya Sen remains the century’s great critic of capitalism

Why Amartya Sen remains the century’s great critic of capitalism

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By Tim Rogan, Aeon Critiques of capitalism come in two varieties. First, there is the moral or spiritual critique. This critique rejects Homo economicus as the organising heuristic of human affairs. Human beings, it says, need more than material things to prosper. Calculating power is only a small part of what makes us who we are. Moral and spiritual relationships are first-order concerns. Material fixes such as a universal basic income will make no difference to societies in which the…

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Blockchain could reshape our world — and the far right is one step ahead

Blockchain could reshape our world — and the far right is one step ahead

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Josh Hall writes: Attack of the 50 Foot Blockchain reads the title of a 2017 book. From currency speculation through to verifying the provenance of food, blockchain technology is eking out space in a vast range of fields. For most people, blockchain technologies are inseparable from bitcoin, the cryptocurrency that has been particularly visible in the news recently thanks to its hyper-volatility. Crypto-entrepreneurs have made and lost millions, and many people have parlayed their trading into a full-time job. But…

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In Syria’s war economy the worst of enemies are also partners in business

In Syria’s war economy the worst of enemies are also partners in business

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Century Foundation Fellow, Aron Lund, writes: After the October 2017 fall of Raqqa to U.S.-backed Kurdish and Arab guerrillas, the extremist group known as the Islamic State is finally crumbling. But victory came a cost: Raqqa lies in ruins, and so does much of northern Syria. At least one of the tools for reconstruction is within reach. An hour and a half’s drive from Raqqa lies one of the largest and most modern cement plants in the entire Middle East,…

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