J. Bradford DeLong's Blog, page 447

Must-Read: Ryan Avent: How should recessions be fought wh...

Must-Read: Ryan Avent: How should recessions be fought when interest rates are low?: "ONE day... bad news will blow in... a new recession will begin...

...During the next recession, the ���zero lower bound��� (ZLB) on interest rates will almost certainly bite again.... Broadly, economists see two possible ways out.... One is to change monetary strategy. Ben Bernanke, chairman of the Federal Reserve during the crisis, proposed a clever approach: when the economy next bumps into the ZLB, the central bank should quickly adopt a temporary price-level target. That is, it should promise to make up shortfalls in inflation resulting from a downturn.... If credible, that promise should buck up animal spirits, encourage spending, and drag the economy back to health.... Less clear is whether a central bank could fulfil its promise. The Fed has failed to hit its 2% inflation target for the past five years, after all....

The constraints facing central banks suggest better hopes for the second way forward���greater reliance on fiscal policy. This was the theme of a contribution to the conference from Olivier Blanchard and Lawrence Summers.... Fiscal and monetary policy would have to be closely co-ordinated���amounting, in all likelihood, to a loss of central-bank autonomy.... Just how troubling a loss of independence would be is intensely debated. Messrs Blanchard and Summers are themselves at odds on it....

Central-bank independence was an institutional response to the inflation of the 1970s, just as government business-cycle management was a response to the Depression. But the rules that underpinned the conditions of the 1970s seem no longer to apply.... In the 1970s, an intellectual shift within economics took place in tandem with the change in policy practice. The discipline could explain why predictable monetary policy set by independent central banks was preferable to a government���s attempts to spend its way to full employment. Yet things need not unfold that way this time. With economists at odds as future ZLB episodes loom, the example of the 1930s might be more apt. Then populist politicians struck out in unorthodox new directions, for better and occasionally much worse. It was only later that experts could settle on a coherent narrative of the crisis and recovery. That is not the ideal way forward. Yet it may be the only option available.

Should-Read: The Spectator Index on Twitter: "Total wealt...

Should-Read: The Spectator Index on Twitter: "Total wealth of Forbes 400 list:

1982: $93 billion
2016: $2400 billion

Nominals, unfortunately: figure a tripling of the world price level and a doubling of global per capita income���to scale it is a factor of four, not 24...

Must-Read: Zeynep Tufekci: On Twitter: "Facebook and Goog...

Must-Read: Zeynep Tufekci: On Twitter: "Facebook and Google helped them better target fear-mongering videos: "Facebook and Google helped them better target fear-mongering videos showing 'France and Germany overrun by sharia law'���to get the ad money...

...Life under pay-for-play ads and virality-fueling algorithms on platforms.... This isn't about "free speech" at all. No suggestion of jailing or even censoring hate-mongers. It's about money, attention & amplification.

"Mass media also does it." Sure but that's public, counterable & much less effective. That's why all the ad money goes to Google & Facebook. Either Facebook & Google are giant cons at ~half-trillion market caps, or they effectively help hate-mongers victimize the most vulnerable.

"What should be done?" Good question. I'll be first to say it's VERY thorny, but to get somewhere, let's first acknowledge all the obvious. Consequences for not dealing with this will be horrible. Or we can shrug and listen to Tom Lehrer. "Nazi schmazi..."

Look, these advertisers are American, the companies spreading this fear-mongering���Facebook & Google���are American. Business/workforce model. Yeah, gotta sell ads falsely claiming that French students are being "taught to fight for the caliphate." ��_(���)_/��. It's not just the ads. It's the engagement metrics and the view that connectivity, without corresponding institutions, is an unalloyed good. The problem is structural. It's not about personalities. It's the kind of structures these companies have set up.... FB & Google, moved from alchemy to chemistry.

@JeremyOwens_: Same on TV. Gillespie runs a local ad portraying SW VA as being overrun by MS-13 to push an anti-immigration agenda for his Gov. campaign.

@zeynep: Not just, but certainly many orders of magnitude more. But core problem is that we're the product���not the customer. When I say it's the business model, I don't mean they're greedily counting $$ from white supremacists. I mean it's the structure they set up. It would be an easier problem if the problem was reducible to blatant ill-intent. It is related to intent, but in ways they set things up.
3 replies 10 retweets 28 likes.... This is about monetizing surveillance and attention in a submerged, privatized "public-sphere", not speech. Enough with the 19th century. It's uncomfortable and complex but deliberate misinformation may be speech���but it's often also a form of censorship...."

Should-Read: Greg Leiserson: The Unified Framework is a p...

Should-Read: Greg Leiserson: The Unified Framework is a proposal for two new wasteful tax expenditures: "Unified Framework���s core proposal: preferential rates for business income...

...http://equitablegrowth.org/research-analysis/the-unified-framework-is-a-proposal-for-two-new-wasteful-tax-expenditures/ Both comprehensive (integrated) income tax and consumption tax apply same rate to business and non-business income. Widely understood that preferential pass-through rate is a preference; same is true for sharply lower corporate rate.

Best approach: start over, focus on reforms to the tax base http://equitablegrowth.org/research-analysis/in-defense-of-the-statutory-u-s-corporate-tax-rate/.

Current approach: struggle with short list of (existing) tax expenditures, lose revenue (TBD scale), windfalls for wealthy & old capital.

Alt approach: scale back/eliminate the (new) tax expenditure that preferential business rates create via surtax on domestic cash flow. Effectively uses mini DBCFT as an offset for tax reform, rather than larger DBCFT as replacement for business income taxes. Ex: DBCFT as offset for modest corporate rate cut reduces harms (e.g. cost/deficits, sheltering) and reduces regressivity. Smaller scale of DBCFT-as-offset moderates challenges of the border adjustment in the Better Way plan 10/10...

Procrastination for October 18, 2017

Over at Equitable Growth: Must- and Should-Reads:

Issi Romem: Paying For Dirt: Where Have Home Values Detached From Construction Costs?: "In the expensive U.S. coastal metros, home prices��have detached from construction costs...
Melissa S. Kearney: How Should Governments Address Inequality?: "Putting Piketty Into Practice...
Ben Thompson: Netflix���s Earnings, Netflix���s Price Raise, Additional Netflix Notes: "Netflix has a completely orthogonal strategy: content is only valuable if it is evergreen...
CPPC: Senator Amy Klobuchar: Drug Price Bills Will Likely Advance As Amendments to Larger Bills: "Senator Klobuchar began with... 1 out of 4 Americans have either cut their prescription drugs in half...
Ryan Hagemann: The Coming Age of Genetic Modification: "Shoukhrat Mitalipov and a team of researchers at Oregon Health and Science University announced they had successfully altered human embryos with a mutation of the MYBPC3 gene...
Raymond Fisman, Keith Gladston, Ilyana Kuziemko, and Suresh Naidu: Do Americans want to tax capital? Evidence from online surveys: "We provide, to our knowledge, the first investigation of individuals��� preferences over jointly taxing income and wealth...
Simon Wren-Lewis: The lesson monetary policy needs to learn: "The main problem with monetary policy...
Darrick Hamilton: Post-racial rhetoric, racial health disparities, and health disparity consequences of stigma, stress, and racism: "High achieving black Americans... still exhibit large health disparities...
Should Not Read: THE WHITE HOUSE: Office of the Press Secretary: Embargoed For Release Until 5:00 a.m. EDT, October 16, 2017: ON-THE-RECORD PRESS CALL BY COUNCIL OF ECONOMIC ADVISERS CHAIRMAN KEVIN HASSETT ON UPCOMING CEA REPORT
Larry Summers: Hassett���s flawed analysis of the Trump tax plan: "Kevin Hassett... accuses me of an ad-hominem attack...
What were they thinking of, signing this? Wasn't Kevin Hassett's behavior since 100% predictable? Letter in Support of the Nomination of Kevin Hassett to be Chairman of the Council of Economic���: "Alan J. Auerbach... Martin N. Baily... Dean Baker...
CPPC: Victory in California! Drug Price Transparency Bill Becomes Law: "California Governor Jerry Brown signed SB 17, a drug price transparency bill, into law...
Carolyn Sissoko: On the Value of an ���Aggressive��� Academic Culture [Updated]: "This morning���s procrastination included a few tweets and blogposts on the 'women in economics' debate, and the twist the discussion is taking concerns me... https://syntheticassets.wordpress.com/2017/09/11/on-the-value-of-an-aggressive-academic-culture/
Jay Shambaugh et al.: Thirteen Facts About Wage Growth: "Economic and policy changes are both important for the division of economic gains... http://www.hamiltonproject.org/assets/files/thirteen_facts_wage_growth.pdf
Danny Quah: When Open Societies Fail: "Why is Wikipedia mostly OK, but so many comments at the end of newspaper articles make you weep for humanity���s future ��� when both are open for everyone to write?...
David Anderson: State Approaches to Handling CSR Uncertainty for 2018 Premiums ��� Balloon Juice: "The 2018 ACA Marketplace that begins on November 1, 2017...
Paul Krugman: Subsidies, Spite, and Supply Chains: "I���ve been fairly complacent about NAFTA���s fate...

Interesting Reads:

Joseph E. Stiglitz, Dean Baker and Arjun Jayadev: Intellectual Property for the Twenty-First-Century Economy: "Developing countries are increasingly pushing back against the intellectual property regime foisted on them by the advanced economies over the last 30 years. They are right to do so, because what matters is not only the production of knowledge, but also that it is used in ways that put the health and wellbeing of people ahead of corporate profits..."
Martin Wolf: Why climate change puts the poorest most at risk: "IMF data show low-income nations suffer from events for which they bear no blame..."
Jim O'Neill: What���s Really at Stake at the CCP Congress? by Jim O'Neill - Project Syndicate: "Whenever the Chinese Communist Party holds its quinquennial National Congress, pundits revel in speculating about the behind-the-scenes political dynamics driving what is invariably a carefully choreographed event. But they should really be focusing on whether China's leaders will signal continuity or change regarding the country's economic and trade policies..."
David Anderson: Morning thoughts on Alexander-Murray: "I would vote for this bill if I were in the Senate..."
Edward Luce: Donald Trump���s poisoning of global trade: "The suspicion is that the president never wanted to make deals in the first place..."
Shawn Donnan: Bitter differences over Nafta break into the open: "Bitter differences over how to update the North American Free Trade Agreement have broken into the open, as Donald Trump���s trade tsar accused Canada and Mexico of resisting the need for major change and warned US companies they would need to make sacrifices..."
Gene Sperling: Expand the EITC to Include Childless Workers - The Atlantic: "The Earned Income Tax Credit is one of the country���s most effective anti-poverty policies, but it mostly leaves out a huge segment of workers: those without children..."
Richard Sutch: The One Percent across Two Centuries: A Replication of Thomas Piketty's Data on the Concentration of Wealth in the United States: "Piketty's data for the top 1 percent of the distribution for the nineteenth century (1810���1910) are also unreliable. They are based on a single mid-century observation that provides no guidance about the antebellum trend and only tenuous information about the trend in inequality during the Gilded Age..."
Should-Read: Political Institutions, Economic Liberty, and the Great Divergence: "Max Weber proposed that politically autonomous cities were 'critical to Europe's economic rise...
Matt Yglesias: The Bullshitter-in-Chief: "Donald Trump���s disregard for the truth is something more sinister than ordinary lying..."
Jane Gravelle (2011):
Tim Duy: Is The Fed Setting Itself Up To Fail In The Next Recession?: "The Federal Reserve remains committed to a December rate hike, persistent low inflation not withstanding.... The main risk... is that the US economy enters the next recession with diminished inflation expectations, which could further hobble central bankers already facing the prospect of returning to the effective lower bound in the next cycle..."
Liz Mair: Trump���s Big Bet���That Republican Voters Like Him More Than Their Party or Congress: "The president loathes his Republican ���partners��� in the House and the Senate, and doesn���t much mind how unpopular he is so long as he remains more popular than them...."
Mike Monteiro: One person���s history of Twitter, from beginning to end: "When Donald Trump tweets us into war, the bombs don���t fall inside Twitter. When Donald Trump tweets us out of the social contract, citizens who���ve never used the service are left to suffer. What happens when the thing that might save you is also the thing that might destroy the world? What do you do? Where does your responsibility lie? Twitter set out to change the world. It did."
John Podesta: Trump���s tax-cuts pitch takes disdain for evidence to a new level - The Washington Post
Gary Westfahl: The Joke Is on Us: The Two Careers of Robert A. Heinlein
David Anderson: Misunderstanding the No CSR World ��� Balloon Juice: "At least forty states have taken steps to protect all on-Exchange buyers from CSR costs in 2018... Bronze and Gold plans are significantly cheaper for subsidized buyers..."

And Over Here:

Links and Such for the Week of October 15, 2017
Monday DeLong Smackdown Watch: Still Looking for a High Quality DeLong Smackdown Over the Past Month (or Earlier) Kevin Hassett Edition
Hoisted from Five Years Ago: Department of "Huh?": Estimating Long-Run Properties of Time Series
David Ricardo's (1817) Comparative Advantage Argument Is a Price-Specie-Flow Argument
Comment of the Day: A in CA: MONDAY DELONG SMACKDOWN WATCH: STILL LOOKING FOR A HIGH QUALITY DELONG SMACKDOWN OVER THE PAST MONTH (OR EARLIER) KEVIN HASSETT EDITION: "So coauthoring the book "Dow 36,000" does not ever disqualify an economist..."
Comment of the Day: Phil Koop: Kevin Hassett and Dow 36000: "There are some not so surprising names on that list, but too many that are astonishing..."
Live from the Orange-Haired Baboon Cage: Matthew Yglesias: ESTABLISHMENT REPUBLICANS MYSTIFIED BY THEIR BASE SHOULD LOOK AT ED GILLESPIE���S CAMPAIGN: "Gillespie and his campaign feel that a hysterical racialized scare campaign about gang rape with zero grounding in policy reality will sell better than some kind of tedious seminar about immigration���s impact on wages..."
Live from the Universe: NASA: FIRST LIGHT FROM A GRAVITATIONAL-WAVE EVENT: "For the first time, NASA scientists have detected light tied to a gravitational-wave event..."
Live from the New York Times Journamalists' Self-Made Gehenna: Scott Lemieux: "AND I ASSURE YOU, PAT CADDELL AGREES WITH ME ENTIRELY: "Verbatim Doug Schoen..."
Weekend Reading: Polybius on His Relationship with Scipio Aemilianus, Plus Cato on Roman Luxury...
For the Weekend: Stephen Vincent Benet: The Devil and Daniel Webster VII
Should-Read: Issi Romem: PAYING FOR DIRT: WHERE HAVE HOME VALUES DETACHED FROM CONSTRUCTION COSTS?: "In the expensive U.S. coastal metros, home prices��have detached from construction costs..."
Should-Read: Shawn Donnan: BITTER DIFFERENCES OVER NAFTA BREAK INTO THE OPEN: "US trade chief Lighthizer urges Canada and Mexico to ���give up a little bit of candy���..."
Should-Read: Ben Thompson: NETFLIX���S EARNINGS, NETFLIX���S PRICE RAISE, ADDITIONAL NETFLIX NOTES: "Netflix has a completely orthogonal strategy: content is only valuable if it is evergreen..."
Should-Read: Ryan Hagemann: THE COMING AGE OF GENETIC MODIFICATION: "Shoukhrat Mitalipov and a team of researchers at Oregon Health and Science University announced they had successfully altered human embryos with a mutation of the MYBPC3 gene..."
Should-Read: CPPC: SENATOR AMY KLOBUCHAR: DRUG PRICE BILLS WILL LIKELY ADVANCE AS AMENDMENTS TO LARGER BILLS: "Senator Klobuchar began with... 1 out of 4 Americans have either cut their prescription drugs in half..."
Should-Read: Raymond Fisman, Keith Gladston, Ilyana Kuziemko, and Suresh Naidu: DO AMERICANS WANT TO TAX CAPITAL? EVIDENCE FROM ONLINE SURVEYS: "We provide, to our knowledge, the first investigation of individuals��� preferences over jointly taxing income and wealth..."
Should-Read: Gary Cox: POLITICAL INSTITUTIONS, ECONOMIC LIBERTY, AND THE GREAT DIVERGENCE: "Max Weber proposed that politically autonomous cities were 'critical to Europe's economic rise..."
Should-Read: Simon Wren-Lewis: THE LESSON MONETARY POLICY NEEDS TO LEARN: "The main problem with monetary policy..."
Should-Read: Martin Sandbu: BOLDER RETHINKING NEEDED ON MACROECONOMIC POLICY: "Top economists need to dig deeper after policy failures of past decade..."
Should-Read: Darrick Hamilton: POST-RACIAL RHETORIC, RACIAL HEALTH DISPARITIES, AND HEALTH DISPARITY CONSEQUENCES OF STIGMA, STRESS, AND RACISM: "High achieving black Americans... still exhibit large health disparities..."
Should Not Read: THE WHITE HOUSE: Office of the Press Secretary: "Embargoed For Release Until 5:00 a.m. EDT, October 16, 2017: ON-THE-RECORD PRESS CALL BY COUNCIL OF ECONOMIC ADVISERS CHAIRMAN KEVIN HASSETT ON UPCOMING CEA REPORT..."
Should-Read: Larry Summers: HASSETT���S FLAWED ANALYSIS OF THE TRUMP TAX PLAN: "Kevin Hassett... accuses me of an ad-hominem attack..."
Should-Read: LETTER IN SUPPORT OF THE NOMINATION OF KEVIN HASSETT TO BE CHAIRMAN OF THE COUNCIL OF ECONOMIC Advisers
Should-Read: Gojko Barjamovica et al.: TRADE, MERCHANTS AND LOST CITIES OF THE BRONZE AGE: "Seminar 211: Economic History | October��16 | 2-3:30 p.m. | 597��Evans Hall..."
Should-Read: CPPC: VICTORY IN CALIFORNIA! DRUG PRICE TRANSPARENCY BILL BECOMES LAW: "California Governor Jerry Brown signed SB 17, a drug price transparency bill, into law..."
Should-Read: Carolyn Sissoko: ON THE VALUE OF AN ���AGGRESSIVE��� ACADEMIC CULTURE [UPDATED]: "This morning���s procrastination included a few tweets and blogposts on the 'women in economics' debate, and the twist the discussion is taking concerns me..."
Should-Read: Jay Shambaugh et al.: THIRTEEN FACTS ABOUT WAGE GROWTH: "Economic and policy changes are both important for the division of economic gains..."
Should-Read: Danny Quah: WHEN OPEN SOCIETIES FAIL: "Why is Wikipedia mostly OK, but so many comments at the end of newspaper articles make you weep for humanity���s future ��� when both are open for everyone to write?..."
Should-Read: David Anderson: STATE APPROACHES TO HANDLING CSR UNCERTAINTY FOR 2018 PREMIUMS: "The 2018 ACA Marketplace that begins on November 1, 2017..."
Should-Read: Paul Krugman: SUBSIDIES, SPITE, AND SUPPLY CHAINS: "I���ve been fairly complacent about NAFTA���s fate..."

Perhaps Worth Looking at...

Should-Read: Issi Romem: Paying For Dirt: Where Have Home...

Should-Read: Issi Romem: Paying For Dirt: Where Have Home Values Detached From Construction Costs?: "In the expensive U.S. coastal metros, home prices��have detached from construction costs...

...and can be almost four times as high as the cost of rebuilding existing structures.... Absent restrictions on housing supply, competition among developers tends to maintain average metropolitan home prices tethered to the cost of construction. This study estimates the average home value to replacement cost ratio for the largest U.S. metro areas, as well as several related measures, and maps them by zip code area within each metro. The high cost of housing in expensive coastal metros is not driven by construction costs. It is driven by the high cost of land which, in turn, reflects a scarcity of zoned units, not a scarcity of land per se.

The scarcity of zoned units afflicts the expensive coastal metros in their entirety but, even within more affordable metro areas,��sought-after��districts suffer from such scarcity. The disconnect between home values and construction costs in the expensive coastal metros does not imply that real estate development is necessarily lucrative. Because developers must acquire valuable land, construction costs can still be pivotal with respect to the viability of projects and, as a result, they can still influence the housing supply. The timing of developers��� land��acquisition vis-a-vis the housing cycle can be crucial...

Live from the New York Times Journamalists' Self-Made Geh...

Live from the New York Times Journamalists' Self-Made Gehenna: Scott Lemieux: "And I Assure You, Pat Caddell Agrees With Me Entirely": "Verbatim Doug Schoen:

Fourth, demonizing Wall Street does nothing to bridge the widening gaps in our country. Wall Street has its flaws and abuses, which were addressed in part by the Dodd-Frank financial reform law. And yes, the American people are certainly hostile to and suspicious of Wall Street. But using this suspicion and hostility as the organizing principle for a major political party will consign Democrats to permanent minority status.

Does Schoen, a proud Democrat in the tradition of Zell Miller and Phil Gramm, also assert that America is a ���center-right��� country and imply that Trump ran as a booster of Wall Street? I think you know the answer! Why is the New York Times feeding this embarrassing pablum to its readers and pass it off as if it was coming from an actual Democrat? I think you know the answer to that too!

Should-Read: All of Canada, all of Mexico, and the U.S. b...

Should-Read: All of Canada, all of Mexico, and the U.S. business community think that Lighthizer has his head completely up his --- on NAFTA renegotiation. Certainly U.S. consumers would not benefit. And the furniture workers harmed by NAFTA implementation in 1993-1995 have retied, or moved to other types of jobs. Only labor-side ideologues trapped in the early 1990s and those who���like Donald Trump���wrongly believe that every bilateral trade deficit is always a national loss are in Lighthizer's corner.

I have no idea how Lighthizer expects to get any implementation legislation for TRAFTA through the congress at all���xenophobia and associated opposition to "globalists" and "rootless cosmopolites" seem to be the only cards Lighthizer has to play here. If I were him, I would quit now:

Shawn Donnan: Bitter differences over Nafta break into the open: "US trade chief Lighthizer urges Canada and Mexico to ���give up a little bit of candy���...

...Bitter differences over how to update the North American Free Trade Agreement have broken into the open, as Donald Trump���s trade tsar accused Canada and Mexico of resisting the need for major change and warned US companies they would need to make sacrifices. ���If you���re going to get a deal everybody has to give up a little bit of candy,��� Robert Lighthizer, the US trade representative, told reporters on Tuesday, as negotiators wrapped up their most substantive round of talks since the Trump administration��launched a renegotiation in August. Mr Lighthizer, however, played down fears that the US planned to withdraw from Nafta, which covers more than a quarter of the global economy, any time soon. There were no ���active��� discussions to abandon it, he said, despite President Trump���s repeated threats. ���We don���t really have a plan beyond trying to get a good agreement,��� he said. But�����if we do end up not having an agreement, my guess is all three countries will do just fine. There���s plenty of trade, and plenty of reasons to trade.���...

Chrystia Freeland, Canada���s foreign minister, said the US proposals were ���unconventional��� and warned they would ���turn back the clock on 23 years of predictability, openness and collaboration under Nafta���.�� ���This is troubling,��� she said. The acrimony began last week after the US put forward a series of proposals that the US business community has dubbed ���poison pills���. They include a requirement that the three countries review the deal every five years and actively opt-in, as well as a 50 per cent US-content requirement for cars made in North America, which the auto industry is fighting.

The US argues those and other new provisions are necessary to help reduce the US���s trade deficit in goods with Mexico. In the first eight months of this year this mounted to more than $47bn ��� second only to China in size.��Meeting that goal is considered vital to win the approval of Mr Trump, who has called Nafta the worst trade deal ever struck and set the target of reducing the US���s $500bn annual deficit with the world as one of his��major economic goals. It also highlights the almost impossible task facing Mr Lighthizer in the Nafta discussions. He must find a deal that Canada, Mexico and Republicans in Congress will accept, while also convincing Mr Trump that it amounts to a victory for him...

Should-Read: Ben Thompson: Netflix���s Earnings, Netflix�...

Should-Read: Ben Thompson: Netflix���s Earnings, Netflix���s Price Raise, Additional Netflix Notes: "Netflix has a completely orthogonal strategy: content is only valuable if it is evergreen...

...that means drama, comedy, documentaries, movies, etc.... A live event... does nothing to retain an audience, or draw an audience once the event has passed; evergreen content, on the other hand, not only draws audiences at the time of release, but also retains audiences over time and is accretive to the lure of would-be audiences in the future. That leads to the differentiation I suggested was shown in Netflix���s results...

the company���s expanding stable of original content draws new customers, retains old customers, and attracts marginal customers not just today for for years to come....
that Netflix is international by default... means... a far larger addressable market over which it can spread the fixed costs of content acquisition. That Netflix can reach the entire world is, of course, a consequence of the Internet and Netflix���s advantage here is that of an aggregator....
Netflix���s budget is defined not by its current user base but rather by its anticipated user base of the future ��� that is the luxury of growth. Most of Netflix���s competitors, on the other hand, are facing a declining user base. This advantage is not just financial but also psychological.

These sustainable advantages were all over Netflix���s investor letter and earnings call...

Should-Read: Ryan Hagemann: The Coming Age of Genetic Mod...

Should-Read: Ryan Hagemann: The Coming Age of Genetic Modification: "Shoukhrat Mitalipov and a team of researchers at Oregon Health and Science University announced they had successfully altered human embryos with a mutation of the MYBPC3 gene...

...a defect that causes hypertrophic cardiomyopathy in 1 out of every 500 people, and is among the leading causes of sudden death for young athletes. If true (the research is still pending publication), this... would mark the first time such a modification was conducted using the CRISPR gene editing technology, demonstrating the technology���s ability to both safely and effectively excise abnormalities in an embryonic genome...