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A third war, which has dominated the news lately, might also have been set in motion by a costly mistake, as I’ll explain. To economists, this raises a question: If wars are so awful, why do we keep blundering into them? Battle-related deaths exceeded 100,000 in the Tigray region of Ethiopia and 81,000 in Ukraine, according to the Peace Research Institute Oslo. The war that’s in the news now is the Hamas terror attack on Israelis on Oct. 7 and the Israel Defense Forces counterattack, which it says is necessary to root Hamas out of Gaza. There were spasms of heavy fighting from November 2020 to November 2022, charges of war crimes by both sides and famine.
Persons: There’s, , Eli Berman Organizations: Peace Research Institute, Israel Defense Forces, West Bank, Ethiopian Army, University of California Locations: Ethiopia, Ukraine, Tigray, Peace Research Institute Oslo, Gaza, San Diego
More likely, the event that’s judged most transformative will be some scientific or technological advance that only a handful of people know about right now — because that’s how things almost always go. The ups and downs of the business cycle that I usually write about are important. But over the sweep of history, it’s been the advance of science and technology that has changed our lives the most, and mostly for the better. That’s what I’m thankful for this Thanksgiving. Not to mention Covid vaccines, without which Grandmother wouldn’t let us through the front door.
Persons: Kevin McCarthy’s speakership, “ Mr, Tutt ”, Brooks, , it’s, here’s, Grandmother wouldn’t Organizations: Silicon Valley Bank, New York Times Locations: Silicon
Opinion | Why Is Everyone So Grumpy?
  + stars: | 2023-11-23 | by ( Binyamin Appelbaum | Peter Coy | ) www.nytimes.com   time to read: +1 min
Peter Coy: So, Binya, Americans seem very grumpy about the economy lately, despite what looks like some pretty good news. I bet a lot of people will be talking over Thanksgiving dinner about why that is. But to most people, inflation is high prices. So they look at high prices in the supermarket or wherever and say, “That’s inflation!” Woe unto the politician or economist who tells them otherwise. Binyamin Appelbaum: I find that people are not always as excited as I am to talk about economic policy at the dinner table.
Persons: Peter Coy, Binyamin Appelbaum Organizations: New York Times, Siena College
OpenAI and the Loss of a Founder - The New York Times
  + stars: | 2023-11-20 | by ( Peter Coy | ) www.nytimes.com   time to read: +2 min
Businesses have come up with workarounds that protect individuals’ liberty while giving investors the assurance they need to commit lots of money to companies. Two years ago, I wrote about how noncompete agreements have been abused to trap workers and suppress wages of mid- and low-level workers, such as employees of fast-food restaurants. For high-level executives such as Altman and Brockman, there is a stronger argument for noncompete agreements. Bloomberg reported in October that OpenAI was in talks to sell existing employees’ shares at a price that would value the overall company at $86 billion. The U.S. Chamber of Commerce, in objecting to the F.T.C.’s proposed rule about noncompete agreements, cited its economist John McAdams, who wrote in 2019 in a research paper for the F.T.C.
Persons: Sam Altman, , Altman, Brockman, OpenAI, John McAdams Organizations: Federal Trade Commission, Bloomberg, U.S . Chamber of Commerce Locations: California
I’m going to decline a $2.25 order in almost every instance. L.A. SchwartzUnion, Ky.You quoted the great economist Frank Knight. Here is a story about Frank Knight and George Stigler you might find interesting. In 1962 I was a research assistant to George Stigler at the University of Chicago. I now have a copy of ‘The Wealth of Nations’ that I can prove was read by Frank Knight.”
Persons: Adam Ozimek, , I’m, L.A, Frank Knight, George Stigler, Adam Smith’s “, ” Knight, Stigler, Knight, George, Organizations: Economic Innovation, Schwartz Union, University of Chicago, Nations Locations: United States, Ky
Opinion | Welcome to the New Economics of Tipping
  + stars: | 2023-11-15 | by ( Peter Coy | ) www.nytimes.com   time to read: +2 min
(If a no-tip order sits too long, DoorDash will raise the base pay until a driver — known as a Dasher — finally picks it up.) I’m glad to see workers earning more in jobs that tend to be low-paid, grueling and in some cases dangerous. “Our three-sided marketplace only works if it’s working for Dashers, consumers and merchants alike,” the company said, correctly. I’m not as happy that some portion of the bigger tips will most likely indirectly increase corporate profits. (The driver rates the passenger before seeing the tip, although I’m guessing a lot of customers don’t realize that.)
Persons: , I’m, Uber, Robert Frank Organizations: Cornell
You need to put politics aside to shrink government budget deficits — or that’s the conventional wisdom, anyway. I was given an early look last week at a new collection that includes her essay and eight others commissioned by the foundation. Heitkamp told me last week that by politics, she doesn’t mean the kind of skirmishing for electoral advantage that Washington is famous for. Her essay quotes President Abraham Lincoln, who said: “Public sentiment is everything. With public sentiment, nothing can fail; without it nothing can succeed.”“When you’re faced with tough choices, as certainly Lincoln was, you can’t expect people to follow you,” Heitkamp told me.
Persons: Heidi Heitkamp, Heitkamp, Peter G, Abraham Lincoln, , you’re, Lincoln, ” Heitkamp, they’re Organizations: U.S . Senate, Peterson Foundation, Washington Locations: U.S, Dakota
Opinion | Why Voters Are So Down on the Biden Economy
  + stars: | 2023-11-08 | by ( Peter Coy | ) www.nytimes.com   time to read: +2 min
When she thinks about the direction of the country right now, what she’s most worried about is the economy. On diabetic medication, for example, there’s actually good news. But the part I want to focus on is what Sara and other Americans who aren’t economists mean when they use terms like economy, inflation and unemployment. It’s often not what economists mean. Ask a macroeconomist how the economy is doing and you might get a number, such as 4.9, which is the percentage increase in G.D.P.
Persons: Sara, Donald Trump, they’re, there’s, Lilly, It’s, Biden Organizations: Republican, Washington , D.C, Trump, Novo Nordisk, Sanofi Locations: South Carolina, Washington ,, G.D.P
Party leaders consoled themselves that at least they had managed to hang on to Black and Hispanic voters, but lately Hispanic voters, too, have begun drifting toward the G.O.P. To understand the party realignment, the three economists analyzed results of more than 800 surveys of about two million respondents since the 1940s. The authors labeled the traditional, New Deal approach as “predistributionist” and the New Democrat approach as “redistributionist.” The authors didn’t have data on why less educated voters prefer predistributionist policies. Or “voters may believe that the tax-and-transfer system is more opaque, corrupt or inefficient,” they wrote. The traditional knock on a “compensate the losers” strategy is that the promises of compensation are often unfulfilled.
Persons: , , Kuziemko, Naidu Organizations: Democratic Party, Democrat Locations: Black
Christopher Bell was set to represent JGR in the championship four, but rumors were flying that the entire organization might pull out of the race. Coy Gibbs, the vice chairman of the organization, son of team owner Joe Gibbs and Ty's father, had been found dead in his hotel room that morning and the team was in chaos. Joey Logano won the race and his second title, while Bell finished a distant 10th in the race and third in the championship standings. Stevens felt once the race began the team was able to focus on trying to win the title. If you have a weak part of your race team, the playoffs will find it.”___AP auto racing: https://apnews.com/hub/auto-racing
Persons: Joe Gibbs, Gibbs, Ty Gibbs, Christopher Bell, Coy Gibbs, Ty's, , Adam Stevens, Stevens, Kyle Busch, Bell, Joey Logano, , ” Bell, you've, ” Stevens, Ryan Blaney, William Byron, Kyle Larson, Larson, Blaney, Byron, J.D, Coy, Heather, Busch, we’ve, ” Gibbs Organizations: Phoenix Raceway, JGR, Bell, Toyota Locations: AVONDALE, Ariz, prepping
Opinion | The World Series Didn’t Match the Very Best
  + stars: | 2023-11-03 | by ( Peter Coy | ) www.nytimes.com   time to read: +2 min
The real world falls far short of a meritocracy, of course. In the wider world, I think, it would be good to squeeze more of the randomness out of who succeeds, getting closer to true meritocracy. The team owners want to expand the playoffs to 14 teams, but the players’ union has resisted. An inferior team can win a playoff series, or even more than one series, if the “game of inches” breaks its way. The Diamondbacks being a case in point, at least until they bombed out in the World Series, losing the best-of-seven competition after five games.
Persons: ” Robert Frank, Fortune, , ” Rob Manfred Organizations: Cornell University, Major League Baseball, National League, Diamondbacks, MLB Network Radio
‘Wingwomen’ Review: A Crew of Femme Fatales
  + stars: | 2023-11-01 | by ( Beatrice Loayza | ) www.nytimes.com   time to read: +1 min
“Wingwomen” is the rare French action movie directed by a woman, Mélanie Laurent, the breakout star of “Inglourious Basterds” turned filmmaker in her native France. Laurent also stars as the film’s veteran thief, Carole, a steely, chiseled blonde. 2, is Alex (Adèle Exarchopoulos), an expert sniper and an unabashed flirt whom the older Carole recruited years ago for a diamond heist. Now a seasoned crime team, Carole is the brains, Alex the muscle. Alex gets bruised and bloodied, but so does the meathead baddie.
Persons: , Mélanie Laurent, Basterds ”, Laurent, Carole, Alex, Adèle, Sam, Manon Bresch, she’s, Tom, coy playgirl Organizations: coy Locations: France
The names Joe Biden and Donald Trump are scarce on the website of the Federal Reserve. When they do appear in a document, it’s rarely something said or written by a Fed governor or staffer. Phillips, a defunct economist from New Zealand who gave his name to the Phillips curve, which compares inflation and unemployment, is all over the Fed website — “Your query for ‘A.W. The Fed can swing the economy, and the economy can swing elections. But there’s nothing usual about this election because there’s nothing usual about Donald Trump, the likely Republican nominee.
Persons: Joe Biden, Donald Trump, ” —, Phillips, A.W, Phillips ’, , that’s, George H.W . Bush, Alan Greenspan, , ” Bush Organizations: Federal Reserve, Fed, Federal, Republican Locations: New Zealand
It has incorporated pulse oximetry into all of its smart watches since then, with the exception of the cheaper Apple Watch SE. case is only one front in the battle between Masimo and Apple. In 2020, Masimo sued Apple in Federal District Court in California, alleging theft of trade secrets. Last year, Apple sued Masimo in federal court in Delaware, charging that Masimo was the one doing the illegal copying and was trying to knock Apple out of the market to make way for its own watch. Masimo counter-claimed that Apple had infringed its patents, falsely advertised its watches’ capabilities and violated antitrust and fair competition laws.
Persons: Biden, Masimo, Apple, Kiani, it’s, ” Masimo Organizations: Apple, Federal Circuit, Federal, Court, Apple Watch, Food and Drug Administration Locations: U.S, Masimo, California, Delaware, Masimo’s
If there is a war of the generations, we older Americans are winning it. As evidence, I present two remarkable charts, which are my versions of charts made by the Center on the Economics and Demography of Aging at the University of California, Berkeley. The charts show a big increase since 1960 in the consumption of goods and services by people over 60, with the biggest increase among people 75 and older. The charts show average consumption per individual, not total consumption by the (growing) cohort of the old. Rightly or wrongly, Congress is choosing spending on the old over spending on the young.
Persons: it’s, Melissa Kearney, Luke Pardue Organizations: Center, University of California, Social, Aspen Economic Locations: Berkeley, United States
BARCELONA, Spain (AP) — Barcelona coach Xavi Hernández is keeping his cards close to his chest before the first “clasico” of the season. They all returned to training Friday, a day before Madrid arrives with a one-point lead in the Spanish league standings. “I will play my best players, those that are 100% ready,” the Barcelona coach said. Political Cartoons View All 1223 ImagesMadrid coach Carlo Ancelotti said he wasn't worried who played for Barcelona as long as Jude Bellingham was ready to go. Regardless of who plays for the host team, Xavi has a huge task in finding a way to stop Bellingham and Vinícius Júnior.
Persons: Xavi Hernández, Robert Lewandowksi, de Jong, Pedri González, Jules Koundé, , Ferran Torres, Carlo Ancelotti, wasn't, Jude Bellingham, Bellingham, Ancelotti, Xavi, Vinícius, ” Xavi, Ronald Araújo, De Jong, Oriol Romeu, Gavi Paéz, “ Oriol, ” Bellingham, Karim Benzema’s, Toni Kroos, Federico Valverde, Aurélien Tchouaméni, Luka Modric, Eduardo Camavinga, “ Camavinga, Mendy, ” Ancelotti, Yamal, Fermín López Organizations: , Madrid, Barcelona, Braga, Champions League, Bellingham, Manchester, Xavi’s, La Masia, Shakhtar Donetsk Locations: BARCELONA, Spain, — Barcelona, Barcelona, Lewandowski, Poland, Bellingham, Manchester City, Madrid, Saudi Arabia
The Exhibition Making the Case for Art Without Men
  + stars: | 2023-10-25 | by ( Maggie Lange | ) www.nytimes.com   time to read: +1 min
“If you want what is commonly accepted as ‘a straight answer to a straight question,’ don’t go to Marie Laurencin to get it,” Dorothy Todd, the British magazine editor, wrote in 1928. If answers from Laurencin — one of the most notable female painters in interwar France — were anything like her work, of course they wouldn’t be straight, but coy, queer, covert and very pretty. “Marie Laurencin: Sapphic Paris,” a new exhibition that puts all of the artist’s coded qualities on full display, opened this week at the Barnes Foundation in Philadelphia. Born in 1883 in Paris, Laurencin became a central member of the artistic avant-garde, ruled by her friend Picasso, in early 1900s Paris. The Barnes show is the first major solo Laurencin exhibition in the United States in three decades, and the first exhibition of her work to highlight the obvious: Laurencin’s art is unavoidably queer, and noticeably lacking in men.
Persons: ’ don’t, Marie Laurencin, Dorothy Todd, Laurencin, “ Marie Laurencin, , Picasso, Barnes Organizations: British, France —, coy, Barnes Foundation Locations: France, Sapphic Paris, Philadelphia, Paris, United States
Opinion | How Will Israel Pay for Its War?
  + stars: | 2023-10-25 | by ( Peter Coy | ) www.nytimes.com   time to read: +1 min
There, lawmakers and government ministers are tussling over how to pay for the war against Hamas. Coalition funds are an obvious potential source for the war effort because they’re not required for the basic operations of government. More recently, though, Smotrich has shown little interest in diverting funds intended for the ultra-Orthodox and the settlers to pay for the war and for aid to displaced civilians. “There really isn’t a lack of money,” Smotrich said, according to an article in TheMarker, a business daily published by Ha’aretz. Impatience with those two groups was rising even before the war.
Persons: There’s, Bezalel Smotrich, Benjamin Netanyahu, they’re, Smotrich, ” Smotrich, , let’s, , isn’t, It’s Organizations: Hamas, West Bank ., Coalition, Ha’aretz Locations: Gaza, Jerusalem, TheMarker
Butler, a Democratic insider and former labor leader, had never held public office before joining the Senate. Under California election rules, the two candidates who receive the most votes advance to the November general election, regardless of party. But to Democratic consultant Garry South, who has run six statewide campaigns in California, including for former Gov. Then, on the campaign side, Butler could talk about Democratic legislative wins and building on Feinstein’s legacy. National Democratic fundraising could pose a challenge in 2024, since the California Senate seat is expected to stay in Democratic hands when control of the chamber will be decided elsewhere.
Persons: Sen, Dianne Feinstein, Laphonza Butler, Gavin Newsom, Butler, Feinstein, Katie Porter, Adam Schiff, Barbara Lee —, Steve Garvey, coy, she’s, I’m, , “ It's, Schiff, Nancy Pelosi, Newsom, , Rebecca Pearcey, Elizabeth Warren’s, “ It’s, Garry South, Gray Davis, , ” Newsom, Kamala Harris ’, Newsom’s, Lee, ” Schiff, Porter, Pearcey, ” Pearcey, Washington gridlock, Butler “, she'll Organizations: ANGELES, Democratic, Senate, Democratic House, Associated Press, ., Gov, Airbnb, Capitol, Democratic Party, National Democratic, California Senate Locations: U.S, California, Washington, Laguna Niguel, Los Angeles
Talk Errol Morris Did Not Like This Q&A About His le Carré FilmJohn le Carré’s spy novels traffic in the philosophical, emotional and practical ambiguities complicating concepts like truth, deceit and self-awareness. “The reason that I made ‘The Pigeon Tunnel,’” he said about le Carré, “is that he is interested in philosophical questions. I say to le Carré that for him the world divides into two groups: string-pullers and dupes. Mark Lipson, via Fourth Floor ProductionsWhat does John le Carré say about your position as an interviewer at the beginning of the film? I have a question about this idea that le Carré has: that the world divides into string-pullers and dupes.
Persons: Errol Morris, John le Carré’s, David Cornwell, Morris, , le, John le Carré, Igor Martinovic, le Carré, I’m, , , Rudolf Hess’s, Robert McNamara, You’ve, ” —, Louise, Geez Louise, someone’s, Satan, Mark Lipson, Barack Obama’s, you’re, you’ve, David Cornwell’s, coy, Godard, It’s, David, Cornwell, Errol, David Marchese, Alok Vaid, Menon, ordinariness, Joyce Carol Oates, Robert Downey Jr Organizations: Apple, Sony Pictures, Everett, Whitney Biennial, Marvel Locations: British
“I choked under the pressure of those evaluative eyes on me,” she recounted in a TEDMed talk in 2017. And in a career in academic governance, she prioritized students’ mental health. A few days before that address, Beilock was shown some data that confirmed her resolve to focus on wellness. It came from David Blanchflower, an economics professor at Dartmouth who has developed an academic specialty in happiness and well-being. But the mental health of young people has deteriorated.
Persons: Sian Leah Beilock, , Beilock, David Blanchflower, Blanchflower, There’s Organizations: Dartmouth College, Dartmouth, Centers for Disease Control, Prevention Locations: California
Javier Ghersi | Moment | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Korea's Kospi slumped 1.2% to multi-month lows, while the Hang Seng Index slipped 0.9% to lows last seen in August. [PRO] Luxury playsBank of America upgraded three luxury stocks that are bucking the negative trends afflicting the broader sector in Europe. Is his professorial tendency to think aloud and entertain various scenarios getting in the way of clearer market communication?
Persons: Javier Ghersi, Korea's Kospi, Bob Smith, Dave Limp, Smith, Kazuo Ueda, Ueda, Stanley Fischer, bank's Organizations: CNBC, Treasury, Amazon, Blue Origin, European, Coy, Huawei, Luxury, Bank of America, Bank, Japan, Yomiuri Shimbun, Massachusetts Institute of Technology, Reading Locations: Japan, Asia, Europe, Osaka
CNBC Daily Open: Does the BOJ have a communication issue?
  + stars: | 2023-09-26 | by ( Clement Tan | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Smith is retiring effective Dec. 4 and will remain with the company until Jan. 2 for the CEO transition. Coy launchHuawei kept mum on any details about its new phone or reported advanced chip breakthrough at a high-profile launch event Monday. Instead, the company teased two new electric cars — its first sedan and a high-end SUV — and launched new wireless earbuds, among other products.
Persons: Blue, Bob Smith, Dave Limp, Smith, OpenAI's, Trip.com, Goldman Sachs, David Kostin Organizations: CNBC, Treasury, Nasdaq, Dow Jones, Amazon, Blue Origin, Microsoft, Google, Coy, Huawei Locations: China, Singapore, Australia, Thailand
Put it this way: If our story is that Fed tightening will produce a recession, we’d expect that to work mainly though housing, the usual channel. Indeed, Fed hikes led to a big rise in mortgage interest rates, which hit 7 percent almost a year ago and have fluctuated since then. Coy: Paul, you were right to call out those who thought we needed a punishing recession to get inflation down. The labor market has held up surprisingly well, which is wonderful. The labor market isn’t as resilient as it appears at first sight, either.
Persons: Coy, Paul, don’t Organizations: Mortgage Bankers Association
WASHINGTON (Reuters) - Florida Governor Ron DeSantis had a chance in April to address Donald Trump’s growing momentum toward the 2024 Republican presidential nomination. FILE PHOTO: Florida Governor Ron DeSantis talks with journalists after meeting Japanese Prime Minister Fumio Kishida at the latter's official residence in Tokyo, Japan, 24 April 2023. The unforced errors in that early stage had a lasting impact on DeSantis’ campaign, they acknowledged. “The president was dead set on attacking Ron DeSantis as early as possible,” Chris LaCivita, Trump’s co-campaign manager, told Reuters. LESSONS LEARNEDAides say DeSantis’ campaign has sought to make some strategic adjustments.
Persons: Ron DeSantis, Donald Trump’s, Fumio Kishida, KIMIMASA, Trump, DeSantis, coy, I’m, Trump’s, , DeSantis ’, , Chris LaCivita, “ DeSantis, MAGA, LaCivita, ” LaCivita, Ford O’Connell, unelectable, Robert Bigelow, Ryan Tyson, ” David Polyansky, Evan Power, Power Organizations: WASHINGTON, Trump, Reuters, Iowa, TRUMP, Twitter, Republican, Social Security, Medicare, Inc, intoned, Conservatives, DeSantis, U.S, Congress, Republicans, Florida Republican Party Locations: Florida, Tokyo, Japan, New York, Iowa, , Tallahassee, Lago
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