Prof. Emeritus Olivier Blanchard speaks with New York Times reporter Peter Coy about the impact of wage increases on inflation. “Fundamentally, it is hard to believe that when the economy is overheating there is not going to be pressure of some sort on wages and prices,” says Blanchard.
Writing for The Wall Street Journal, Prof. S.P. Kothari and Senior Lecturer Robert Pozen explain why U.S. consumers “continue to feel they are suffering from inflation, although the annual rate of inflation dropped sharply during 2023.” “The answer is that consumers have a broader time horizon,” they write. “[Consumers] are looking at the rate of price increases over the past three years. From January 2021 to January 2024, the consumer price index for all items rose by 17.96%.”
Researchers at MIT have discovered that a previously witnessed supermassive black hole has “a smaller companion black hole zipping around it, kicking up dust every time it goes by,” reports John Wenz for Astronomy. This discovery “shakes up our thinking of what the environment at the core of the galaxy looks like,” explains Wenz. “Instead of a simple disk of matter surrounding the central black hole, steadily swirling across its event horizon, the centers of galaxies could host multiple black holes of different sizes, leading to more complex feeding behavior.”
Doug Ricket '01, MEng '02 co-founded PayJoy, a startup that aims to “provide a fair and responsible entry point for individuals in emerging markets to enter the modern financial system, build credit, achieve economic freedom, and access digital connectivity,” reports Mary Ann Azevedo for TechCrunch. “PayJoy is applying a buy now, pay-as-you-go model to the estimated 3 billion adults globally who don’t have credit by allowing them to purchase smartphones and pay weekly for a 3- to 12-month period. The phones themselves are used as collateral for the loan,” explains Azevedo.
Prof. Roger Levy, Prof. Tracy Slatyer and Prof. Martin Wainwright have been awarded John Simon Guggenheim Foundation Fellowships, reports Mark Feeney for The Boston Globe. A Guggenheim fellowship “is one of the most sought-after honors in academe, the arts, and culture,” explains Feeney. “It helps underwrite a proposed art or scholarly project.”
Prof. Roger Levy, Prof. Tracy Slatyer and Prof. Martin Wainwright are among the 2024 John Simon Guggenheim Foundation Fellowship recipients, reports Michael T. Nietzel for Forbes. “The new fellows represent 52 scholarly disciplines and artistic fields and are affiliated with 84 academic institutions,” writes Nietzel.
Boston Globe reporter Malcolm Gay spotlights the “AI: Mind the Gap” exhibition at the MIT Museum, “which explores the social, cultural, and political implications of deepfakes and other forms of generative AI.” The exhibit is “meant to address the idea that technology can manipulate what we perceive as true or false,” said Lindsay Bartholomew, exhibit content and experience developer for the MIT Museum. “But you also need to appreciate what you can do as a human, you have some agency here.”
Writing for Forbes, Senior Lecturer Guadalupe Hayes-Mota '08, SM '16, MBA '16 explains how transformative strategies in global healthcare are “reshaping the pharmaceutical market dynamics.” This new method “transcends traditional financial tactics representing a fundamental shift in global health practices towards sustainable and universal access to essential medicines,” writes Hayes-Mota.
Fast Company reporter AJ Hess spotlights “Slow Productivity: The Lost Art of Accomplishments Without Burnout,” a new book by Cal Newport SM '06, PhD '09. The book “traces the history of measuring workers’ output and the rise of knowledge workers’ stress and burnout,” explains Hess. “As an antidote, Newport proposes what some may argue is an oversimplified solution: simply do less.”
MIT researchers have developed a new type of spring-like device that uses a flexible element to help power biohybrid robots, reports Brian Heater for TechCrunch. “The muscle fiber/flexure system can be applied to various kinds of robots in different sizes,” Heater writes, adding that the researchers are, “focused on creating extremely small robots that could one day operate inside the body to perform minimally invasive procedures.”
Researchers from MIT and elsewhere explored the effectiveness of climate commitments made by banks to mitigate the effects of climate change, reports Nicole Goodkind for CNN. “Our results cast doubt on the efficacy of voluntary climate commitments for reducing financed emissions, whether through divestment or engagement,” the researchers note.
Rich Lyons PhD '87 has been named the new chancellor of UC Berkeley, reports Teresa Watanabe for The Los Angeles Times. Lyons is “a leader of innovation and entrepreneurship who cultivated a culture of questioning the status quo as a business school dean,” writes Watanabe. “Lyons has won numerous teaching awards and is seen as a charismatic insider with skills to navigate the complex Berkeley culture – and enliven campus events with mean guitar-playing skills.”
Researchers from MIT and elsewhere have found that climate pledges made by banks to reduce carbon emissions and finance energy transitions may not be as effective as previously thought, reports Eshe Nelson for The New York Times. “The researchers found that since 2018 the banks had reduced lending 20 percent to sectors they had targeted in their climate goals, such as oil and gas and transport,” explains Nelson. “That seems like progress, but the researchers argued it was not sufficient because the decline was the same for banks that had not made the same commitment.”
MIT researchers have developed a 3D printer that can use “unrecognizable printing materials in real-time to create more eco-friendly products,” reports Andrew Paul for Popular Science. The engineers “detailed a newly designed mathematical function that allows off-the-shelf 3D-printer’s extruder software to use multiple materials—including bio-based polymers, plant-derived resins, or other recyclables,” explains Paul.
Prof. Amy Finkelstein speaks with New York Times reporter Sarah Kliff about “the impact of medical debt relief on individuals.” “The idea that maybe we could get rid of medical debt, and it wouldn’t cost that much money but it would make a big difference, was appealing,” says Finkelstein. “What we learned, unfortunately, is that it doesn’t look like it has much of an impact.”