New York Times opinion writer Peter Coy spotlights the MIT Shaping the Future of Work Initiative, a new effort aimed at analyzing the forces that are eroding job quality for non-college workers and identifying ways to move the economy onto a more equitable trajectory. Nothing is “inexorable,” said Prof. Daron Acemoglu during the project’s kickoff event. “The answer in most cases is, AI will do whatever we choose it to do.”
The Economist spotlights new research by Prof. Ivan Werning suggesting a refined economic model to address the post-pandemic economy. Werning’s model adjusts “not just to a shift in demand from services to goods, but to supply-chain disruption, energy shocks and employees in some sectors working from home,” explains The Economist. “As such, inflation moved through the economy in waves, starting in select goods then spreading out.”
Bloomberg reporter Boyan Ivanchev spotlights research by Prof. Drazen Prelec and Prof. Duncan Simester that finds, “credit card buyers were willing to pay over 100% more for tickets, due to the behavioral pattern that psychologically causes the credit card buyer to perceive the purchase as a type of deferred payment, and therefore, not immediately feel the psychological discomfort, as when letting this amount go when paying cash.”
Writing for Wired, Institute Prof. Daron Acemoglu predicts that expectations for generative AI will need to recalibrated during the year ahead. Acemoglu notes that he believes in 2024, “generative AI will have been adopted by many companies, but it will prove to be just ‘so-so automation’ of the type that displaces workers but fails to deliver huge productivity improvements.”
Prof. Jessika Trancik speaks with Associated Press reporter Alexa St. John to discuss electric vehicle emissions and ownership costs. Trancik notes, “buyers should consider total cost of ownership, which for an EV is generally less than that of a gas-powered counterpart due to savings on maintenance and fuel.”
Prof. Florian Berg speaks with Fortune reporter Paolo Confino about the future of ESG initiatives. “The problem is that companies and also investors are often not really honest about their intentions,” Berg says. “They might actually sell something that’s purely a profit-driven decision and then write it in a report as they’re doing a lot for society even though they’re just engaging in profit maximization.”
Prof. David Autor speaks with Bloomberg about the future of generative AI and the technology’s potential impact on productivity and the labor market. “When we interact with AI, we need to learn how to treat it not as authoritative, but as a guide to support decision making, and that’s really critical,” says Autor.
The Economist spotlights the life of Prof. Emeritus Robert M. Solow, a Nobel laureate whose work in growth theory “added both to national spending and the economy’s productive capacity.” The Economist notes that: “the MIT culture he embodied disdained hierarchy, cherished collegial lunches and made time for students, many of whom became illustrious friends.”
A new analysis from MIT researchers has found that preventative screenings such as a colonoscopy and sigmoidoscopy can reduce cancer rates more than previous analyses suggested, reports Ernie Mundell for HealthDay. “Prior colon cancer screening studies found that regular colonoscopy/sigmoidoscopy reduced that rate by 25% -- to 0.75%,” explains Mundell. “But the new analysis took into account the number of participants in a colon cancer screening trial who decided, for whatever reason, to skip screening. When these "non-adherent" folks were eliminated from statistical calculations, the actual percentage of people who went on to develop colon cancer over a 10-year span fell to just 0.5%.”
Writing for STAT, Prof. Joseph Doyle addresses new research that suggests food “as medicine can improve health and lower health care costs.” “Researchers, clinicians and policymakers all share a common goal to fight food insecurity and improve population health,” writes Doyle. “Randomized clinical trials are key tools for discerning what works best, for whom and why, information that we should all be hungry for.”
Prof. Emeritus Robert M. Solow, recipient of the 1987 Nobel Prize in Economics for his work in economic growth theory, has died at age 99, reports Austen Hufford for Wall Street Journal. “Heinstilled in the field of economics a focus on turning complex issues into simple formulas, allowing even freshman in college to grasp and debate important topics,” writes Hufford.
Prof. Jonathan Gruber speaks with Boston Public Radio hosts Jim Braude and Margery Eagan to explain the US deficit and its impact on the economy. Gruber says “there are four options to lowering the deficit. The first is to get inflation under control. Second is to ensure a stable and responsible government. Third, is to decrease spending. And the fourth option is to raise taxes.”
Prof. Emeritus Robert M. Solow, winner of the 1987 Nobel Prize in Economics “for exploring the impact of technology on economic growth, work that spawned a wider understanding of what drives the expansion of industrial economics,” has died age 99, reports Edward Cowan for The Washington Post. “The strong role of technological progress identified by Dr. Solow contributed to a greater emphasis by governments on higher education and technological research,” writes Cowan.
Prof. Emeritus Robert M. Solow, a recipient of the 1987 Nobel Economics Prize who created a theoretical framework for growth theory – the branch of economics “which studies those factors that allow for increased production and improvements in economic welfare” – has died at age 99, reports Mike Feeney for The Boston Globe. “Dr. Solow was as celebrated among economists for who he was as for what he did,” writes Feeney. “His public-spiritedness, lucid writing, and sparkling, often self-deprecating wit made him a much-loved figure.”
Prof. Emeritus Robert M. Solow, a Nobel laureate whose work on economic growth became the model by which economists “came to practice their craft,” has died at age 99, reports Robert D. Hershey Jr., for The New York Times. Solow’s “work demonstrated the power of bringing mathematics to bear on important economic debates and simplifying the analysis by focusing on a small number of variables at a time,” writes Hershey.