Financial Times correspondent Rana Foroohar spotlights Prof. Daron Acemoglu and Prof. Simon Johnson’s new book, “Power and Progress,” which “explores several moments over the last millennium when technology led to the opposite of shared prosperity.” In the book, Acemoglu and Johnson “take a different approach to the productivity gains of technology and how they get distributed compared with most of their peers.”
In a letter to the Financial Times, Senior Lecturer Henry Birdseye Weil makes the case that to help fix the banking system it should not be so easy for clients to withdraw large deposits and it should be easier for banks to increase their liquidity. Additionally, Weil adds that “these fixes would not be necessary if bank liabilities and assets were perfectly aligned. But we are far from that nirvana today.”
Research scientist Erez Yoeli speaks with Knowable Magazine reporter Bob Holmes about the impact financial incentives have on encouraging cooperation. “Financial rewards kind of muddy the water about people’s motivations,” says Yoeli. “That undermines any reputational benefit from doing the deed.”
In an opinion piece for The Boston Globe, Prof. Christopher R. Knittel explains why electricity bills in Massachusetts can be so high and how to address the issue. “State law requires Massachusetts to cut greenhouse gas emissions relative to 1990 levels by 50 percent by 2030 and by 85 percent by 2050,” writes Knittel. “In short, we need to replace gasoline and natural gas with electricity. But how we price electricity is making this effort to address climate change harder."
Al Jazeera reporter Somesh Jha highlights the work of research associate Georgios Petropoulos, who is examining the ways in which artificial intelligence can impact jobs. “His work has shown that in past industrial revolutions too, the displacement of jobs might have dominated in the short run,” writes Jha, “but in the long term, when the markets adapt to the automation shock, increased productivity actually sets the stage for more employment opportunities.”
Prof. Simon Johnson writes for The Los Angeles Times about the Federal Reserve’s decision to raise interest rates despite the recent instability in the banking sector. “Increasing the deposit insurance cap and focusing on small-business transaction accounts could stabilize midsize banks, reduce more deposit transfers out of those institutions, and shore up confidence in the banking system,” writes Johnson.
Bob Metcalfe ’69, a CSAIL research affiliate and MIT Corporation life member emeritus, has been awarded this year’s Turing Award for his work inventing Ethernet, reports Randy Bean for Forbes. “Turing recipients include the greatest pioneers in the advancement of computer science,” says Metcalfe. “I am grateful to be considered among these giants.”
MIT has ranked first in 11 different academic fields in the latest QS World University Rankings, reports Michael T. Nietzel for Forbes.
Researchers at MIT have quantified the shift toward the artificial intelligence industry and how it has impacted academia, reports Madhumita Murgia for Financial Times. “The MIT research found that almost 70 percent of AI PhDs went to work for companies in 2020, compared to 21 per cent in 2004,” writes Murgia.
This year's Turing Award has been awarded to Bob Metcalfe ’69, a CSAIL research affiliate and MIT Corporation life member emeritus, for his work inventing Ethernet, a computer networking technology that for decades “has connected PCs to servers, printers and the internet in corporate offices and homes across the globe,” writes Cade Metz for The New York Times. “Almost everything you do online goes through Ethernet at some stage,” said Marc Weber of the Computer History Museum.
Bob Metcalfe ’69, a CSAIL research affiliate and MIT Corporation life member emeritus, has been honored as this year’s recipient of the Turing Award for the invention of the Ethernet, “a technology that half a century after its creation remains the foundation of the internet,” reports Stephen Nellis for Reuters. “The Ethernet got its start when Metcalfe, who later went on to co-found computing network equipment maker 3Com, was asked to hook up the office printer,” writes Nellis.
CSAIL research affiliate and MIT Corporation life member emeritus Bob Metacalfe ‘69 has been awarded the 2022 Turing Award for his contributions to creating Ethernet, a method for enabling personal computers to communicate directly with one another over a wired connection, reports Hiawatha Bray for The Boston Globe. “Variants of the original Ethernet connect countless millions of computers around the world,” writes Bray.
Prof. Simon Johnson speaks with Boston Globe reporter Kara Miller about the safety of the U.S. banking system. “Johnson argues that more oversight and regulation are critical to making sure the banking system operates smoothly, even though increased regulations might provoke resistance,” writes Miller.
Prof. Simon Johnson writes for The Los Angeles Times about the impact of government support during a financial crisis. “The immediate banking crisis may have been tempered, but it isn’t over,” writes Johnson. “As concerns about moral hazard rise again in Europe, will European regulators succumb to the temptation to make an example of some bank or other? One thing is certain: What they do will have global consequences, including for the U.S., and we will need to be prepared for them.”
Graduate students at MIT rescued a dog that was abandoned from a stolen vehicle, reports Kate Armanini The Boston Globe. “The students used the dog’s tags to contact the owner, who was ‘appreciative and emotional’ to be reunited with the dog,” writes Armanini.