10-20-2016, 11:13 PM
The first is the influence of aggregate demand on aggregate supply. As Yellen notes, the traditional way of thinking about this relationship would be that demand, a short-run phenomenon, has no significant effect of aggregate supply, which determines long-run economic growth. The potential growth rate of an economy is determined by aggregate supply and the fluctuations around that long-term trend—recessions and expansions, according to this line of thinking. Basically, the ups and downs of the business cycle are determined by changes in aggregate demand. Yet the slow growth of the past several years has many economists rethinking this relationship. Yellen points to research that increasingly finds so called hysteresis effects in the macroeconomy. Hysteresis, a term borrowed from physics, is the idea that short-run shocks to the economy can alter its long-term trend. One example of hysteresis is workers who lose jobs in recessions and then aren’t drawn back into the labor market bur rather are permanently locked out, therefore increasing the long-run unemployment rate. Interesting new research argues that hysteresis may affect not just the labor supply but also the rate of productivity growth. If hysteresis is prevalent in the economy, then U.S. policymakers need to rethink their fiscal and monetary policy priorities.
Yellen poses important post-Great Recession macroeconomic questions - Equitable Growth
"The foundation has been laid for fully autonomous, it's twice as safe as a human, maybe better," Musk said during a media call Wednesday evening. Tesla vehicles will now have eight surround cameras that provide 360 degrees of vision at up to 250 meters of range, the company said in its statement. The system will also include 12 ultrasonic sensors and an improved forward-facing radar that is capable of working in extreme weather conditions. While Tesla cars will now have the hardware in place to be truly driverless, it's unclear when its cars will actually get this functionality.
Even though they're cute, Tasmanian devils really do exhibit somewhat diabolical behavior. Turns out, these kitty-sized marsupials might just be fierce enough to stare down one of the nastiest health crises facing humanity: the rise of antibiotic-resistant pathogens, which kill 700,000 people per year globally and about 23,000 people in the United States. No, ERs and doctor's offices won't keep a pet devil around to bare its fangs at samples of hard-to-treat E. coli. What physicians may someday do is treat patients with antibiotics derived from compounds found in devil milk.
Adorable Tasmanian Devils Could Help Fight Superbugs | Mother Jones
After more than tripling in price this year, Lithium is no longer that dull commodity we take for granted in our consumer electronics: It’s the commodity powering the next, undeniable energy revolution. The tight supply picture emerging as electric cars, mega-batteries and massive energy storage solutions become the cornerstones of our lives could be on the edge of turning new lithium explorers into the next barons.
Tesla, Apple and Uber Push Lithium Prices Even Higher | OilPrice.com
Fox News' Chris Wallace emerged as one of the likely winners of the final presidential debate. Over the course of the debate's 90 minutes, the Fox News anchor's questions on major policy issues and top news stories ellicited praise on social media.