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How Can You Make The Most Of Technological Revolution?
Thomas F. Cooley is the Richard R. West Dean and the Paganelli-Bull Professor of Economics at New York University Stern School of Business, as well as a Professor of Economics in the NYU Faculty of Arts and Science. He was appointed Dean of NYU Stern in 2002.
The former President of the Society for Economic Dynamics and a Fellow of the Econometric Society, Dean Cooley has received numerous awards for his teaching and is recognized as a national leader in both macroeconomic theory and business education. He is a widely published scholar in the areas of macroeconomic theory, monetary theory and policy and the financial behavior of firms.
Before joining NYU Stern, Dean Cooley was a Professor of Economics at the University of Rochester, University of Pennsylvania, and UC Santa Barbara. Prior to his academic career, Dean Cooley was a systems engineer for IBM Corporation. Dean Cooley received his BS from Rensselaer Polytechnic Institute, and his MA and PhD from the University of Pennsylvania. He also holds a doctorem honoris causa from the Stockholm School of Economics.
Topic: Thomas Cooley Explains the Role of Technology in Creating New Markets
Thomas Cooley: I’m Thomas Cooley. I’m the Dean of the Stern School of Business at New York University. I’m also a professor of economics.
Question: What role will technology play in the new economy?Thomas Cooley: Certainly access to information. A lot of the issues, a lot of the market failures in economics occur because of information asymmetries. I know something that you don’t; and in a trade, I can take advantage of that.
So, I think, what the real impact of technology in economics and on markets has been in the development of more sources of information, faster information, easier access to information.
And also, it’s improved our ability to make markets work, to create markets where they didn’t exist. So if you think about, online markets for goods or online markets for anything, we can trade risk, we can trade energy, we can trade advertising time, we can trade all kinds of things in markets that couldn’t have existed without the technology for buyers and sellers in desperate locations to come together in these virtual marketplaces and trade things.
That gives us the ability to realize what the prices of things ought to be, how the market values things. So, I think, markets have become lot more efficient because of that. And there are more markets.
Question: Do you expect rapid innovation in the finance sector?Thomas Cooley: That’ll ebb a bit for sure. Some of the products that were created, some of the innovation was very destructive. So I think we’ll see a change in the way markets are organized.
We won’t see credit default swaps being created and traded bilaterally, but it’ll be done more through clearing houses so that there’s a higher degree of transparency about what’s going on.
And then, I think, we won’t see some of the silly financial instruments that we’ve seen recently. I think there’ll be a coming down of the crazy securitization process. I think securitization still has an important role to play but it kind of ran amuck in recent years.
Question: What technology platforms will most facilitate growth?Thomas Cooley: I think global collaboration is going to be incredibly important in lots of dimension in technology and in improving the transmission of technology and the development of new ideas. So I think the possibilities of global collaboration that technology has created are just enormous. I think we’ve only seen the beginning of what that can accomplish. So I think it’s enormously important.
And you’ll see, I believe, increasing news of technology and education in transmitting the very best ideas globally. And I think that’s certainly a part of the future of education in this world.
Question: How important is social media to the future of commerce?Thomas Cooley: I don’t blog, partly because I don’t have the time to do that and be a columnist and run a major educational institution and do research. So blogging on top of that will be more than I can handle.
But I do understand the importance of it and social media, so I pay a lot of attention to whether my columns get picked up by aggregator sites. Because I know then that many more people will read them. And it’s a fascinating phenomenon, I have to say. It’s such a hot medium and such a fast cycle. It’s really quite remarkable.
Question: Will teleconferencing replace face-to-face interaction?Thomas Cooley: I think there’s still enormous value in face-to-face communication. And I don’t think that that’s just because I’m of a certain age that I have those feelings. I think people value that.
What I do think is changing is the sort of the use of media and other forms of communication to add to that experience. So in advance of a lecture, students can learn a lot about the person who’s giving the lecture, get material delivered online so they can do their preparation when it’s convenient for them in various ways. They can get information from their handheld devices or from their laptop in various places. And then, they can have the interpersonal experience.
And then, they can go back. And if there’s something they weren’t clear on and view yesterday’s lecture online via streaming video. Or if they had to miss it, they can have the experience of seeing it.
So I think the media is actually added to the experience of the lecture, made the interpersonal part of education more valuable. But that part will always be there.
The Dean of the NYU Stern School of Business, Thomas Cooley, on how technology innovations will fuel the new economy.
Are we genetically inclined for superstition or just fearful of the truth?
- From secret societies to faked moon landings, one thing that humanity seems to have an endless supply of is conspiracy theories. In this compilation, physicist Michio Kaku, science communicator Bill Nye, psychologist Sarah Rose Cavanagh, skeptic Michael Shermer, and actor and playwright John Cameron Mitchell consider the nature of truth and why some groups believe the things they do.
- "I think there's a gene for superstition, a gene for hearsay, a gene for magic, a gene for magical thinking," argues Kaku. The theoretical physicist says that science goes against "natural thinking," and that the superstition gene persists because, one out of ten times, it actually worked and saved us.
- Other theories shared include the idea of cognitive dissonance, the dangerous power of fear to inhibit critical thinking, and Hollywood's romanticization of conspiracies. Because conspiracy theories are so diverse and multifaceted, combating them has not been an easy task for science.
A growing body of research suggests COVID-19 can cause serious neurological problems.
- The new study seeks to track the health of 50,000 people who have tested positive for COVID-19.
- The study aims to explore whether the disease causes cognitive impairment and other conditions.
- Recent research suggests that COVID-19 can, directly or indirectly, cause brain dysfunction, strokes, nerve damage and other neurological problems.
Brain images of a patient with acute demyelinating encephalomyelitis.
COVID-19 and the brain<p>A growing body of research reveals alarming neurological complications among COVID-19 patients. On Wednesday, for example, researchers from University College London published a <a href="https://academic.oup.com/brain/article/doi/10.1093/brain/awaa240/5868408" target="_blank">study</a> in the journal Brain that describes how some patients have suffered temporary brain dysfunction, strokes, nerve damage, and other neurological problems concurrent with COVID-19.</p><p>Some patients suffered brain inflammation as a result of a rare disease called acute disseminated encephalomyelitis, which can cause numbness, seizures, and confusion. One patient in the study even hallucinated monkeys and lions in her home.</p>
Photo by Mario Tama/Getty Images<p>A separate study published in the <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7198407/" target="_blank">Journal of Clinical Neuroscience</a> notes that some COVID-19 patients have also suffered neurological complications like impaired consciousness and acute cerebrovascular disease. The study notes that past viruses like MERS and SARS also seemed to cause neurological problems.</p><p>A troubling finding among this growing body of research is that some patients seem to suffer neurological damage even when respiratory symptoms aren't obvious. Additionally, scientists aren't sure whether damage from the disease will be permanent.</p><p style="margin-left: 20px;">"Given that the disease has only been around for a matter of months, we might not yet know what long-term damage COVID-19 can cause," Dr. Ross Paterson, joint first author of the University College London study, said in a <a href="https://www.eurekalert.org/pub_releases/2020-07/ucl-iid070620.php" target="_blank">press release</a>. "Doctors needs to be aware of possible neurological effects, as early diagnosis can improve patient outcomes."</p><p>If you've been diagnosed with COVID-19 and want to enroll in the study, visit <a href="https://www.cambridgebrainsciences.com/studies/covid-brain-study" target="_blank">cambridgebrainsciences.com/studies/covid-brain-study</a>.</p>
Construction of the $500 billion dollar tech city-state of the future is moving ahead.
- The futuristic megacity Neom is being built in Saudi Arabia.
- The city will be fully automated, leading in health, education and quality of life.
- It will feature an artificial moon, cloud seeding, robotic gladiators and flying taxis.
The Red Sea area where Neom will be built:
Saudi Arabia Plans Futuristic City, "Neom" (Full Promotional Video)<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="c646d528d230c1bf66c75422bc4ccf6f"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/N53DzL3_BHA?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
Coronavirus layoffs are a glimpse into our automated future. We need to build better education opportunities now so Americans can find work in the economy of tomorrow.
- Outplacement is an underperforming $5 billion dollar industry. A new non-profit coalition by SkillUp intends to disrupt it.
- More and more Americans will be laid off in years to come due to automation. Those people need to reorient their career paths and reskill in a way that protects their long-term livelihood.
- SkillUp brings together technology and service providers, education and training providers, hiring employers, worker outreach, and philanthropies to help people land in-demand jobs in high-growth industries.
Source: McKinsey Global Institute analysis [PDF]<p>Work in understanding the skills at the heart of the new digital economy is leading to novel assessments that allow individuals to prove mastery to faithfully represent their abilities—but also to give weight and stackability to the emerging ecosystem of micro-credentials that make education more seamless across time and education providers. And we are seeing the beginnings of a renewal in the liberal arts, focused on building human skills in affordable ways that are accessible to many more individuals and far more effective.</p><p>Amidst these dark times, there is much opportunity to refresh the nation's education and training solutions to support the success of individuals and society writ large.</p>