scholarly journals Efficiency vs. Resilience: Lessons from COVID-19

2021 ◽  
pp. 285-289
Author(s):  
Moshe Y. Vardi

AbstractWhy was the world not ready for COVID-19, in spite of many warnings over the past 20 years of the high likelihood of a global pandemic? This chapter argues that the economic goal of efficiency, focused on short-term optimization, has distracted us from resilience, which is focused on long-term optimization. Computing also seems to have generally emphasized efficiency at the expense of resilience. But computing has discovered that resilience is enabled by redundancy and distributivity. These principles should be adopted by society in the “after-COVID” era.

2012 ◽  
Vol 62 (4) ◽  
pp. 423-434
Author(s):  
Jan Winiecki

A look at the Western debate about West’s problems reveals what the present writer regards in a large measure as an irritating superficiality. Nowhere is it better visible than in the mainstream discussions about the euro zone and its problems, where most debaters glide over the fundamentals of Europe’s long-term problems and concentrate on the superficial and short-term issues. The discussions on how to “save” the euro zone strangely forget the defects in its creation, glide over the lessons to be drawn from policies pursued during the past decade, and defend the virtue of maintaining its present membership. But the problems of Europe run much deeper than the survival or collapse of the monetary union. Even if we assume that the problems of confidence the member states have in each other’s behaviour are restored and the rest of the world regains confidence in the institutions of the monetary union, the fundamental problems will remain unsolved. A clue to the real long-term problems may be found in the answer to a rather simple question. It runs as follows: “Why is the large majority of European countries indebted to such an extent that any further increase in debt to GDP ratio generates panic reactions among potential lenders?”


2006 ◽  
Vol 196 ◽  
pp. 4-9 ◽  
Author(s):  
Martin Weale

In the first half of this decade, the world experienced a period of low short and long-term interest rates. Shortterm rates have risen from these low levels, first in Canada and the United Kingdom, then in the United States and finally in the Euro Area. Long-term rates, by contrast, remained low, suggesting that holders of longterm debt expected the rise in short-term rates to be only temporary. Only in the past few months has the apparently anomalous pricing of long-term debt started to disappear. But with interest rates on long-term debt similar to short-term market rates internationally, the market does not yet show that the traditional upwardsloping yield curve and, on this basis, long rates remain depressed. They are also markedly below the levels of two to three years ago.


2019 ◽  
Author(s):  
Lifang Chen ◽  
Yong Li ◽  
Yizhong Wang ◽  
Bohui Zhang
Keyword(s):  

2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Dr. Kamlesh Kumar Shukla

FIIs are companies registered outside India. In the past four years there has been more than $41 trillion worth of FII funds invested in India. This has been one of the major reasons on the bull market witnessing unprecedented growth with the BSE Sensex rising 221% in absolute terms in this span. The present downfall of the market too is influenced as these FIIs are taking out some of their invested money. Though there is a lot of value in this market and fundamentally there is a lot of upside in it. For long-term value investors, there’s little because for worry but short term traders are adversely getting affected by the role of FIIs are playing at the present. Investors should not panic and should remain invested in sectors where underlying earnings growth has little to do with financial markets or global economy.


Viruses ◽  
2021 ◽  
Vol 13 (4) ◽  
pp. 569
Author(s):  
Jean-Nicolas Tournier ◽  
Joseph Kononchik

The eradication of infectious diseases has been achieved only once in history, in 1980, with smallpox. Since 1988, significant effort has been made to eliminate poliomyelitis viruses, but eradication is still just out of reach. As the goal of viral disease eradication approaches, the ability to recreate historically eradicated viruses using synthetic biology has the potential to jeopardize the long-term sustainability of eradication. However, the emergence of the severe acute respiratory syndrome-coronavirus (SARS-CoV)-2 pandemic has highlighted our ability to swiftly and resolutely respond to a potential outbreak. This virus has been synthetized faster than any other in the past and is resulting in vaccines before most attenuated candidates reach clinical trials. Here, synthetic biology has the opportunity to demonstrate its truest potential to the public and solidify a footing in the world of vaccines.


1967 ◽  
Vol 1 (4) ◽  
pp. 313-333 ◽  
Author(s):  
Rhoads Murphey

After nearly two decades of revolutionary rule in China, the break with the past which Communist direction has seemed to represent is increasingly being seen in a wider perspective. Few scholars would attempt to argue that the Communists have not brought a genuine revolution or that their ascendancy is merely the equivalent of a new dynasty. But as the character of the new order has become clearer with time and as an analysis both more detailed and less concerned with short-term matters has become possible, many scholars have been as much impressed by continuities with the pre-Communist past as by discontinuities. To take perhaps the clearest example, the current Chinese view of their relation to the rest of the world appears to represent little change from the traditional Sinocentric image. Ideological absolutism is also not new to China with Mao Tse-tung, nor is the conception of individual subsevience to public good, the unquestioned rightness of close social limits on individual actions. And contemporary China retains, for all its professed egalitarianism, a strongly elitist and hierarchial pattern.


Author(s):  
Paul L. Joskow

Abstract Electric power sectors around the world have changed dramatically in the last 25 years as a result of sector liberalization policies. Many electricity sectors are now pursuing deep decarbonization goals which will entail replacing dispatchable fossil generation primarily with intermittent renewable generation (wind and solar) over the next 20–30 years. This transition creates new challenges for both short-term wholesale market design and investment incentives consistent with achieving both decarbonization commitments and security of supply criteria. Thinking broadly about the options for institutional change from a Williamsonian perspective – thinking like Williamson – provides a useful framework for examining institutional adaptation. Hybrid markets that combine ‘competition for the market’ that relies on competitive procurement for long-term purchased power agreements with wind, solar, and storage developers, ideally in a technology neutral fashion, and ‘competition in the market’ that relies on short-term markets designed to produce efficient and reliable operations of intermittent generation and storage, is identified as a promising direction for institutional adaptation. Many auction, contract, and market integration issues remain to be resolved.


2009 ◽  
Vol 47 (3) ◽  
pp. 371-396 ◽  
Author(s):  
Stefaan Marysse ◽  
Sara Geenen

ABSTRACTThe recent involvement of China in sub-Saharan Africa is challenging and changing the world geostrategic scene. In the article, we analyse the agreements between the Congolese government and a group of Chinese state-owned enterprises. A number of public infrastructure works will be financed with Chinese loans. To guarantee reimbursement, a Congolese/Chinese joint venture will be created to extract and sell copper, cobalt and gold. These are the biggest trade/investment agreements that China has so far signed in Africa. This article seeks to contribute to the discussion regarding the agreement's impact on internal development in Congo. Does it create a ‘win-win’ situation for all, or is it an unequal exchange? We outline the internal and international debates and analyse several noteworthy characteristics of the agreements. In conclusion, we present a balanced view on the likely impact on Congo's short-term and long-term development.


2017 ◽  
Vol 1 (1) ◽  
pp. 4 ◽  
Author(s):  
Justin Yifu Lin ◽  
Yan Wang

The world economy needs a growth-lifting strategy, and infrastructure financing seems to hold the key. Based on the New Structural Economics (Lin, 2010; 2012) we discuss the heterogeneity of capital focusing on the long-term versus short-term orientation (STO). Traditional neoliberalism assumes that capital is homogenous, complete capital account liberalization is “beneficial”.However, previous studies have found evidence of long-term orientation (LTO) in the culture of many Asian economies (Hofstede, 1991). In this exploratory paper, we suggest that the LTO can be considered a special endowment which, under certain circumstances, can be developed into a comparative advantage (CA) in patient capital. If these countries can turn their latent CA into arevealed CA in patient capital, and develop the ability to “package” profitable and non-profitable projects in meaningful ways, they would have a “revealed” competitive advantage in infrastructure financing. The ability to “package” public infrastructure and private services is one of the key institutional factors for success in overseas cooperation.


2021 ◽  
Vol 13 (16) ◽  
pp. 3264 ◽  
Author(s):  
Shuang Li ◽  
Zhongqiu Sun ◽  
Yafei Wang ◽  
Yuxia Wang

Studying urban expansion from a longer-term perspective is of great significance to obtain an in-depth understanding of the process of urbanization. Remote sensing data are mostly selected to investigate the long-term expansion of cities. In this study, we selected the world-class urban agglomeration of Beijing-Tianjin-Hebei (BTH) as the study area, and then discussed how to make full use of multi-source, multi-category, and multi-temporal spatial data (old maps and remote sensing images) to study long-term urbanization. Through this study, we addressed three questions: (1) How much has the urban area in BTH expanded in the past 100 years? (2) How did the urban area expand in the past century? (3) What factors or important historical events have changed the development of cities with different functions? By comprehensively using urban spatial data, such as old maps and remote sensing images, geo-referencing them, and extracting built-up area information, a long-term series of urban built-up areas in the BTH region can be obtained. Results show the following: (1) There was clear evidence of dramatic urban expansion in this area, and the total built-up area had increased by 55.585 times, from 126.181 km2 to 7013.832 km2. (2) Continuous outward expansion has always been the main trend, while the compactness of the built-up land within the city is constantly decreasing and the complexity of the city boundary is increasing. (3) Cities in BTH were mostly formed through the construction of city walls during the Ming and Qing dynasties, and the expansion process was mostly highly related to important political events, traffic development, and other factors. In summary, the BTH area, similarly to China and most regions of the world, has experienced rapid urbanization and the history of such ancient cities should be further preserved with the combined use of old maps.


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