Nudge: Improving Decisions about Health, Wealth and Happiness, Authors: Richard Thaler and Cass Sunstein.
By Eshe Nelson – Sorry to say it, but you’re not perfect. We like to believe that we are smart, rational creatures, always acting in our best interests. In fact, dominant economic theory these days often makes that assumption.
What was left of this illusion was further dismantled by the The Royal Swedish Academy of Sciences, who awarded the Nobel prize in economics to Richard Thaler, an American economist at the University of Chicago, for his pioneering work in behavioral economics, which examines humanity’s flaws—namely, why we don’t make rational economic decisions.
People can make bad economic choices based on something Thaler dubbed the “endowment effect,” which is the theory that people value things more highly when they own them. In other words, you’d ask for more money for selling something that you own than what you would be willing to pay to buy the same thing.
People experience the negative feeling of loss more strongly than they feel the positive sense of a gain of the same size. This is also impact by anchoring: If you are selling an item, your reference point is most likely to be the price you paid for something. Even if the value of that item is now demonstrably worth less, you are anchored to the purchase price, in part because you want to avoid that sense of loss.
This can lead to pain in financial markets, in particular. more> https://goo.gl/eR1B2B
Posted in Book review, Business, CONGRESS WATCH, Economy, Education, History, Leadership, Media, Regulations
Tagged Banking reform, Capital, Congress Watch, Decision making, Government, Regulations, Technology, United States
The Aviator: How A Young Pilot Became A Top-Flight 3D-Printing Engineer
By Maggie Sieger – At 15, Josh Mook got a job refueling planes and handling bags at a small airport near his hometown of Louisville, Kentucky. He’d work eight hours a day after school, then blow his earnings every Saturday taking flying lessons. “I couldn’t even drive myself there,” Mook recalls. “But I was flying solo.”
Mook has been jetting into the unknown ever since. Originally considering a career in industrial design, Mook moved to aerospace engineering because it combined his love of flying with his love of math and science.
After graduating from Purdue University in 2005, he joined GE Aviation as an engineer at the GE unit’s headquarters in Cincinnati. His first big success came when he found a clever way to fix a blade durability problem in a jet engine high-pressure compressor.
Additive manufacturing methods like 3D printing build parts from the ground up, layer by layer, by fusing together metal powder or plastics. The technology is suitable for prototyping and custom production, but GE is also using it to make production parts that would be difficult to manufacture using traditional methods. more> https://goo.gl/psf2a9
Posted in Business, Economic development, Economy, Education, History, Leadership, Product, Science, Technology, Transportation
Tagged 3D printing, Additive manufacturing, GE, Jet engine, Manufacturing
New Center Helps Scientists Reprogram The Immune System to Kill Cancer
By Tomas Kellner – Cell therapy is a complex process that involves more than manufacturing a pill. It requires a setup that resembles a biotech factory. “Cell therapy has the potential to cure everything from cancer to diabetes,” says Phil Vanek, general manager for cell therapy growth strategy at GE Healthcare. “But we need to make it affordable and scalable.”
Vanek’s business and others are racing to make that happen and deliver on cell therapy’s promise. He says that says that hundreds of patients have already benefited from CAR-T in clinical trials that have reported 80 percent success rates. Some 300,000 people could be receiving the treatment by 2024. A report by Roots Analysis estimates the T-cell therapy market, which includes CAR-T therapy, could read $30 billion by 2030.
Crucial to that race is a new cell therapy research and process-development facility called the Center for Advanced Therapeutic Cell Technologies (CATCT), which officially opened in Toronto on Thursday. It’s designed to help pharma companies, university researchers and technology companies like GE to scale faster. more> https://goo.gl/CRxNv4
Posted in Business, Economic development, Economy, Education, Healthcare, How to, Leadership, Science, Technology
Tagged Cell therapy, GE, Government, Health, Immune system, Research