1. Reexamining Monopolistic Competition: Insights from Baumol, Diamond, and Brock The works of Baumol, Diamond, and Brock offer a reevaluation of monopolistic competition, challenging conventional economic ideas on monopoly. Baumol’s analysis suggests that as long as the market can be contested by new entrants, it will offer competitive prices. Diamond focuses on the opposite: even if there is an infinite number of sellers, as long as there are frictions in price discovery, they will offer monopoly prices. Brock finds that if the monopolist can adjust the price after the competitors’ entry, competitors will not enter, and monopolists will set the price above the equilibrium point, creating a need to regulate monopolies. Together, their research provides a nuanced view of monopolies, indicating that these market structures can be more dynamic and competitively vibrant than traditionally perceived but may also need regulation. Explore their in-depth findings.
  2. A Glimpse Inside a Language Model: Visualising AI’s Linguistic Processing This visualisation of a language model (LLM) offers an illuminating view into the complex layers of artificial intelligence in linguistic processing. It demonstrates the sequential and intricate steps a language model undergoes, from initial data input to sophisticated text output. This visual representation provides an educational insight into the inner workings of AI and also showcases the blend of technical precision and creative design in the field. It’s a must-see for those fascinated by the advancements and inner mechanics of AI technology. View the intricate visualisation.
  3. Critical Rationalism: Beyond Scientism with Hayek, Popper, and Others Critical Rationalism, as explored in this blog, ventures beyond the realms of scientism, emphasising the importance of rational inquiry in all fields of knowledge. The blog highlights contributions from thinkers like Hayek and Popper, who critically engaged with the limitations of scientism — the overapplication of scientific methods to areas where they may not be entirely suitable. Hayek’s work, particularly, focuses on the decentralised nature of knowledge and the perils of over-reliance on scientific methods in social sciences. Popper’s critiques of scientism delve into the dangers of neglecting the subjective aspects of human experience in the pursuit of objective knowledge. This blog serves as a rich resource for those interested in understanding how critical rationalism offers a more nuanced approach to knowledge, beyond the confines of scientism. Explore the depths of critical rationalism here.Stay tuned for next week’s issue, where we explore more thought-provoking themes that broaden perspectives and ignite your curiosity!

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