The Sunday Brew #43
In this brew - Chrome's dominance among browsers in a picture | The Shirky Principle & Sunk Cost Fallacy | India's solar mission, new carbon capture method, and a swing in the crypto market.
Welcome to The Sunday Brew, weekly 1-2-3 newsletter by The Percolator. Every Sunday we drop in your inbox 1 story in a picture, 2 concepts, ideas or frameworks to expand your horizons and 3 news from the week, to keep you updated.
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ONE STORY IN A PICTURE
TWO IDEAS, FRAMEWORKS OR CONCEPTS
This week we bring to you two concepts -The Shirky Principle & Sunk Cost Fallacy
The Shirky Principle
The Shirky Principle, named after author and professor Clay Shirky, essentially suggests that institutions tend to perpetuate problems for which they are the solution. In other words, when organizations or systems are designed to address specific issues, they often resist change or innovation that might render them obsolete.
For example, consider the music industry before digital streaming. Record labels and physical distribution networks were the solution to distributing music. When digital streaming emerged, it disrupted this model. The music industry initially resisted the shift, clinging to physical sales and copyright protection, even though streaming offered a more convenient and cost-effective way to access music.
In essence, the Shirky Principle serves as a cautionary insight into how established systems or organizations can be resistant to change, even when newer, more efficient solutions emerge.
It underscores the importance of adaptability and embracing innovation to remain relevant in a rapidly evolving world.
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Sunk Cost Fallacy
The sunk cost fallacy is a cognitive bias that occurs when individuals or organizations continue to invest time, money, or resources into a project or decision based on the cumulative investment they've already made, even when it's clear that the additional investment is unlikely to yield worthwhile returns.
Imagine a person who has spent a significant amount of money on a concert ticket. On the day of the concert, they feel unwell and realize they'd rather rest at home. However, because they've already spent money on the ticket, they feel compelled to attend the concert despite their discomfort. This decision is driven by the sunk cost fallacy. They should assess the current situation (their health and well-being) and make the best choice for themselves at that moment, irrespective of the money already spent on the ticket.
In business and decision-making, the sunk cost fallacy can be detrimental. People might continue funding a failing project or sticking with a poor investment because they've already invested so much, even if evidence suggests that it's wiser to cut their losses and redirect resources elsewhere.
Recognizing and avoiding the sunk cost fallacy is crucial for making rational decisions that are based on current circumstances and future prospects rather than past investments that cannot be recovered.
THREE NEWS FROM THE WEEK
India Launches its Maiden Solar Mission Aditya L1
On September 2, Indian Space Research Organization launched country’s first solar mission, Aditya L1. It will study the Sun's atmosphere, including the chromosphere and corona. The mission will also study the Sun's magnetic field and its effects on space weather.
The Aditya L1 mission is expected to last for five years. During this time, the spacecraft will collect data about the Sun that will help scientists to better understand the Sun's behaviour and its effects on Earth. Read More »»»
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New Direct Carbon Capture from Seawater Method
A new study has found a way to extract carbon dioxide from seawater using a process called direct ocean carbon capture (DOCCS). The study, which was published in the journal Nature, found that DOCCS could remove carbon dioxide from seawater at a rate of 100 to 1,000 times faster than natural processes.
The researchers behind the study say that DOCCS could be a promising way to help mitigate climate change. They estimate that DOCCS could remove up to 10 gigatons of carbon dioxide per year, which is equivalent to the emissions of about 2 billion cars. Read More»»»
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A Swing in the Crypto Market
The crypto market swung wildly on August 31, after the US Securities and Exchange Commission (SEC) delayed its decision on a spot bitcoin ETF. Bitcoin fell by more than 10%, and other major cryptocurrencies also saw significant losses.
The SEC had been expected to approve at least one of the ETFs, but it instead said that it needed more time to review the applications. The delay is a setback for the crypto industry, which had been hoping that ETFs would help to legitimize bitcoin and make it more accessible to mainstream investors. The SEC's decision has also raised concerns about the regulatory uncertainty surrounding cryptocurrencies. Read More »»»
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The Sunday Brew by The Percolator brings to you curated news on tech, business & entrepreneurship, from across the internet to give your week a perfect start.
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