The Sunday Brew #52
In this brew - 50 years of steel production | Bounded Rationality & Hanlon’s Razor | SBF found Guilty, xAI launches Grok and Biden's executive order on AI
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 - Bounded Rationality & Hanlon’s Razor
Bounded Rationality
Bounded Rationality is a decision-making concept, that acknowledges that in real-world situations, we don't always have access to all the information we need, and our cognitive limitations prevent us from making perfectly rational decisions.
We tend to use heuristics or rules of thumb to simplify complex situations. This helps us make reasonably good decisions without being overwhelmed by too much information. It's a bit like finding a balance between making the best decision and not getting stuck in analysis paralysis.
Imagine trying to choose between two job offers. You might not have all the data on company cultures, future projects, or the personalities of your potential colleagues. So, you rely on the information you have and make the best choice you can within your limited frame of reference.
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Hanlon's Razor
Hanlon's Razor is a simple but powerful principle that encourages us to approach situations with a generous and understanding mindset. It states: "Never attribute to malice that which is adequately explained by incompetence or ignorance."
Essentially, this means that when someone does something that appears unkind, hurtful, or thoughtless, it's often more constructive to assume that it's not because they intended harm, but rather because they may not fully understand the situation, made a mistake, or lacked the necessary knowledge or skills. It's a reminder to give people the benefit of the doubt and not jump to negative conclusions.
By applying Hanlon's Razor in our interactions, we create a more positive and empathetic environment. It helps prevent unnecessary conflicts and promotes better understanding between individuals. This principle is particularly valuable in both personal relationships and professional settings, as it encourages open communication and fosters a culture of kindness and forgiveness.
THREE NEWS FROM THE WEEK
Sam Bankman-Fried found Guilty in FTX Trial
Sam Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX, was found guilty on all seven counts of fraud and conspiracy. The charges included wire fraud, securities fraud, and money laundering.
The jury reached a verdict after just five hours of deliberation. Bankman-Fried now faces the prospect of spending decades in prison. His sentencing is scheduled for March 28, 2024. Read More »»»
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xAI Launches its First Product - Grok
Elon Musk announced on Friday that the first product from his artificial intelligence company, xAI will be made available to a select group of users on X (previously twitter). Read More »»»
Grok is still in early access, but it is already being praised for its ability to generate creative and informative text, translate languages, and answer questions in a comprehensive way. Grok is currently available to a select group of users, but it will be made available to all X Premium+ subscribers once it is out of early beta. Musk has said that he hopes Grok will eventually be available to everyone, even if they do not have a subscription to X. Read About Grok »»»
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Biden’s signs Executive Order creating Safe-Guards on AI
On October 30, President Biden signed a new executive order regulating AI. The order is the first of its kind in the United States and aims to ensure that AI is developed and used in a safe, ethical, and responsible manner.
The order includes a number of provisions aimed at protecting civil rights and privacy. For example, it prohibits the use of AI for racial profiling and surveillance. It also requires companies to be transparent about how they collect and use personal data. Read the White House Fact Sheet here.
The Biden administration has said that the executive order is a first step in regulating AI. The administration is expected to release additional regulations in the coming months. Read More »»»
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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