The EU fines Google, Bernanke talks economic growth, and more • AEI

EU fines Google $2.7 billion — WSJ

BRUSSELS — The European Union’s antitrust regulator on Tuesday fined Alphabet Inc.’s Google a record €2.42 billion ($2.71 billion) for favoring its own comparison-shopping service in search results and ordered the search giant to apply the same methods to rivals as its own when displaying their services.

The decision, if it is upheld, would force Google to reshape the way it presents search results for products in Europe, the latest move by Brussels to rein in the tech world. The decision could also have further-reaching implications for other Google products and services — as well as those from competitors… At the heart of the case is what the EU believes is Google’s outsize control over traffic, both to its own and competing comparison-shopping websites.

Three fears that hamper tech progress — Tech Policy Daily

In a few years, no investors will go looking for AI start-ups — Machine Learnings

It pays to be smart — MIT Technology Review

When growth is not enough — Ben Bernanke

To sum up: Generally speaking, economic growth is a good thing, positively associated with many indicators of citizens’ well-being. More-rapid growth also improves fiscal balances, giving governments greater capacity and flexibility. But, as recent political developments have brought home, growth is not always enough. Economic growth almost always involves significant change and the possibly rapid depreciation of some human and social capital. The resulting dislocations can be very difficult to address, likely requiring a mix of top-down, bottom-up, public, and private interventions. But if the resources released by economic change are to be effectively redeployed; if the benefits of growth are to be widely shared; and if economic policy is to be widely perceived as both successful in its own terms and politically legitimate, then making those interventions effective should be a top priority for policymakers.

What was the Industrial Revolution? — NBER

European cities are banning diesel engines — WSJ

Five tips on how to read G.K. Chesterton — Aleteia

How people like you fuel extremism — The Atlantic

For Cass Sunstein, a challenge that social media poses to democracy was clarified by a social-science experiment that he conducted in two different communities in Colorado: left-leaning Boulder and right-leaning Colorado Springs. Residents in each place were gathered into small groups to discuss their views on controversial topics, like climate change and same-sex marriage. Afterward, they were asked to report on the opinions of their groups as well as their own views on the subjects.

The results were the same in both communities.

The effect of gathering into groups composed of mostly like-minded people to discuss controversial subjects was to make participants more set and extreme in their views.