Archive for ‘Money’

November 12, 2019

Homo Economicus

Neuroeconomics

The term homo economicus, or economic man, is the sometimes satirical portrayal of humans as agents who are consistently rational, narrowly self-interested, and who pursue their subjectively-defined ends optimally.

In game theory, homo economicus is often modeled through the assumption of perfect rationality. It assumes that agents always act in a way that maximize utility as a consumer and profit as a producer, and are capable of arbitrarily complex deductions towards that end. They will always be capable of thinking through all possible outcomes and choosing that course of action which will result in the best possible result.

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November 7, 2019

Rationality

Homo economicus

Rationality is the quality or state of being rational, i.e. agreeable to reason. Rationality implies the conformity of a person’s beliefs with their reasons to believe and of their actions with their reasons for action. When a goal or problem requires making a decision, rationality factors in all information that is available (e.g. complete or incomplete knowledge).

It is meaningless to assert rationality without also specifying the background model assumptions describing how the problem is framed and formulated. Rationality is relative: in models that optimize for personal benefit, self-interested or even selfish behavior is rational; in models that favor benefiting the group over the individual, purely selfish behavior is deemed irrational.

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August 2, 2019

Diamond and Silk

Dummycrats

Lynnette Hardaway and Rochelle Richardson, popularly known as Diamond and Silk, are American live-stream video bloggers, social media personalities, political activists and Fox Nation hosts.

They are known for their commentary in support of United States President Donald Trump. Since 2018, Diamond and Silk have traveled the country on their Chit Chat Tour. Hardaway is notably more talkative, while Richardson often just expresses agreement.

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July 29, 2019

Rapport

Rapport [ra-pawr] is a close and harmonious relationship in which the people or groups concerned are ‘in sync’ with each other, understand each other’s feelings or ideas, and communicate smoothly. Methods for increasing interpersonal rapport in domains like education, medicine, or sales include coordination (or ‘mirroring’), showing your attentiveness to the other, building commonality, and managing the other’s self-perception (also called ‘face’ management).

The word stems from the old French verb ‘rapporter’ which means literally to carry something back; and, in the sense of how people relate to each other means that what one person sends out the other sends back. For example, they may realize that they share similar values, beliefs, knowledge, or behaviors around politics, music or sports. This may also mean that the participants engage in reciprocal behaviors such as posture mirroring or in increased coordination in their verbal and nonverbal interactions.

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July 21, 2019

Fearless Girl

Kristen Visbal

Fearless Girl is a bronze sculpture by American sculptor Kristen Visbal, commissioned by State Street Global Advisors (SSGA), a large asset management company. The statue was installed on March 7, 2017, in anticipation of International Women’s Day the following day.

The statue was originally installed in Bowling Green, a park in lower Manhattan, facing down the ‘Charging Bull’ (also known as ‘Wall Street Bull,’ a large bronze statue illegally placed there in 1989 by Sicilian artist Arturo Di Modica), but following complaints from Di Modica, ‘Fearless Girl’ was removed in November 2018 and relocated to a nearby spot across from the New York Stock Exchange. A plaque with footprints was placed on the original site.

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June 29, 2019

Public Art

Lipstick (Ascending) on Caterpillar Tracks

Public art is art in any media that has been planned and executed with the intention of being staged in the physical public domain, usually outside and accessible to all. Public signifies a working practice of site specificity, community involvement and collaboration.

Public art may include any art which is exhibited in a public space including publicly accessible buildings, but the relationship between the content and audience, what the art is saying and to whom, is just as important if not more important than its physical location.

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June 11, 2019

Rio PMP300

PMP

The Rio PMP300 is one of the first portable consumer MP3 digital audio players, and the first commercially successful one. Produced by Diamond Multimedia, it was introduced in 1998 as the first in the ‘Rio’ series of digital audio players, and it shipped later that year. The Rio retailed for US $200 with the ability to hold around 30 minutes of music at a bitrate of 128 kbit/s.

It shipped with 32 MB of internal memory and has a SmartMedia slot, allowing users to add additional memory. It is powered by a single AA battery, which provides between 8 and 12 hours of playback time. Connection to a personal computer is through the computer’s parallel port, with a proprietary connector on the Rio’s edge.

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June 4, 2019

Zero Rupee Note

Zero Rupee

zero-rupee note is a banknote imitation issued in India as a means of helping to fight systemic political corruption. The notes are ‘paid’ in protest by angry citizens to government functionaries who solicit bribes in return for services which are supposed to be free.

Zero rupee notes, which are made to resemble the regular 50 rupee banknote of India, are the creation of a non-governmental organization known as 5th Pillar which has, since their inception in 2007, distributed over 2.5 million notes as of 2014. The notes remain in current use and thousands of notes are distributed every month.

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May 19, 2019

Virgil Abloh

Off-White by Elizaveta Porodina

Virgil Abloh [ahb-loh] (b. 1980) is an American fashion designer, entrepreneur and DJ who has been the artistic director of Louis Vuitton’s men’s wear collection since March 2018. Apart from his work at Louis Vuitton, Abloh serves as the chief executive officer of the Milan-based label Off-White, a fashion house he founded in 2013.

He entered the world of fashion with an internship at Fendi in 2009 alongside rapper Kanye West. The two then began an artistic collaboration that would launch Abloh’s career with the founding Off-White.

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May 1, 2019

Monkey Selfie

Celebes crested macaque

The monkey selfie copyright dispute is a series of disputes about the copyright status of selfies taken by a group of macaques using equipment belonging to the British nature photographer David Slater.

The disputes involve Wikimedia Commons and the blog ‘Techdirt,’ which have hosted the images following their publication in newspapers in July 2011 over Slater’s objections, and People for the Ethical Treatment of Animals (PETA), who have argued that the macaque should be assigned the copyright.

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April 28, 2019

Fannie Mae

Subprime

The Big Short

The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company.

Founded in 1938 during the Great Depression as part of the New Deal, the corporation’s purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations (or ‘thrifts’).

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April 24, 2019

Vidalia Onion

Vidalia Georgia

A Vidalia onion is one of several varieties of sweet onion grown in a production area defined by law of the U.S. state of Georgia since 1986 and the United States Code of Federal Regulations (CFR). Varieties include the hybrid Yellow Granex, varieties of Granex parentage, and similar varieties as recommended by the Vidalia Onion Committee and approved by the U.S. Secretary of Agriculture.

The onions are named Vidalia because they were historically grown in the town of Vidalia, Georgia. The cultivation of Vidalia onions started in the early 1930s. The different varieties are unusually sweet compared to other onions due to the low amount of sulfur in the soil in which Vidalia onions are grown. The Vidalia onion was named Georgia’s official state vegetable in 1990.

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