Archive for ‘Money’

May 24, 2020

Greater Fool Theory

Tulip mania

In finance and economics, the greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by the local and relative demand of a specific consumer.

In an inflated market, a consumer, despite having broader market knowledge might pay an inflated price because of their needs and the local related-market value. Another consumer, relative to their needs and assessment of market value, may deem the price excessive. Thus, to one consumer, the commodity has a greater value than to another, making the former look like a fool to the latter.

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May 17, 2020

Diving Horse

Steel Pier

diving horse is an attraction that was popular in the mid-1880s, in which a horse would dive into a pool of water, sometimes from as high as 60 feet.

In Lake George, New York, the Magic Forest theme park hosts the only remaining diving horse feature in New York state. It has been in operation since 1977, originally featuring a horse named Rex, later replaced by a gelding named Lightning. The manager states, ‘There is no rider, no prods, no electrical jolts, and no trap doors.’ The horse jumps twice daily during a two-month season and has the rest of the year off.

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April 4, 2020

Saturday Night Special

Raven Arms

Rohm Gesellschaft

Saturday night special is a colloquial term for inexpensive, compact, small-caliber handguns of perceived low quality. Some states define these junk guns by means of composition or material strength. In the late 19th century and early 20th century, they were commonly referred to as ‘suicide specials.’ Although the term implies such a gun is for use in crime, studies show that criminals prefer high-quality guns, in the largest caliber they can easily conceal.

The legal definition of a ‘junk gun’ usually specifies the materials used in its manufacture, targeting zinc castings, low melting points (usually 800 degrees Fahrenheit), powder metallurgy, and other low-cost manufacturing techniques. Nearly all guns made this way are chambered for low-pressure cartridges. The low-strength materials and cheap construction result in poor durability and marginal accuracy at longer ranges, but as most of these guns are sold for use in self-defense, accuracy and durability are not primary design goals.

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March 28, 2020

CueCat

CueCat

The CueCat, styled :CueCat with a leading colon, is a cat-shaped handheld barcode reader that was given away free to Internet users starting in 2000 by the now-defunct Digital Convergence Corporation. It enabled a user to open a link to an Internet URL by scanning a barcode — called a ‘cue’ by Digital Convergence — appearing in an article or catalog or on some other printed matter.

The company asserted that the ability of the device to direct users to a specific URL, rather than a domain name, was valuable. In addition, television broadcasters could use an audio tone in programs or commercials that, if a TV was connected to a computer via an audio cable, acted as a web address shortcut.

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March 23, 2020

Beer Distribution Game

Bullwhip effect

The beer distribution game (also known as the ‘beer game’) is a role-play simulation developed by MIT Sloan School of Management in the 1960s to reveal information sharing failures and typical coordination problems of a supply chain.

This game outlines the importance of information sharing, supply chain management, and collaboration throughout a supply chain process. Due to lack of information, suppliers, manufacturers, sales people and customers often have an incomplete understanding of what the real demand of an order is.

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February 18, 2020

Whistleblower

Pentagon Papers

whistleblower is a person who exposes secretive information or activity that is deemed illegal, unethical, or not correct within a private or public organization such as a violation of a law, company regulation, or threat to public interest/national security, as well as fraud, and corruption.

U.S. civic activist Ralph Nader is said to have coined the phrase, but he in fact put a positive spin on the term in the early 1970s to avoid the negative connotations found in other words such as ‘informer’ and ‘snitch.’ However, the origins of the word date back to the 19th century. The word is linked to the use of a whistle to alert the public or a crowd about a bad situation, such as the commission of a crime or the breaking of rules during a game.

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February 14, 2020

Mudlark

Beachcombing

A mudlark is someone who scavenges in river mud for items of value, a term used especially to describe those who scavenged this way in London during the late 18th and 19th centuries.

Mudlarks would search the muddy shores of the River Thames at low tide for anything that could be sold; and sometimes, when occasion arose, pilfering from river traffic. By at least the late 18th century people dwelling near the river could scrape a subsistence living this way.

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February 10, 2020

Gentleman Thief

To Catch a Thief

gentleman thief, gentleman burglar, lady thief, or phantom thief is a stock character in fiction. A gentleman or lady thief usually has inherited wealth and is characterized by impeccable manners, charm, courteousness, and the avoidance of physical force or intimidation to steal.

As such, they steal not only to gain material wealth but also for the thrill of the act itself, which is often combined in fiction with correcting a moral wrong, selecting wealthy targets, or stealing only particular rare or challenging objects.

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February 6, 2020

Chuck Taylor

Chuck Taylor All-Stars

Chuck Taylor (1901 – 1969) was an American basketball player and basketball shoe salesman/product marketer who is best known for his association with the Chuck Taylor All-Stars, which he helped to improve and promote.

Most American basketball players wore Chuck Taylor All Stars between the mid-1920s and the 1970s, and the All Star was the official shoe of the Olympics team from 1936 to 1968.

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January 30, 2020

All-you-can-eat Restaurant

Frying Dutchman

Golden Corral

An all-you-can-eat restaurant (AYCE) is a type of restaurant in which a fixed price is charged for entry, after which diners may consume as much food as they wish. All-you-can-eat establishments are frequently buffets.

The all-you-can-eat buffet has been ascribed to Herbert ‘Herb’ Cobb McDonald, a Las Vegas publicity and entertainment manager who introduced the idea in 1946.

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January 2, 2020

Mushroom Management

Dick Fuld by Geoffrey Raymond

Mushroom management also known as ‘Pseudo-Analysis’ or ‘Blind Development,’ is the running of a company where the communication channels between the managers and the employees do not work traditionally. The term alludes to the stereotypical (and somewhat inaccurate) view of mushroom cultivation: kept in the dark and fed bullshit.

Mushroom management is a style of management in which the personnel are not familiar with the ideas or the general state of the company, and are given work without knowing the purpose of this work, in contrast with open-book management. Mushroom management means that workers’ curiosity and self-expression are not supported.

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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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