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🔗 Economics 🔗 New York City

The National Debt Clock is a billboard-sized running total display which constantly updates to show the current United States gross national debt and each American family's share of the debt. It is currently installed on the western side of One Bryant Park, west of Sixth Avenue between 42nd and 43rd Streets in Manhattan, New York City. It was the first debt clock installed anywhere.

The idea for the clock came from New York real estate developer Seymour Durst, who wanted to highlight the rising national debt. In 1989, he sponsored the installation of the first clock, which was originally placed on Sixth Avenue between 42nd and 43rd Streets, one block away from Times Square. In 2004, the original clock was dismantled and replaced by a newer clock near 44th Street and Sixth Avenue. In 2008, as the U.S. national debt exceeded $10 trillion for the first time, it was reported that the value of the debt may have exceeded the number of digits in the clock. The lit dollar-sign in the clock's leftmost digit position was later changed to the "1" digit to represent the ten-trillionth place. In 2017, the clock was moved again to One Bryant Park, near its original location.

🔗 Economics 🔗 Sociology

Commons-based peer production (CBPP) is a term coined by Harvard Law School professor Yochai Benkler. It describes a model of socio-economic production in which large numbers of people work cooperatively; usually over the Internet. Commons-based projects generally have less rigid hierarchical structures than those under more traditional business models. Often—but not always—commons-based projects are designed without a need for financial compensation for contributors. For example, sharing of STL (file format) design files for objects freely on the internet enables anyone with a 3-D printer to digitally replicate the object saving the prosumer significant money.

The term is often used interchangeably with the term social production.

🔗 Internet 🔗 Computing 🔗 Finance & Investment 🔗 Economics 🔗 Computing/Software 🔗 Computing/Free and open-source software 🔗 Cryptography 🔗 Cryptography/Computer science 🔗 Numismatics 🔗 Numismatics/Cryptocurrency 🔗 Cryptocurrency

Dogecoin ( DOHJ-koyn, code: DOGE, symbol: Ð) is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. Introduced as a "joke currency" on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014.

Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined. While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content. Dogecoin is referred to as an altcoin.

🔗 Environment 🔗 Economics 🔗 Philosophy 🔗 Politics 🔗 Philosophy/Ethics 🔗 Game theory 🔗 Fisheries and Fishing

In economic science, the tragedy of the commons is a situation in which individual users, who have open access to a resource unhampered by shared social structures or formal rules that govern access and use, act independently according to their own self-interest and, contrary to the common good of all users, cause depletion of the resource through their uncoordinated action. The concept originated in an essay written in 1833 by the British economist William Forster Lloyd, who used a hypothetical example of the effects of unregulated grazing on common land (also known as a "common") in Great Britain and Ireland. The concept became widely known as the "tragedy of the commons" over a century later after an article written by Garrett Hardin in 1968. Faced with evidence of historical and existing commons, Hardin later retracted his original thesis, stating that the title should have been "The Tragedy of the Unmanaged Commons".

Although taken as a hypothetical example by Lloyd, the historical demise of the commons of Britain and Europe resulted not from misuse of long-held rights of usage by the commoners, but from the commons' owners enclosing and appropriating the land, abrogating the commoners' rights.

Although open-access resource systems may collapse due to overuse (such as in overfishing), many examples have existed and still do exist where members of a community with regulated access to a common resource co-operate to exploit those resources prudently without collapse, or even creating "perfect order". Elinor Ostrom was awarded the 2009 Nobel Memorial Prize in Economic Sciences for demonstrating this concept in her book Governing the Commons, which included examples of how local communities were able to do this without top-down regulations or privatization. On the other hand, Dieter Helm argues that these examples are context-specific and the tragedy of the commons "is not generally solved this way. If it were, the destruction of nature would not have occurred."

In a modern economic context, "commons" is taken to mean any open-access and unregulated resource such as the atmosphere, oceans, rivers, ocean fish stocks, or even an office refrigerator. In a legal context, it is a type of property that is neither private nor public, but rather held jointly by the members of a community, who govern access and use through social structures, traditions, or formal rules.

In environmental science, the "tragedy of the commons" is often cited in connection with sustainable development, meshing economic growth and environmental protection, as well as in the debate over global warming. It has also been used in analyzing behavior in the fields of economics, evolutionary psychology, anthropology, game theory, politics, taxation, and sociology.

🔗 Economics 🔗 Business 🔗 Politics 🔗 Socialism 🔗 Sociology 🔗 Capitalism 🔗 Conservatism 🔗 Politics/Liberalism

Late capitalism, late-stage capitalism, or end-stage capitalism is a term first used in print by German economist Werner Sombart around the turn of the 20th century. In the late 2010s, the term began to be used in the United States and Canada to refer to perceived absurdities, contradictions, crises, injustices, inequality, and exploitation created by modern business development.

Later capitalism refers to the historical epoch since 1940, including the post–World War II economic expansion called the "golden age of capitalism". The expression already existed for a long time in continental Europe, before it gained popularity in the English-speaking world through the English translation of Ernest Mandel's book Late Capitalism, published in 1975.

The German original edition of Mandel's work was subtitled in "an attempt at an explanation", meaning that Mandel tried to provide an orthodox Marxist explanation of the post-war epoch in terms of Marx's theory of the capitalist mode of production. Mandel suggested that important qualitative changes occurred within the capitalist system during and after World War II and that there are limits to capitalist development.

🔗 Economics 🔗 Futures studies

Pessimism porn is a neologism coined in 2009 during the 2007–2012 global financial crisis to describe the alleged eschatological and survivalist thrill some people derive from predicting, reading and fantasizing about the collapse of civil society through the destruction of the world's economic system.

🔗 Computing 🔗 Economics 🔗 Apps

A super-app (also written as super app or superapp) is a mobile or web application that can provide multiple services including payment and financial transaction processing, effectively becoming an all-encompassing self-contained commerce and communication online platform that embraces many aspects of personal and commercial life. Notable examples of super-apps include Tencent's WeChat in China, and Grab in Southeast Asia.

🔗 Economics 🔗 Books

Basic Economics is a non-fiction book by American economist Thomas Sowell published by Basic Books in 2000. The original subtitle was A Citizen's Guide to the Economy, but from the third edition in 2007 on it was subtitled A Common Sense Guide to the Economy.

Basic Economics is focused on how societies create prosperity or poverty for their peoples by the way they organize their economies.

🔗 Biography 🔗 Economics 🔗 University of Cambridge

Piero Sraffa (5 August 1898 – 3 September 1983) was an influential Italian economist who served as lecturer of economics at the University of Cambridge. His book Production of Commodities by Means of Commodities is taken as founding the neo-Ricardian school of economics.

🔗 Finance & Investment 🔗 Economics

In finance, the greater fool theory suggests that one can sometimes make money through the purchase of overvalued assets — items with a purchase price drastically exceeding the intrinsic value — if those assets can later be resold at an even higher price.

In this context, one "fool" might pay for an overpriced asset, on the assumption that he can probably sell it to an even "greater fool" and make a profit. This only works as long as there are new "greater fools" willing to pay higher and higher prices for the asset. Eventually, investors can no longer deny that the price is out of touch with reality, at which point a sell-off can cause the price to drop significantly until it is closer to its fair value.