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🔗 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.

🔗 Economics

The men's underwear index (MUI) is an economic index that can supposedly detect the beginnings of a recovery during an economic slump. The premise is that men's underwear are a necessity in normal economic times and sales remain stable. During a severe downturn, demand for these goods changes as new purchases are deferred. Hence, men's purchasing habits for underwear (and that of their spouses on their behalf) is thought to be a good indicator of discretionary spending for consumption at large especially during turnaround periods.

This indicator is noted for being followed by former Federal Reserve Chairman, Alan Greenspan.

🔗 Finance & Investment 🔗 Economics 🔗 Books 🔗 Skepticism

Extraordinary Popular Delusions and the Madness of Crowds is an early study of crowd psychology by Scottish journalist Charles Mackay, first published in 1841 under the title Memoirs of Extraordinary Popular Delusions. The book was published in three volumes: "National Delusions", "Peculiar Follies", and "Philosophical Delusions". A second edition appeared in 1852, reorganizing the three volumes into two and adding numerous engravings. Mackay was an accomplished teller of stories, though he wrote in a journalistic and somewhat sensational style.

The subjects of Mackay's debunking include alchemy, crusades, duels, economic bubbles, fortune-telling, haunted houses, the Drummer of Tedworth, the influence of politics and religion on the shapes of beards and hair, magnetisers (influence of imagination in curing disease), murder through poisoning, prophecies, popular admiration of great thieves, popular follies of great cities, and relics. Present-day writers on economics, such as Michael Lewis and Andrew Tobias, laud the three chapters on economic bubbles.

In later editions, Mackay added a footnote referencing the Railway Mania of the 1840s as another "popular delusion" which was at least as important as the South Sea Bubble. In the 21st century, the mathematician Andrew Odlyzko pointed out, in a published lecture, that Mackay himself played a role in this economic bubble; as a leader writer in The Glasgow Argus, Mackay wrote on 2 October 1845: "There is no reason whatever to fear a crash".