Out of thin air? "Have you ever said something like 'Let me buy you a beer next week'? I'm sure you have. We all issue promises of this sort. And we frequently use such promises as a form of currency... I have just described a simple credit exchange. Societies rely heavily on promising-making and promise-keeping. It is the foundation of all financial markets. I'd like to point out something about the promises you make. They are made 'out of thin air.' "
[more inside]
posted by kliuless
on Apr 14, 2011 -
47 comments
A simple idea: take an ordinary savings account, but instead of paying interest to account holders, hold a lottery to see who gets the lump sum. Freakonomics Radio investigates Prize-linked savings (PLS) accounts (
Part 1,
Part 2), which combine two things that seem completely at odds with each other: saving money and gambling. In Highland Park, MI,
PLS accounts have been very successful at converting "non-savers" into "savers". Why hasn't it caught on in the US? It's illegal in most states, of course.
posted by Jonathan Harford
on Dec 2, 2010 -
33 comments
"We infer that beyond about $75,000/y, there is no improvement whatever in any of the three measures of emotional well-being." Two social scientists at Princeton,
Angus Deaton and Nobelist
Daniel Kahneman, have a new paper in PNAS about money and the determinants of happiness. Increased income above $75,000 is not associated with higher subjective happiness, though it is associated with superior scores on measures of overall life satisfaction. Other tidbits: "Religion has a substantial influence on improving positive affect and reducing reports of stress, but no effect on reducing sadness or worry... The presence of children at home is associated with significant increases in stress, sadness, and worry."
posted by escabeche
on Sep 8, 2010 -
49 comments
House Financial Services Committee Chairman Barney Frank gave a bank, whose capital ratio equaled only 1.88% of assets at the bank, versus a desired level of about 6%, TARP money after heavy lobbying. Frank
inserted into the bill a provision to give special consideration to banks that had less than $1 billion of assets, had been well-capitalized as of June 30, served low- and moderate-income areas, and had taken a capital hit in the federal seizure of Fannie Mae and Freddie Mac. (WSJ link) [more inside]
posted by SeizeTheDay
on Jan 22, 2009 -
92 comments
The Harvard University Worklife Wizard , created by an international team of journalists, economists, and statisticians, is Barbara Ehrenreich's wet dream. It's also a fantastic resource that has flown pretty much under everyone's radar.
The Worklife Survey drives the constantly-revised, constantly-refined
Salary Comparison Tool, which is always hungry for more data about employment from around the world. And when they say they want data from everyone, they mean it-- there's even a
VIP Salary Checker that pits the wages of the Yankees against those of the Red Sox. (Plus if you take the survey, you can apparently earn a chance to win a trip to South Africa). Personally, I love the
Workplace Horror Stories (and there's a competition there too). I can't look at a nail clipper the same way now.
posted by yellowcandy
on Nov 20, 2006 -
26 comments
The Million Dollar Homepage. Sure, you could buy gigabytes of online storage for a year with $100, but wouldn't you much rather have 10x10 pixels here? Is it stupid? Yes, but havn't you always wanted to make hundreds of thousands of dolars without doing anything?
posted by delmoi
on Oct 1, 2005 -
73 comments
Monkey Business Something else happened during that chaotic scene, something that convinced Chen of the monkeys' true grasp of money. Perhaps the most distinguishing characteristic of money, after all, is its fungibility, the fact that it can be used to buy not just food but anything. During the chaos in the monkey cage, Chen saw something out of the corner of his eye that he would later try to play down but in his heart of hearts he knew to be true. What he witnessed was probably the first observed exchange of money for sex in the history of monkeykind. (Further proof that the monkeys truly understood money: the monkey who was paid for sex immediately traded the token in for a grape.)
posted by raaka
on Jun 5, 2005 -
34 comments
Where Wealth Lives "The top 1% of families, as measured by net worth, receive about 15% of income but own 30% of the nation's assets -- including stocks and bonds, homes, and closely held businesses. That's according to the Federal Reserve's Survey of Consumer Finances. The top 10% of families, as measured by net wealth, own 65% of assets, and the top 50% own a stunning 95% of assets..."
posted by kliuless
on Apr 10, 2004 -
23 comments
Say goodbye to more jobs? This is an interesting research report from the Gartner Group on the future of banking, money and economic transition. One of the participants at a conference that Gartner cites is Bernard Leitaer, who is
interviewed here. Leitaer is the author of the book
The Future of Money. He argues " the malaise Japan has suffered since the early 1990s reflects an economic challenge the whole developed world has begun to face. Today, European and U.S. factories, too, suffer from overcapacity. The vaunted productivity growth spurred by the digital revolution has raised the economy’s stall speed. If the natural growth rate of the U.S. economy has risen to 4% annually, anything less than that rate will cause firms to trim capacity. A firm’s revenue growth often must come at the expense of competitors as well as its own profits because companies have trouble raising prices. In response, companies cut costs any way they can, usually by laying off employees and squeezing suppliers, which causes further layoffs. For developed countries, the
safety valves that limited damage during contractions in manufacturing may not work. In past recessions, laid-off factory workers in the Great Lakes states, for example, could migrate to the growing Sun Belt to find new jobs. In the present transition, areas with job growth may lie overseas." The long heralded rise of the information economy, the death of distance and the rise of
the
global knowledge workers is paradigm shift that our
goverment leader's seem ill equiped to handle.
posted by thedailygrowl
on Mar 16, 2004 -
36 comments
What if oil was traded in euros? "Even more alarming, and completely unreported in the U.S. media, are significant monetary shifts in the reserve funds of foreign governments away from the dollar with movements towards the euro. It appears that the world community ... seems poised to respond with economic retribution if the U.S. government is regarded as an uncontrollable and dangerous superpower."
An analysis of the previous link. Apologies to those I
posted by Birichini
on Apr 23, 2003 -
25 comments
"By removing both costs and the barriers, weblogs have drained publishing of its financial value, making a coin of the realm unnecessary. A lot of people in the weblog world are asking
"How can we make money doing this?" The answer is that most of us can't." Though he finally admits: "Right now, the people who have profited most from weblogs are the people who've written books about weblogging."
posted by zenpop
on Oct 5, 2002 -
27 comments
The Euro. I have a question for all of the Euro-zone mefi members. Do regular folks in Europe think the varied governments will come together for the economic benefit of the whole or will regional differences doom the new currency?
posted by CRS
on Mar 26, 2001 -
9 comments
