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Topic Review
Supply-Chain Optimization
Supply-chain optimization is the application of processes and tools to ensure the optimal operation of a manufacturing and distribution supply chain. This includes the optimal placement of inventory within the supply chain, minimizing operating costs (including manufacturing costs, transportation costs, and distribution costs). This often involves the application of mathematical modelling techniques using computer software.
  • 312
  • 23 Nov 2022
Topic Review
Stoozing
Stoozing is the act of borrowing money at an interest rate of 0%, a rate typically offered by credit card companies as an incentive for new customers. The money is then placed in a high interest bank account to make a profit from the interest earned. The borrower (or "stoozer") then pays the money back before the 0% period ends. The borrower does not typically have a real debt to service, but instead uses the money loaned to them to earn interest. Stoozing can also be viewed as a form of arbitrage.
  • 509
  • 23 Nov 2022
Topic Review
Pareto-Efficient Envy-Free Division
Efficiency and fairness are two major goals of welfare economics. Given a set of resources and a set of agents, the goal is to divide the resources among the agents in a way that is both Pareto efficient (PE) and envy-free (EF). The goal was first defined by David Schmeidler and Menahem Yaari. Later, the existence of such allocations has been proved under various conditions.
  • 333
  • 23 Nov 2022
Topic Review
Digital Village Technology Architecture System
A digital village is the process of using information technology and digital technology to make targeted transformations, based on the needs and characteristics of the village, and ultimately to achieve a change in the development model of the village. The digital village technology architecture system constructed herein is divided into four levels: infrastructure system, village brain, application support system and application service system. 
  • 1.6K
  • 23 Nov 2022
Topic Review
Pascal's Wager
Pascal's Wager is an argument in philosophy presented by the seventeenth-century French philosopher, mathematician and physicist Blaise Pascal (1623–62). It posits that humans bet with their lives that God either exists or does not. Pascal argues that a rational person should live as though God exists and seek to believe in God. If God does not actually exist, such a person will have only a finite loss (some pleasures, luxury, etc.), whereas he stands to receive infinite gains (as represented by eternity in Heaven) and avoid infinite losses (eternity in Hell). Pascal's Wager was based on the idea of the Christian God, though similar arguments have occurred in other religious traditions. The original wager was set out in section 233 of Pascal's posthumously published Pensées ("Thoughts"). These previously unpublished notes were assembled to form an incomplete treatise on Christian apologetics. Historically, Pascal's Wager was groundbreaking because it charted new territory in probability theory, marked the first formal use of decision theory, and anticipated future philosophies such as existentialism, pragmatism and voluntarism.
  • 1.4K
  • 23 Nov 2022
Topic Review
History of Fair Trade
The fair trade movement has undergone several important changes since its early days following World War II. Fair trade, first seen as a form of charity advocated by religious organizations, has radically changed in structure, philosophy and approach. The past fifty years have witnessed massive changes in the diversity of fair trade proponents, the products traded and their distribution networks.
  • 555
  • 23 Nov 2022
Topic Review
Spoofing
Spoofing is a disruptive algorithmic trading activity employed by traders to outpace other market participants and to manipulate markets. Spoofers feign interest in trading futures, stocks and other products in financial markets creating an illusion of the demand and supply of the traded asset. In an order driven market, spoofers post a relatively large number of limit orders on one side of the limit order book to make other market participants believe that there is pressure to sell (limit orders are posted on the offer side of the book) or to buy (limit orders are posted on the bid side of the book) the asset. Spoofing may cause prices to change because the market interprets the one-sided pressure in the limit order book as a shift in the balance of the number of investors who wish to purchase or sell the asset, which causes prices to increase (more buyers than sellers) or prices to decline (more sellers than buyers). Spoofers bid or offer with intent to cancel before the orders are filled. The flurry of activity around the buy or sell orders is intended to attract other traders to induce a particular market reaction. Spoofing can be a factor in the rise and fall of the price of shares and can be very profitable to the spoofer who can time buying and selling based on this manipulation. Under the 2010 Dodd–Frank Act spoofing is defined as "the illegal practice of bidding or offering with intent to cancel before execution." Spoofing can be used with layering algorithms and front-running, activities which are also illegal. High-frequency trading, the primary form of algorithmic trading used in financial markets is very profitable as it deals in high volumes of transactions. The five-year delay in arresting the lone spoofer, Navinder Singh Sarao, accused of exacerbating the 2010 Flash Crash—one of the most turbulent periods in the history of financial markets—has placed the self-regulatory bodies such as the Commodity Futures Trading Commission (CFTC) and Chicago Mercantile Exchange & Chicago Board of Trade under scrutiny. The CME was described as being in a "massively conflicted" position as they make huge profits from the HFT and algorithmic trading.
  • 490
  • 22 Nov 2022
Topic Review
Quadruple and Quintuple Innovation Helix (Q2IH) Framework
The quadruple along with the quintuple innovation helix framework was co-developed by Elias G. Carayannis and David F.J. Campbell, with the quadruple helix being described in a 2009 article and the quintuple helix in a 2010 article. It extends and expands substantially the triple helix model of innovation economics as the framework introduces civil society and the environment as pillars and focal points of policy and practice. In particular, civil society emphasizes the role of bottom-up initiatives complementing top-down government, university and industry policies and practices, and the environment emphasizes the sustainability priorities and exigencies that need to inform and moderate top-down policies and practices as well as bottom-up initiatives. Within the quintuple helix, these represent the sine qua non of smart, sustainable and inclusive growth. The quintuple helix views the natural environments of society and the economy as drivers for knowledge production and innovation, thus defining opportunities for the knowledge society and knowledge economy. The quintuple helix can be described in terms of the models of knowledge that it extends, the five subsystems (helices) it incorporates, and the steps involved in the circulation of knowledge. How to define these new helices has been debated and some researchers see them as additional helices while some see them as different types of helix which overarch the previous helices.
  • 5.1K
  • 22 Nov 2022
Topic Review
Democracy and the Common Wealth
Democracy and the Common Wealth: Breaking the Stranglehold of the Special Interests is a 2010 book by urban designer, policy analyst and artist Michael E. Arth. Arth attempts to expose what he calls the "dirty secrets" of America's electoral system, and provides a list of solutions that he believes will result in a "truly representative democracy." This democracy would be led by effective, trustworthy leaders, who would be elected by a majority, and who would not have to spend their time raising campaign funds, or catering to paid lobbyists. It also tells the story of the first year of Florida's 2010 gubernatorial race, from his point of view as an outsider, lacking in personal wealth or party backing. In the main text, and in the postscript, Arth writes about how he became an independent candidate for governor after being "frozen out" of the "undemocratic" Florida Democratic Party for not having millions of dollars, and for suggesting that campaigns be about issues instead of money. The first edition of the book has 480 pages including 72 illustrations and charts and was first published in both e-book and print in May 2010. The e-book version also includes a postscript about the BP Oil Spill and energy policy, and a section on Arth’s switch to No Party Affiliation.
  • 329
  • 22 Nov 2022
Topic Review
Usury
Usury (/ˈjuːʒəri/) is the practice of making unethical or immoral monetary loans that unfairly enrich the lender. The term may be used in a moral sense—condemning, taking advantage of others' misfortunes—or in a legal sense, where an interest rate is charged in excess of the maximum rate that is allowed by law. A loan may be considered usurious because of excessive or abusive interest rates or other factors defined by a nation's laws. Someone who practices usury can be called a usurer, but in contemporary English may be called a loan shark. In many historical societies including ancient Christian, Jewish, and many modern Islamic societies, usury meant the charging of interest of any kind and was considered wrong, or was made illegal. During the Sutra period in India (7th to 2nd centuries BC) there were laws prohibiting the highest castes from practicing usury. Similar condemnations are found in religious texts from Buddhism, Judaism (ribbit in Hebrew), Christianity, and Islam (riba in Arabic). At times, many nations from ancient Greece to ancient Rome have outlawed loans with any interest. Though the Roman Empire eventually allowed loans with carefully restricted interest rates, the Catholic Church in medieval Europe, as well as the Reformed Churches, regarded the charging of interest at any rate as sinful (as well as charging a fee for the use of money, such as at a bureau de change). Religious prohibitions on usury are predicated upon the belief that charging interest on a loan is a sin.
  • 1.3K
  • 22 Nov 2022
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