Related papers: An Apology for Money
Short-term survival and an exuberant plunge into building our future are generating a new kind of unintended consequence -- hidden fragility. This is a direct effect of the sophistication and structural complexity of the socio-technical…
This paper casts within a unified economic framework some key challenges for the global economic order: de-globalization; the rising impracticability of global cooperation; and the increasingly confrontational nature of Great Power…
As artificial intelligence systems increasingly permeate processes of cultural and epistemic production, there are growing concerns about how their outputs may confine individuals and groups to static or restricted narratives about who or…
The determinants of the velocity of money have been examined based on life-cycle hypothesis. The velocity of money can be expressed by reciprocal of the average value of holding time which is defined as interval between participating…
The 2008 global financial crisis marked the beginning of a decade dominated by fiscal austerity policies in much of the developed world. This paper presents a qualitative narrative review of an extensive collection of academic literature to…
The problem of efficient sharing of a resource is nearly ubiquitous. Except for pure public goods, each agent's use creates a negative externality; often the negative externality is so strong that efficient sharing is impossible in the…
We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par) can generate a collapse in asset prices…
The international financial system is currently not yet prepared to face a foreseeable crisis mainly motivated by the dichotomy between the real economy and the virtual economy. Skepticism is widespread even when it comes to investments in…
Conventional wisdom holds that a misaligned artificial superintelligence (ASI) will destroy humanity. But the problem of constraining a powerful agent is not new. I apply classic economic logic of interjurisdictional competition,…
The expression for entropy sometimes appears mysterious - as it often is asserted without justification. This short manuscript contains a discussion of the underlying assumptions behind entropy as well as simple derivation of this…
In this note, we explicitly solve the problem of maximizing utility of consumption (until the minimum of bankruptcy and the time of death) with a constraint on the probability of lifetime ruin, which can be interpreted as a risk measure on…
In this paper the theory of flexibly-bounded rationality which is an extension to the theory of bounded rationality is revisited. Rational decision making involves using information which is almost always imperfect and incomplete together…
We discuss the objectives of automation equipped with non-trivial decision making, or creating artificial intelligence, in the financial markets and provide a possible alternative. Intelligence might be an unintended consequence of…
Design Fiction is known for its provocative and often dystopian speculations about the future. In this paper, we present an alternative approach that focuses primarily on the positive. We propose to imagine, enact, and evaluate utopia with…
Fairness assumptions are a valuable tool when reasoning about systems. In this paper, we classify several fairness properties found in the literature and argue that most of them are too restrictive for many applications. As an alternative…
We propose a control-theoretic interpretation of recommender systems and use this perspective to analyze how fairness interventions shape long-term system behavior. Fairness concerns arise for both users and creators, ranging from opinion…
While many see the prospect of autonomous machines as threatening, autonomy may be exactly what we want in a superintelligent machine. There is a sense of autonomy, deeply rooted in the ethical literature, in which an autonomous machine is…
Engineering techniques to address the endless parade of security issues are an important area of research. Properties of practices in industrial use are rarely studied. Security workers satisfice. There is a widespread perception that…
Recent developments in the global liberalization of equity and currency markets, coupled to advances in trading technologies, are making markets increasingly interdependent. This increased fluidity raises questions about the stability of…
Affordance theory proposes that the use of an object is intrinsically determined by its physical shape. However, when translated to digital objects, affordance theory loses explanatory power, as the same physical affordances, for example,…