Mind Matters Natural and Artificial Intelligence News and Analysis

CategoryEconomics

technician-with-wafer-stockpack-adobe-stock
technician with wafer
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post
Author
Heather Zeiger
Date
August 29, 2022
Categorized
China, Economics, Politics
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Pelosi’s Visit to Taiwan Matters to China. And to Your Computer

China staged an impressive display of military firepower at U.S, lawmaker Nancy Pelosi’s visit Taiwan — prominent in the globally crucial semiconductor “chips” industry
Heather Zeiger
August 29, 2022
5
China, Economics, Politics

U.S. House Speaker Nancy Pelosi’s visit to Taiwan at the beginning of August included a meeting with Mark Liu, head of the Taiwan Manufacturing Semiconductor Corporation (TMSC), which is the world’s largest producer of computer microchips — and makes most of the world’s advanced ones. Plans for Pelosi’s visit were first reported in Financial Times, after the trip was rescheduled due to COVID. China responded to the announcement with a global propaganda to present the visit as an act of defiance against the U.S. One China Policy. The U.S. One-China Policy recognizes the People’s Republic of China as the sole legal government of China but it does not necessarily agree with the PRC on Taiwan being a part of China. Read More ›

metaverse-world-nft-art-gallery-avatars-and-vr-glasses-3d-illustrations-stockpack-adobe-stock
Metaverse world NFT Art Gallery Avatars and VR Glasses 3D Illustrations
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post
Author
News
Date
August 23, 2022
Categorized
Business and Finance, Cryptocurrency, Economics
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Are NFTs a Bubble That Has Just Plain Popped for Good?

Despite the crypto crash, they seem to be developing a life of their own — in ticket sales, for example
News
August 23, 2022
12
Business and Finance, Cryptocurrency, Economics

Here’s the first part of Episode 3 of the discussion between computer engineering prof Robert J. Marks and computer engineering grad students Adam Goad and Austin Egbert on that wild new online world. They’ve been discussing what gives NFTs (non-fungible tokens) their value. Now, in “The NFT Anti-bubble” (August 18, 2022), they are looking at how NFTs are faring in the vast crypto crater. What still sells?: https://mindmatters.ai/wp-content/uploads/sites/2/2022/08/Mind-Matters-200-Adam-Goad-Austin-Egbert.mp3 This portion begins at 00:15 min. A partial transcript, notes, and Additional Resources follow. Robert J. Marks: We have talked about non-fungible tokens kind of hitting the skids. Is this a bubble pop? Are non-fungible tokens going to disappear as kind of an interesting thing in history? Or are they going to Read More ›

nft-non-fungible-tokenscrypto-art-on-colorful-abstract-background-pay-for-unique-collectibles-in-games-or-art-3d-render-of-nft-crypto-art-collectibles-concept-stockpack-adobe-stock
NFT non fungible tokenscrypto art on colorful abstract background. Pay for unique collectibles in games or art. 3d render of NFT crypto art collectibles concept
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post
Author
News
Date
August 18, 2022
Categorized
Business and Finance, Cryptocurrency, Economics
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What Gives NFTs (Non-Fungible Tokens) Their Value?

But first, a tour through the seamier side of the internet, supported in large part by the very blockchain that mints NFTs
News
August 18, 2022
16
Business and Finance, Cryptocurrency, Economics

Here’s the second part of Episode 2 of the discussion between computer engineering prof Robert J. Marks and computer engineering grad students Adam Goad and Austin Egbert on the wild new online world of digital money, fan gear, contracts, and art. In the first part, Adam and Austin explained how digital collectibles — non-fungible tokens (NFTs) — work (or don’t). In this second part, What are NFTs?, they look at how people use them, with a sidestep into the swashbuckling world of crypto crime: https://mindmatters.ai/wp-content/uploads/sites/2/2022/08/Mind-Matters-199-Adam-Goad-Austin-Egbert.mp3 A partial transcript, notes, and Additional Resources follow. The discussion continued with the NBA’s use of NFTs as the new “trading cards.” How are NFTs like or unlike the iconic cards? Adam Goad: That one Read More ›

bank-stockpack-adobe-stock
Bank
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post
Author
News
Date
August 17, 2022
Categorized
Business and Finance, Economics, Law
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Debanking… When Your Bank Acts Like a Political Party

In Canada, ordered by the government, banks began to act like the party in power. Panic, chaos, and bank runs ensued
News
August 17, 2022
6
Business and Finance, Economics, Law

Earlier this year, we looked at debanking, during the Convoy protests in Canada. The government ordered the banks to freeze the private bank accounts of protesters against the federal government’s contested COVID-19 policies. As we’ll see, debanking, in various forms — where the bank decides, for political reasons — to freeze or end accounts, is becoming a “thing” in the United States too. What really happens? An investigation uncovered some sobering findings: The government invoked the rarely used Emergencies Act on February 14, insisting that doing so was constitutional (“Charter compliant”) and that freezing individuals’ bank accounts “did not amount to a seizure” of them. What happened afterward might give pause for thought: The banks were essentially handed a list Read More ›

crypto-virtual-museum-and-metaverse-internet-nft-display-as-a-futuristic-streaming-media-symbol-as-augmented-reality-and-computer-media-concept-stockpack-adobe-stock
Crypto Virtual Museum and Metaverse internet NFT display as a futuristic streaming media symbol as augmented reality and computer media concept.
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post
Author
News
Date
August 16, 2022
Categorized
Cryptocurrency, Economics, Law
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When You Buy a Non-Fungible Token (NFT), What Do You Own?

You are buying someone’s digital idea. Just what legal rights that NFT confers is an open question. But the NBA is now selling them…
News
August 16, 2022
14
Cryptocurrency, Economics, Law

In the first episode of the discussion between computer engineering prof Robert J. Marks and computer engineering grad students Adam Goad and Austin Egbert (here and here), the discussion started with the projected metaverse and slowly turned to the wild world of cryptocurrencies and non-fungible tokens — like Twitter founder Jack Dorsey’s first tweet. What’s worth knowing about this burgeoning digital world? Here are Bob, Adam, and Austin again in Episode 2, What are NFTs?, Part 1: https://mindmatters.ai/wp-content/uploads/sites/2/2022/08/Mind-Matters-199-Adam-Goad-Austin-Egbert.mp3 This portion begins at 00:10. A partial transcript, notes, and Additional Resources follow. Robert J. Marks: We have been talking to Adam Goad and Dr. Austin Egbert both at Baylor University about Web3. Web3, which uses distributed computing, is the tool that’s Read More ›

business-finance-savings-money-wages-payroll-or-accounting-concept-calendar-with-pink-marker-circle-in-word-payday-for-remind-stockpack-adobe-stock
Business, finance, savings money, wages, payroll or accounting concept : Calendar with pink marker circle in word payday for remind
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post
Author
News
Date
July 29, 2022
Categorized
Business and Finance, Data Privacy, Economics, Surveillance
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Can Your Social Media Posts Sink Your Credit Rating? Maybe…

With AI tools, your posts or the time of day you apply for a loan might matter. Is that fair to you? Did you even know?
News
July 29, 2022
5
Business and Finance, Data Privacy, Economics, Surveillance

University of Georgia law prof Lindsay Sain Jones and Virginia Tech law prof Janine Hiller offer what should be startling news: What does your SAT score mean for your ability to pay off a car loan? What does your Facebook feed say about your chances of landing a mortgage? And, what does your propensity for snacking on road trips mean for your credit score? The answers: More than you think. Traditional credit scoring is based on a person’s demonstrated ability to take on debt and pay it off. But with the dawn of larger data pools and access to more sophisticated modeling programs, lenders and credit agencies are taking more nonfinancial factors into rating creditworthiness, particularly those without an extensive Read More ›

big-eye-watching-a-group-of-people-3d-rendering-stockpack-adobe-stock
Big eye watching a group of people 3D rendering
Type
post
Author
Gary Smith
Date
July 11, 2022
Categorized
Artificial Intelligence, Business and Finance, Economics
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AI Would Run the World Better Than Humans, Google Research Claims

Don’t believe the headlines: Google’s inhouse game does not show that AI is ready to rule the world
Gary Smith
July 11, 2022
5
Artificial Intelligence, Business and Finance, Economics

Sixty years ago, conservative provocateur William F. Buckley wrote, “I would rather be governed by the first 2,000 people in the telephone directory, than by the Harvard University faculty.” Buckley was a Yale man, but his barb was not intended to compare Harvard to Yale. He later explained: Not, heaven knows, because I hold lightly the brainpower or knowledge or generosity or even the affability of the Harvard faculty: but because I greatly fear intellectual arrogance, and that is a distinguishing characteristic of the university which refuses to accept any common premise. Now may be the time to update Buckley’s incendiary remarks: I would rather be governed by the first 2,000 people in the telephone directory, than by a black Read More ›

books-stockpack-adobe-stock
books
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post
Author
News
Date
July 7, 2022
Categorized
Economics, Education, Ethics
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Brain for Hire: The Internet Makes Academic Cheating Much Easier

Dave Tomar, who wrote essays for students for hire for a decade, then wrote a book about it, thinks 40% of students cheat at least once
News
July 7, 2022
5
Economics, Education, Ethics

For many years, Dave Tomar was that bane that universities always claim to be doing something about but can’t (or anyway never) do — an essay writer for hire. Wait. Wasn’t the internet supposed to end cheating? The search engine reveals all, right?… No. Read on. In The Complete Guide to Contract Cheating in Higher Education (Academic Influence, 2022), Tomar, long a freelance writer and now a plagiarism expert, explains: Yes, that happened when Google became the default search engine in 2000 and the usual copy-paste and essay mill methods no longer worked. But… Cheaters and their enablers would just need to get more creative. If, before, there were just online repositories of essays and the people who curated them, Read More ›

close-up-man-hand-type-on-keyboard-laptop-to-use-search-engine-optimization-seo-tools-for-finding-customer-or-promote-and-advertise-about-content-online-for-marketing-technology-and-business-concept-stockpack-adobe-stock
close up man hand type on keyboard laptop to use search engine optimization (SEO) tools for finding customer or promote and advertise about content online for marketing technology and business concept
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post
Author
News
Date
June 27, 2022
Categorized
Data Privacy, Economics, Social Media
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The Brave Search Engine Survives. So Does Privacy Still Matter?

Despite Google’s overwhelming dominance, Brave clocked 2.5 billion searches since this time last year
News
June 27, 2022
4
Data Privacy, Economics, Social Media

Last year, we wrote about the Brave search engine, headed up by Mozilla pioneer Brendan Eich. Brave Search offered the first true alternative to Google since Bing by introducing a third English language index and protecting user privacy. A nice idea, many have thought, but who really cares? So what if Big Tech makes largely unaccountable billions from marketing our information, as long as the social media services it provides remain free? So perhaps surprisingly, Brave is hanging on. Tech maven Jacob Carpenter noted recently at Fortune that, while Google owns 92.5% of the search market business according to StatCounter, that number hasn’t changed much over a decade. And Brave is reporting 2.5 billion searches from its current search engine’s Read More ›

stock-market-management-stockpack-adobe-stock
Stock Market Management
Type
post
Author
Gary Smith
Date
May 25, 2022
Categorized
Business and Finance, Economics, Work
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Some Economic Models are Alluring, Others are Useful

In some markets, prices are affected by market forces and in others, like the job market, they are not
Gary Smith
May 25, 2022
6
Business and Finance, Economics, Work

Statistician George Box is credited with the aphorism, “All models are wrong, but some are useful.” Unfortunately, as the brilliant economist Ed Leamer, once quipped, “Economists are like artists. They tend to fall in love with their models.” A large part of the art of economics is distinguishing between attractive models and useful models. The traditional bedrock of economics is the demand-and-supply model. Every introductory economics course explains how demand and supply are related to price and how the equilibrium price is where demand is equal to supply. This can be a very useful model for predicting how changes in demand and supply affect prices and trades — if we make the tempting assumption that the market price is equal Read More ›

baseball-players-hitting-stockpack-adobe-stock
baseball players hitting
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post
Author
News
Date
May 4, 2022
Categorized
Economics, Mathematics, Sports
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Why Giving the Second Best Guy a Chance Is a Smart Move

Business prof Gary Smith explains…
News
May 4, 2022
2
Economics, Mathematics, Sports

Gary Smith, author of The AI Delusion, has some interesting advice for those who think that a star athlete wins only on performance: It doesn’t quite work that way: A study by two business school professors, Cade Massey and Richard Thaler, found that the chances that a drafted player will turn out to be better than the next player drafted in his position (for example, the first quarterback drafted compared to the second quarterback drafted) is only 52%, barely better than a coin flip.Yet, teams pay much more for early draft picks than for later picks. Even leaving salary aside, teams that trade down (for example giving up the first pick in the draft for the 14th and 15th pick) Read More ›

inflation-dollar-hyperinflation-with-black-background-one-dollar-bill-is-sprayed-in-the-hand-of-a-man-on-a-black-background-the-concept-of-decreasing-purchasing-power-inflation-stockpack-adobe-stock
Inflation, dollar hyperinflation with black background. One dollar bill is sprayed in the hand of a man on a black background. The concept of decreasing purchasing power, inflation.
Type
post
Author
Gary Smith
Date
May 3, 2022
Categorized
Economics
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Will Higher Prices Disarm Russia? It’s Complicated…

The effects of hyperinflation are subtle, but very real
Gary Smith
May 3, 2022
6
Economics

The annual rate of consumer price inflation in Russia was 9% in February and 17% in March. For producer prices, the March number was 27%. Is Russia headed for hyperinflation, with prices increasing at triple-digit rates or more? I don’t know, but it is worth remembering what happens during hyperinflations. Many people believe that higher prices make everyone worse off. This is not true. Buyers pay more, but sellers receive more. One person’s higher price is another’s higher income. If all prices and incomes were to increase by the same amount — say 10 percent — everyone’s real, inflation-adjusted income would be unchanged. The true costs of inflation are more subtle. In practice, within every inflation, some prices increase more Read More ›

we-studied-together-now-were-graduating-together-portrait-of-a-group-of-students-taking-selfies-on-graduation-day-stockpack-adobe-stock
We studied together now were graduating together. Portrait of a group of students taking selfies on graduation day.
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post
Author
News
Date
April 1, 2022
Categorized
Economics, Education
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Historically Black Colleges/Universities Crush School Rankings

According to a new metric that rewards per-dollar effectiveness as opposed to the benefits of lavish endowments, they took three spots out of the top five
News
April 1, 2022
4
Economics, Education

While popular rankings of colleges and universities — like that of U.S. News and World Report — have always been top secret, journalist Malcolm Gladwell, working with a team of Reed College researchers, managed to “crack the code.” And, as Academic Influence tells it, an unhappy truth emerged: What troubled Gladwell is that schools like Dillard University and Reed College could never, given the way college rankings were set up, receive the recognition they deserved. The whole ranking system was rigged against them. Gladwell focused especially on Dillard University, an HBCU [historically Black college or university] in New Orleans. By making its mission to serve underserved populations, Dillard was, in effect, getting penalized by U.S. News & World Report, which puts a premium in its Read More ›

empty-colored-carbonated-drink-bottles-plastic-waste-stockpack-adobe-stock
Empty colored carbonated drink bottles. Plastic waste
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post
Author
News
Date
March 29, 2022
Categorized
Economics, Environment
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Urban Mining: Turning Urban Waste Into Valuable Products

Renowned synthetic chemist Jim Tour shows how we can turn discarded plastics into graphene, a product useful in industry
News
March 29, 2022
4
Economics, Environment

There’s a gold mine, so to speak, in the garbage but it takes a gifted chemist to develop processes that turn the trash to valuable industrial materials. At COSM 2021, James Tour talked about his team’s work in developing such processes: The Nanotech Revolution: Our Zero-Waste Energy Future (November 11, 2021) Dr. Jim Tour, Professor of Chemistry at Rice University, gives a riveting tour of how waste products can be converted to graphene, an extremely valuable material with a host of useful applications—from medical applications to new strong and lightweight materials to an energy source for zero CO2 emissions. Tour and his team have developed methods for turning carbon waste into graphene, an allotrope of carbon that can be stacked Read More ›

shopping online at home concept.Cartons in a shopping cart on a laptop keyboard
Type
post
Author
News
Date
March 10, 2022
Categorized
Business and Finance, Cryptocurrency, Economics, Surveillance
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Government Control of What You Buy Grows More Popular

With governments, that is. You’d be surprised at how far along they are with digital currency and how detailed the control could be
News
March 10, 2022
6
Business and Finance, Cryptocurrency, Economics, Surveillance

Recently, we looked at a new idea governments are looking at — programmable digital currency. It’s all digital, issued by government, constantly trackable, and can’t be spent on items not approved by government (or only with penalties). The Federal Reserve Board (the United States’ central bank) explains, bureaucratically, Potential benefits of the “digital cash” model using programmable UTXOs are the ability to specify spending constraints on any discrete amount of value and a greater facility to trace the provenance of any particular “virtual banknote.” Alexander Lee, “What is programmable money?” at FEDS Notes (June 23, 2021) In other words, the two benefits of these central bank digital currencies (CBDCs) are that the government can potentially control what the money is Read More ›

technical-price-graph-and-indicator-red-and-green-candlestick-chart-on-blue-theme-screen-market-volatility-up-and-down-trend-stock-trading-crypto-currency-background-stockpack-adobe-stock
Technical price graph and indicator, red and green candlestick chart on blue theme screen, market volatility, up and down trend. Stock trading, crypto currency background.
Type
post
Author
Gary Smith
Date
February 28, 2022
Categorized
Economics
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Detecting BS Research: If It Seems Too Good to be True…

A recent Wall Street Journal article shows a near-perfect link between inflation and money. But a link that near-perfect raises suspicions
Gary Smith
February 28, 2022
4
Economics

Two Johns Hopkins economists recently wrote a Wall Street Journal opinion piece titled, “Jerome Powell Is Wrong. Printing Money Causes Inflation.” Their argument is that Federal Reserve chair Powell is mistaken in his assertions that there is not a close relationship between money and inflation. As evidence, they offer the chart below, showing that the rate of inflation can be predicted almost perfectly from the rate of increase of M2, a broad measure of money. The authors explain: The theory rests on a simple identity, the equation of exchange, which demonstrates the link between the money supply and inflation: MV=Py, where M is the money supply, V is the velocity of money (the speed at which it circulates relative to total spending), P Read More ›

the-forest-and-the-trees-are-in-the-light-concepts-of-environmental-conservation-and-global-warming-plant-growing-inside-lamp-bulb-over-dry-soil-in-saving-earth-concept-stockpack-adobe-stock
The forest and the trees are in the light. Concepts of environmental conservation and global warming plant growing inside lamp bulb over dry soil in saving earth concept
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post
Author
News
Date
February 25, 2022
Categorized
Business and Finance, Economics
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Business Prof: We Live in an Era of Unprecedented Abundance

If we’re not making good use of it or it’s not fairly distributed, those are different problems
News
February 25, 2022
5
Business and Finance, Economics

At COSM 2021, business studies prof Jay Richards of the Catholic University of America spoke with Gale Pooley, also a business studies prof at Brigham Young University-Hawaii, on a fact we don’t hear much about in popular media focused on current events: Increasing knowledge and the subsequent dropping over of time prices have ushered in a vast improvement in standards of living. Many will ask, what about rising prices? Well, for example, we must compare rising prices due to various global events today to what things cost in the past: At COSM 2021, Pooley focused on the fact that, in real-world economics, the value of our time is the most critical factor we need to figure in: Brigham Young University Read More ›

freedom-convoy-2022-sign-stockpack-adobe-stock
Freedom Convoy 2022 sign
Type
post
Author
News
Date
February 22, 2022
Categorized
Business and Finance, Censorship, Economics, Law
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No-Buy Lists Are the Next Big Thing After Debanking

When a big online financial service like PayPal works closely with government to monitor citizens, it is violating its founding ideals
News
February 22, 2022
5
Business and Finance, Censorship, Economics, Law

Yesterday, Jonathan Bartlett was writing about the way banks were becoming political in terms of who they are choosing to do business with, otherwise known as debanking. Another trend to watch for is no-buy lists, according to former PayPal COO David Sacks: When I helped create PayPal in 1999, it was in furtherance of a revolutionary idea. No longer would ordinary people be dependent on large financial institutions to start a business. Our democratized payment system caught fire and grew exponentially with millions of users who appreciated its ease and simplicity. Traditional banks were too slow and bureaucratic to adapt. Instead, the revolution we spawned two decades ago inspired new startups like Ally, Chime, Square, and Stripe, which have further Read More ›

glowing-forex-chart-background-stockpack-adobe-stock
Glowing forex chart background
Type
post
Author
News
Date
February 17, 2022
Categorized
Economics, Physics
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What If Quantum Physics Were Applied To Economics?

A mathematician argues that ideas that seemed bizarre in classical physics makes perfect sense in economics
News
February 17, 2022
5
Economics, Physics

Applied mathematician David Orrell offers a look at the difference quantum mechanical thinking would make to economics. The author of Money, Magic, and How to Dismantle a Financial Bomb: Quantum Economics for the Real World (2022) received considerable criticism for an article he wrote four years ago, “Economics is quantum,” which he summarizes in a followup article, published this month: The idea is that money is best understood as a quantum social technology, with quantum properties of its own. In financial transactions, for example, value can be modelled as a probabilistic wave function which ‘collapses’ down to an exact number when money is exchanged. When you put your house up for sale, you might have a fuzzy idea of its Read More ›

aerial-view-over-cupertino-in-bay-area-california-on-a-sunny-day-stockpack-adobe-stock
Aerial view over Cupertino in Bay Area, California on a sunny day.
Type
post
Author
News
Date
February 11, 2022
Categorized
Economics, Education, Work
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Is It Really the End for Silicon Valley or Just a Reboot?

A COSM 2021 panel looked at the effect of remote work, spurred by the COVID-19 pandemic, on iconic locations like the Valley
News
February 11, 2022
11
Economics, Education, Work

“Is It the End for Silicon Valley?” was one of the discussions at COSM 2021 (2:00 pm, Wednesday, November 11, 2021). It featured The conversation turned on whether, in the internet age, one needs to work in any specific locality, like Silicon Valley. Some of their comments relating to where people will live in relation to their work and the problems they will face are transcribed below: Work where you live or live where you work? — How can Silicon Valley keep its people together in the age of the internet? Babak Parviz: We have a title, “Is this is the end of Silicon Valley, as in the space is no longer important. It’s going to be localized and you Read More ›