Author's note: I did promise bit coin, but there are a few unfinished businesses in the pipeline. For the next article, we will discuss Rule 70 and how to prove it mathematically. More on that later.
I have recently written about my take on science and technology and how they help bolster sustainable development in developing nations like Cambodia. This was later modified and used in a presentation in a discussion forum. The points made are mostly basic and intuitive to accommodate a large audience of various backgrounds. There are a lot more missing, a lot more to discuss.
** Forgive me for spelling errors and inconsistencies. They will be corrected soon.
***UPDATE: Some mistakes found and rectified
A friend of mine asked me a very interesting question concerning India's decision to demonetize and its recent monetary scheme which introduced a new Unified Payment Interface (UPI) aimed at easing domestic currency circulation. I responded with a rather rough understanding of the issue. This is strictly a normative exercise in which I tried to make sense of what the government of India and the Reserve Bank of India have been doing, their ultimate long-term goal, and the drawbacks of such highly experimental method.
Now, here is the problem in India that I am aware of, or of which I am aware (for grammar maniacs out there). India has a relatively underdeveloped central banking system and financial infrastructure in...
*This article maybe a bit too economics for some readers. Feel free to leave a comment or two below if you have any questions*
For the past few weeks, I have taken great interest in the economics of money, inflation and deflation to be more specific. Inflation can be defined as a general rise in prices across the economy whereas deflation is the exact opposite. Similarly, inflation (deflation) is a fall (rise) in the value of money. For example, if a pen initially cost $2, this implies that $1 cost half a pen (1/2 pen). If the pen's price rose to $4, say due to extended period of power outages, then equivalently, $1 is now worth a quarter of a pen (1/4 pen); hence, the connection between the prior 2 definitions.
For this article though, my focus is not so much on inflation and deflation (we save the best for last), but on the instrument that a nation's central bank employs to stabilize pri...
Our first two articles on poverty (article 1 and its extension 1.1) placed great emphasis on the fact that poverty should not be defined as a disease but rather a symptom of many other economic, political and social ailments. With just this slight change to the conventional wisdom, it has opened up new doors of discussion, allowing new angles of perception as well as new solutions to the age-old question of chronic poverty.
A Review and an Add-on to part 1 of the series: Capability Theory
The first article talked about poverty as an indication of a deep-seated problem of persistent inter-generational capital deficit, which is exacerbated by the borrowing constraint the worse-off people have to confront, especially in the developing world where financial infrastructure is weak. One of the points, which I suspect is not well understood by the majority, intr...
Lately, a lot of our discussions have revolved around the idea of modelling the real economy. I also wrote a bit about how modelling is connected to other scientific pursuits like machine learning. What I left out however is an answer to the question "So what? Does it matter?". I believe this is a critical point that economic departments from many universities around the world have been neglecting. Frankly speaking, during my 6-7 years formal education, they barely even talked about economic modelling until I reached my last year of study... which is surprising considering this is the hot sexy stuff at the forefront of the academic world now, especially if you want to dip your hands into macroeconomics.
Naturally, the failure to properly include economic modelling into the mainstream academic curriculum has led to a freak tonne of confusion outside of the little scholars' bubble. Having t...
"When the facts change, I alter my conclusion." as put forth by John Maynard Keynes, the man whose economic insight helped shape our modern economic landscape.
Later in time, this notion that facts change (i.e. that the economy is dynamic) was adopted widely, but oddly enough, Keynes was not the one who popularized the idea. Before the mid 1970s, Keynesian Economics was employed to supposedly steer the economy in the right direction. The practice was dominant in many of western nations (and only later on spread to the east). However, Keynesian economics (despite what Keynes famously said) treated many economic relationships like the relationship between inflation and unemployment (illustrated by the Phillips Curve) as stable/fixed.
In a way, this is no different from how Isaac Newton thought that space and time are static, that together they merely act as a stage where all the actio...
I was fortunate enough to become a teaching assistant in one of the courses at the Australian National University during the first semester of 2017. This opportunity was given and made accessible to me by great and successful scholars in their respective fields, who have shown not only support but also trust in me. I am forever grateful to these distinguished individuals at ANU (whose name I do not mention out of respect for their privacy).
I enjoyed teaching as much as (or probably more than) I enjoyed getting paid. The students are smart, and some have shown a keen interest in Economics. Recently, I received an email from one of them asking for my advice/suggestion about the route he should take in pursuit for higher education in economics discipline.
While I myself have had both success and failure in striving for more knowledge in economics, I believe that my...
It has been quite a while since my last update. For the last 4-5 months, I had little time to sleep, let alone writing articles for Economind. I am back now and will try to pick up the pace.
This will be a short article intended to tie up some loose ends of our first article on the topic: "The Economics of Poverty: Taking a step back (Part 1)" . The second part is in the making (to be posted soon).
Previously on Economind, we talked about poverty, not poverty in traditional sense, but poverty as a symptom of more serious social ailments such as intra- and inter-generational capital deficit, dysfunctional credit market, hyperbolic discounting, adverse geographic conditions, sub-standard system of resource governance, etc. We discussed rather extensively the idea of capital deficit, that the challenges confronting the poor are not simply the lack of resources, but more damag...
In this post, let’s talk poverty. As to why it remains a topic of discussion to this date is probably not a mystery to anyone since poverty is still a central issue that largely shapes many of the local and international policies. We, as modern humans, have experienced tremendous growth in welfare over the past two centuries. Subsequently, once our own basic and some higher-order needs were met, we began to also grow considerable sympathy for those less fortunate. It then led to paternalistic behaviours reflected in the desire to shelter the homeless, cure the sick, and feed the starving. Yet, poverty is a concept often misunderstood. Why might this assertion be true?
To answer the question, we begin by looking at how poverty is conceptualized and taught by some of the most widely-recognized international organizations. Extreme poverty is formally defined as the inability to mee...
In this post, we will take a step back and off economics to consider something central to everything we have ever known. I may just be talking gibberish, but I hope the article is at least thought-provoking.
From walking the land to traversing the ocean, the sky and outer-space, the rapid progress in science has brought us immense power. Yet, as science evolves further and approaching its finest form, some of us seem to have lost sight of its true origin, the humble discipline that gave birth to all the fields of social and natural science: “Philosophy”.
Philosophy, the word itself stems from an ancient greek word, “Philosophia”, the combination of “Philo” + “Sophia”, or in modern English, “...