…………………………………………………………………………
A call for a new economics: It’s time to redefine success
By Ethan Case
……….. a global conversation has begun that has clear relevance to what’s being discussed here-and-now at the grassroots level across the country. This spring, why not smile in the face of fear and join millions of others in imagining and articulating an economy that makes us all happier?
http://grist.org/business-technology/a-call-for-a-new-economics-its-time-to-redefine-success/
……………………………………………………………………………
This article is published as part of the Office for National Statistics (ONS) Measuring National Well-being Programme. The programme aims to produce accepted and trusted measures of the well-being of the nation – how the UK as a whole is doing. This article explores in more detail aspects of governance considered important for understanding National Well-being. It considers information on the involvement in democracy and trust in how the UK is run including statistics on the percentage of registered voters who voted, percentage who trust in parliament and in national government. http://www.ons.gov.uk/ons/rel/wellbeing/measuring-national-well-being/governance/art-governance.html
http://www.ons.gov.uk/ons/dcp171766_285148.pdf
…………………………………………………….………………………………………………………….
On Monday, Federal Reserve Chairman Ben Bernanke gave a new jolt of momentum to the growing push for new measures of progress going “beyond GDP.” In prepared remarks for the 32nd general conference of the International Association for Research in Income and Wealth (IARIW), held this week in Cambridge, Massachusetts, Bernanke noted the failure of conventional market indicators in capturing the severe household impacts of the Great Recession and the continuing distress for many families and individuals. But his main point, addressing an important forum for national statisticians and academic experts in the field, was broader and more philosophical. We need new measurement approaches that bring us closer to the “ultimate purpose of economics,” Bernanke asserted, and that purpose is “to understand and promote the enhancement of well-being.” In some detail, he emphasized the importance of subjective well-being, or “happiness,” measures. Coming from America’s superintendent of price stability and maximum employment, Bernanke’s deep plunge into ideas about a happiness economy naturally set the blogosphere and news wires abuzz, mostly favorably like this piece from Bloomberg Businessweek. http://www.policyshop.net/home/2012/8/8/fed-chief-looks-beyond-gdp-to-happiness-measures.html
…………………………………………………………………………….
…………
ACADEMICS http://www.wellbeingandpublicpolicy.org/uploads/3/8/0/4/3804146/conference_booklet_final___12_june_2012.pdf
http://eprints.lse.ac.uk/47349/1/Community%20currencies%20and%20the%20quantification%20of%20social%20value%20in%20the%20digital%20economy(lsero).pdf
http://reputationcurrents.com/blog/
………………………
Valuing public goods using happiness data: The case of air quality
Arik Levinson http://darp.lse.ac.uk/papersdb/Levinson_(JPubE12).pdf
………………………………………………
The Economic Value of Voluntary Work in Bhutan
Prepared by
Karen Hayward
Ronald Colman
Monograph No. 2, 2012
National Statistics Bureau
Thimphu
Bhutan will be the first country in the world to create GNH Accounts that properly value our precious natural, social, cultural, and human resources, and the costs of their depreciation, along with the manufactured and financial resources that are presently counted. Such full-cost accounts are the necessary foundation of a genuine wellbeing and sustainability-based economic system and will assess the true benefits and costs of economic activity.
- Lyonchhen Jigmi Y. Thinley
The Honourable Prime Minister,
Royal Government of Bhutan
dominate our economic thinking and our policy and planning processes — globally as well as nationally — economic accounts can therefore provide a useful tool for communication between the market and non-market sectors. Certainly accounting for the value of non-market assets and services will provide a more accurate measure of the nation’s overall wealth than can ever be achieved by measures that omit critical social and environmental variables entirely. In the long run, by pointing to important linkages between the sectors, Bhutan’s new National The Economic Value of Voluntary Works in Bhutan
110
http://www.nsb.gov.bt/pub/rr/vol.pdf
……………………………………………..
http://bibliothek.wzb.eu/pdf/2012/i12-201.pdf
……………………….
A thought experiment: Triple bottomline currency
……….. if at some time there was a policy reason to especially promote either ecological responsibility or social responsibility, the federal government could say that a certain percentage of your taxes would have to be paid in ecodollars (and/or socialdollars), or that federal contractors would have to pay their employees in ecodollars (and/or social dollars). Or the government might recruit certain businesses to accept ecodollars in payment for socialdollar charges, but not vice versa. The government (or corporations or philanthropists) could give prizes (for races or contests or Pulitzers) in one currency or the other. In an extreme case, the government could mandate a tax on the use of socialdollars (or ecodollars) — so, for example, you would have to pay 22 ecodollars to amount to 20 socialdollars, which would effectively lower the value of ecodollars in relation to socialdollars
As people became aware of the flexibility and potential change in their currency, consumers and corporations would begin seeking a balance of currencies — an effort which would, itself, improve the social and environmental responsibility of the economy as a whole. This balance-seeking would essentially be no different than people who today hedge or balance their investments across levels of probable risk and dependability, as with stocks, bonds, gold, etc. — in the face of fluctuating markets and inflation. But this responsible-dollar version of fluctuation would have a consciously positive impact on the society.
As a side effect, we would then probably see new currency and futures markets emerge around these new currencies!
This would obviously need a lot of computer modeling and experiments to work out the bugs in advance — and a lot of political/economic organizing to make it happen. But it seems to me it would serve to realize that most important of purposes in a wise capitalism: To internalize the social and environmental benefits (and, by contrast, the costs). Its novelty is that it would do this internalization into the currency itself rather than through government taxes and fees on harmful extraction, production and products.
https://philoforchange.wordpress.com/tag/new-economy/……………………………………………….
http://www.newscientist.com/blogs/onepercent/2011/07/high-speed-trading-algorithms.html
…………………………………………
http://betternature.wordpress.com/2012/07/03/economics-science-maths/
John Fullerton: The Biospheric Reality
John Fullerton is founder and president of Capital Institute, a think tank devoted to transforming finance. In this clip John speaks about the profound challenge of our time: the re-thinking of our fundamental beliefs about the economy. capitalinstitute.org, moneyandlifemovie.com
http://vimeo.com/35344478………………………………………………………………..
Transfinancial Economics is an evolving project nearing basic completion. It should be said that there has been a degree of interest in it from some economists.In April 2010 it was also a subject discussed at a major scientific conference (the ICEME, or International Conference of Engineering, and Meta-Engineering, Florida, USA).
It is important to add that TFE regards the financial system as a huge global IT system, and recognizes the reality that virtually all money exists as electronic,or digital data transmitted from one bank account to another.
……………… Transfinancial Economics is a major global paradigm which believes that progress towards a fairer, and better world could be greatly facilitated by a reformed financial system. As such, it champions the cause for a non-debt based economy in which taxes, and indeed, interest on loans could overtime be phased out altogether. It claims too that non-repayable debt-free money (ie.new unearned money) could be used where necessary with interest free loans. The former would not lead to serious inflation as too much of it would not be created. This notion is like Quantitative Easing, or QE. Such innovative funding, or Facilitation Finance created by Facilitation Banks, or FBs would essentially be targetted at "major" environmental/climate change projects, and socio-economic initiatives where notably the initial capital is difficult, or even "impossible" to raise via conventional methods (eg. venture capitalism notably).
Moreover, with the phasing in of what may be termed advanced Transfinancial Economics it would be possible to get a highly accurate electronic profile of the entire economy. Since this would be so, it would also give future economists a very accurate understanding of how much new non-repayable debt-free money could be created without serious inflation by FBs, and indeed,by democratic governments which could phase out taxation overtime. Among other things already mentioned such innovative funding could in part, or in full fund in time charitable NGOs.The social, economic, and political implications of this would be immense. It could infact lead to an advanced automated technocratic world in which money, and wage slavery would no longer be necessary.All this could occur in the context of open democracy, and respect for universal human rights.
Also, it should be noted that TFE believes that success in the introduction of this reform would probably come about by working pragmatically with banks, and corporations rather than otherwise.
It is important to understand that we are not discussing a soviet style command/planned economy but one in which a more responsible form of capitalism could be developed with the right financial incentives, and the right marketing strategies.
http://p2pfoundation.net/Transfinancial_Economics
…………………………………………
http://www.p2pcash.com/
…………………………………………………………………….
embed - P2P Cash Technology - Innotribe Startup Challenge 2012 - New York City http://www.youtube.com/watch?v=x5C4VEi2PGY
http://www.p2pcash.com/movies/movie.html
……………………..
World Bank ::: P2P Cash is working with the World Bank to establish worldwide mobile banking standards. VISA created standard procedures to enable any bank to issue credit cards and any retailer to accept them. We believe that the World Bank will be successful in creating a similar structure to provide financial services to the unbanked. P2P Cash is committing its resources including its patent portfolio to assist in these standard development endeavors.
GSMA ::: The GSMA is the worldwide Association of Wireless Telecommunications Carriers that support the GSM communication technology standard. Standardization has significantly improved their ability to create economies of scale between the carriers and therefore benefited every carrier in the Association. P2P Cash is working with the GSMA to conduct mobile wallet interoperability trials between carriers to be considered as part of the emerging financial services standards.
Distribution Partners ::: P2P Cash is working with several distribution partners to promote and enlarge the Trusted Agent Network (TAN).
Technology Partners ::: The P2P Cash patent pending technology is a distributed peer to peer technology. To take advantage of this technology, the Company is aggregating various mobile wallet technology providers around a central clearing and settlement network. P2P Cash is working with the following technology providers to accomplish the goal of a worldwide standard.
http://www.p2pcash.com/partners.html Technology Partners ::: The P2P Cash patent pending technology is a distributed peer to peer technology. To take advantage of this technology, the Company is aggregating various mobile wallet technology providers around a central clearing and settlement network. P2P Cash is working with the following technology providers to accomplish the goal of a worldwide standard.
…………….
http://mobilepaymentconference.com/agenda/2012-10-11
…………..
Benefits For Lenders / Investors Of P2P Lending
- Higher rates of return adjusted for risk.
- The ability to screen applicants and individually choose particular borrowers.
- Once you develop a good sense of the type of borrowers that suits your investment profile, you can continue to find similar type borrowers given Prosper’s marketplace is so huge.
- There are literally thousands of borrowers with various ratings you can choose from to tailor your desired returns. The higher the risk, the higher the returns and vice versa.
- If a borrower ever wants to borrow again on Prosper.com, they need to honor their loan. The Prosper marketplace theoretically reduces default risk over the long term for investors. The idea is similar to one’s social capital online. You don’t want to have many bad reviews or else nobody will ever want to deal with you!
- Prosper will hire a collection agency to help you get the non-payer to fulfill their loan obligation.
- Regulated by the SEC.
Benefits For Borrowers Of P2P Lending
- Access to money and credit without having to go to the bank or go through loan shark companies.
- Easy to use online platform walks you through step by step when filling out your application.
- Entire process is easier to go through, with less documentation required than traditional loans in most cases.
- You can explain why you have bad credit and sell your story to investors. Banks are now super stringent and are unwilling to lend to anybody with poor credit. In a time when so many people have foreclosed on their homes, this is a big problem for potential borrowers.
- If the borrower creates a second listing, after having 6-9 months of no missed payments, Prosper shows their exact payback history with them during that time. This is only seen if the borrower creates another listing though. In other words, borrowers can build their borrowing reputation to keep coming back for more.
- Loans through prosper are unsecured, meaning borrowers don’t have to come up with collateral such as a house or car to get a lone.
- You can practically use your loan for anything.
- Regulated by the SEC.
………………………………………………….
Commons http://www.redpepper.org.uk/the-coming-of-the-commons/
http://socialmediaopenkitchen.wordpress.com/2012/08/05/banks-and-social-media-do-you-trust-social-banking/
http://xa.yimg.com/kq/groups/27127990/1975785868/name/1+(1).pdf
http://www.scoop.it/t/the-emergent-report/p/2769499296/finland-is-about-to-start-using-crowdsourcing-to-create-new-laws
…………………………….
Banking is a protected industry and that protection results in limited competition and little innovation. He makes the point that a lack of common language hinders new entrants. We see that today with P2P lending platforms. He sugests barriers to entry need to be lowered so that companies such as Paypal, and Zopa can be allowed to grow and develop better models than existing banks.
Commercial peer-to-peer lending, using the web as a conduit, is an emerging business. For example, in the UK companies such as Zopa, Funding Circle and Crowdcube are developing this model. At present, these companies are tiny. But so, a decade and a half ago, was Google. If eBay can solve the lemons problem in the second-hand sales market, it can be done in the market for loans.
With open access to borrower information, held centrally and virtually, there is no reason why end-savers and end-investors cannot connect directly. The banking middle men may in time become the surplus links in the chain. Where music and publishing have led, finance could follow. An information web, linked by a common language, makes that disintermediated model of finance a more realistic possibility.
Relevance to Bankwatch:
It’s a fascinating talk. Basically Haldane suggests:
- A root problem of banks is a lack of consistent entity assessment and of product assessment
- This root problem means there is no ready means to assess the risk of other entities (banks, funds etc) or the risk of the products those entities produce
- A second root problem lies in banks lack of technology innovation. Banks are as fragmented internally, as they are fragmented amongst each other. This fragmentation is especially evident in their technology.
- This second root problem means that even with the consistent entity and product assessment problem solved, it would be impossible to effectively share that with each other and with the regulators.
http://thebankwatch.com/?s=haldane
Just as a bank stores money, Google Apps stores data, and the onus is on Google to convince you and your business that this data is properly protected. “It’s very similar to the situation banks were in hundreds of years ago,” says Feigenbaum, the director of security for Google’s various enterprise products and services, including its Google Apps suite of online business applications. “They had to convince us to give them our money, to take the money out from under the mattress and put it in the bank.”
http://www.wired.com/wiredenterprise/2012/05/google-apps-iso/
central brain!!! Equity market
http://www.managementexchange.com/hack/can-you-help-crowdcreate-equity-market-30-20-countries-365-days-deliver-global-transparency-acc
Get Mind Smart
Ghttp://getmindsmart.com/About.htmlet Mhttp://getmindsmart.com/About.htmlind Smart
No comments:
Post a Comment