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🔗 Finance & Investment 🔗 Economics 🔗 Business 🔗 Psychology

The Volfefe Index is a stock market index of volatility in market sentiment for US Treasury bonds caused by tweets by President Donald Trump.

Bloomberg News observed Volfefe was created due to the statistical significance of Trump tweets on bond prices. ABC News Online posited Volfefe could help analyze interest rate risk in the face of "unpredictable" activity on social media by Trump.

🔗 Business 🔗 Parliamentary Procedure

Robert's Rules of Order, often simply referred to as Robert's Rules, is a manual of parliamentary procedure by U.S. Army officer Henry Martyn Robert. "The object of Rules of Order is to assist an assembly to accomplish the work for which it was designed [...] Where there is no law [...] there is the least of real liberty". The term "Robert's Rules of Order" is also used more generically to refer to any of the more recent editions, by various editors and authors, based on any of Robert's original editions, and the term is used more generically in the United States to refer to parliamentary procedure.

Robert's manual was first published in 1876 as an adaptation of the rules and practice of the United States Congress to the needs of non-legislative societies. Robert's Rules is the most widely used manual of parliamentary procedure in the United States. It governs the meetings of a diverse range of organizations—including church groups, county commissions, homeowners associations, nonprofit associations, professional societies, school boards, and trade unions—that have adopted it as their parliamentary authority. Robert published four editions of the manual before his death in 1923, the last being the thoroughly revised and expanded Fourth Edition published as Robert's Rules of Order Revised in May 1915.

🔗 Biography 🔗 Business 🔗 Biography/science and academia 🔗 Denmark

Agner Krarup Erlang (1 January 1878 – 3 February 1929) was a Danish mathematician, statistician and engineer, who invented the fields of traffic engineering and queueing theory.

By the time of his relatively early death at the age of 51, Erlang had created the field of telephone networks analysis. His early work in scrutinizing the use of local, exchange and trunk telephone line usage in a small community to understand the theoretical requirements of an efficient network led to the creation of the Erlang formula, which became a foundational element of modern telecommunication network studies.

🔗 Economics 🔗 Business 🔗 Politics 🔗 Socialism 🔗 Sociology

Wage slavery is a term describing a situation in which a person's livelihood depends on wages or a salary, especially when the dependence is total and immediate. It has been used to criticise exploitation of labour and social stratification, with the former seen primarily as unequal bargaining power between labour and capital (particularly when workers are paid comparatively low wages, e.g. in sweatshops) and the latter as a lack of workers' self-management, fulfilling job choices and leisure in an economy. The criticism of social stratification covers a wider range of employment choices bound by the pressures of a hierarchical society to perform otherwise unfulfilling work that deprives humans of their "species character" not only under threat of starvation or poverty, but also of social stigma and status diminution. Historically, some socialist organisations and activists have espoused workers' self-management or worker cooperatives as possible alternatives to wage labour.

Similarities between wage labour and slavery were noted as early as Cicero in Ancient Rome, such as in De Officiis. With the advent of the Industrial Revolution, thinkers such as Pierre-Joseph Proudhon and Karl Marx elaborated the comparison between wage labour and slavery, while Luddites emphasised the dehumanisation brought about by machines. The introduction of wage labour in 18th-century Britain was met with resistance, giving rise to the principles of syndicalism. Before the American Civil War, Southern defenders of African American slavery invoked the concept of wage slavery to favourably compare the condition of their slaves to workers in the North. The United States abolished slavery after the Civil War, but labour union activists found the metaphor useful – according to historian Lawrence Glickman, in the Gilded Age "[r]eferences abounded in the labour press, and it is hard to find a speech by a labour leader without the phrase".

🔗 Skepticism 🔗 Business 🔗 Psychology 🔗 Cognitive science

In the field of social psychology, illusory superiority is a condition of cognitive bias wherein a person overestimates their own qualities and abilities, in relation to the same qualities and abilities of other people. Illusory superiority is one of many positive illusions, relating to the self, that are evident in the study of intelligence, the effective performance of tasks and tests, and the possession of desirable personal characteristics and personality traits. Overestimation of abilities compared to an objective measure is known as the overconfidence effect.

The term illusory superiority was first used by the researchers Van Yperen and Buunk, in 1991. The phenomenon is also known as the above-average effect, the superiority bias, the leniency error, the sense of relative superiority, the primus inter pares effect, and the Lake Wobegon effect, named after the fictional town where all the children are above average. The Dunning-Kruger effect is a form of illusory superiority shown by people on a task where their level of skill is low.

A vast majority of the literature on illusory superiority originates from studies on participants in the United States. However, research that only investigates the effects in one specific population is severely limited as this may not be a true representation of human psychology. More recent research investigating self-esteem in other countries suggests that illusory superiority depends on culture. Some studies indicate that East Asians tend to underestimate their own abilities in order to improve themselves and get along with others.

🔗 Finance & Investment 🔗 Business

A mount of piety is an institutional pawnbroker run as a charity in Europe from Renaissance times until today. Similar institutions were established in the colonies of Catholic countries; the Mexican Nacional Monte de Piedad is still in operation.

The institution originated in Italy in the fifteenth century, where it gave poor people access to loans with reasonable interest rates. It used funds from charitable donors as capital, and made loans to the poor so they could avoid going to exploitative lenders. Borrowers offered valuables as collateral, making the mount of piety more like a pawn shop than a bank.

🔗 Finance & Investment 🔗 Economics 🔗 Business 🔗 Rock music 🔗 Business/Accounting

A celebrity bond is commercial debt security issued by a holder of fame-based intellectual property rights to receive money upfront from investors on behalf of the bond issuer and their celebrity clients in exchange for assigning investors the right to collect future royalty monies to the works covered by the intellectual property rights listed in the bond. Typically backed by music properties, the investment vehicle was pioneered in 1997 by rock and roll investment banker David Pullman through his $55 million David Bowie bond deal.

🔗 Business 🔗 Politics 🔗 Psychology

In the Abilene paradox, a group of people collectively decide on a course of action that is counter to the preferences of many or all of the individuals in the group. It involves a common breakdown of group communication in which each member mistakenly believes that their own preferences are counter to the group's and, therefore, does not raise objections. A common phrase relating to the Abilene paradox is a desire not to "rock the boat". This differs from groupthink in that the Abilene paradox is characterized by an inability to manage agreement.

🔗 United States 🔗 Biography 🔗 Business 🔗 Automobiles 🔗 Miami 🔗 Indiana Historical Society 🔗 Biography/sports and games 🔗 United States/Indiana

Carl Graham Fisher (January 12, 1874 – July 15, 1939) was an American entrepreneur. Despite severe astigmatism, he became actively involved in auto racing. He was a seemingly tireless pioneer and promoter of the automotive industry and highway construction, and of real estate development in Florida. He is widely regarded as a promotional genius.

Despite family financial strains and a disability, in the late 19th century he became a bicycle enthusiast and opened a modest bicycle shop with a brother. He became involved in bicycle racing, as well as many activities related to the emerging American auto industry. In 1904, Carl Fisher and his friend James A. Allison bought an interest in the U.S. patent to manufacture acetylene headlights, a precursor to electric models which became common about ten years later. Soon Fisher's firm supplied nearly every headlamp used on automobiles in the United States as manufacturing plants were built all over the country to supply the demand. The headlight patent made him rich as an automotive parts supplier when he and Allison sold their company, Prest-O-Lite, to Union Carbide in 1913 for $9 million (equivalent of approximately $230 million in 2019).

Fisher operated in Indianapolis what is believed to be the first automobile dealership in the United States, and also worked at developing an automobile racetrack locally. After being injured in stunts himself, and following a safety debacle at the new Indianapolis Motor Speedway, of which he was a principal, he helped develop paved racetracks and public roadways. Improvements he implemented at the speedway led to its nickname, "The Brickyard."

In 1912, Fisher conceived and helped develop the Lincoln Highway, the first road for the automobile across the entire United States of America. A convoy trip a few years later by the U.S. Army along Fisher's Lincoln Highway was a major influence upon then Lt. Col. Dwight D. Eisenhower years later in championing the Interstate Highway System during his presidency in the 1950s.

Carl Fisher followed the east-west Lincoln Highway in 1914 with the conception of the north-south Dixie Highway, which led from Michigan to Miami. Under his leadership, the initial portion was completed within a single year, and he led an automobile caravan to Florida from Indiana.

At the south end of the Dixie Highway in Miami, Florida, Fisher, with the assistance of his partners John Graham McKay and Thomas Walkling, became involved in the successful real estate development of the new resort city of Miami Beach, built on a largely unpopulated barrier island and reached by the new Collins Bridge across Biscayne Bay directly at the terminus of the Dixie Highway. Fisher was one of the best known and active promoters of the Florida land boom of the 1920s. By 1926, he was worth an estimated $100 million, and redirected his promotional efforts when the Florida real estate market bubble burst after 1925. His final major project, cut short by the Great Depression, was a "Miami Beach of the north" at Montauk, located at the eastern tip of Long Island, New York.

His fortune was lost in the Stock Market Crash of 1929 and the Great Depression in the United States which followed shortly thereafter. He found himself living in a small cottage in Miami Beach, doing minor work for old friends. Nevertheless, years after his fortune had been lost, at the end of his career, he took on one more project, albeit more modest than many of his past ventures, and built the famous Caribbean Club on Key Largo, intended as a "poor man's retreat."

Although he had lost his fortune and late in life considered himself a failure, Fisher is widely regarded as a decidedly successful man in the long view of his life. He was inducted into the Automotive Hall of Fame in 1971. In a 1998 study judged by a panel of 56 historians, writers, and others, Carl G. Fisher was named one of the Fifty Most Influential People in the history of the State of Florida by The Ledger newspaper. PBS labeled him "Mr. Miami Beach." Just south of Miami Beach, Fisher Island (which he once owned, and is named for him), became one of the wealthiest and most exclusive residential areas in the United States.

🔗 Computing 🔗 Systems 🔗 Business 🔗 Engineering 🔗 Systems/Systems engineering

Parkinson's law of triviality is C. Northcote Parkinson's 1957 argument that members of an organization give disproportionate weight to trivial issues. Parkinson provides the example of a fictional committee whose job was to approve the plans for a nuclear power plant spending the majority of its time on discussions about relatively minor but easy-to-grasp issues, such as what materials to use for the staff bike shed, while neglecting the proposed design of the plant itself, which is far more important and a far more difficult and complex task.

The law has been applied to software development and other activities. The terms bicycle-shed effect, bike-shed effect, and bike-shedding were coined as metaphors to illuminate the law of triviality; it was popularised in the Berkeley Software Distribution community by the Danish software developer Poul-Henning Kamp in 1999 and has spread from there to the whole software industry.