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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.

🔗 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".

🔗 Economics 🔗 Law

The Brussels effect is the process of unilateral regulatory globalisation caused by the European Union de facto (but not necessarily de jure) externalising its laws outside its borders through market mechanisms.

🔗 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.

🔗 Economics

A job guarantee (JG) is an economic policy proposal aimed at providing a sustainable solution to the dual problems of inflation and unemployment. Its aim is to create full employment and price stability, by having the state promise to hire unemployed workers as an employer of last resort (ELR).

The economic policy stance currently dominant around the world uses unemployment as a policy tool to control inflation; when inflation rises, the government pursues contractionary fiscal or monetary policy, creating a buffer stock of unemployed people, reducing wage demands, and ultimately inflation. When inflationary expectations subside, expansionary policy aims to produce the opposite effect. In Marxian terms, the unemployed serve as a reserve army of labor. By contrast, in a job guarantee program, a buffer stock of employed people (employed in the job guarantee program) provides the same protection against inflation without the social costs of unemployment, hence potentially fulfilling the dual mandate of full employment and price stability.

🔗 Internet 🔗 Internet culture 🔗 Economics 🔗 Sociology

Enshittification, also known as platform decay, is a way to describe the pattern of decreasing quality of online platforms that act as two-sided markets. Enshittification can be seen as a form of rent-seeking. Examples of alleged enshittification have included Google Search, Amazon, Bandcamp, Facebook, Reddit, and Twitter.

🔗 Economics

The iron law of wages is a proposed law of economics that asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker. The theory was first named by Ferdinand Lassalle in the mid-nineteenth century. Karl Marx and Friedrich Engels attribute the doctrine to Lassalle (notably in Marx's 1875 Critique of the Gotha Program), the idea to Thomas Malthus's An Essay on the Principle of Population, and the terminology to Goethe's "great, eternal iron laws" in Das Göttliche.

It was coined in reference to the views of classical economists such as David Ricardo's Law of rent, and the competing population theory of Thomas Malthus. It held that the market price of labour would always, or almost always, tend toward the minimum required for the subsistence of the labourers, reducing as the working population increased and vice versa. Ricardo believed that happened only under particular conditions.

🔗 China 🔗 Economics

Tang ping (Chinese: 躺平; pinyin: tǎng píng; lit. 'lying flat') is a lifestyle choice and social protest movement in China by some young people who reject societal pressures on hard work or even overwork (such as the 996 working hour system, which is generally regarded as a rat race with ever diminishing returns), and instead choose to "lie down flat and get over the beatings" via a low-desire, more indifferent attitude towards life. Novelist Liao Zenghu described "lying flat" as a resistance movement, and The New York Times called it part of a nascent Chinese counterculture. It has also been compared to the Great Resignation that began in America (and the western world) around the same time.

Unlike the hikikomori in Japan (who are socially withdrawn), these young Chinese people who subscribe to "lying flat" are not socially isolated, but merely choose to lower their professional and economic ambitions and simplify their goals, still being fiscally productive for their own essential needs, and prioritize psychological health over economic materialism.

🔗 Economics

In finance, the rule of 72, the rule of 70 and the rule of 69.3 are methods for estimating an investment's doubling time. The rule number (e.g., 72) is divided by the interest percentage per period (usually years) to obtain the approximate number of periods required for doubling. Although scientific calculators and spreadsheet programs have functions to find the accurate doubling time, the rules are useful for mental calculations and when only a basic calculator is available.

These rules apply to exponential growth and are therefore used for compound interest as opposed to simple interest calculations. They can also be used for decay to obtain a halving time. The choice of number is mostly a matter of preference: 69 is more accurate for continuous compounding, while 72 works well in common interest situations and is more easily divisible. There is a number of variations to the rules that improve accuracy. For periodic compounding, the exact doubling time for an interest rate of r percent per period is

${\displaystyle t={\frac {\ln(2)}{\ln(1+r/100)}}\approx {\frac {72}{r}}}$,

where t is the number of periods required. The formula above can be used for more than calculating the doubling time. If one wants to know the tripling time, for example, replace the constant 2 in the numerator with 3. As another example, if one wants to know the number of periods it takes for the initial value to rise by 50%, replace the constant 2 with 1.5.

🔗 Finance & Investment 🔗 Economics 🔗 Business

The Hindenburg Omen was a proposed technical analysis pattern, named after the Hindenburg disaster of May 6, 1937. It was created by Jim Miekka, who believed that it portended a stock market crash.