Life is all About “Trade-offs” Fact
Life is all about “trade-offs,” and almost everything in life is a trade-off. If one thing increases, another must decrease.
Value
Value is a concept that describes social, economic, or other worth. It is both subjective and objective and largely based on cognitive bias, reference frame, and confidence.
Factoids tagged with "Value"
There is a Gender Pay Gap Fact
The gender pay gap is real, and so is the gender earnings gap. Even after all reasonable differences are factored out, an unexplained pay gap between men and women exists across the board.
Work Creates Private Property and Economic Value Fact
As John Locke and Adam Smith elude, physical work creates private property and gives possessions exchange-value (value in a trade).
About Half of American Families Pay Little to No Income Tax Fact
About half of American families pay little to no federal income tax after tax credits and deductions. Payroll taxes, excise taxes, and sales taxes hit the average American family the hardest.
Stability Breeds Instability Fact
Stability isn’t necessarily destabilizing, but as Hyman Minsky’s Financial Instability Hypothesis eludes: longterm stability breeds instability and diminishes resilience in economic markets, mainly due to psychological factors.
There are Different Types of Value and Capital Fact
There are different types of capital, value, commodities, and markets including natural, human, social, manufactured, and financial.
Adam Smith is the Father of Modern Economics Fact
Adam Smith can be considered the father of modern economics due to his influential works which explore the mechanics of morality, markets, and capitalism in an industrialized society.
People With More Money Save More Fact
On average, those with more money save more, in both the short-term and long-term, while those with less money spend more and extend themselves on credit.
The Average Person Can Make a Living off of Blackjack Myth
Very few can make a living off of blackjack. To win in the long run you must count cards, watch tables, risk big money, and employ questionable betting strategies.
The More You Do Something, the More You Value it Fact
The more time and energy you put into something, the more you value it. This Escalation of Commitment phenomenon (or commitment bias) relates to a number of other decision making biases.
Everything Depends on Frame of Reference Fact
Everything we perceive depends on our frame of reference. What we observe is relative to our point of view. In other words, “it is all a matter of perspective”.
Being Equal Means Having Equivalent Value Fact
The term ‘equal’ can mean ‘identical’, but more-so it describes “equivalence.” For example, social equality describes equity, not “exact the sameness.”
Money Can Buy Happiness Fact
Money can buy happiness in some ways, and cause unhappiness in others, studies have shown that different types of wealth and income affect happiness and unhappiness in a variety of ways.
Perceived Value Can Matter More Than Actual Value Fact
The amount of social, economic, or other value we perceive a person, place, or thing to have affects our perception of it (often more than actual value).
Past Outcomes of Random Events Affect Future Outcomes Myth
Past results of random independent events, like a coin flip, don’t affect future results. The mistaken belief that past results affect future results is known as “the Gambler’s Fallacy” (AKA the Fallacy of the Maturity of Chances, or the Monte Carlo Fallacy).
A Sports Jacket Improves Your Appearance Fact
Generally speaking, a sports jacket (blazer or suit jacket), improves your appearance in terms of people’s perception of you, and your perception of yourself.
Blog Posts tagged with "Value"
Aspects of Daily Fulfillment
We present a simple self-help strategy to increase one’s feeling of fulfillment in their daily lives.
The Purpose of the Social Safety Net
The Social Safety net is a collection of welfare services meant to help people bounce up when they hit bottom, it is not meant as a net to trap the poor under.
Re-Defining Social Capitalism
Social Capitalism can be defined as a socially minded form of capitalism, where the goal is doing social good, rather than just the accumulation of capital.
Neoliberal Globalization and Nativist Protectionism Explained
We explain neoliberalism, globalization, nativism, and protectionism and the pros and cons of “neoliberal globalization” and “nativist protectionism.”
How Currency Gets into Circulation and What Happens to it
Below we explain how currency gets into circulation via the Treasury, Federal Reserve, and banks, and the role Congress, banks, businesses, and you play in the process.
The Historical Effects of Wealth Inequality
We examine the historical effects of social, political, and economic inequality on society to see how it has led to social unrest and events like revolutions and populist uprisings.
Is America an Oligarchy?
The United States is a Federal Republic with democratic values that some claim contains a growing oligarchy (or corporatocracy). We look at those claims.
Velocity of Money Explained
Velocity of Money is a measure of money exchanged over time, typically how often and quickly the average dollar is exchanged per day.