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Showing posts with label definition. Show all posts
Showing posts with label definition. Show all posts

Sunday 13 August 2023

A Level Economics: When you Define Something you Miss the point

The quote "when you define something you miss the point" suggests that attempting to provide a strict, rigid, or fixed definition for something can lead to an oversimplified or incomplete understanding of that thing's true nature or essence. In other words, the act of defining something can sometimes limit our perception of its complexity, nuances, and broader context.

This idea can be interpreted in a few different ways:

  1. Limiting Complexity: Many concepts, ideas, or phenomena are intricate and multifaceted, and they may not fit neatly into a single definition. By trying to define them with a specific set of words, we might inadvertently leave out important aspects that contribute to their full meaning.


  2. Subjectivity and Perspective: Definitions often reflect a particular perspective or point of view. Different people might have different understandings or interpretations of the same thing, and an attempt to rigidly define it could ignore these diverse viewpoints.


  3. Evolution and Change: Concepts can evolve over time, adapting to new contexts, technologies, and social dynamics. A fixed definition might not accurately capture these changes, leading to an outdated or inaccurate understanding.


  4. Emotional and Experiential Aspects: Some things, especially abstract concepts or emotions, can't be fully captured by definitions alone. Their experiential or emotional components might be more important than a literal description.


  5. Uniqueness: Some things are so unique or unconventional that trying to define them using conventional language falls short. In these cases, attempting to define them might indeed miss their true essence.

In essence, the quote encourages us to embrace the complexity and depth of things rather than confining them within rigid definitions. It suggests that understanding something comprehensively might involve acknowledging its multifaceted nature, allowing for various interpretations, and being open to the idea that some things are best understood through experience, observation, and an open mind rather than through a strict definition.

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Let's explore each point with some examples:

  1. Limiting Complexity: Imagine trying to define the concept of "love." Love is a complex emotion that can encompass various feelings such as affection, attachment, compassion, and more. Attempting to define love with a single sentence might miss out on the intricate interplay of emotions and experiences that contribute to its true essence.


  2. Subjectivity and Perspective: Consider the definition of "success." For one person, success might mean achieving a high-paying job, while for another, it could mean having a fulfilling family life. The definition of success varies based on personal values, cultural background, and life experiences.


  3. Evolution and Change: The term "technology" has evolved over time. Defining technology solely as "the application of scientific knowledge for practical purposes" might not capture the rapid advancements in fields like artificial intelligence or biotechnology. A definition created a few decades ago could miss the modern scope of technology.


  4. Emotional and Experiential Aspects: Defining "happiness" as a state of well-being might fail to capture the deeply personal and emotional nature of the feeling. People experience happiness in diverse ways, and it involves subjective elements that are hard to encapsulate in a definition.


  5. Uniqueness: Certain works of art or creative expressions are so unique that defining them becomes challenging. Consider avant-garde art that challenges traditional definitions of beauty and meaning. Trying to rigidly define such art might neglect the intention of the artist and the emotional impact it elicits.

In all these examples, attempting to define these concepts using narrow, strict definitions could result in missing the depth, richness, and dynamic nature that make them meaningful and significant. The quote reminds us to approach these concepts with openness, acknowledging their complexities, subjectivity, and the ways they transcend conventional definitions.

Sunday 23 April 2023

The Confidence Game .....3

 The confidence game has existed long before the term itself was first used, likely in 1849, during the trial of William Thompson. The elegant Thompson, according to the New York Herald, would approach passersby on the streets of Manhattan, start up a conversation, and then come forward with a unique request. “Have you confidence in me to truste me with your watch until tomorrow?” Faced with such a quixotic question, and one that hinged directly on respectability, many a stranger proceeded to part with his timepiece. And so the confidence man was born: The person who uses others’ trust in him for his own private purposes.


Have you confidence in me? What will you give me to prove it?


Cons come in all guises. Long cons that take time and ingenuity to build up: From impostor schemes to Ponzis to the building of outright new realities - a new country, a new technology, a new cure - that have found a comfortable home in the world of the Internet, and remain as well, safely ensconced in their old offline guises.


The con is the oldest game there is. But it’s also one that is remarkably well suited to the modern age. If anything, the whirlwind advance of technology heralds a new golden age of the grift. Cons thrive in times of transition and fast change, when new things are happening and old ways of looking at the world no longer suffice. That’s why they flourish during revolutions, wars and political upheavals. Transition is the confidence game’s greatest ally, because transition breeds uncertainty. There’s nothing a con artist likes better than exploiting the sense of unease we feel when it appears that the world as we know it is about to change. We may cling cautiously to the past, but we also find ourselves open to things that are new and not quite expected. Who’s to say this new way of doing business isn’t the wave of the future?


Wednesday 20 June 2012

I am The Markets


I am The Markets and I'm sick of people telling me how I feel

People keep saying I'm 'concerned' and 'confused'. It's not like I'm the one to blame for everything going tits up
Traders at the stock exchange in Madrid
'I'm not the one who created a whole array of inherently flawed financial instruments that no one properly understood.' Photograph: Andrea Comas/Reuters
Two quotes from yesterday's Guardian got me. "Markets have become increasingly concerned that the austerity programmes in the eurozone are causing a vicious circle of recession", and "Markets were confused by mixed messages from European capitals". I have only one word of reply. Bollocks. Did anyone phone me to ask how I, The Markets, was feeling about these subjects? Did they hell?
So let me get things straight. I am not in the slightest bit concerned about the austerity programmes in the eurozone. I am entirely indifferent to whether Greece and Spain get bailed out, go bankrupt or both. Just as I'm not at all bothered if Germany gets any of its money back.
I existed long before someone invented the eurozone and I will be around long after it has ceased to exist. I'm not in the caring business. I'm a trader. Someone has something they want to sell, someone has something they want to buy. End of. Whether people are flogging something of value or billions of pounds of worthless debt is entirely irrelevant to me. I'm just a mechanism for other people's greed and inefficiency. Neither am I in any way confused. Quite the opposite. I see everything with a steely-eyed clarity. The confusion is all yours.
But while we're on the subject of me, let me tell you how I really am feeling. As you might have gathered, I am pretty damned pissed off. I am sick and tired of everyone making judgments about my emotional state of mind without making any effort to talk to me, think sensibly about me or hack my phone. It's both lazy and insulting, but I've rather got used to it as it goes with the territory. What annoys me most is the way all this talk of me being concerned and confused makes it sounds like I'm implicated in the business of everything going tits up.
I will not be the fall guy. I have done nothing wrong. I am merely the blank canvas for other people's incompetence. I'm not the one who created a whole array of inherently flawed financial instruments that no one properly understood. I'm not the idiot who decided property prices were going to go up for ever and ever and that every country could max out its credit card. I'm not the out-of-my-depth chancellor of the exchequer trying to convince both myself and the country that I have the situation in hand and that I know what I'm doing.
None of that is anything to do with me. If anyone had wanted to set up a more straightforward and fairer market, I would have been OK with that. So, a final word to the wise. Remember who the real culprits are. It's they who are concerned and confused. Though not on your behalf. What they are concerned and confused about is how to get you to pay for the decisions they shouldn't have made in the first place.
As told to John Crace

Tuesday 26 July 2011

What is GDP?

Q&A: What is GDP?

From the BBC website

GDP, or Gross Domestic Product, is arguably the most important of all economic statistics as it attempts to capture the state of the economy in one number.

Quite simply, if the GDP measure is up on the previous three months, the economy is growing. If it is negative it is contracting.

And two consecutive three-month periods of contraction mean an economy is in recession.

What is GDP?
GDP can be measured in three ways:
  • Output measure: This is the value of the goods and services produced by all sectors of the economy; agriculture, manufacturing, energy, construction, the service sector and government
  • Expenditure measure: This is the value of the goods and services purchased by households and by government, investment in machinery and buildings. It also includes the value of exports minus imports
  • Income measure: The value of the income generated mostly in terms of profits and wages.
In theory all three approaches should produce the same number.

In the UK the Office for National Statistics (ONS) publishes one single measure of GDP which, apart from the first estimate, is calculated using all three ways of measuring.

Usually the main interest in the UK figures is in the quarterly change in GDP in real terms, that is after taking into account changes in prices (inflation).

How is GDP calculated?

Calculating a GDP estimate for all three measures is a huge undertaking every three months.
The output measure alone - which is considered the most accurate in the short term - involves surveying tens of thousands of UK firms.

The main sources used for this are ONS surveys of manufacturing and service industries.
Information on sales is collected from 6,000 companies in manufacturing, 25,000 service sector firms, 5,000 retailers and 10,000 companies in the construction sector.

Data is also collected from government departments covering activities such as agriculture, energy, health and education.

New GDP figures are released every three months, but they get revised in the interim. Why?

The UK produces the earliest estimate of GDP of the major economies, around 25 days after the quarter in question.

This provides policymakers with an early, or "flash", estimate of the real growth in economic activity. It is quick, but only based on the output measure.

At that stage only about 40% of the data is available, so this figure is revised as more information comes in.

They are two subsequent revisions at monthly intervals. But this isn't the end.

Revisions can be made as much as 18 months to two years after the first "flash" estimate. The ONS publishes more information on how this is done on its website.

What is GDP used for?

GDP is the principal means of determining the health of the UK economy and is used by the Bank of England and its Monetary Policy Committee (MPC) as one of the key indicators in setting interest rates.

So, for example, if prices are rising too fast, the Bank would be expected to increase interest rates to try to control them. But it may hold off if GDP growth is sluggish, as higher rates could damage the recovery. That is the situation at the moment.

The Treasury also uses GDP when planning economic policy. When an economy is contracting, tax receipts tend to fall, and the government adjusts its tax and spending plans accordingly.

UK GDP is used internationally by the various financial bodies such as OECD, IMF, and the World Bank to compare the performance of different economies.

The European Union also uses GDP estimates as a basis for determining different countries' contributions to the EU budget.

Also read:
About Economic Growth and Well Being
http://giffenman-miscellania.blogspot.com/2010/01/economic-growth-and-well-being.html

About Economic Growth
http://giffenman-miscellania.blogspot.com/2008/03/economic-growth.html