Abu Yahya's definitions
(FINANCE) market price of a traded stock, commodity, currency, or bond at a specific point in time. For example, right now it's 5 April 2010 08:10 (GMT), and the spot price of WTI crude is $85.56/bbl. Spot price is the price at a specified time on a specific market.
by Abu Yahya April 5, 2010
Get the spot pricemug. The ability of an economic system to provide what people what, given their incomes. Given the fact that incomes and resources are both finite, efficiency will be of the utmost importance in determining if people's wants are satisfied by the workings of the economic system.
by abu yahya June 23, 2008
Get the economic efficiencymug. *noun*; from Greek, θεός {god} + δίκαιον (justice). Literally, "the justice of God." Specifically, the attempt to explain God's ways to mortals.
The term was used by Gottfried Leibniz for his book {Théodicée} explaining how an omnipotent and benevolent God could allow suffering in the universe. Leibniz took the approach that this was the "best of all possible worlds," meaning that God could not have made this world better in any one respect, without making it worse in others.
In 1759, Voltaire published the novel *Candide* which was essentially a very long satire of Leibniz' views. The character of Dr. Pangloss is based on Leibniz, although it has been argued that Voltaire misrepresented Leibniz' views.
In common usage, the term *theodicy* refers to any defense of a thing based on the claim that whatever that thing does is the best possible. The obvious example is neoclassical economics, which insists that whatever outcome achieved by "the market," it is the best one that could possibly exist. It's a fallacy because it uses circular reasoning, and it is unfalsifiable.
The term was used by Gottfried Leibniz for his book {Théodicée} explaining how an omnipotent and benevolent God could allow suffering in the universe. Leibniz took the approach that this was the "best of all possible worlds," meaning that God could not have made this world better in any one respect, without making it worse in others.
In 1759, Voltaire published the novel *Candide* which was essentially a very long satire of Leibniz' views. The character of Dr. Pangloss is based on Leibniz, although it has been argued that Voltaire misrepresented Leibniz' views.
In common usage, the term *theodicy* refers to any defense of a thing based on the claim that whatever that thing does is the best possible. The obvious example is neoclassical economics, which insists that whatever outcome achieved by "the market," it is the best one that could possibly exist. It's a fallacy because it uses circular reasoning, and it is unfalsifiable.
Privileged and successful groups need religion for a very different purpose, namely legitimation. Their members are convinced that they deserve their good fortune and that the poor deserve their misfortune. {Max} Weber calls this the "theodicy of good fortune"...
Anthony Waterman in 2002 put forward the suggestion that Smith could be read as offering a kind of Augustinian theodicy of the market. According to him, Smith's idea could be interpreted as thus: just like God put governments in place to restrain sin, the institution of the market also restrains sin.
Nimi Wariboko, *God and Money: A Theology of Money in a Globalizing World* (2008)
Anthony Waterman in 2002 put forward the suggestion that Smith could be read as offering a kind of Augustinian theodicy of the market. According to him, Smith's idea could be interpreted as thus: just like God put governments in place to restrain sin, the institution of the market also restrains sin.
Nimi Wariboko, *God and Money: A Theology of Money in a Globalizing World* (2008)
by Abu Yahya March 23, 2009
Get the theodicymug. (MATHEMATICS) a function of numbers that are the root of a base. For example, log(base 2) means a function of numbers that are the numbered roots of 2. The log(base 2) of 2 is 1, meaning 2 raised to the power of 1 is 2 (2^1 = 2); log(2) of 4 is 2, and so on.
The idea here is that any number can be expressed as 2 raised to some power; better still, if you do math with the logs of a number rather than the numbers themselves, you can find useful patterns. For example, if you are graphing population growth, and you just plot the raw number of people over time, you aren't going to notice anything in particular. If you plot the log of population, you can see that, while population is growing, the rate of growth is falling.
Usually, if you are doing statistical research with numbers that always have to be positive (like population, death tolls from diseases, etc.), you need to use logarithms for the numerical values in order to represent a confidence interval.
Logs usually have a base of e or 10. Logs with a base of e are called natural logs.
The idea here is that any number can be expressed as 2 raised to some power; better still, if you do math with the logs of a number rather than the numbers themselves, you can find useful patterns. For example, if you are graphing population growth, and you just plot the raw number of people over time, you aren't going to notice anything in particular. If you plot the log of population, you can see that, while population is growing, the rate of growth is falling.
Usually, if you are doing statistical research with numbers that always have to be positive (like population, death tolls from diseases, etc.), you need to use logarithms for the numerical values in order to represent a confidence interval.
Logs usually have a base of e or 10. Logs with a base of e are called natural logs.
by Abu Yahya April 23, 2010
Get the logarithmmug. (EU GOVERNMENT) agency of the European Union that publishes harmonized statistics for the 27 member states of the EU. The EU does not collect the statistics, but reviews and edits statistics collected by its member states so that the data is comparable for all of the countries in it.
BILL: I'm blogging about the economy of Europe, but I don't know what the economic indicators are. You know, the unemployment rate, the inflation rate, hours worked, and so on.
ANNA: Go to the Eurostat web page. It's really awesome!
ANNA: Go to the Eurostat web page. It's really awesome!
by Abu Yahya July 15, 2010
Get the Eurostatmug. (ECONOMICS) the lowest interest rate available to non-financial borrowers.
Banks can borrow money from the Federal Reserve System or each other at the lower federal funds rate--and they borrow money from depositors at lower rates still.
Banks can borrow money from the Federal Reserve System or each other at the lower federal funds rate--and they borrow money from depositors at lower rates still.
The most widely-quoted estimate of the prime rate is that published by the Wall Street Journal (from a survey of the 30 largest banks).
by Abu Yahya September 6, 2010
Get the prime ratemug. Philippine slang for someone who thinks compulsively erotic thoughts; dirty minded; the tendency to give innocent phrases a sexual connotation.
Occasionally the use of the term "green minded" by Usonian English speakers (to mean "environmentally conscious") causes Pinoys great amusement.
Occasionally the use of the term "green minded" by Usonian English speakers (to mean "environmentally conscious") causes Pinoys great amusement.
WILLIAM: How long have you lived here?
ALFREDO: Ever since I came in the USA
WILLIAM: Dude, you had sex with the USA? Did she get pregnant?
ALFREDO: Aw, man, you have a green mind!
ALFREDO: Ever since I came in the USA
WILLIAM: Dude, you had sex with the USA? Did she get pregnant?
ALFREDO: Aw, man, you have a green mind!
by Abu Yahya February 22, 2010
Get the green mindmug.