…the idea of Negative Income Tax (NIT) was famously proposed by the free-market advocate Milton Friedman decades ago in his publication “Capitalism and Freedom” (1962), which, in its essence, is similar to UBI, but differs slightly in some details. Continue reading UBI or NIT


Why we have not yet come out of the Post-Modern era

for the time being, the dominant narrative, the meta-narrative, is “whatever the market likes.” That is to say, our aesthetic value hinges on capitalism, economic growth, consumption, and crucially, sales. And even though such a narrative is essentially arbitrary and ugly, it nonetheless dictates our value. In other words, it is a dirty little secret latent in the art world. Continue reading Why we have not yet come out of the Post-Modern era

Bounded Rationality – Socratic Wisdom

By working with emotionless machines as a yardstick, the impact of our emotional disturbance upon our decision-making ability can be mitigated. Conversely, we, humans, can continuously make improvements upon the existent systems in order to refine their accuracy, reduce errors, and expand their capacity to deal with larger volumes of data and information. Such augmented human capacity aided by computers, machines, Big Data and AI will undoubtedly continue to be the heart of our future societies. Continue reading Bounded Rationality – Socratic Wisdom

USD & Oil Prices: Their Weakening Correlation

Over the past years, however, their ordinarily inverse relationship has considerably weakened. The following graphs show the correlations between USD and the crude oil prices for the period of the first oil crisis, 1973-1975, and the more recent period of 2016-2018 (Fig1; Fig.2). Continue reading USD & Oil Prices: Their Weakening Correlation

Depicting the Tulip Mania Bubble

In the late 17th century and early 18th century, a number of skilful painters emerged in the Netherlands and masterfully depicted the opulence of various flowers including the precious “Semper Augustus. ” Otto Marseus van Schrieck, Willem van Aelst and his protege Rachel Ruysch are amongst such masters. Their paintings are inevitably vanitas, depicting the decadence of rising prosperity, recurring cycles of the rise and fall, and inevitable death and decay. They certainly had the knowledge of the tulip bubble and evaporation of it. They are the wonderful visual reminder of boom and bust that we never cease to wake up to. Continue reading Depicting the Tulip Mania Bubble

Belief Perseverance

Why do we form our opinion on something that we do not quite understand and sometimes even hold on to it in the face of evidence-based information that disproves it? Psychologists call this phenomenon “belief perseverance”, whereby a pre-established belief is maintained in the face of new evidence that contradicts and disconfirms the subjective belief Continue reading Belief Perseverance