Michael Jung

There will be also be an overhaul of the curriculum, with less focus on individual academic departments, such as accounting, finance and marketing. Instead teaching will be based around four overarching concepts, which the dean says will cut across all subjects: innovation and entrepreneurship; how business interacts with government; markets, customers and growth; and what it calls “architectures of collaboration”—essentially the new ways that companies are organised, including with suppliers and customers. The reason for the change is a belief that business problems are no longer simple enough to be solved by those rooted in a particular discipline. CEOs, says the dean, now think about the world in terms of these four concepts, not in terms of traditional silos. - Michael Jung

The Black-Scholes equation has its roots in mathematical physics, where quantities are infinitely divisible, time flows continuously and variables change smoothly. Such models may not be appropriate to the world of finance. Traditional mathematical economics doesn't always match reality, either, and when it fails, it fails badly. Physicists, mathematicians and economists are therefore looking for better models. At the forefront of these efforts is complexity science, a new branch of mathematics that models the market as a collection of individuals interacting according to specified rules. These models reveal the damaging effects of the herd instinct: market traders copy other market traders. Virtually every financial crisis in the last century has been pushed over the edge by the herd instinct. It makes everything go belly-up at the same time. If engineers took that attitude, and one bridge in the world fell down, so would all the others. - Michael Jung

Not everyone was comfortable with that revelation, but beneath the backlash, Professor Turkle said, loomed a larger struggle: users coming to terms with the Web’s evolution from a free-wheeling Wild West into a mature marketplace where the currency, personal data, will finance and fuel the next generation of products and services. “It crystallized a set of issues that we will be defining for the next decade — the notion of self, privacy, how we connect and the price we’re willing to pay for it,” she said. “We have to decide what boundaries we’re going to establish between ourselves, advertisers and our personal information.” THAT quandary is not confined to Facebook. Every social media company, like Twitter and Instagram, a mobile photo-sharing application, and Foursquare, a location-based service, will have to introduce a coherent business model — most likely one that will make use of what it knows about the people who have access to and use its service. - Michael Jung

The financial crisis has made many of Rogoff and Reinhart’s observations a central part of the debate about sovereign debt. Their finding that recoveries from debt-driven recessions are slower than recoveries from business cycle recessions is regularly cited. The two authors are also associated with the idea that when a state’s debts exceed 90 per cent of gross domestic product, they will reduce the economic potential of the country. I suggest that the US is still comfortably short of this level – but am swiftly corrected. If you count federal and state debts and, crucially, add in unfunded debts in the social security system, then Rogoff thinks that Americ - Michael Jung

according to Thomas Friedman: In the past, workers with average skills, doing an average job, could earn an average lifestyle. But, today, average is officially over. Being average just won’t earn you what it used to. It can’t when so many more employers have so much more access to so much more above average cheap foreign labor, cheap robotics, cheap software, cheap automation and cheap genius. Therefore, everyone needs to find their extra — their unique value contribution that makes them stand out in whatever is their field of employment. Average is over. --- a worrying aspect of the modern labour market is the income inequality it has created. >> true for health care. Economist Brigitte Madrian has found that if it were not for employer health insurance, job turnover would be 25% higher. It also may discourage entrepreneurship. Alison Wellington found people are more likely to be self-employed when they are not dependent on their job for health insurance. - Michael Jung

“Remember that ‘make believe’ and ‘happily ever after’ are Hollywood concepts, and there is absolutely nothing magical about a divorce.” So, what issues should couples, both gay or straight, discuss before walking down the aisle? “Companies have a mission statement so customers can see what the values of the company are, and so its purpose is clearly communicated,” said Nancy B. Irwin, a psychotherapist in Los Angeles. Those about to marry should, too, she said. “A couple’s relationship values have to be aligned for it to go the distance.” She suggested, however, that couples avoid making an agreement too businesslike, and opt instead for the scented candle approach of writing what she called a “relationship vision statement.” “Most people only think of the best moments — the fairy tale where every family member is totally healthy,” - Michael Jung

there is a large body of evidence that shows contraception use has helped women avoid unintended pregnancies, which in turn has led to lower abotion rates, healthier babies, stronger marriages and improved social and economic conditions for women. - Michael Jung

The researchers suggest that the explanation for this double bill of fewer side effects and more vulnerable tumours is that cancer cells do not do what the rest of the body would like them to. In thin times, normal cells switch their attention away from reproduction and towards preservation, beefing up their repair mechanisms, and hunker down to wait for better days. Not so cancer cells which, after all, are distinguished by their reckless proliferation. So while ordinary cells become resistant to chemotherapy drugs following a fast, cancer cells do not. In fact, in Dr Vango's study, tumour cells seemed to boost their activity levels during times of famine. That, in turn, boosted the quantity of free radicals, highly oxidising and damaging chemicals produced as a side-effect of metabolism, inside them. Thus stressed, the tumour cells found it much harder to cope with the added battering from chemotherapy drugs. - Michael Jung

the data suggest people are not good at knowing what they want. One of Dr Finkel’s own studies, for example, showed that when they are engaged in internet dating’s cousin, speed dating, people’s stated preferences at the beginning of the process do not well match the characters of the individuals they actually like. Not surprisingly, the difficulty of choosing from abundance seems to apply to choice of people, too. But speed-dating once again provided an answer. Here, he found studies which showed that when faced with abundant choice, people pay less attention to characteristics that require thinking and conversation to evaluate (occupational status and level of education, for example) and more to matters physical. Choice, in other words, dulls the critical faculties. - Michael Jung

For a century, women have binged on romance novels that encouraged them to associate intimidation with infatuation; it’s no wonder that this emotional hangover still lingers. Valentine’s Day is a perfect time to reject the idea that the ideal man is taller, richer, more knowledgeable, more renowned or more powerful. The most important predictor of marital happiness for a woman is not how much she looks up to her husband but how sensitive he is to her emotional cues and how willing he is to share the housework and child-care. And those traits are often easier to find in a low-key guy than a powerhouse. - Michael Jung

If "Someone Like You" produces such intense sadness in listeners, why is it so popular? Last year, Robert Zatorre and his team of neuroscientists at McGill University reported that emotionally intense music releases dopamine in the pleasure and reward centers of the brain, similar to the effects of food, sex and drugs. This makes us feel good and motivates us to repeat the behavior. Measuring listeners' responses, Dr. Zatorre's team found that the number of goose bumps observed correlated with the amount of dopamine released, even when the music was extremely sad. The results suggest that the more emotions a song provokes—whether depressing or uplifting—the more we crave the song. With "Someone Like You," Adele and Mr. Wilson not only crafted a perfect tear-jerker but also stumbled upon a formula for commercial success: Unleash the tears and chills with small surprises, a smoky voice and soulful lyrics, and then sit back and let the dopamine keep us coming back for more. - Michael Jung

Quantum Finanzas's Marx Discusses Greece, Argentina (Audio) Feb 7, 2012 Daniel Marx, executive director of Quantum Finanzas in Argentina and a former finance secretary, discusses similarities and differences between Argentina and Greece. Marx talks with Bloomberg's Sara Eisen and Michael McKee on "Bloomberg On the Economy." - debt overhang and not being competitive in global economy is not the same ailment of Greece (PIIGS) economy. Greece has not primary surplus (and debt overhang), no competitiveness, and a deep recession and massive shadow economy. Default and deep restructuring, plus liberal economic reforms (and fiscal policy) seem the only way out, as they don't have one tool - monetary policy. - Michael Jung

UK is one of the worst cases of indebtedness in Western world (private + public + corporate debt to gdp). But private debt composition is different to other western nations due to ie mortgages. - Michael Jung

A look at the issue of single sex schools versus mixed schools. - Michael Jung

New Austerity Plan (10 Feb 2012) sets to Cut gov spending 25% of GDP by the end of this year. - Michael Jung

Mother Warriors: A Nation of Parents Healing Autism Against All Odds [Paperback] Jenny McCarthy (Author) Healing And Preventing Autism: A Complete Guide by Jenny McCarthy - Michael Jung

Geo-Politics = Geo-Economics = Political Economy bc of Resource depletion and one hand washes the other hand. Enabled by non-accountability and non-transparency. - Michael Jung

Feb 9 - Breakingviews columnists discuss the $25 bln U.S. mortgage settlement and how renters should start flexing some muscle in the housing debate. - Michael Jung

Bildungsforscher Klaus Hurrelmann: Mit Vernunft ist das nicht zu erklären, sondern mit einem neuen Lebensstil. Den Jugendlichen ist heutzutage körperliche Gesundheit, ausreichend Schlaf und ausgewogene Ernährung für ihr Wohlbefinden wichtig. Sie sind an einer konzentrierten Lebensführung interessiert und wollen leistungsfähig sein. SPIEGEL ONLINE: Wo hat dieser Trend seinen Ursprung? Hurrelmann: Die Wirtschaftskrise um das Jahr 2000 hat den Heranwachsenden gezeigt, dass Sicherheit auf dem Arbeitsmarkt keine Selbstverständlichkeit mehr ist. Individuelle Leistungsfähigkeit wurde enorm wichtig, um bestehen zu können. Damals fand eine Trendwende in der allgemeinen Wertorientierung statt. Wir irrten uns mit der Annahme, die Zeit des Postmaterialismus' werde immer weitergehen. Die jungen Leute wandten sich stattdessen wieder traditionellen Werten zu. Sicherheit, Ordnung, Disziplin und Fleiß erleben seither eine Renaissance. - Michael Jung

Österreich will Druck der Finanzmärkte zuvorkommen In Österreich ist die Lage zwar längst nicht so angespannt wie in Spanien, doch auch die Regierung in Wien kämpft gegen drohende Überschuldung. Sie hat deshalb ein umfangreiches Spar- und Steuererhöhungspaket beschlossen. Der Haushalt soll bis 2016 um insgesamt knapp 27 Milliarden Euro entlastet werden. Geplant sind Kürzungen von 22 Milliarden Euro. Über Steuererhöhungen will die Regierung aus Sozialdemokraten (SPÖ) und Volkspartei (ÖVP) rund fünf Milliarden Euro zusätzlich einnehmen. Der Jahreshaushalt 2012 beträgt knapp 74 Milliarden Euro, die derzeitige jährliche Neuverschuldung liegt bei neun Milliarden Euro. Das meiste Geld soll bei den Rentnern und Beamten eingespart werden. Zudem sollen auch das Bundesparlament und der Bundesrat verkleinert werden. Die Steuern für Spitzenverdiener werden etwas erhöht. Ende Februar soll das Parlament dem Sparprogramm zustimmen. - Michael Jung

Deutschland und damit jeder einzelne Steuerzahler haftet für vier Risiken: für die Zahlungen aus dem ersten Rettungspaket für Griechenland, für die griechischen Staatsanleihen, die bei der Europäische Zentralbank (EZB) liegen, ferner für die griechischen Staatsanleihen im Besitz von staatlichen deutschen Banken und schließlich für Ausfälle im sogenannten Target2-System. Target2-System [...] "Wenn Griechenland aus dem Euro austritt und seine Target-Salden nicht bedient, müsste Deutschland gemäß seinem Anteil von rund 27 Prozent an der EZB die Verluste tragen." Im schlimmsten Fall wären das geschätzte 27 Milliarden Euro. Westermann: "Die großen Risiken im Target-System sind meiner Meinung nach der Grund, dass Griechenland von den Euro-Ländern nicht fallengelassen wird." - Michael Jung

https://www.historyshots.com/Financi... "The giant wave in the top section of the graphic depicts the percentage of world GDP by region in crisis during the 200 year period. It includes the four major financial crisis types (sovereign default, banking, currency, and inflation) along with stock market crashes. The bottom section provides a detailed chart of all sovereign defaults by country, region and year. It shows the repeating nature of sovereign default, a central theme of Reinhart and Rogoff's book." This graphic is based on the New York Times and Wall Street Journal best seller This Time Is Different: Eight Centuries of Financial Folly by Carmen M. Reinhart & Kenneth S. Rogoff. Using data developed by Reinhart and Rogoff, it maps the cyclical history of financial crisis from 1810 to 2010 for sixty-six countries representing 90% of world GDP. - Michael Jung

but not before the one and only intervened. From the WSJ: "The Obama administration made a full-court press over the past four days to secure the support of key state attorneys general, including those from Florida, California and New York." From the WSJ: "Federal securities regulators plan to warn several major banks that they intend to sue them over mortgage-related actions linked to the financial crisis, according to people familiar with the matter. The move would mark a stepped-up regulatory effort to hold Wall Street accountable for its sale of bonds linked to subprime mortgages in 2007 and 2008. At issue is whether the banks misrepresented the poor quality of loan pools they bundled and sold to investors, the people said." - Michael Jung