Free Banking, the Real-Balance Effect, and Walras´ Law

The author of this article draws special attention to two particular claims of the free bankers concerning the supposed working characteristics of a fractional-reserve free banking system which may strike the reader as questionable. The first of these relates to the alleged absence of a real-balance effect under free banking. The second relates to the free bankers´ reference to Walras´ Law as providing a rationale for the free banking system´s “offsetting” actions when confronted with changes in the public´ s demand to hold bank liabilities. This rationale is defective since it is based on an erroneous interpretation of Walras´ Law. The author´s conclusion does not imply that it is not at all possible, from a rational viewpoint, to make a plausible case for this variant of free banking, only that the argument should be freed from certain questionable tenets

Ethics and health care 'underfunding'

There are continual “crises” in health care systems worldwide as producer and patient groups unify and decry the “underfunding” of health care. Sometimes this cacophony is the self interest of profit seeking producers and often it is advocacy of unproven therapies. Such pressure is to be expected and needs careful management by explicit rationing criteria which determine who gets access to what health care. Science and rationality, however, are unfortunately, rarely the rules of conduct in the medical market-place

Self-oscillating control methods for the LCC current-output resonant converter

Abstract—A strategy for self-oscillating control of LCC current-output resonant converters, is presented, based on varying the phase-angle between the fundamental of the input voltage and current. Unlike other commonly employed control methodologies,the proposed technique is shown to provide a convenient, linear system input-output characteristic suitable for the design of regulators. The method is shown to have a similar effect as controlling the dc-link supply voltage, in terms of output-voltage/current control. The LCC converter variant is used as an application focus for demonstrating the presented techniques, with simulation and experimental measurements from a prototype converter being used to show the practical benefits. Third-order small and large-signal models are developed, and employed in the formulation of robust output-voltage and output-current control schemes. However, notably, the presented techniques are ultimately generic and readily applicable to other resonant converter variants

Self-organising agent communities for autonomic resource management

The autonomic computing paradigm addresses the operational challenges presented by increasingly complex software systems by proposing that they be composed of many autonomous components, each responsible for the run-time reconfiguration of its own dedicated hardware and software components. Consequently, regulation of the whole software system becomes an emergent property of local adaptation and learning carried out by these autonomous system elements. Designing appropriate local adaptation policies for the components of such systems remains a major challenge. This is particularly true where the system’s scale and dynamism compromise the efficiency of a central executive and/or prevent components from pooling information to achieve a shared, accurate evidence base for their negotiations and decisions.In this paper, we investigate how a self-regulatory system response may arise spontaneously from local interactions between autonomic system elements tasked with adaptively consuming/providing computational resources or services when the demand for such resources is continually changing. We demonstrate that system performance is not maximised when all system components are able to freely share information with one another. Rather, maximum efficiency is achieved when individual components have only limited knowledge of their peers. Under these conditions, the system self-organises into appropriate community structures. By maintaining information flow at the level of communities, the system is able to remain stable enough to efficiently satisfy service demand in resource-limited environments, and thus minimise any unnecessary reconfiguration whilst remaining sufficiently adaptive to be able to reconfigure when service demand changes

The Need for Governmental Inefficiency in Plato’s Republic

In book II of Plato’s Republic, Socrates discusses the cities of necessity and luxury (372d-373a). Discussions of these cities have often focused on citizens desiring more than they need, which creates a demand for luxury. Yet the second part of the equation, which is not usually recognized, is that there must be sufficient supply to meet this demand. The focus of this article is on the importance of supply in the discussion of the first two cities in book II of the Republic. This article argues that the way Plato models the cities makes it the case that a surplus above levels of necessity will be generated from time to time. That the unwanted surplus cannot be spontaneously disposed of entails that the first two cities are institutionally incomplete. A government is needed in order to coordinate the disposal of the surplus supply the city will produce

On Using Blockchains for Safety-Critical Systems

Innovation in the world of today is mainly driven by software. Companies need to continuously rejuvenate their product portfolios with new features to stay ahead of their competitors. For example, recent trends explore the application of blockchains to domains other than finance. This paper analyzes the state-of-the-art for safety-critical systems as found in modern vehicles like self-driving cars, smart energy systems, and home automation focusing on specific challenges where key ideas behind blockchains might be applicable. Next, potential benefits unlocked by applying such ideas are presented and discussed for the respective usage scenario. Finally, a research agenda is outlined to summarize remaining challenges for successfully applying blockchains to safety-critical cyber-physical systems

Research on the performance of radiative cooling and solar heating coupling module to direct control indoor temperature

The energy crisis and environmental pollution pose great challenges to human development. Traditional vapor-compression cooling consumes abundant energy and leads to a series of environmental problems. Radiative cooling without energy consumption and environmental pollution holds great promise as the next generation cooling technology, applied in buildings mostly in indirect way. In this work, a temperature-regulating module was introduced for direct summer cooling and winter heating. Firstly, the summer experiments were conduct to investigate the radiative cooling performance of the module. And the results indicated that the maximum indoor temperature reached only 27.5 °C with the ambient temperature of 34 °C in low latitude areas and the air conditioning system was on for only about a quarter of the day. Subsequently, the winter experiments were performed to explore the performance of the module in cooling and heating modes. The results indicated that indoor temperature can reach 25 °C in the daytime without additional heat supply and about a quarter of the day didn't require heating in winter. Additionally, the transient model of the module and the building revealed that the electricity saving of 42.4% (963.5 kWh) can be achieved in cooling season with the module, and that was 63.7% (1449.1 kWh) when coupling with energy storage system. Lastly, further discussion about the challenges and feasible solutions for radiative cooling to directly combine with the buildings were provided to advance the application of radiative cooling. Furthermore, with an acceptable payback period of 8 years, the maximum acceptable incremental cost reached 26.2 $/m2. The work opens up a new avenue for the application mode of the daytime radiative cooling technology