A Monetary Case for Value-added Negative Tax

We address the most fundamental yet routinely ignored issue in economics today: that of distributive impact of the monetary system on the real economy. By re-examining the logical implications of token re-presentation of value and Irving Fisher’s theory of exchange, we argue that producers of value incur incidental expropriation of wealth associated with the deflationary effect that new value supply has on the purchasing power of money. In order to remedy the alleged inequity we propose a value-added negative tax (VANT) based on net individual contribution to the economic output, which is structured as a negative tax function geared to profits derived from eligible productive activities in consideration of their estimated deflationary impact. We show that an adequately optimised VANT can be non-inflationary and have zero net cost to the public. Furthermore, economic output stands to improve due to direct incentivisation of value creation, making the proposed scheme not only politically feasible but economically desirable. The proposal advances the principle of ‘fair money’, where all forms of economic value are attributed to their rightful owners prior to any positive taxation

Regional Innovativeness Strategies And Their Impact On Innovativeness Of Provinces In Poland. A Spatio-temporal Analysis

Regional Innovation Strategies (RIS) have existed in Poland for almost ten years and in this period they have been developed, accepted and implemented in all provinces. The basic aim of Regional Innovativeness Strategies is to support regional or local authorities and other regional development organizations in defining and implementing an effective system of supporting innovativeness in the region. The current scope of realizing projects connected with RIS is different in particular provinces. The author of the paper attempts to evaluate the effects of implementation of pro-innovativeness solution included in Regional Innovation Strategies with particular consideration of their influence on the growth of region innovativeness level in Poland

Eros and Pilgrimage in Chaucer’s and Shakespeare’s Poetry

The paper discusses erotic desire and the motif of going on pilgrimage in the opening of Geoffrey Chaucer’s General Prologue to The Canterbury Tales and in William Shakespeare’s sonnets. What connects most of the texts chosen for consideration in the paper is their diptych-like composition, corresponding to the dual theme of eros and pilgrimage. At the outset, I read the first eighteen lines of Chaucer’s Prologue and demonstrate how the passage attempts to balance and reconcile the eroticism underlying the description of nature at springtime with Christian devotion and the spirit of compunction. I support the view that the passage is the first wing of a diptych-like construction opening the General Prologue. The second part of the paper focuses on the motif of pilgrimage, particularly erotic pilgrimage, in Shakespeare’s sonnets. I observe that most of the sonnets that exploit the conceit of travel to the beloved form lyrical diptychs. Shakespeare reverses the medieval hierarchy of pilgrimage and desire espoused by Chaucer. Both poets explore and use to their own ends the tensions inherent in the juxtaposition of sacred and profane love. Their compositions encode deeper emotional patterns of desire: Chaucer’s narrator channels sexual drives into the route of communal national penance, whereas the Shakespearean persona employs religious sentiments in the service of private erotic infatuations

Engaging Alumni and Prospective Students Through Social Media

Social media provides institutions an opportunity for a new level of engagement with prospective students, alumni, donors and community members. This chapter begins with an overview of social media in higher education, who is using it and for what, then provides a few talking points to consider with others before beginning a push into social media. The remainder of the chapter includes a few examples of ways in which social media are used to engage alumni and prospective students, including utilizing Twitter as a free SMS service to provide updates to prospective students during their recruitment, creating an iPhone application for alumni weekend as both an information and engagement tool, and using live tweets from alumni during homecoming to provide an authentic look at the day’s events

Bank capital regulation and secondary markets for bank assets

The paper derives optimal capital requirements, when the bank’s quality is private information. The supervisor can inspect the bank and punish the undercapitalized one with recapitalization and downsizing. The cost of bank’s capital and its ability to sell its assets are crucial for the bank’s incentive to reveal its quality truthfully. The paper provides following policy implications. First, sensitivity of capital requirements to the bank’s quality should be low in good times and high in bad times. Second, a leverage ratio should be accompanied by a requirement that the bank selling its assets retains part of them. Third, using results from supervisory inspection on the secondary market for the bank’s assets increases the bank’s incentive to misreport its quality. Fourth, implementation of the sensitive capital requirements cannot rely solely on information revealed on the market for the bank’s assets.Banks and banking ; Bank capital ; Secondary markets

Countercyclical capital regulation: should bank regulators use rules or discretion?

One of the key features of the U.S. economy’s slow recovery from the 2007-09 recession has been abnormally low bank lending to households and corporate businesses. While demand for loans may be sluggish, much of the slowdown may stem from banks’ reluctance to lend. Before resuming normal lending activity, banks must first replenish capital levels that were depleted during the financial crisis. ; Many analysts have pointed out that existing bank capital regulation can contribute to banks’ reluctance to lend during recessions and into recoveries. That is, the capital requirements have a procyclical effect on lending. They make it more difficult for banks to finance loans in recessions when they would help stimulate the economy. ; In response to this problem, the Dodd-Frank Financial Reform and Consumer Protection Act of 2010 (Dodd-Frank) and the recent revision of the international Basel Accord, Basel III, mandated changes to make capital requirements countercyclical. The changes should counteract the procyclical effect of capital regulation by requiring banks to hold higher capital ratios during booms. Thus, during downturns banks would be in a better position to absorb rising losses and sustain lending to support economic growth. ; Whether countercyclical capital requirements will provide more lending in recessions depends on how they are implemented. Yet, little discussion among policymakers has focused on implementation. ; Kowalik examines the primary options for implementing countercyclical capital requirements: using a fixed rule or giving the regulatory authorities discretion in deciding when and how to act. He finds that the rule-based approach has more advantages than the approach based on discretion.

Traffic engineering eye diagram

It is said that a picture is worth a thousand words - this statement also applies to networking topics. Thus, to effectively monitor network performance we need tools which present the performance metrics in a graphical way which is also clear and informative. We propose a tool for this purpose which we call the traffic engineering eye diagram (TEED). Eye diagrams are used in digital communications to analyse the quality of a digital signal; the TEED can similarly he used in the traffic engineering field to analyse the load balancing ability of a TE algorithm. In this paper we describe how to create such TEEDs and how to use them to analyse and compare various traffic engineering approaches

Connectivity aware routing - a method for finding bandwidth constrained paths over a variety of network topologies

Multimedia traffic and real-time e-commerce applications can experience quality degradation in traditional networks such as the Internet. These difficulties can be overcome in networks which feature dynamically set up paths with bandwidth and delay guarantees. The problem of selecting such constrained paths is the task of quality of service (QoS) routing. Researchers have proposed several ways of implementing QoS routing, preferring either mechanisms which distribute network load or algorithms which conserve resources. Our previous studies have shown that network connectivity is an important factor when deciding which of these two approaches gives the best performance. In this paper we propose an algorithm, which features both load distribution and resource conservation. It takes a hybrid approach which balances between these two extreme approaches, according to the level of network connectivity. Our simulations indicate that this algorithm offers excellent performance over a than existing algorithms

Initial Magnetization of Galaxies by Exploding, Magnetized Stars

We conduct a series of magnetohydrodynamical (MHD) simulations of magnetized interstellar medium (ISM) disturbed by exploding stars. Each star deposits a randomly oriented, dipolar magnetic field into ISM. The simulations are performed in a Cartesian box, in a reference frame that is corotating with the galactic disk. The medium is stratified by vertical galactic gravity. The resulting turbulent state of ISM magnetized by the stellar explosions is processed with the aid of Fourier analysis. The results leads to the conclusion that the input of magnetic energy from exploding stars is additionally multiplied by differential rotation. The resulting magnetic field appears to grow up in small-scale component, while the total magnetic flux remains limited. Our results indicate that magnetic field originating from exploding stars can be a source of initial magnetic fields for a subsequent dynamo process.Comment: Published in Proceedings of the 14th Young Scientists Conference on Astronomy and Space Physics, Kyiv, Ukraine, April 23-28, 200