imported>Mrmainelli at 09:13, 4 August 2012

2012-08-04T09:13:36Z

← Older revision		Revision as of 09:13, 4 August 2012
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	<br>		<br>

	These 78 questions, encompassing economics, finance and society, map the road to [[ZYen:Long Finance\|Long Finance]] and contribute to its overarching goals - '''''to expand frontiers, change systems, deliver services and build communities'''''.		These 78 questions, encompassing economics, finance and society, are a first attempt to map the road to [[ZYen:Long Finance\|Long Finance]] and contribute to its overarching goals - '''''to expand frontiers, change systems, deliver services and build communities'''''. These questions should be seen as a ''starter set'' which should be expanded, trimmed, combined and reworked.

	== The Questions ==		== The Questions ==

imported>Marc morris: moved ZYen:Meta-Commerce to Meta-Commerce:Summary

2012-07-10T14:43:19Z

moved ZYen:Meta-Commerce to Meta-Commerce:Summary

← Older revision	Revision as of 14:43, 10 July 2012
(No difference)

imported>Marc morris at 13:57, 2 July 2012

2012-07-02T13:57:23Z

← Older revision		Revision as of 13:57, 2 July 2012
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	\|34)		\|34)
	\| Mutual destruction – let’s go bust together		\| Mutual destruction – let’s go bust together
	\|}		\|-
	~~=== Mutual vs. Public Sector vs. Private~~-~~Sector ===~~
	{\|
	\|35)		\|35)
	\| Does professionalism matter? Or personal ethics?		\| Does professionalism matter? Or personal ethics?
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	\| What does long term brokerage mean?		\| What does long term brokerage mean?
	\|}		\|}
	=== ~~Rational~~ vs. ~~Behavioural~~ ===		=== Mutual vs. Public Sector vs. Private-Sector ===
	{\|		{\|
	\|44)		\|44)

imported>Marc morris at 13:55, 2 July 2012

2012-07-02T13:55:00Z

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	\| Can we build retirement cohorts?		\| Can we build retirement cohorts?
	\|}		\|}
	=== ~~Sustainability~~ vs. ~~Robustness vs. Resilience~~ ===		=== Rational vs. Behavioural ===
	{\|		{\|
	\|60)		\|60)
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	\| How might money affect our evolution as primates?		\| How might money affect our evolution as primates?
	\|}		\|}
	=== Sustainability vs. Robustness vs. Resilience ===		=== [[LondonAccord:Sustainability\|Sustainability]] vs. Robustness vs. Resilience ===
	{\|		{\|
	\|67)		\|67)

imported>Marc morris at 09:52, 2 July 2012

2012-07-02T09:52:14Z

← Older revision		Revision as of 09:52, 2 July 2012
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	These 78 questions, encompassing economics, finance and society, map the road to [[ZYen:Long Finance\|Long Finance]] and contribute to its overarching goals - '''''to expand frontiers, change systems, deliver services and build communities'''''.		These 78 questions, encompassing economics, finance and society, map the road to [[ZYen:Long Finance\|Long Finance]] and contribute to its overarching goals - '''''to expand frontiers, change systems, deliver services and build communities'''''.

	== The ~~Question's~~ ==		== The Questions ==

	=== Long-Term vs. Short-Term ===		=== Long-Term vs. Short-Term ===

imported>Marc morris at 12:52, 29 June 2012

2012-06-29T12:52:38Z

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	\|77)		\|77)
	\| Finance as fashion – X Factor, Strictly Come Dancing		\| Finance as fashion – X Factor, Strictly Come Dancing
	\|-
	~~\|78)~~
	~~\| What if one person had all the money?~~
	\|}


	~~\|76)~~
	~~\| Rejecta Economica (like Rejecta Mathematica – Economist, 1 August 02009) – what might be learned from discarded economics?~~
	\|-
	~~\|77)~~
	~~\| Finance as fashion – X Factor, strictly come dancing~~
	\|-		\|-
	\|78)		\|78)
	\| What if one person had all the money?		\| What if one person had all the money?
	\|}		\|}

imported>Marc morris: New Page

2012-06-29T12:50:48Z

New Page

New page

[[File:Meta Commerce Logo.jpg|thumb|250px]]
== Overview ==
'''Meta-Commerce''' is an intellectual and collaborative attempt to chart the path to the future of finance. It aims to set the critical questions finance is facing. A contemporary version of David Hilbert's 23 questions for mathematics, '''Meta-Commerce''' looks to engage thought leaders and shape the research agenda on financial practices and systems in the long term.
<br>

These 78 questions, encompassing economics, finance and society, map the road to [[ZYen:Long Finance|Long Finance]] and contribute to its overarching goals - '''''to expand frontiers, change systems, deliver services and build communities'''''.

== The Question's ==

=== Long-Term vs. Short-Term ===
{|
|1)
| Is there long term asset alignment, e.g. pensions and mortgages, or divergence?
|-
|2)
|The benefits of diversification – how rapidly do these benefits decay with time?
|-
|3)
| With household savings rates below 2.5% in the USA and below 3% in the UK, large numbers of people seem to have realised that saving is a bad deal in the long-term - the reward for financial prudence is to get shafted by the majority who don’t save - so why save when you just pay more tax and lose utility?

|-
|4)
| What are the implications of long-term asset valuation e.g. can one be made? Is there an interaction between valuation periods and volatility?

|-
|5)
| When should you be short-term?
|-

|6)
| Life expectancy and its implications on financial decisions?
|-

|7)
| Creating demand for the long-term
|-

|8)
| Extending the Economist’s Felicity Foresight idea from 1999 to Debbie’s Diversification over 100 years – the time traveller investor
|-

|9)
| How would anyone know you’d mis-sold a 100 year project?
|-

|10)
| Is commerce truly not a zero-sum game?
|-

|11)
| What are secrets of success among the finances of the Vatican?
|-

|12)
| Family businesses that last - http://www.economist.com/businessfinance/displaystory.cfm?story_id=E1_PQJDGRQ
|-

|13)
| Anything on the Social Discount rate
|}
=== Fiscal vs. Monetary ===
{|
|14)
|How might we price counter-cyclicality?
|-
|15)
| What is the discount rate of a politician?
|-
|16)
| Can/should an economy be made to deliver stable (unspectacular) growth, or should economies be constantly on steroids?
|-
|17)
| Which is best, multiple currencies, single currencies, other currencies, SDRs, etc?
|-
|18)
| How does fiscal policy affect liquidity?
|-
|19)
| What is the difference between consumption and investment? Can we tell them apart? Can the utility of investment approach the utility of consumption?
|-
|20)
| How do we identify bubbles? Are bubbles formed when returns are delayed?
|-
|21)
| How do ‘new’ risks, e.g. climate change, asteroids, start to enter the fiscal calculus
|-
|22)
| How much does Keynesianism depend on Keynesian conditions (e.g. low government expenditure as % of GDP)?
|}
=== Free vs. Regulated ===
{|
|23)
| Can we treat trade as an intelligent life-form?
|-
|24)
| Should regulation involve indemnity?
|-
|25)
| When should things be “bailed out”?
|-
|26)
| Do the dangers of ‘best practice’ reduce diversity?
|-
|27)
| What is the value of high velocity trading?
|-
|28)
| Privatising risk, nationalising reward?
|}
=== Selfish vs. Selfless (Agents vs. Owners) ===
{|
|29)
| Turnover of investment managers portfolios, i.e. long-term = lower volatility and selling mandate measures that recognise the long-term is inversely correlated to share turnover/investment turnover
|-
|30)
| Volatility of funds, i.e. long-term = lower volatility;
|-
|31)
| What does ‘absolute returns’ mean?
|-
|32)
| Moving from “institutional agents” voting (rather than “institutional investors”) to beneficial shareholders voting;
|-
|33)
| Does altruistic self-interest exist – can people willfully NOT follow self-interest decisions?
|-
|34)
| Mutual destruction – let’s go bust together
|}
=== Mutual vs. Public Sector vs. Private-Sector ===
{|
|35)
| Does professionalism matter? Or personal ethics?
|-
|36)
| What are the pluses and minuses of positional goods?
|-

|37)
| Can you do much more than one thing, e.g. deliver profit
|-

|38)
| How do ideas propagate through finance?
|-
|39)
| Is social cohesion strained by inequality?
|-
|40)
| Does progress require a society where the few are disproportionately rewarded versus the many?
|-
|41)
| How do we value human networks?
|-
|42)
| What are the rules of true trust?
|-
|43)
| What does long term brokerage mean?
|}
=== Rational vs. Behavioural ===
{|
|44)
| Are keiretsu good things, conglomerates, private equity?
|-
|45)
| How do we price trust?
|-
|46)
| The equitisation of debt, i.e. the replacement of debt instruments with shared equity ownership, resulting in innovative risk/reward sharing arrangements [Lars Wulf]
|-
|47)
| What can we learn from the oldest organisations – churches, universities, schools guilds, families (pick up from existing research)?

|-
|48)
| Are the oldest organisations similar, do they encourage diversity or restrict it? What metrics should be used to evaluate them?
|-
|49)
| Do successful organisations just have a system that promotes a successful decision-maker for the time?
|-
|50)
| Do successful organizations promote trust and thus lower transactions costs?
|-
|51)
| Building the insurer that could never go bust
|-
|52)
| Building the ultimate mutual
|-
|53)
| [from Mick James] “One more long-finance anecdote, possibly apocryphal: in land-owning British families it was traditional, when a daughter was born, to plant a grove of willow trees. By the daughter came of marriageable age, the willows were mature enough to be cut down and sold to the makers of cricket bats: the proceeds paid for the wedding.”
|-
|54)
| Can we create an out-of-the-box mutual investment vehicle that needs no maintenance – automated fund management for the masses? [Frank Dunn]
|-
|55)
| Regulation, monitoring, supervision, competition;
|-
|56)
| How do we prevent the moral hazard of governments promising what they need for votes, tyranny of the silent majority?
|-
|57)
| Are NGOs a sign of failure or a new life form?
|-
|58)
| What is the effect of taxation on the value of money?
|-
|59)
| Can we build retirement cohorts?
|}
=== Sustainability vs. Robustness vs. Resilience ===
{|
|60)
| Is ‘nudging’ethical
|-
|61)
| Should we ‘read’ people’s brains?
|-
|62)
| Is trust an emergent property of large networks?
|-
|63)
| What can we learn from harsh climates - the finances of the Inuit or Bushmen?
|-
|64)
| What can we learn from conditions of over-abundance, e.g. economic booms and busts of the potlatch system among the Northwest coast Indians (Tlingit and such)? [John Abbink]
|-
|65)
| Why does augury sell?
|-
|66)
| How might money affect our evolution as primates?
|}
=== Sustainability vs. Robustness vs. Resilience ===
{|
|67)
| Sustainable supply chains – not transaction by transaction, more trust
|-
|68)
| Assume a 1% improvement in productivity each year – so a genuine increase of 1% per annum in wealth per capita – you then need about 70 years to double your money in real terms. Therefore today’s 20 year old can expect to have doubled his/her savings contribution by the age of 90. Higher returns are the result of inter-generational transfers of wealth, or the growth in population. Population needs to peak during the lifetime of todays 20 year old, or the planet goes to hell. Inter-generational wealth transfers won’t work without population increases as eventually the paying generation revolts. So back to productivity increases as the only real source of wealth increase. Question: Is there another sustainable source of wealth generation? If not, how do we improve the rate of productivity increases in order to create a robust long finance framework?
|-
|69)
| How can we introduce and measure ‘simplicity’?
|-
|70)
| How do we internalise externalities?
|-
|71)
| How do we prevent internalities becoming externalities?
|-
|72)
| Is there a way to value abundance rather than scarcity? [Tantram]
|}
=== Theory vs. Practice ===
{|
|73)
| What radical new theories are (a) elegant, (b) coherent, (c) profound?
|-
|74)
| Valuing the hard to value – what is mark-to-market, do third parties know what they’re doing?
|-
|75)
| Is finance a good in its own right, a source of information, a self preserving feedback loop, or a parasite?
|-
|76)
| Rejecta Economica (like Rejecta Mathematica – Economist, 1 August 02009) – what might be learned from discarded economics?
|-
|77)
| Finance as fashion – X Factor, Strictly Come Dancing
|-
|78)
| What if one person had all the money?
|}

|76)
| Rejecta Economica (like Rejecta Mathematica – Economist, 1 August 02009) – what might be learned from discarded economics?
|-
|77)
| Finance as fashion – X Factor, strictly come dancing
|-
|78)
| What if one person had all the money?
|}