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    alcomposer
    Capitalism: Transaction costs
    • Capitalism is known for very high transaction costs and it becomes worse each year.

      What kind of costs are included in this?

      1. Costs of finding proper information. Before arranging any deal buyers and sellers need to find each other, they need to know common terms, prices and preferable some insider information. Costs consist from time and resources required to obtain all such information, as well as cost related to losses due to information being incomplete of wrong.

      2. Costs of measurements. Each of the goods or services involved have lot of useful qualities and properties. You have two kinds of properties - physical ones and legal ones. You need to measure or estimate all qualities, this involves testing procedures costs, experts costs, sometimes also formal certification and formal independent testing costs.

      3. Costs of performing negotiations and making contract. Capitalism demand significant resources being spent on this parts. The more complex is the deal and the more sides involved the higher the costs. Also in this costs are included losses due to errors in contracts or not enough protection included in contracts.

      4. Costs due to issues with specifications, protection of property rights and protection of intellectual rights. It is very complex issues in capitalism and sometimes costs of intellectual rights can be extremely high. Also if you have lot of owners and very restricted resource you have high costs of negotiating and renegotiating their property rights.

      5. Costs due to opportunistic behavior. This means such behavior that goes against deal terms, usually one side want to obtain some advantage that is against other side wish. This is very common issue in capitalism.

      The more labor division you have and the more globalized production and trade become - the higher the transaction costs and the less effective capitalist system becomes. Pinnacle of this is any information product.

      Independent valuations provide number as high as 50% of US GDP for transaction costs.

    1 comment 2 comments Vitaliy_Kiselev4:00AMLast reply - 5:31AM by alcomposer Subscribe to this blog
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    Vitaliy_Kiselev
    On JPEG and HEVC
    • The upcoming video compression standard HEVC has been compared to existing and well established compression algorithms JPEG and JPEG 2000. The subjective evaluations were conducted according the guidelines defined by the JPEG committee for the evaluation of JPEG XR. The obtained results, including detailed statistical analysis allowing the accurate comparison of the various codecs performance, are presented and discussed in details. The evaluation results demonstrate that HEVC intra coding outperforms encoders for still images with an average bit rate reduction ranging from 16% (compared to JPEG 2000 4:4:4) up to 43% (compared to JPEG). These findings imply that both still images and moving pictures can be efficiently compressed by the same encoder, i.e., HEVC, and therefore specialized still image compression encoders may be becoming redundant, at least if judged by compression efficiency criteria only.

      From https://infoscience.epfl.ch/record/182874/files/VPQM2013.pdf

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    Adam_Mercier
    Another kickstarter thing - intelligent camera assistant
    • Actually that is sold here is software app and very cheap and simple smartphone chip used to convert Wi-Fi data coming from smartphone to USB wired protocol for camera.

      In is pretty real to make. But why it is bullshit? Bullshit here is neural networks and all this side of things, not remote control. Still I am sure software side will leave lot to be desired for long time due to not enough people. And as usual I'll add one year to predicted shipping date, as this guy will get time for Wi-Fi certification and such.

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    Vitaliy_Kiselev
    Capitalism: Retirement and blatant lies
    • image

      Lately capitalist mass media massage people brains on how it is necessary to increase working age and reduce number of retired people. As otherwise it will be... not enough money. So they say.

      In exactly same time media tell you that you need to hold to your working place and do not talk too loud about any salary increase, as otherwise robots will took your place. And in general 40-60% will part with their jobs, but as capitalists are very kind for now, you need to agree to just work more. And we are in overproduction crisis, so need to tighten our belts :-)

      Well, if you lie, at least do it logically and systematically. Do not tell two opposite things.

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    Vitaliy_Kiselev
    Good quote: More on religion
    • Religion is one of the forms of spiritual oppression which everywhere weighs down heavily upon the masses of the people, over burdened by their perpetual work for others, by want and isolation. Impotence of the exploited classes in their struggle against the exploiters just as inevitably gives rise to the belief in a better life after death as impotence of the savage in his battle with nature gives rise to belief in gods, devils, miracles, and the like. Those who toil and live in want all their lives are taught by religion to be submissive and patient while here on earth, and to take comfort in the hope of a heavenly reward. But those who live by the labour of others are taught by religion to practise charity while on earth, thus offering them a very cheap way of justifying their entire existence as exploiters and selling them at a moderate price tickets to well-being in heaven. Religion is opium for the people. Religion is a sort of spiritual booze, in which the slaves of capital drown their human image, their demand for a life more or less worthy of man.

      V. Lenin

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