This is the first of the four-part series, “Thermodynamics & The Three Functions Of Money”.
This second quarter-episode is titled, ‘Behavioral Economics & Medium of Exchange”
In light of Professor Scott Huetell’s, ‘Behavioral Economics’ course on The Great Courses Plus website (https://www.thegreatcoursesplus.com/behavioral-economics-when-psychology-and-economics-collide), I begin this lecture with a review of what exactly value is. Dr. Huetell covers several concepts such as reference dependence, probability weighting, reward prediction & neural firing rates, and several other ideas directly related to how we attribute value.
Medium of Exchange is the first of the three functions of money that we’re covering in this four-part series. Medium of Exchange flies directly in the face of how the universe works. Exchange, as it is practiced in a currency driven economy, does not exist in the natural universe. We cover this as a concept and the problems that arise because of this.
The STEMPrime Researchcast is a podcast designed to bring the viewers along with me during the primary research phase for the AI STEM Drive
Each ‘supplemental’ is a short segment consisting of thoughts and ideas which are relevant to current events. Supplemental episodes are not beholden to any specific platform or a schedule. Regular episodes will be uploaded every Monday.
The AI STEM Drive is being developed by Phobos Technologies LLC
If you are a scientist, researcher, or professional in a relevant field and you feel you have something to contribute to our efforts – please send me an email with “interview” in the subject line.