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color:#551A8B; text-decoration:underline;} span.FollowedHyperlink2 {mso-style-name:FollowedHyperlink2; color:#551A8B; text-decoration:underline;} .MsoChpDefault {font-size:10.0pt;} @page WordSection1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in;} div.WordSection1 {page:WordSection1;} /* List Definitions */ ol {margin-bottom:0in;} ul {margin-bottom:0in;} --> </style> <![if mso 9]> <style> p.MsoNormal {margin-left:4.5pt;} </style> <![endif]><!-- base href="file:///C:/Documents%20and%20Settings/Kagan/Desktop/PhilosophyofMoney.html" --> </head> <body bgcolor=white lang=EN-US link=blue vlink=blue style='margin-left:4.5pt; margin-top:4.5pt;margin-right:4.5pt;margin-bottom:4.5pt'> <div class=WordSection1> <div> <p class=MsoNormal align=center style='text-align:center'><span style='font-family:"Arial","sans-serif"'>Philosophy of Money </span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>&nbsp; </span></p> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-family:"Arial","sans-serif"'>&nbsp;</span></p> <div> <p class=MsoNormal><u><span style='font-family:"Arial","sans-serif"'>Historical and etymological</span></u><span style='font-family:"Arial","sans-serif"'> </span></p> </div> <div> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'><br> Barter, trade, standard items leading to using things like beads, gold silver, currency and coinage&nbsp;</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Circumstances vary; sometimes the currency has no currency, but things like cigarettes do&nbsp;</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>&nbsp;</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Money's when we believe in it (hence the language of faith, good faith and credit (from Latin verb for believing - credit and credo share the same linguistic source, fiduciary responsibility, trust). &nbsp;Note relevance of&nbsp;work on the social construction of reality&quot; - money is entangled with its users and creators beliefs and conventions.<br> <br> Dollar bill auction<br> <br> Tulips and other bubbles</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Black Tuesday, October 29, 1929 <br> <br> Other money for sale - lending, exchange (e.g., fluctuation of the Canadian dollar), investment, risk&nbsp; <br> Money and heroic risks<br> &nbsp; e.g., in the age of exploration<br> <br> Inflation, what counts as enough, and some analogies (e.g., grade inflation) </span></p> <div> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Prediction, random walk theory, and Bogle's response to &quot;you can't buy the index&quot; &nbsp;</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Money and identity</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Puritan ethos</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Robert T.&nbsp;Kiyosaki and Sharon Lechter's &nbsp; <u>Rich Dad, Poor Dad</u>.&nbsp;&nbsp;</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>&nbsp;</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Fortune and Fortune (or Money and Luck)</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Howard Campbell's speech on money in Vonnegut's <u>Slaughterhouse 5</u></span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Nassim Nicholas Taleb s <u>The Black Swan</u>, Nancy Kress s <u>Beggars in Spain</u>, Ecclesiastes  time and chance &nbsp;</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>   Taleb s Stoic betting; responses in Jewish law and scripture  see, e.g., Lev. 19.9-10 (tzedakah, </span><span lang=HE dir=RTL style='font-family:"Arial","sans-serif"'>æÓçÔ</span><span dir=LTR></span><span style='font-family:"Arial","sans-serif"'><span dir=LTR></span> )</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>&nbsp;</span></p> </div> <div> <p class=MsoNormal><span lang=FR style='font-family:"Arial","sans-serif"'>Michael Kagan<br> </span><span style='font-family:"Arial","sans-serif"'><a href="mailto:mailto:kagan@lemoyne.edu"><span lang=FR>kagan@lemoyne.edu</span></a></span><span lang=FR style='font-family:"Arial","sans-serif"'>&nbsp; </span></p> </div> <div> <p class=MsoNormal><span lang=FR style='font-family:"Arial","sans-serif"'>Le Moyne College, Syracuse, NY</span></p> </div> <div> <p class=MsoNormal><span lang=FR style='font-family:"Arial","sans-serif"'>&nbsp;</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>(This outline is based on the preliminary lecture-discussion in PHL 403,&nbsp;&nbsp; 4/14/10 - <br> constructed with some changes with&nbsp;the help of&nbsp;S. Desnoyers' class notes.)</span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Some edits, 10/29/2010.</span></p> <ul style='margin-top:0in' type=disc> <li class=MsoNormal><span style='font-family:"Arial","sans-serif"'><a href="http://webserver.lemoyne.edu/%7Ekagan/403index.HTM">Other materials for PHL 403:&nbsp; http://webserver.lemoyne.edu/~kagan/403index.htm</a></span></li> <li class=MsoNormal><span style='font-family:"Arial","sans-serif"'><a href="http://webserver.lemoyne.edu/%7Ekagan/Index.htm">Back to Kagan's Homepage</a></span></li> </ul> </div> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>&nbsp; </span></p> </div> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>&nbsp; </span></p> </div> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>&nbsp;</span></p> </div> </body> </html>