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Gibson's paradox is the observation that the rate of interest and the general level of prices under the gold standard [1] are positively correlated. [2] It is named for British economist Alfred Herbert Gibson who noted the correlation in a 1923 article for Banker's Magazine. The correlation had been noted earlier by Thomas Tooke. [3]
Roko's basilisk is a thought experiment which states that an otherwise benevolent artificial superintelligence in the future would be incentivized to create a virtual reality simulation to torture anyone who knew of its potential existence but did not directly contribute to its advancement or development, in order to incentivize said advancement.
The term paradox is often used to describe a counter-intuitive result. However, some of these paradoxes qualify to fit into the mainstream viewpoint of a paradox, which is a self-contradictory result gained even while properly applying accepted ways of reasoning.
In support of the Bretton Woods system and to exert control over the exchange rate of gold, the United States initiated the London Gold Pool and the General Agreements to Borrow (GAB) in 1961 which sustained the system until 1967, when runs on gold and the devaluation of the pound sterling were followed by the demise of the system.
Bimetallism, [a] also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them.
In philosophy, Occam's razor (also spelled Ockham's razor or Ocham's razor; Latin: novacula Occami) is the problem-solving principle that recommends searching for explanations constructed with the smallest possible set of elements.
In the paradox of value, it is a contradiction that it is cheaper than diamonds, despite diamonds not having such an importance to life. The paradox of value, also known as the diamond–water paradox, is the paradox that, although water is on the whole more useful in terms of survival than diamonds, diamonds command a higher price in the market.
In economics, the Jevons paradox (/ ˈ dʒ ɛ v ə n z /; sometimes Jevons effect) occurs when technological advancements make a resource more efficient to use (thereby reducing the amount needed for a single application); however, as the cost of using the resource drops, if the price is highly elastic, this results in overall demand increases ...