17 MAR 2013 by ideonexus

 The Origin of Interest

The international trading became the most profitable of all enterprises, and great land-"owners" with clear-cut king's "deeds" to their land went often to international gold moneylenders. The great land barons underwrote the building of enterprisers' ships with their cattle or other real wealth, the regenerative products of their lands, turned over to the lender as cccollateral. If the ship did come back, both the enterpriser and the bankers realized a great gain. The successful ship ventur...
Folksonomies: history economics banking
Folksonomies: history economics banking
  1  notes

From when bankers would hold cattle as collateral, and the cattle had calves. The calves were the interest.

13 DEC 2011 by ideonexus

 Francis Bacon on Mathematics

In the mathematics I can report no deficience, except it be that men do not sufficiently understand this excellent use of the pure mathematics, in that they do remedy and cure many defects in the wit and faculties intellectual. For if the wit be too dull, they sharpen it; if too wandering, they fix it; if too inherent in the sense, they abstract it. So that as tennis is a game of no use in itself, but of great use in respect it maketh a quick eye and a body ready to put itself into all postur...
Folksonomies: mathematics
Folksonomies: mathematics
  1  notes

He likens it to tennis, not useful in itself, but teaches skills useful elsewhere in life.