WR virtual currency

EOS can be understood as enterprise operation system, which is a blockchain operating system designed for commercial distributed applications. EOS is a new blockchain architecture, which aims to extend the performance of distributed applications. Note that it is not a currency like bitcoin and Ethereum, but a token based on the EOS software project, known as blockchain 3.0. The main features of EOS are as follows:
1. EOS is a bit similar to Microsoft's windows platform. By creating a developer friendly underlying platform of blockchain, it supports multiple applications running at the same time and provides the underlying template for the development of DAPP
2. EOS solves the problems of delay and data throughput by means of parallel chain and dpos. EOS can process thousands of data per second, while bitcoin has about 7 transactions per second, and Ethereum has 30-40 transactions per second
3. There is no service charge for EOS, and the general audience is more extensive. The network and computing resources needed to develop DAPP on EOS are allocated according to the proportion of EOS owned by developers. When you have EOS, it is equivalent to having computer resources. With the development of DAPP, you can lease your EOS to others. From this point alone, EOS has a wide range of value. To put it simply, if you have an EOS, it is equivalent to having a set of rent to collect rent for others, or having a piece of land to rent for others to build a house< br />

1、 Economic reality challenges the traditional cycle theory
from March 1991 to the second quarter of 2000, the U.S. economy is in the longest continuous growth period in history, and the economic operation situation has formed an ideal combination of "high growth + low inflation + low unemployment rate"“ The concepts of "new economy" and "new cycle" are exactly the generalization of economists to the phenomenon that the economic growth and cycle in the United States are different from the traditional cycle. At present, the generally accepted views on the formation of this cycle can be summarized as follows: in the stage of economic growth, the renewal of the U.S. economic model and the development of emerging network instries accelerated proctivity growth, and the coexistence of high economic growth, low unemployment and low inflation became a reality. Later, the profit prospects of Internet enterprises were dim, and new technological innovation was lacking, The economy has entered a state of overall recession. The author thinks that this description and explanation ignores the existence and development of modern financial market, which is an important factor in the current economic society of the United States
in fact, in this growth cycle, the performance of the financial market is particularly eye-catching, and its rapid rise and rapid fall have become a significant feature of this round of economic cycle. Take 1995-1999, which is in the stage of economic growth, as an example, the Dow Jones index rose three times, which is the same as the stock market's rise in 1924-1929 before the great depression, and the NASDAQ index, which is the representative of the new economy, rose more than nine times. In terms of stock P / E ratio, the Dow Jones index's average p / E ratio at the end of 1999 was 45 times, higher than the peak in 1929, while the Nasdaq 100 index's average p / E ratio was 120 times. Since the third quarter of 2000, the stable growth situation of the US economy, which has lasted for 10 years, has been broken, and its GDP growth rate has suddenly dropped to less than 2%. The financial market is also showing an overall tightening trend, with all stock indexes falling. The NASDAQ index has shrunk by more than half from its peak in March 2000, and is still hovering around 1200
the phenomenon of stock market volatility in the business cycle is not surprising, but such a large-scale stock market volatility is rare in all previous U.S. business cycles. The relationship between the financial market and the U.S. new economy and new cycle has challenged the "traditional" cycle theory. Until the neoclassical school of macroeconomics in the 1980s, economists still adhere to the MM theorem and the theoretical tradition and thinking formula of decing the causes of economic fluctuations from the perspective of proction function. In such a framework, the financial market can not be introced into the business cycle model, its role is often simplified as a function representing the flow of funds. Although the new Keynesian business cycle theory, which is equal to the neoclassical macroeconomics, discusses that the financial market will play a role in the formation of the cycle, the relevant discussion does not go deep into the level of the fluctuation mechanism of the business cycle. In other words, with the increasingly prominent role of the financial market in the national economy, the real economy is becoming more and more virtual. The traditional cycle theory needs to be improved because it can not provide a satisfactory answer for the role of the financial market in the economic cycle. In order to be different from the traditional cycle theory, we name the theory to be discussed and constructed below as "virtual economic cycle" theory, which is rooted in the framework of "traditional" cycle theory, but it takes the financial market as the starting point and perspective in the construction, and emphasizes the role of the financial market in the content< Since the mid-1980s, a large number of empirical studies have shown that there is indeed a correlation between the financial market and the overall fluctuation of the real economy. These findings contradict the proposition that financial structure has nothing to do with neoclassical theory, so in the early 1990s, there emerged some literatures focusing on the dynamic effects of the interaction between real economy and financial variables. They develop along two different ways: first, Minsky first put forward the idea that the micro subjective rationality was not discussed because of the influence of Keynes, so its conclusion is difficult to be confirmed and popularized; The second way of thinking takes the information asymmetry in the financing market as the breakthrough point, and thinks that the financial market friction can provide a micro basis for the analysis and research of the impact of Finance on real economic behavior, thus explaining that the economy will also show large and lasting fluctuations when large-scale economic shocks occur
the classic literature following the second idea is the paper agency cost, net worth and cyclical fluctuation published by Bernanke and Gertler in American economic review. In the mid-1990s, many scholars began to explore the impact of Finance on real economic fluctuations. They are constantly repairing the financial acceleration model proposed by Bernanke and Gertler, trying to build a cycle model that can include the financial market, so as to narrow the gap between theory and economic reality, and provide a convincing cycle explanation framework for the U.S. economy
it should be noted that in the financial acceleration model, the core of the virtual cycle theory, financing is a general and abstract concept, which covers direct and indirect financing. However, in order to simplify and facilitate processing, indirect financing - "loan" is the representative of all financing behaviors, and no specific distinction is made. In essence, although direct financing does not involve repayment of principal and interest, the purpose of pursuing return is also a disguised requirement of "repayment of principal and interest". Therefore, direct financing can be regarded as an extraordinary indirect financing< The overall idea of the theory is very clear: the information asymmetry in the financial market makes entrepreneurs only Finance on the basis of their own net worth, and the resulting linkage mechanism may accelerate the financial market and amplify the external impact on the system
partial equilibrium of enterprise financing
firstly, it explains the partial equilibrium of both sides of capital lending when the capital price and capital expectation are exogenous
Enterprise J plans the amount of capital to be invested in its proction in period T + 1, the quantity is k, and the unit price is Q. it is assumed that there is no depreciation of capital, and there is no leverage restriction on the borrowing and lending of a single enterprise, while there is a certain leverage restriction on the borrowing and lending behavior of the whole enterprise. The net value of the enterprise's own capital at the end of T period is n. The capital return is affected by both the whole risk and the characteristic risk, which can be expressed as WR, in which the random variable w represents the characteristic risk, R represents the whole risk, W is an independent and identically distributed variable, there is a continuous distribution function f, and when the values are positive, there is e = 1. The characteristic risk satisfies the following conditions:
with the attached figure, it is not difficult to see that this condition can be satisfied for most distributions. Therefore, the amount of borrowed capital can be expressed as B = qk-n
in the model, there is an abstract financial market, which is a risk neutral intermediary connecting residents as a source of capital and enterprises as a demander of capital. As residents are typical risk averse, when the lending behavior occurs, the intermediary must let the enterprise absorb and bear the overall risk of the market, and the R corresponding to each enterprise's lending behavior in the financial market must be higher than the risk-free interest rate r in the whole market. At the same time, e to the information asymmetry of both sides, financial intermediaries have to pay the cost of supervision, so that they can obtain information related to capital gains. The existence of supervision cost shows why the cost of external financing is higher than that of internal financing, which is equal to the bankruptcy cost of intermediary when there is no restriction on loan contract. The expression is as follows:
attached figure
the attached figure represents the unexpected change of capital return. Obviously, the enterprise internalizes the cost of capital when it is unable to pay through the equilibrium condition of financial intermediary
so far, a standard enterprise lending structure has been formed, and the partial equilibrium of the model can be summarized as follows: when the distribution of total risk R and random risk w of capital return is known, and the capital price Q and enterprise net worth n are fixed, this equation is the key of the whole model, which represents the supply curve of capital in the financial market, It reveals the relationship between the enterprise's borrowing capital and the enterprise's net worth. When other conditions remain unchanged, s increases, that is to say, in equilibrium, the return on capital equals the marginal cost of external financing. This formula fully reflects the decisive role of net worth n on the supply of external financing in the case of asymmetric information in the financial market
the general dynamic equilibrium with partial price
the partial equilibrium between enterprises and borrowers is extended to the general dynamic situation, that is, the partial equilibrium is regarded as two variables of fixed capital price, expected return of capital and state variable, and the internalization of enterprise net worth is determined by the model itself, in order to explain the asset price, expected return of capital and state variable The relationship between the return of capital and the net worth of the enterprise is circular promotion
first of all, we should integrate the capital and labor demand of enterprise departments into the total amount, because the total market demand of capital is a key variable in this model, which can reflect the effect of information asymmetry in the financial market, and it also explains the basis of the impact of the change of enterprise net worth on the capital demand
enterprises usually purchase capital at the end of the previous period to prepare for the next period of proction. Only when the purchased capital is combined with the employed labor can the output be achieved. Assuming that the return to scale of enterprise proction is constant, the total proction function can be obtained:
y = AKL
where y represents the output of T period, K represents the amount of capital purchased by all enterprises at the end of T-1 period, l represents labor input, and a is the exogenous proction technology coefficient
figure
suppose that enterprises sell their procts directly to retailers, and the profit of retailers relative to procers is the dynamic equilibrium of capital demand and capital supply of enterprises, that is, the equilibrium of the above two expressions depends on the state variable n. N can be regarded as the rights and interests enjoyed by the entrepreneur, including the remaining shareholders' rights and interests after paying the principal and interest of the borrower and the labor income of the entrepreneur. Strictly speaking, the labor income of entrepreneurs should also be included in the total labor supply, so l = H. Among them, H stands for the labor provided by households and H stands for the labor provided by entrepreneurs. We can reasonably assume that the contribution of entrepreneurs' labor income to the growth of entrepreneurs' equity income is very small. Therefore, h can be standardized as a labor function, and the change in form will not affect the final result of the model simulation. The specific expression of entrepreneur's equity n is:
n = entrepreneur's surplus + entrepreneur's salary= γ The specific expression of V + W
V is:
attached figure
it can be seen that the percentage change of entrepreneur's equity caused by the unexpected 1% change of capital return is equal to the proportion of the total capital of the enterprise to the entrepreneur's equity. Due to the existence of financial leverage, this proportion is ≥ 1, that is to say, the change of entrepreneur's surplus caused by the unexpected change of capital return is greater than or equal to 1. In other words, unexpected changes in capital prices are crucial to corporate financing
the wage of entrepreneur is determined by marginal output, that is:
figure
by synthesizing the above proction function, N, V and W, and standardizing the labor of entrepreneur, we can get the differential equation of N, which, together with the capital cost curve of external financing, shows the financial acceleration