by Alessandro Portelli [ht: db] at Jadavpur University in Kolkata
Posts Tagged ‘public art’
Tags: Harlan County, India, photo, photography, public art
Tags: Banksy, Democrats, police, public art, violence
Banksy’s untitled piece was part of a pop-up art exhibit organized during the Democratic National Convention by Rock the Vote as part of its Truth to Power series—to offer “a counterpoint to the narratives that dominated the DNC.”
Tags: Democrats, inequality, public art, rich
Charlie Becker’s piece, “99 Problems (Bein’ Rich Ain’t One),” was part of a pop-up art exhibit organized during the Democratic National Convention by Rock the Vote as part of its Truth to Power series—to offer “a counterpoint to the narratives that dominated the DNC.”
Tags: art, Banksy, economic representations, graffiti, public art, street art
Everyone who reads this blog knows I’m a big fan of the enigmatic British street artist known as Banksy.
This past Tuesday, a new exhibit of Banksy’s work—”War Capitalism & Freedom“—opened in Rome.
“The exhibit symbolizes the fundamental concepts of Banksy’s vision,” said Emmanuele Francesco Maria Emanuele, the chairman of the Fondazione Terzo Pilastro. “Capitalism in crisis; war, which is a consequence; and the notion of freedom that must continue to live inside us independently from the world that surrounds us.”
It was billed as a “bemusement park” with the anonymous artist himself describing the pop-up “family” attraction in Weston-super-Mare as “unsuitable for children”.
Some 4,500 paying customers have entered every day since it opened five weeks ago, egged on by hundreds of thousands of social media postings across the world.
Tourism chiefs in North Somerset predict it has brought £20m of business to the seaside town; statistics that could make any national arts venue drool. . .
But while lesser-known artists design their own methods to get noticed, David Lee believes they will never produce anything on as grand a scale as Banksy, who offers an “antidote to all that clever stuff”.
“His art, being facile and superficial, is popular with those who don’t generally like the sort of conceptualism foisted on them by the art establishment,” he said.
Banksy has said that all the fixtures and timber from Dismaland will be sent to Calais to build shelters for people in the camps there.
Tags: art, banks, crisis, economics, mathematics, public art, risk
Harmen de Hoop and Jan Ubøe, “Permanent Education (a mural about the beauty of knowledge)” (Nuart 2015, Stavanger, Norway)
Ubøe, Professor of Mathematics and Statistics at the Norwegian School Of Economics, gives a 30-minute lecture on the streets of Stavanger on the subject of option pricing.
Drawing on Black and Scholes explanation of how to price options, Ubøe will explain how banks can eliminate risk when they issue options. Black and Scholes explained how banks (by trading continuously in the market) can meet their obligations no matter what happens. The option price is the minimum amount of money that a bank needs to carry out such a strategy.
While the core argument is perfectly sound, it has an interesting flaw. If the market suddenly makes a jump, i.e. reacts so fast that the bank does not have sufficient time to reposition their assets, the bank will be exposed to risk. This flaw goes a long way to explain the devastating financial crisis.
This theory, and similar other theories, led banks to believe that risk no longer existed, so why not lend money to whoever is in need of money? In the end the losses peaked at 13,000 billion dollars – more than the total profits from banking since the dawn of time.
My guess is, most of the members of the audience did not understand the mathematics. However, Ubøe assures them it works—both as a form of knowledge (the manipulation of the mathematics) and as a strategy for banks (to eliminate risk)—and they can’t but believe him. It has a kind of beauty.
And then he explains that other effect of the math: it led banks to believe they had found a way of eliminating risk (because, like the audience, they believed the mathematicians), which fell apart when markets made sudden jumps and the traders weren’t able to reposition their assets quickly enough.
In that case, the beauty of the knowledge is undermined by the ugliness of the results.