Definition Fungible Person
On the other hand, diamonds and other gemstones are not perfectly fungible, as their different sizes, colors, qualities and cuts make it difficult to find several diamonds that should have the same value. Packaged products placed on a retail shelf may be considered fungible if they are of the same type and are equivalent in function and shape. Customers and clerks can freely exchange packages until purchase and sometimes after. However, after opening the packaging and using the product, it is generally considered unique and is no longer interchangeable with unopened packaging except in exceptional circumstances, such as a return or exchange. It takes a lot more these days to get and keep a good job, and there`s a whole new way to manage your career. If you need help learning how to be indispensable in your career so you don`t become fungible, I`d love to sign up for Work It Daily`s Power Hour event subscription! The indelible age is pronounced as an âjâ or as the âgâ in âfudge, although fungible things are not always delicious. Fungible comes from a Latin expression that means “instead of,” and that`s what something that`s fungible does: serve instead of what it`s traded for. The obvious difference between human fungibility and resource liquidity is that the former is an all-or-nothing concept. Two people are fungible or not. Statistically, the data are of the categorical type.
Fungibility leads to people being considered aggregates. Liquidity, on the other hand, is measurable on a continuous scale. In statistics, this is numerical data. If something is fungible, you can exchange it for something else. Why can you exchange a twenty-dollar bill for a ten and two five? Because money is fungible! For the uninitiated, it`s far from obvious why a company like Coca-Cola might be interested in auctioning thematic and non-fungible tokens. Human fungibility is therefore a concept in the mind of the tenant. Don`t hire “permanent” employees if you can help, think of some hiring organizations. They are hard to shoot when you need to save money.
It is preferable to engage fungible contractors with short-term renewable contracts!2 In litigation in the United States, where a decision or judgment requires one party to remedy another party, the appropriate remedy may depend on the fungibility of the underlying right, obligation or property to be reinstated. [7] Depending on whether the interests of the injured party are fungible or not, the appropriate remedy may change in the event of a finding of fact. For example, a court may require specific performance (an appropriate remedy) as a remedy in the event of a breach of contract instead of the more favourable remedy for pecuniary damages. [8] This is a good point on the issue of maturity, Minton. On the one hand, I think it`s easy for high resource liquidity to be a sign of maturity. However, I don`t quite see how the gradient of specialization or “fungibility” could be related to maturity. If we look at this from a static point of view, then we could say that there is no single configuration of capabilities that is best for all cases. But if we look at whether organizations need to invest in long-term personal development from a dynamic perspective, then the maturity aspect becomes clearer. In other words, can we say that an organization that only looks at the current situation and selects its resources based on what was needed yesterday is less mature than the organization that tried to plan for future needs by developing “square” people? Perhaps, but at the cost of being less agile. And this in an area where the need for skills is developing terribly quickly. So if you`ve been on autopilot when it comes to assessing your professional strengths, building your career identity, and marketing your personal brand (if you`re not familiar with the career development terms I just used, suffice it to say you`ve been on autopilot), so I`ll encourage you to get started.
The Federal Reserve Bank of New York offers gold deposits to central banks and governments around the world by storing gold bars in its underground vault. All gold bars stored in the vault are weighed accurately, and the refiner and purity marks on each bar are checked to confirm that they match the depositor`s instruction sheets. All of this is carefully monitored and recorded, and since the exact bars deposited with the New York Fed are exactly those returned at the time of withdrawal, these types of gold deposits are not considered fungible. Another example of a fungible asset is money. If Person A lends a $50 bill, it does not matter to Person A if he is reimbursed with another $50 bill, as he is mutually substitutable. In the same sense, person A can be reimbursed with two $20 bills and a $10 bill while being satisfied since the sum is $50. This distinguishes robots from humans. It is extremely difficult to replicate in the second person the learning that a person has acquired. In fact, it is not desirable to make a copy of a person`s learning.
It is more beneficial to allow each person to bring together their different experiences and learning to foster new perspectives and innovation. Notably, money is fungible: a $10 bill is interchangeable with any other real banknote like this. [4] It is also interchangeable with two fives, ten or another combination of banknotes and coins that add up to $10. What are the roots of calling people “fungible”? A common thread that leads to this obscenity is the idea of the “full-time equivalent.” AN RTD is a concept published by HR and finance departments as a means of managing staff as a whole (see Figure 2). Another basis of the concept is the idea of professional qualification, which is certified by a paper indicating that you have passed an exam and thus prove your professional qualifications. For some people, a Microsoft Certified Engineer is considered the equivalent of another Microsoft Certified Engineer. Anyone with a Cisco CCNP Cloud certification will do the trick, right? Only hire help desk agents with ITIL Foundation certificates.1 And so on, thinks the manager who accepts the concept of human fungibility. For example, gold is fungible because a certain amount of pure gold equals the same amount of pure gold, whether in the form of coins, bullion, or in other states, while a single object such as gold fashioned in a statue by a famous artist would not be considered fungible. So if someone claims that another person has stolen a certain amount of gold or silver (or some other fungible thing), then (by definition) there doesn`t have to be a specific item to point to or that needs to be returned; All equivalent quantities of this thing are interchangeable. Other fungible products include sweet crude oil, corporate stocks, bonds, other precious metals and currencies. In economics, fungibility is the property of a good or commodity whose individual units are essentially interchangeable and whose parts cannot be distinguished from any other party.
[1] [2] Fungible tokens are those that can be exchanged or replaced; For example, a $100 bill can easily be exchanged for twenty $5 bills. On the other hand, non-fungible tokens cannot be exchanged in the same way. In the shower, I sing the phrase “fungible products” far too often. Conversely, as an example of non-fungibility, when person A borrows his car, it is not acceptable for person B to return another car, even if it is of the same make and model as the original car borrowed by person A. Cars are not fungible in terms of ownership, but the gasoline that powers them is fungible. Assets such as diamonds, land or baseball cards are not fungible because each unit has unique characteristics that increase or subtract value. The article People are not fungible by Robert S. Falkowitz, including all of its content, is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Cryptocurrencies are generally considered fungible assets where one coin is equal to another. However, after a major breach at japan`s Coincheck exchange, NEM cryptocurrency token developers have added a special flag to hacked coins to indicate that they should not be traded or used. [5] I stumbled upon this article by chance when I searched for the meaning of the word “fungible” in relation to people (after hearing it in a TV series). I found this article well written and easy to understand.