Posts Tagged 'Krieger School of Arts and Sciences'

Time For A Change? Overhauling The Calendar

ScienceDaily reports –

Using computer programs and mathematical formulas, Richard Conn Henry, an astrophysicist in the Krieger School of Arts and Sciences and Steve H. Hanke, an applied economist in the Whiting School of Engineering, have created a new calendar in which each new 12-month period is identical to the one which came before, and remains that way from one year to the next in perpetuity. Under the Hanke-Henry Permanent Calendar, for instance, if Christmas fell on a Sunday in 2012 (and it would), it will also fall on a Sunday in 2013, 2014 and beyond. “Our calendar would simplify financial calculations and eliminate what we call the ‘rip off’ factor,” explains Hanke. “Determining how much interest accrues on mortgages, bonds, forward rate agreements, swaps and others, day counts are required. Our current calendar is full of anomalies that have led to the establishment of a wide range of conventions that attempt to simplify interest calculations. Our proposed permanent calendar has a predictable 91-day quarterly pattern of two months of 30 days and a third month of 31 days, which does away with the need for artificial day count conventions.” Hanke and Henry deal with those extra “pieces” of days by dropping leap years entirely in favor of an extra week added at the end of December every five or six years. This brings the calendar in sync with the seasonal changes as the Earth circles the sun.

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