Word: dantzig
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Dates: during 1980-1989
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Before the Karmarkar method, linear equations could be solved only in a cumbersome fashion, ironically known as the simplex method, devised by Mathematician George Dantzig in 1947. Problems are conceived of as giant geodesic domes with thousands of sides. Each corner of a facet on the dome represents a possible solution to the equation. Using the simplex method, the computer scours the surface of the dome millions of times to pinpoint the corner with the most likely solution. But the method is slow, and it works only when there are merely a few thousand variables to sort through. Says Karmarkar...
...single week, the amazing output of 389,000,000,000,000 of marks-or more than all outstanding marks put together-was seen. The discount rate of the Reichsbank stood at the unparalleled rate of 90%. Individual German States like Dantzig are seeking to establish new currencies of their own, and the Berlin government is frantically at work trying to invent some new gold-convertible currency for the nation...