Luca Paccioli, a Franciscan monk and accomplished mathematician, may not have invented double-entry accounting but he did more to popularize it than anyone before him. The “Fibonacci ratio” is mathematically expressed by what the Greeks called “the golden mean.” He made great strides with his mathematical explorations but they were not applied to risk management until today. His work was published in 1202 when most people still relied on Roman numerals. Leonardo Pisano, a mathematician who was also known as Fibonacci, explored the power of Arabic numerals and their applications in Liber Abaci or Book of the Abacus.
The concept of zero was a major innovation, because it allowed people to calculate using only 10 symbols: 0, 1, 2, 3, 4_and so on. It was brought to the Arab world by 700 A.D., and they spread it around the world after that time period. The Hindu numbering system originated in 500 A.D.
It wasn’t until Renaissance thinkers turned their attention to developing mathematics that they needed numbers for gambling and other things like it. Neither did those in the Talmud, although they used odds for permissible laws. However, ancient Greek scientists didn’t study probability. Their gods played dice to decide who would rule the heavens, seas and underworld. Gambling was part of the Greeks’ creation myth. 1-Page Summary of Against the Gods The Ancients
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