Autocorrelation occurs when the error terms in the model exhibit correlation or dependency on each other. That is, errors in previous periods influence the errors in the current period. Economists…
Multicollinearity refers to a situation where the independent or explanatory variables in the model have a strong relationship with each other. Perfect multicollinearity exists if the correlation coefficient for these…
The United Nations Development Programme (UNDP) introduced the Gender Inequality Index (GII) as a composite measure to assess gender disparities in various dimensions. It is part of the broader framework…
The Gender Development Index (GDI) measures gender-based gaps in development. Hence, it is a statistic that takes into account disparities between men and women. It considers three basic dimensions of…
Inclusive development refers to a development approach that aims to ensure that the benefits of economic growth and progress are shared by all members of society, regardless of their background,…
"Economic imperialism" means the domination and influence exerted by a nation, a group of nations, or large corporations over others. Hence, it involves the extension of economic power and control…
Sustainable development is a concept and approach to addressing the world's economic, social, and environmental challenges in a way that seeks to balance current as well as future needs. Hence,…
The Shapiro Wilk test is a statistical test used to determine whether a sample or data comes from a normal distribution. Samuel Shapiro and Martin Wilk developed this test in…
The Phillips curve is a graphical representation of the inverse relationship between inflation and unemployment. The curve is named after economist A.W. Phillips, who first observed this relationship in the…
The Cobb Douglas production function is named after American economists Charles Cobb and Paul Douglas. They introduced this production function in 1928 in a paper published in the American Economic…
The production of all goods and services is carried out using certain inputs. These inputs include the labour, capital and raw materials used in producing the given good or service.…
Adam Smith was a Scottish economist and philosopher who is regarded as the father of modern economics. His contributions to economics are significant. His ideas and theories profoundly influenced economics,…
Alfred Marshall (1842-1924) was a British Economist. He was one of the most influential figures in the development of modern microeconomics. His ideas in the famous book "Principles of Economics"…
The British Economist David Ricardo made significant contributions to Classical Economics in the late 18th century and early 19th century. His work related to economic theory is discussed, studied and…
The Kolmogorov Smirnov Test or the KS test is a nonparametric test used to determine whether a sample belongs to a specific distribution. Moreover, it can also be used to…
