Rostow's Stages of Economic Growth focuses on how a traditional society transitions into a modern economy. Rostow's model delineates five distinct stages: traditional society, preconditions for take-off, take-off, drive to…
The trickle-down economics or trickle-down effect posits that tax incentives and benefits for the affluent will trickle down to benefit society at large. Hence, this strategy advocates for reduced regulations…
Some of the earliest mentions of the tragedy of the commons date back as far as Aristotle. However, the British author William Forster Lloyd formally introduced the concept of "tragedy…
The Securities and Exchange Board of India Act or SEBI Act established a solid regulatory framework for the country's growing securities markets. Henceforth, it has become the cornerstone of India's…
Brain drain involves the substantial emigration of skilled individuals from a country or organization, often in pursuit of better opportunities elsewhere. Brain drain manifests at different levels, from the geographic…
By the mid-1980s, Asia alone boasted around 35 Export Processing Zones (EPZs), employing nearly 250,000 workers. Globally, the significance of EPZs further extended beyond Asia. EPZs offer unique environments and…
Industrial Parks are areas specifically designated for industrial activities. They further act as key drivers for economic expansion. These zones provide numerous benefits, including lower production costs due to shared…
Across the globe, thousands of Free Trade Zones and Special Economic Zones (SEZs) have been established. These strategic locations can be pivotal in driving international trade and economic expansion. They…
The Poisson distribution is named after the 19th-century French mathematician Siméon Denis Poisson. It significantly influences the modelling of count data and the prediction of rare events in economic and…
The chi-square distribution is an essential concept in statistics, also widely used in economic research. It represents the distribution of the sum of squared independent standard normal variables. Furthermore, this…
The F-distribution is a continuous statistical distribution developed by Ronald Fisher and George W. Snedecor. It stands crucial in hypothesis testing and the scrutiny of variance within diverse disciplines, prominently…
The t-distribution, an essential tool also known as the Student's t-distribution, resembles the normal distribution but it is tailored for scenarios where sample sizes are small and population variance is…
The binomial distribution stands as a cornerstone in statistical theory. It depicts the probability of achieving a certain number of successes or failures over multiple Bernoulli trials. Hence, its primary…
The Bernoulli distribution stands as the cornerstone of discrete probability distributions. It serves as a bedrock for various statistical and econometric paradigms, enabling the probability calculation for dichotomous outcomes -…
Did you know that nearly 99.7% of data points in a normal distribution are within three standard deviations of the mean? This fundamental aspect of the normal distribution, or Gaussian…
