For much of the 20th century and the first decade of the 21st century, the United States has enjoyed the status as a dominant player in the international states system, with a “preponderance of power” not achieved by any other state from the early modern period. However, in recent years, this hegemony is increasingly brought …
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Any nation’s nightmare
This global system is currently suffering from accelerating change. Authorities have taken on a new role that no person has ever had to previously assume in their careers. As someone with only an observer status as the epidemic unfolds, what struck the most was the magnitude and speed of reorganisation that our country has gone through. …
Economics ~ A story with no meaning?
To be frank, I could go on all day about where I fault with this subject, why I feel that people in the industry are unable to use this study even to the slightest efficacy, and why ultimately that it may seem futile. On such a basis, to provoke myself into new depths of knowledge, …
The peculiarities of economics (part 2)- assessing unqualified critiques
An interesting test to appreciate how academic methods would fare was conducted Spyros Makridakis. He made people forecast in real life and then judged their accuracy. The last test was held in 1999. Makridakis, with the assistance of one Michele Hibon, reached the conclusion that ‘statistically sophisticated’ or complex methods do not necessarily provide more …
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The peculiarities of economics (part 1)- ‘rational human’ fallacy
The study of economics, as I have seen thus far, seeks to steal aspects of mathematics and psychology to somewhat forecast society’s current and future operations. Professions ranging from pastry-chefs to presidents incorporate the widely assumed theories of this subject to support their decision-making. However. To a large extent this subject can be seen as …
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How credible is empirical economics?
A survey of 159 meta-analyses of economics revealed that empirical economics research is often greatly underpowered. Regardless of how ‘true’ effect is estimated, typical statistical power is no more than 18%. Nearly half of the areas surveyed have 90% or more of their reported results stemming from underpowered studies. Take, for example, the crash of …
To what extent have endogenous political and economic reforms, since 1978, had a greater impact on the sustainability of economic growth in the Republic of China than exogenous influences and changes?
The reform-era beginning in 1978 saw the rise of Deng Xiaoping as chairman of the People’s Republic of China(PRC). By initiating structural changes that would significantly alter the trajectory of Chinese growth, his path of reform deviated from what was initially set out by Mao Zhedong and the 5-year plan which aimed to achieve socialism. …
Where lies the strength of a business? An short insight into the relevance of managerial economics
Existing management theories, amidst their difference, agree with each other in numerous ways. They seek to project optimum output by utilising small administrative work units that work cohesively. The ‘Systems Management Theory’ interprets a successful system as, essentially, multiple components working harmoniously so that the larger system can operate optimally. The ‘Scientific Management Theory, similarly, …
The Involvements of the EFSF/ESM
The creation of EFSF and ESM was thanks to an unprecedented show of political will and innovation. As global financial turmoil caused tremors that would shake the new Euro, as well as the sovereign a sovereign debt crisis in Europe, investors became more and more sceptical and pressed ever-low prices to buy the sovereign debt …
The economics of Kashmir
Kashmir, a region locked between India and Pakistan, where troubles were ignited after the momentous partition and the Indo-Pakistani war of 1947, has stayed the primary focus in national conflict. Being an ethnic Indian, the recent news on Modi removing what little autonomy was help by Kashmir through revoking Article 370 seemed short-sighted. Shashi Tharoor, …
Economics Relate 