Behavioral economics aims to study various factors, such as psychological and emotional factors, which tend to affect the decisions consumers or producers make with respect to an economic situation. It also analyses how these factors and decisions may differ from those theorized by the concept of rationality in economics, which says that humans are rational beings and take decisions solely in accordance with logic. It relates to “bounded rationality” which means that human rationality is limited due to finite thinking capacity, information, and time.

In a way, behavioral economics can be considered to be an overlap of economics and psychology…

The general definition of scarcity is that it is the lack of something. The concept of scarcity in economics refers to the phenomenon that humans have apparently unending desires which cannot be satisfied by the limited resources available to society. It is said to be the “basic economic problem”. Almost all the resources which humans use in the production of goods and services (the factors of production) are considered scarce. In the pursuit of individual desires, humans tend to use up greater quantities of resources, intensifying scarcity.

The three primary factors of production — land, labour, and capital — are…

Let’s start with the question that you are probably considering right now — “What is the Future Circular Collider, and why would I care about it?”

The Future Circular Collider (or FCC) is a conceptual particle accelerator that has been conceived with the aim of succeeding the Large Hadron Collider (LHC). But why is this important? Let’s just say that the LHC is currently the largest machine in the world and, at a cost of approximately 10 billion dollars, the second most expensive experiment ever built (the most expensive being the International Space Station). …

The handover agreement between China and Great Britain gave Hong Kong special freedoms of press, speech, and assembly for at least 50 years starting 1997. This stands in alleged contradiction to China’s censorship and Beijing’s strong grip on power over the years.

Hong Kong is a part of China, but has its own currency, language, legal system, identity, and culture. Protesters are concerned that China’s encroachment is a violation of the “one country, two systems” setup. They want to achieve full democracy before 2047, when Hong Kong could become integrated with the rest of China once the period of 50…

In the modern era, few names related to academia command as much respect and inspire as much awe as does the name of Srinivasa Ramanujan. Arguably one of the greatest Indian mathematicians of all time, he was a man from a poor family under the British Rule in Southern India who had no formal mathematical training and yet ended up pursuing pure mathematics at Cambridge and being inducted as a Fellow of the Royal Society (FRS). The only things which made this possible were his genius and his love for mathematics.

Ramanujan was born in 1887 as Srinivasa Ramanujan Aiyangar…

Aditya Syam

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