“All motion is an illusion”- Zeno
Zeno, like your average ancient Greek philosopher, loved to come up with grand statements and theories that people second guess the world in which they live in. Little is known about Zeno’s life, and only a handful of his work survived to be handed down to us.
Schrödinger's Cat- Is it Really Alive and Dead?
Many of you who are interested in science, or watched The Big Bang Theory, know about the Schrödinger’s cat paradox. Simply stated, inside a box, there is a cat and a tiny amount of radioactive material, as well as a Geiger counter which triggers a poisonous gas if it detects an alpha particle.
Entropy- The Time Line of the Universe
Entropy is a term often associated with randomness and disorder. In the language of physics, it is the measure of how disorderly a system is, an actual quantity, shown the symbol ‘S’.
Karl Marx: The Revolutionary Thinker of the 19th and 20th Century
Karl Marx (1818-83) was a philosopher, economist, political theorist, sociologist, journalist and revolutionary socialist. He studied political economics and Hegelian philosophy, which was followed by him developing his ideas and theories with German thinker Friedrich Engels in London.
The World of Creative Destruction
Before we start talking about creative destruction and what it means, it is essential to understand that a market economy inspires hard work and progress, not just because it rewards winners, but because it crushes losers.
The Curse of Externalities
In essence, that is an externality because the private cost of an action > the social cost. An example would be someone buying a new SUV, which has very poor mileage. The buyer’s decision to buy the SUV affects everyone on the road, yet none of these individuals had a say in his decision.
Government: The Perfect Cure?
Externalities are a problem, and they will continue to be as long as the consumption of goods and services has third-party costs. The reason why they are such a big problem is that because no-one is accountable to deal with and lessen the effect of such externalities.
Government: The Umpire of the Free-Market Economy
Good government makes a market economy possible, period. And bad government ruins the positives of capitalism, which is one of the many reasons why people around the world are in poverty.
Information- The Key to Economics
Let’s start with a defining statement; what we don’t know can hurt us. Economists study how we get information and how we use such information. They also study how we make decisions when we have incomplete information.