Thinking outside the box simply means that you’re willing to consider different solutions and methods for reaching your desired outcome. The most creative solutions often come first when you have already came up with the more conventional ones. It’s only when you have a range of options that you should sit down and choose the best. Continue reading Will Thinking Outside the Box be Encouraged?
Frank Knight, an economist, formalised a distinction between risk and uncertainty in his 1921 book, Risk, Uncertainty, and Profit. In his classic book, Knight introduced a distinction between measurable uncertainty, which he called “risk,” and “true uncertainty,” which cannot “by any method be reduced to an objective, quantitatively determined probability.” Continue reading A Case of Knightian Uncertainty | COVID-19
Post COVID-19 lockdowns in India, thousands of daily wage labourers belonging to the unorganised sector have been leaving big cities in droves. They have no other alternative but to return to their villages though their future there is also bleak. Having no public means of transport, many have left on foot to remote places like UP, Bihar, and West Bengal from Delhi, Mumbai, Ahmedabad, etc. Some have taken rickshaws to reach their destinations. Continue reading Reverse Migration in India | COVID-19
Earlier this month, G7 finance ministers and central bank governors vowed to use “all appropriate policy tools” to contain the economic threat posed by the coronavirus. The question left unanswered is what is appropriate and what will work. The immediate response took the form of central bank rate cuts, with the US Federal Reserve fast off the mark. Though central banks can move quickly, however, it is … Continue reading Coronavirus is as economically contagious as it’s medically | COVID-19
Humour is the foundation of a cartoon and it is its limitation. Attempts to rationalise humour in terms of today’s utilitarian social structure probably explain why political cartooning, and the genre of cartooning as a whole is a dying art. In a fast-paced environment such as the internet, memes emerged as a one-dimensional satirical illustration; they don’t engage with the issue and, therefore, their moral message and practical impact are limited. Continue reading Can Memes Revive Political Satires and Cartoons?
Changing a town’s name for a singular – even arbitrary – purpose, even if only temporarily, has a relatively long history. Changing names of cities also leaves with a few questions: What good did these city name changes accomplish? Do residents of these cities feel any prouder of their localities now than before? Have the changes resulted in better investment opportunities, infrastructure or living standards? Continue reading What’s in a Name? | Changing Names of Cities
The 2015 Paris agreement established a global target for lowering greenhouse-gas emissions — aimed at keeping the atmosphere from warming by 2 degrees Celsius. One hundred and ninety-four countries have signed the treaty, which means that they have agreed to continue the process of the treaty on climate change mitigation. Nearly all the world’s countries agreed to create a system to measure their progress, and to continually strengthen their efforts. Continue reading Game Theory in Climate Negotiations