Unemployment: Delving Deep Into the Dynamics of Layoff

Understanding the profound psychological impact of layoffs in India is essential for developing comprehensive strategies and support systems to address this crisis. The psychological toll of layoffs is profound.

Unpacking Prospective Foreign Policy (Understanding risk-taking behaviour through Prospect TheoryUnpacking Prospective Foreign Policy)

However, whenever there is uncertainty, risk is inherent, making it an integral part of life. Be it an individual sailing a ship across the Atlantic or an individual ordering a fleet of missiles to be launched. It's just that the stakes are pretty high in the latter. (figuratively and literally). Why is there no Nato in Asia? Why do people in positions of power take risks and can they be predicted? This article delves into risk-taking behaviour in Foreign Policy and the Economic reasoning behind it.

The Endowment Effect: Your Brain’s Pricey Preferences

Your childhood bicycle, which has been gathering dust, is more than just a bike. Dive into the 'extended self' and discover why we treasure what's ours. Unearth the quirky world of the endowment effect!

Happiness- Income Puzzle: Understanding Easterlin Paradox

Delving into the tangled layers of happiness, the role of income emerges as a captivating element. However, the correlation between increased income and elevated happiness is not a straightforward ascent, as suggested by the Easterlin Paradox. Coined by Richard Easterlin in 1974, this paradox posits that, while happiness varies directly with income at a point in time, the long-term growth rates of happiness and income are not significantly linked. Social comparison dynamics play a pivotal role; initially, rising income brings happiness through comparisons, but as societal incomes elevate, the relative effect diminishes. The Aspiration Level Theory suggests that increasing income prompts elevated aspirations, creating a cycle of diminishing satisfaction. Empirical studies in Australia between 2001-2005 showcased that while real income increased, happiness remained constant or slightly declined, emphasizing the impact of peer group income on happiness. However, the Easterlin paradox faces criticism for lacking statistically significant connections between happiness and economic growth over time. Intriguingly, South Korea's economic growth from 1980 to 2015 displayed a positive correlation between rising average happiness and real GDP per capita, challenging the paradox. This ongoing debate underscores the complexity of the happiness-income relationship, urging careful statistical analysis and a nuanced understanding of the intricate interplay between economic factors and well-being.

Deciphering the Contemporary Enigma: Exploring the Lucas Paradox

Breaking the Code of an Economic Enigma: Why does capital seem to defy economic gravity? Delve into the mysteries of capital flows, where developing economies challenge conventional wisdom. Uncover the intricate dynamics and decode the hidden threads shaping this perplexing phenomenon.

From Inflation to Greedflation: Unravelling the Economic Journey

Post-COVID-19, "Greedflation" emerges as businesses exploit crises, raising prices for profit. Globally, increased corporate profits fuel inflation, impacting consumer purchasing power, wealth inequality, and investments. Some see it as a threat to capitalism, while skeptics attribute inflation to rising wages. Resolving Greedflation requires a balanced, comprehensive approach with regulatory measures and public awareness.

Flying Too Close to the Sun: Navigating the Icarus Paradox in Business and Beyond

The Icarus Paradox stands as a poignant metaphor for the delicate balance between ambition and prudence in economics. Rooted in a timeless myth, its relevance in modern economic discourse highlights the complexity of decision-making and the limitations of traditional economic models.

Unraveling the paradox of social norms

Are we truly driven solely by self-interest, or do societal expectations play a significant role in economic decision making? Dive into the fascinating world of social norms, economic decisions, and the surprising impact of cultural influences and discover why we often act against our own interest.

The Paradox of choice-More is less?

Can people be made happier with many choices? Some argue that more choices gives us liberty to make our own choices, while some understand that “choice overload” can bring discontent. If a person with zero choices is given a limited choice set, he/she can improve their satisfaction level. Earlier, decisions were imposed over people but now they will experience a tinge of freedom via choices they are offered, which will serve the purpose of betterment of the economy.

The South Korean Bounce Back

In terms of South Korea's economic model, the country has taken steps to reduce its reliance on exports. While exports remain a vital part of the economy, South Korea has actively pursued diversification by encouraging growth in sectors such as technology, healthcare, and renewable energy. The government's initiatives also emphasize innovation and entrepreneurship to foster a more balanced and resilient economic landscape. These changes reflect a recognition of the need to adapt to global dynamics and mitigate the risks associated with heavy export dependence.