By Kritika Chakrabarti, Junior Editor. The outbreak and exponential growth of the novel coronavirus or covid-19 has not only compelled us to limit ourselves to the confinements of our respective homes but also kindled an urgent need for more and more information on this new and unknown monster engulfing more of us everyday. While most [...]
By Kritika Chakrabarti, Junior Editor Have you ever done something because others around you are doing it regardless of whether or not you actually find the need to do it? Well, if you have, then my friend, you might have fallen into the trap of what we call the Bandwagon Effect in economics. By definition, [...]
Losses hurt more than gains feel good.
Ever wondered why classical economists assume all people to be rational? Ever wondered if there was more to economics than the classical school of thought?