O-RING THEORY OF ECONOMIC DEVELOPMENT

-

Michael Kremer formulated the O-ring theory in His article, “The O-ring Theory of Economic Development,” published in the Quarterly Journal of Economics 
It presents a production function in which production consists of many tasks, all of which must be successfully completed for the product to have full value. 
The O-Ring Theory owes its name to the National Aeronautics and Space Administration disaster in 1986, involving the space shuttle Challenger 
The high temperature at which the shuttle was launched, which caused it to explode.
The full length article is available at following link 


 http://upsconline.com/o-ring-theory-of-economic-development/

Comments

Post a Comment

Popular posts from this blog

THE BLOOD & IRON POLICY OF BISMARCK

-
Image
Before 1848, Germany was a confederation of 38 states ruled by princes or kings. Prussia was the largest and most powerful of these states. Prussia and Austria were the two most powerful states. In 1848 the states tried to create a unified Germany, but the attempt failed.  Many Germans believed that unification could only be achieved under Prussian leadership. But the Prussian king did not want to take a crown from the hands of revolutionaries and liberals. Unification would have to be on his terms.  He appointed Otto von Bismarck to be his chief minister in 1862. Bismarck set forth a policy called “blood and iron”. Bismarck intended to use war to achieve his aims of unifying Germany. Bismarck started three wars. The Prussians fought against the Danes, the Austrians, and the French. By 1871, Germany was united. The policy of “blood and iron” had worked. Bismarck’s “Blood and Iron” Speech (1862) is one of the more famous political speeches in the history of Germany and of the world. T
Read more

CHATGPT : - AN AI TOOL

-
Image
Research workers of MIT University created a computer programme in 1964, it provided seamless communication between human & machines. By 1966, they built an app called ELIZA, that helped in building the chatbots.  Eliza was equipped with, the  keyword-enabled responses.  Another language processing bot, A.L.I.C.E, was introduced in 1995 & in 2001 a new version ‘SmarterChild’ was launched. It was considered as the foundation of modern AI chatbots. A decade later, the introduction of AI chatbots like, Amazon Alexa, Google Now and Siri, were introduced.  An AI powered chatbot was founded in 2015 by a group of entrepreneurs, including Elon Musk, Sam Altman & Greg Brockman. An artificial intelligence research firm, called OpenAI introduced an advanced version of AI powered chatbot, on November 2022.  ChatGPT is much more than a chatbot,it is called as, a ‘Language Model’. User can ask it to write a program or for a creative task such as writing a story. It is good at explaining
Read more

HOUSEHOLD PHARMACEUTICAL DISPOSAL PRACTICES

-
Image
  Pharmaceutical products are major sources of pollution all over the world. The consumption and production of pharmaceutical products increased due to demographic explosion, changing lifestyle & epidemiology, increasing chronic health issues, availability of low priced generic medicines, evolution in clinical practices (OECD 2022). Irrational consumption and disposal behaviours of the public lead to pharmaceutical pollution (Vatovec et al 2016, 2017).  The  household pharmaceutical waste is 3% to 50%  in Organisation for Economic Co-operation and Development (OECD 2022) countries. The unused pharmaceutical products  are kept at households until they meet their expiry period before its disposal.  Non-adherence due to side effects and early recovery  are the some of the  reasons for unused medicines in the households. Study shows that , more than half of the respondents  disposed-off this unused  medicines with household garbage.  Others flush the unused medicines into the sink, wat
Read more