The Market for Lemons: How predatory journals make a new quality journal unsustainable for business?

Nobel prize winner George Akerlof described how the quality of goods is degraded due to information asymmetry between buyers and sellers, leaving only “lemons” behind. Lemon is a vehicle with several manufacturing defects that buyers don’t know while buying. The mechanism: Suppose buyers can’t distinguish between a “peach” (high-quality car) and a “lemon”. A dishonest seller can sell the “lemon” saying it as “peach” at a price that is the average value of lemon and peach. So, in the market of lemon and peach, selling lemon will continue and sellers holding peaches will start leaving the market (as buyers can’t distinguish between lemon and peach, and lemon will have a lower price than that of peach). It produces a positive feedback loop because, when enough sellers of peaches leave the market, willingness to pay for buyers will decrease (as the average quality of cars on market decreased) leading to even more sellers of peach to leave the market. Due to lemons, or predatory journals, n

Social distancing and its impact in Economy

Coronavirus and social distancing can prepare us for a healthy economic model that can work for any period of time.  Pollution rates are going down, lakes are becoming clean, deers are coming to the roads. In other words, nature is taking over the world.  People are working from home and are getting more family time. All these are transcendent for human beings, which needs to be celebrated.   But many politicians are concerned that it will have a serious negative impact on the economy? But is it so? Or it's because of the present economy itself is in bad design. Social distancing promotes remote working: Here is why remote working is the best way of working. More autonomy, more productivity, more happiness as you are no more under the robotic control and surveillance of a boss to micromanage all your tasks. Take for example  for remote working.  Take another example of

The world is near its carrying capacity. A robust plan to save us and the world.

India is bringing the population control bill, but its no way going to save us from the apocalypse. To understand the intensity of danger, let us understand the population growth curves. Changes in Population Size: A population will increase in size with every birth and it will decrease in size with every death. Change in population Size = Births (B) - Deaths(D) Mathematical notation: Where N represents the population size, t represents time and ΔN is the change in population size and Δt is the time interval. r Δt is per capita change in population size If, for example, a population of 1,000 individuals increases by 15 individuals per year, then per capita change in population size is 15/1000 or 0.015. If we make the change at each instant in time, the formula changes to: r represents the per capita change in population size that occurs at each instant in time. Exponential Growth: When the population has abundant food and resources and are free to reproduce, they show exponential grow

How to beat the worst job culture of India?

Productivity describes various measures of the efficiency of production. Most Indian bosses are obsessed with more working hours, but the paradox is the more working hours you have the less productive you become. The Relationship Between Hours Worked and Productivity According to data provided by Ohio University, the average worker is productive for two hours and 53 minutes out of an 8-hour workday. But its not only about productivity but its also about income. In India, a newcomer researcher, programmer or engineer is exploited with long working hours by giving them as low as Rs. 5000 to 10000 per month. You have to pay room rent, transportation charges, electricity bill, for food and clothing as jobs are not available near your home.  The travelling time, which can take more than 4 hours per day due to heavy traffic and ba

Capitalism vs Socialism: Which one is working?

This is the dictionary definition of capitalism: an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets --Wikipedia What is profit? Profit describes the financial benefit realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question. Definition of  socialism any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods But do socialism works?  Here are some of the video, why socialism is much more worse than capitalism? But what about capitalism. We have one-sided eco

Govt spends more than Rs 4,300 crore in 4 years for advertisement. But what are they selling?

This is what RTI shows: In four years, Modi govt spent over Rs 4,300 crore on publicity. This is how much other opponents spend on advertisement. Kejriwal’s Delhi govt spent Rs 274 crore on ads since 2015 – four times more than Congress But if you look at the billionaire entrepreneurs like Ambani, and Mittal, they spend about Rs 50-300 crore per year depending on the market conditions.   This is how Advertising works. The Game theory of Advertising.  The payoff is high for both when both the competitor entrepreneurs don't advertise or they do advertise. But entrepreneurs sell products, and money comes from their profit. But what politicians are selling? As they are not selling anything, so the payoff will be the same when they all don't advertise or they do advertise. The effect that politicians are seeking through advertising will not change if there is a complete ban on paid advertisements.  Do you know where does the money on publicity come from? Yes, you have correctly gues

Not all answers are dichotomous

Payoff table for modified Schelling Game, for more subjective judgement, when decision can’t be made, and the jury can ask for further evidence. Reference Decentralised Jury: Or Something like this, that incentivizes participation even if the answer to the question is subjective.