Eponyms in Economy
- August 12, 2021
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Eponyms in Economy
Subject: Economy
Context: Modern language is simply peppered with eponyms. When you talk about
Concept:
What is an eponym?
- A word derived from the proper name of a person most closely associated with the phenomenon is called an eponym
- ‘Matthew’s law’ is summarized by the adage “the rich get richer and the poor get poorer“
- Hick’s Law is a simple idea that says that the more choices you present your users with, the longer it will take them to reach a decision
- Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics.