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This is an accepted version of this page This is the latest accepted revision, reviewed on 17 January 2025. Observation that in many real-life datasets, the leading digit is likely to be small For the unrelated adage, see Benford's law of controversy. The distribution of first digits, according to Benford's law. Each bar represents a digit, and the height of the bar is the percentage of ...
Benford worked for General Electric, first in the Illuminating Engineering Laboratory for 18 years, then the Research Laboratory for 20 years until retiring in July 1948. He was working as a research physicist when he made the rediscovery of Benford's law, and spent years collecting data before publishing in 1938, citing more than 20,000 values ...
Hill discovered what many consider to be the definitive proof of Benford's law. [1] [2] He is also known for his research in the theories of optimal stopping (including secretary problems and prophet inequality problems) and of fair division, in particular the Hill-Beck land division problem.
Bradford's law is a pattern first described by Samuel C. Bradford in 1934 that estimates the exponentially diminishing returns of searching for references in science journals. One formulation is that if journals in a field are sorted by number of articles into three groups, each with about one-third of all articles, then the number of journals ...
Growth imperative is a term in economic theory regarding a possible necessity of economic growth. On the micro level, it describes mechanisms that force firms or consumers (households) to increase revenues or consumption to not endanger their income.
Evolutionary economics is a school of economic thought that is inspired by evolutionary biology.Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited ...
His articles on economic theory and methodology have appeared in leading journals like the American Economic Review, the Journal of Political Economy, the Journal of Economic Literature, Cambridge Journal of Economics, Eastern Economic Journal, Review of Political Economy, Economic Development and Cultural Change, Analysis, and Social Research.
Just as there are many ways of living now in a growth-oriented society, a multitude of post growth futures are possible and many ways of living post growth already exist today. What these futures hold in common is a desire to separate good growth from bad, and to develop human potential and happiness within, and in relation to, a physically ...