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In common usage, "significant" usually means "noteworthy" or "of substantial importance". In econometrics —the use of statistical techniques in economics—"significant" means "unlikely to have occurred by chance". For example, suppose one wishes to find if the minimum wage rate affects firms' decisions on how much labor to hire.
Economic growth is often seen as essential for economic prosperity, and indeed is one of the factors that is used as a measure of prosperity. The Rocky Mountain Institute, among others, has put forth an alternative point of view, that prosperity does not require growth, claiming instead that many of the problems facing communities are actually a result of growth, and that sustainable ...
An example of the Matthew Effect's role on social influence is an experiment by Salganik, Dodds, and Watts in which they created an experimental virtual market named MUSICLAB. In MUSICLAB, people could listen to music and choose to download the songs they enjoyed the most. The song choices were unknown songs produced by unknown bands.
Financial independence is a state where an individual or household has accumulated sufficient financial resources to cover its living expenses without having to depend on active employment or work to earn money in order to maintain its current lifestyle. [1] These financial resources can be in the form of investment or personal use assets ...
Artha. Artha (/ ˈɑːrtə, - θə /; Sanskrit: अर्थ; Pali: Attha, Tamil: பொருள், poruḷ) is one of the four goals or objectives of human life in Hindu traditions. [ 1 ] It includes career, skills, health, wealth, prosperity and the means or resources needed for a fulfilling life. [ 2 ][ 3 ] The word artha literally ...
For example, improved physical well-being (e.g., by reducing or ceasing an addiction) is associated with improved emotional well-being. [8] And better economic well-being (e.g., possessing more wealth) tends to be associated with better emotional well-being even in adverse situations such as the COVID-19 pandemic .
t. e. Meritocracy (merit, from Latin mereō, and -cracy, from Ancient Greek κράτοςkratos 'strength, power') is the notion of a political system in which economic goods or political power are vested in individual people based on ability and talent, rather than wealth, social class, [ 1 ] or race. Advancement in such a system is based on ...
Poster for a "rags to riches" ball. Rags to riches (also rags-to-riches) refers to any situation in which a person rises from poverty to wealth, and in some cases from absolute obscurity to heights of fame, fortune and celebrity —sometimes instantly. This is a common archetype in literature and popular culture, such as the writings of Horatio ...