ScienceGuy

-  Based on  Lecture (1) by  Ben Bernanke in  G eorge Washington University   This lecture explains what central banks do, the origin of central banking in the United States, and the experience of the Fed during the Great Depression. A central bank is not a regular bank but is a government agency. They are at the centre of the financial system and play a major role in the economic policy. Today virtually every country has central banks, except, in the currency unions where several countries share a common central bank, for example, the European Union. The missions of a nation’s central banks are 1. Macroeconomic stability: All the central banks strive for low and stable inflation; most also try to promote stable growth in output and employment 2. Financial stability: Central banks try to ensure that the nations financial system functions properly; importantly, they try to prevent or mitigate financial panics The tools available for central banks to achieve these object

The founding father, perhaps the grand-father of physics (theoretical physics per se), whose idea changed our world and post which our perception about the world changed forever was proposed by an ancient Greek pre-Socratic philosopher Democritus in 4 century BC. According to him, all the matter is made from small pieces called “atoms” (Greek: atomos ), meaning “uncuttable”. Democritus believed that the atoms differed in size and shape and are in continuous motion and they collide and sometimes rebound or stick together. Therefore, changes in the matter were a result of this breakage or combination of atoms. His theory of atoms was elaborated later by the Greek philosopher Epicurus, and Roman Epicurean poet Lucretius. Jump to 18 th century, Antonie Lavoisier gave the law of conservation of mass, while Joseph Louis Proust presented the law of definite proportions. English scientist John Dalton expanded on their work and gave the law of multiple proportions. He further found that thi

Economics and Rocket Science I am more of a macro-economics guy, so why should I care about rocket science? Well today when someone talks about Economics, one surely has the term “growth” embedded in their thoughts. Growth, however, may have different meanings to different people or economists – for some, it might be income growth, for some ecological growth while for some it might be social growth. Growth in economics mainly comes from productivity (or total factor productivity). And the major factor which enhances productivity is technological progress. It is this which pushes the technological frontier forward, and rocket science is one such field which has pushed the frontier leaps and bounds. So, whether it be rocket science or any other sciences for that matter, its proper understanding can help grow an economy and making people’s lives better!  History of Space flight  One of the earliest mentions of the rocket-like in history come from the writings of Gellius, a R