ECONOMICA

 The year 2021 has been a blockbuster year for the Indian startup ecosystem, which has led to their landmark growth. This, in turn, has transformed startups like UpGrad, PharmEasy, and Cred into a Unicorn in just a couple of years or, in some cases, even in months. This year alone, India has witnessed 42 startups transforming themselves into Unicorns. As a result, India has now displaced the UK to become the 3rd top country to host Unicorns, behind China and the USA. However, not everyone knows what a Unicorn is. So, lets take a brief look at what is a Unicorn and how India is picking up pace in creating more of them. What is a Unicorn? Unicorn is a term used in the venture capital industry to describe a privately held startup company with a valuation of over $1 billion. The reason a company is called a Unicorn is that just like the Unicorn (a fictional creature) these companies are rare. Today India has about 79 of these rare Unicorns of which 42 were born in 2021 itself. This means t

  Behavioural economics is a psychological study as it considers the economic decision-making processes of individuals and institutions. Behavioral economics brings psychology and economics together to explore why consumers sometimes make irrational decisions, and how and why their behaviour does not follow the predictions of economic models. It helps to understand why we fail to buy the product we ideally are supposed to and end up buying another one. While the field of classical economics states that decision-making is entirely based on theoretical knowledge and rational logic, behavioural economics allows one to study the irrational decisions made by humans.                                                                               Behavioral economics consists of various theories by several Nobel Laureates who have done notable work in the field. In the 1950s, the concept of 'Bounded rationality' was developed by Economics Nobel Laureate Herbert Simon . This the