Simple 4 Step T Test

The t-statistic was introduced in 1908 by William Sealy Gosset, a chemist working for the Guinness brewery in Dublin, Ireland. “Student” was his pen name. Gosset had been hired owing to Claude Guinness’s policy of recruiting the best graduates from Oxford and Cambridge to apply biochemistry and statistics to Guinness’s industrial processes. Gosset devised the t-test as an economical way to monitor the quality of stout.  When given a t-test question, we must first find the following: … Continue reading Simple 4 Step T Test

Statistics Introduction

Statistics can refer to numerical facts or its field of study: a group of methods used to collect, analyse, present, and interpret data and to make decisions. Decisions made by using statistical methods are called educated guesses. Like other fields of study, statistics has two aspects: theoretical and applied. Firstly, theoretical statistics deals with the … Continue reading Statistics Introduction

Origins of Australian Law & Legal Systems: Part 1 British History

The 18th century in Britain signified the end of the agrarian economy. With new land reforms of the Agricultural Revolution, agriculture productivity had rose due to new crop rotations. While, it had also declined the agriculture share of the labour force, having driven small farmers off the land, seeking work in newly established factory towns. … Continue reading Origins of Australian Law & Legal Systems: Part 1 British History

Is the free market the best form of mechanism to achieve goals in economics?

Ideas matter, in particular a great idea such as liberty, in all its facets – economics, individual, political, philosophical and historical. However, there remain many challenges to liberty, ever-present under our governments. Therefore, today we must retell the lessons of the past Austrian economists and thinkers and look to writers to understand what is happening. … Continue reading Is the free market the best form of mechanism to achieve goals in economics?