What is Gossen’s Law?

Gossen’s Law Explained The Gossen Law was given by Hermann Heinrich Gossen, a German economist to explain his general observations of human consumption. To support his observations, he proposed two hypothesizes which later got converted into a law. It is also known as the ‘Law of Diminishing Marginal Utility’. The law of diminishing marginal utility …

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Weber Fechner’s Law Explained

The world around you provides many stimuli at a time but you do not respond to all stimuli, particularly those which are very low in intensity. Different types of sensations need the different intensity of stimuli for activation. Gustav Theodor Fechner, the founder of psychophysics attempted to measure the just noticeable difference (j.n.d) with a …

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Campbell’s Law Explained

When we have a complex goal that cannot be measured, we often find a measurement that guides us to achieve our goal. For example, “Becoming healthy” is a vague and complex goal, so we seek something measurable. We decide to measure our body weight. But sooner or later, the measurement takes over as the real …

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miller's law

Miller’s Law Explained

Introduction: What is Miller’s Law? Ever wondered why the standard American telephone number has seven digits? I guess we all have heard of the magical number 7, but why is it called magical and is it indeed? Let us find out. In 1956, George A. Miller discussed this question in his article titled “The Magical …

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godwin law

Godwin’s Law Explained

Introduction: What is Godwin’s Law? Godwin’s law, also known as Godwin’s rule of Hitler Analogies, puts forth the notion that “As an online discussion continues, the probability of a reference or comparison to Hitler or Nazis approaches or becomes stronger”. This simply implies that sooner or later, Hitler will come up in every online argument. …

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Wolff’s Law Explained

Did you know that hitting your bones repeatedly would eventually make them stronger? Even strong enough to break bricks or a block of wood. This may sound improbable but it is true according to the Wolff’s Law. Wolff’s Law, given by the German anatomist and surgeon Julius Wolff in the 19th century, states that bones …

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Gibrat’s Law Explained

The infamous Gibrat Law was proposed by Robert Gibrat in 1931. The law states that the proportional rate of growth of a firm is independent of its absolute size. The law is also known by the names- Gibrat’s Rule of Proportionate Growth or The Law of Proportionate Effect. Gibrat’s law is also applied to city’s …

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