1. Who is call as " Thakazhi Sivasankara "

Answer: Pillai

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MCQ->Which one of the following is written by Thakazhi Sivasankara Pillai...
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MCQ-> People are continually enticed by such "hot" performance, even if it lasts for brief periods. Because of this susceptibility, brokers or analysts who have had one or two stocks move up sharply, or technicians who call one turn correctly, are believed to have established a credible record and can readily find market followings. Likewise, an advisory service that is right for a brief time can beat its drums loudly. Elaine Garzarelli gained near immortality when she purportedly "called" the 1987 crash. Although, as the market strategist for Shearson Lehman, her forecast was never published in a research report, nor indeed communicated to its clients, she still received widespread recognition and publicity for this call, which was made in a short TV interview on CNBC. Still, her remark on CNBC that the Dow could drop sharply from its then 5300 level rocked an already nervous market on July 23, 1996. What had been a 40-point gain for the Dow turned into a 40-point loss, a good deal of which was attributed to her comments.The truth is, market-letter writers have been wrong in their judgments far more often than they would like to remember. However, advisors understand that the public considers short-term results meaningful when they are, more often than not, simply chance. Those in the public eye usually gain large numbers of new subscribers for being right by random luck. Which brings us to another important probability error that falls under the broad rubric of representativeness. Amos Tversky and Daniel Kahneman call this one the "law of small numbers.". The statistically valid "law of large numbers" states that large samples will usually be highly representative of the population from which they are drawn; for example, public opinion polls are fairly accurate because they draw on large and representative groups. The smaller the sample used, however (or the shorter the record), the more likely the findings are chance rather than meaningful. Yet the Tversky and Kahneman study showed that typical psychological or educational experimenters gamble their research theories on samples so small that the results have a very high probability of being chance. This is the same as gambling on the single good call of an advisor. The psychologists and educators are far too confident in the significance of results based on a few observations or a short period of time, even though they are trained in statistical techniques and are aware of the dangers.Note how readily people over generalize the meaning of a small number of supporting facts. Limited statistical evidence seems to satisfy our intuition no matter how inadequate the depiction of reality. Sometimes the evidence we accept runs to the absurd. A good example of the major overemphasis on small numbers is the almost blind faith investors place in governmental economic releases on employment, industrial production, the consumer price index, the money supply, the leading economic indicators, etc. These statistics frequently trigger major stock- and bond-market reactions, particularly if the news is bad. Flash statistics, more times than not, are near worthless. Initial economic and Fed figures are revised significantly for weeks or months after their release, as new and "better" information flows in. Thus, an increase in the money supply can turn into a decrease, or a large drop in the leading indicators can change to a moderate increase. These revisions occur with such regularity you would think that investors, particularly pros, would treat them with the skepticism they deserve. Alas, the real world refuses to follow the textbooks. Experience notwithstanding, investors treat as gospel all authoritative-sounding releases that they think pinpoint the development of important trends. An example of how instant news threw investors into a tailspin occurred in July of 1996. Preliminary statistics indicated the economy was beginning to gain steam. The flash figures showed that GDP (gross domestic product) would rise at a 3% rate in the next several quarters, a rate higher than expected. Many people, convinced by these statistics that rising interest rates were imminent, bailed out of the stock market that month. To the end of that year, the GDP growth figures had been revised down significantly (unofficially, a minimum of a dozen times, and officially at least twice). The market rocketed ahead to new highs to August l997, but a lot of investors had retreated to the sidelines on the preliminary bad news. The advice of a world champion chess player when asked how to avoid making a bad move. His answer: "Sit on your hands”. But professional investors don't sit on their hands; they dance on tiptoe, ready to flit after the least particle of information as if it were a strongly documented trend. The law of small numbers, in such cases, results in decisions sometimes bordering on the inane. Tversky and Kahneman‘s findings, which have been repeatedly confirmed, are particularly important to our understanding of some stock market errors and lead to another rule that investors should follow.Which statement does not reflect the true essence of the passage? I. Tversky and Kahneman understood that small representative groups bias the research theories to generalize results that can be categorized as meaningful result and people simplify the real impact of passable portray of reality by small number of supporting facts. II. Governmental economic releases on macroeconomic indicators fetch blind faith from investors who appropriately discount these announcements which are ideally reflected in the stock and bond market prices. III. Investors take into consideration myopic gain and make it meaningful investment choice and fail to see it as a chance of occurrence. IV. lrrational overreaction to key regulators expressions is same as intuitive statistician stumbling disastrously when unable to sustain spectacular performance....
MCQ-> Read the passage and answer the questions that follow: Passage II Humans are pretty inventive creatures. That might be cause for optimism about the future of global change. We've found solutions to lots of problems in the past. And with a much larger and better-educated population than the world has ever seen — the supply of good ideas can only increase. So innovation will figure out a way to sustainable futures. But what is innovation? The media and companies routinely equate innovation with shiny new gadgets. In the same spirit, politicians charged with managing economies frequently talk as if all innovation is good. The history of almost any technology, however — from farming to applied nuclear physics — reveals a mixture of good and bad. The study of the concept of innovation, and of whether it can be steered, is a relatively recent academic effort. There are three ways that scholars have thought about innovation. The first was basically linear: science begets invention that begets innovation. Physics, for instance, gives us lasers, which give us —eventually — compact discs. Result: Growth! Prosperity! Rising living standards for all! From this perspective, it's assumed that science is the basis for long-term growth, and that innovation largely involves commercialisation of scientific discoveries. There is a role for the state, but only in funding the research. The rest can be left to the private sector. By the 1970s, economists interested in technology and some policy-makers were talking about something more complicated: national systems of innovation competing with each other. Such "systems" included measures to promote transfer of technology out of the lab, especially by building links between centres of discovery and technologists and entrepreneurs. The key failing of these two approaches is that they treat less desirable outcomes of innovation as externalities and are blind to the possibility that they may call for radically different technological priorities. The environmental effects of energy and materials-intensive industries may turn, out to be more destructive than we can handle. Radical system change is a third way to think about innovation. Technological trajectories aren't pre-ordained: Some paths arc chosen at the expense of others. And that's harder because it needs more than incremental change. The near future is about transformation. The more complex historical and social understanding of innovation now emerging leads to a richer concept of infrastructure, as part of a system with social and technical elements interwoven.An emphasis on the new, the experimental, the innovative - and on promoting social and technical solutions to global problems must overcome the sheer inertia of the systems we have already built - and are often still extending. Aiming for transformation leads to another take on creative destruction. It isn't enough to promote innovation as creation, the existing system has to be destabilized as well. System shifts of the radical kind envisaged will call for creation of a new infrastructure. But that won't do the job unless the old systems are deliberately removed on roughly the same time-scale. Achieving that will call for a lot more thought about how to if not destroy the old systems, at least set about dismantling them. From the passage we can conclude that the author believes
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