Annals of the Social Science Academy of Nigeria 1(1) 1995 DOI: 10.36108/ssan/5991.07.0101
THE LAW OF STATISTICAL REGULARITY AND ITS SOCIO-ECONOMIC SIGNIFICANCE
S. I. Idele
ABSTRACT
This paper considers the law of statistical regularity which has transposed statistics from being merely a quantitative discipline to an inferential one. In particular, the physico-mathernatical basis of statistical regularity has been analyzed as the bedrock upon which the socio-economic superstructure is erected. This has made the central concept in statistics to enjoy a wide range of empirical applications in this paper, including the determination of the market equilibrium prices of OPEC oil in the long-run, the stabilization process of male-female ratios of births in the semi-stable population of Nigeria and the institutionalization of stable national insurance policies for the country, hi fact, it is this extended — and indeed innovative — use of the law of statistical regularity that gives this study its utilitarian and heuristic significance for the articulation of viable, stable and crisis free national development policies.