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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.

THE LAW OF STATISTICAL REGULARITY AND ITS SOCIO-ECONOMIC SIGNIFICANCE