The Indian Tempest Sep19

The Indian Tempest

This is Manmohan Singh's second opportunity to cement his place as an economic legend in the annals of Indian history. Can he hold his nerve?

Salary for Housewives – The Wrong Incentives Sep13

Salary for Housewive...

The Women and Child development ministry is considering a proposal to make it mandatory for men to share a certain percentage of their income with wives if they stay at home and do the household chores. This has generated substantial debate from all quarters centering around difficulty in...

Why Complete Education is a Luxury Jun04

Why Complete Education is a Luxury

A typical Indian child learns a diverse range of subjects in his schooling life. Millions of students have cribbed while mugging up their texts, “How will this (cell structure, complex mathematics, chemical properties of Argon,¬†Shakespearean poetry) ever help me in real life?”. Its time we took this complaint seriously. I argue that a complete education that includes all of these subjects in detail, is in fact, a luxury. It is a luxury because it demands 12 years of a child’s life and does not make him employable. Instead it simply renders him ready for college. Between 3-6 years later, and a full 15-18 years after the...

The Marginal Utility of Media May18

The Marginal Utility of Media

The concept of marginal utility is a very powerful one. As a student of economics, the aim is to attain maximum efficiency in the economy. The primary condition for general equilibrium is that the marginal utility of all consumers, producers and the product mix must be equal. In this article I focus on how the media can become more effective by using Marginal Utility in their everyday functioning. Primarily, I will be focussing on print media. Each story published in a newspaper creates utility for the society in general. According to me, newspapers should design content in a manner that maximises marginal utility for society. I explain this...

The Price of Self Respect Apr20

The Price of Self Re...

Every morning and afternoon, on my way to and from the metro station to my college, I observe an old man sitting patiently with a weighing scale. For the princely sum of Rs 2, you can judge the effectiveness of your present exercise routine and generously deduct upwards of a kilo accounting...

Economics in Real Life – Marginal Utility of Money Apr19

Economics in Real Life – Marginal Utility of...

Economics is a powerful subject. It has fascinated students for decades now. Yet the real beauty of economics is visible when we apply its concepts to our daily life. Among the applications of economics, today I refer specially to the marginal utility of money. Theoretically the marginal utility of money is defined as the change in total utility of a person with a change in one unit of money. Essentially it means, ‘How has your life changed by having or not having Rs 100 in hand’. Any economy attains its maximum efficiency, or equilibrium when the marginal utility of money for each individual is the same. This basically means...