In daily life, you come across many people. At least a few of them will be very talkative. When you encounter such individuals, you may try to avoid or flee. You may call them a bore or a time-killer! A chatty person creates an oversupply of words, which reduces their demand in front of others compared to those who speak sparingly or moderately.
In a lighter vein, it can be said that economic theory is at work even in the case of talkative people. This is mentioned in the book by Prof Satish Y Deodhar titled "Why I am Paying More: Price Theory and Market Structures Made Simple." (IIM Ahmedabad Books).
Demand and supply of goods are dealt with in Microeconomics, an important branch of economic theory.
If Economics could be learnt by understanding two words, demand and supply, it is jokingly said that the subject could be taught to parrots.
All things small and big are determined by or influenced by economics. From the moment you wake up, all activities and decisions, from having a cup of coffee at a nearby café, going for a movie, or buying a car, are influenced by economics.
Many people with a master's in economics wonder why we should study economics or whether it is worth the effort! Others are scared of Economics because the theory looks difficult and involves a lot of mathematics and statistics.
The book "Why I am Paying More" gives perfect answers to the questions posed by such people. Another important book that helped bring Economics closer to people was Freakonomics: A Rogue Economist Explores the Hidden Side of Everything by Steven D Levitt & Stephen J Dubner.
The Instagram & FB Blog Lalitha Dhanashastra Padangal (Simple Economics Lessons) is intended to help all of us understand the basic concepts of economics and how it is reflected in our daily lives.
Follow & share these handles to unravel the phenomenon behind everyday behaviour and activities of people, and what influences them.
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