IIMA-Day To Day Economics , livre ebook

Random House Publishers India Pvt. Ltd. - Y Deodhar Satish

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83 pages

English

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The economy isn't just for the economists to debate on. All of us are affected by its ups and downs-global recession, rise in interest rates, or hike in food prices. But do we understand the principles at work and how and why they really affect us? Day to Day Economics is an enjoyable, accessible, and extremely user-friendly book that explains the modern day Indian economy to the layperson. In this relevant book, Professor Deodhar explains the role of the government and its involvement in different aspects of the economy; the need for the RBI and its functions; and how taxes, stock markets, and recessions work. Day to Day Economics will help you go beyond the facts and figures in the budget and connect the trends to your daily life. As with all IIMA Business Books, it comes illustrated with numerous Indian examples and case studies making this the ultimate rookie's guide to the Indian economy.

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Economics

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Publié par	Random House Publishers India Pvt. Ltd.
Date de parution	01 mars 2016
Nombre de lectures	0
EAN13	9788184002966
Langue	English

Informations légales : prix de location à la page 0,0480€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

SATISH Y. DEODHAR

IIM Ahmedabad Business Books Day to Day Economics
RANDOM HOUSE INDIA
Contents
Dedication
Preface
Introduction
1. Medley of Government and Private Sector
2. Budget, Deficits, and Taxation
3. Money, Banking, and the Stock Market
4. Freer Trade and World Trade Organization
5. Anatomy of Inflation
6. The Boom and Bust Phenomena
7. Unaimed Opulence
8. Ecologue
A Note on the Author
A Note on IIMA Business Books
Other Books in this Series
Acknowledgements
Follow Random House
Copyright
Dear Reader, The book you are holding is one of the books of IIMA Business Books series published in collaboration with Random House to disseminate knowledge to executives in a manner that brings them up to date in different fields of management. The first set of books in the series published in 2010 and 2011 were liked immensely by the readers. Several of the books went on to become best-sellers. The set was expanded further in 2012 with publication of books on new topics. The idea is to publish books on a comprehensive list of topics in management over time for practising managers. These books are written by authors who have rich experience of teaching executives from a diverse set of organizations. Written in a conversational style with numerous illustrations from the world of practice, you would find the books useful in your work life. The references cited in the books provide you with ready information on where to look for more detailed knowledge on specific topics and concepts.
The financial market crisis of 2007-08 and the resulting economic downturn since then are still impacting economies all over the world. The common man has been left puzzled by the events as he is unable to comprehend the Ashani Sanket that destroyed his orderly world. The book Day to Day Economics explains the factors that impact the economic well-being of individuals due to what institutions and governments do and do not do. Written in a lucid style, with glossary of words and phrases at the end of each chapter, the book demystifies arcane concepts in economics for the reader. The author engages the reader s attention with illustrations and stories from other fields, including the duel between Adi Shankaracharya and Bharati. The crossword puzzle on economics at the end of the book is an added unexpected attraction for the readers to unobtrusively test their understanding of principles of economics. I am certain that you will enjoy reading the book while unravelling the distant economic thunders that impact your day-to-day life.
Write to us suggesting topics that you would like covered in the books that are to be published under the series in the future.
Samir K. Barua Director IIM Ahmedabad
To my mother, the Gangotri of what I am today,
and
to my late father, the most civil engineer I have ever met!
PREFACE
Quite a few reasons prompted me to write this book. On various occasions, when friends, family folk, and acquaintances come to know that I teach economics, invariably their immediate reaction is a sense of spatial and mental estrangement! Perhaps this happens with most economists, for economics has got a reputation of being an esoteric social science which doesn t have much in common with real life. Nothing can be further from the truth and it has been my dream to prove it. Hence, the character of this book has been shaped by a missionary zeal to convert. At the Indian Institute of Management, Ahmedabad (IIMA), economics is taught in the short-duration executive programmes in management and in the post-graduate programmes in management. However, we often find that conveying and understanding theoretical concepts and relating them to the Indian economy in a short period of time is a very challenging task, both for the faculty and the participants in the programmes. Therefore, the subject needs to be tackled with a different approach, and the interrelationships between the economic institutions and the economic phenomena that pervade our lives need to be taught by using lots of everyday examples. This book addresses that need.
There have been quite a few teachers and colleagues who have had influence in shaping the direction of my academic career. They include high-school teachers like Bhalerao Sir, who aroused curiosity in economics by teaching Ghatatya Upabhogyatecha Siddhanta or the law of diminishing marginal utility; and Datar Sir, who used to bring models to the classroom to show celestial phenomena, such as, eclipses and the phases of the moon. At the Gokhale Institute of Politics and Economics, Pune, Mrs Sulabha Sidhaye took the fear of English out of my psyche, and Professor Nilakantha Rath gave a solid grounding in economics. At The Ohio State University, my PhD guide, Professor Ian Sheldon, brought discipline into my academic writing. Later, when I entered IIMA as a complete stranger, colleagues, such as, Professors Sasi Mishra, Gopal Naik, Devanath Tirupati, Ravindra Dholakia, and Samar Datta, influenced my academic progress. Finally, IIMA Directors gave me the opportunities to serve as Warden, PGP Admissions Chairperson, first Convener of the computerized Common Admission Test (CAT), and Chairperson of PGPX programme. This book is a tribute to all of them.
INTRODUCTION
If there s a book you really want to read but it hasn t been written yet, then you must write it.
-T ONI M ORRISON
Have you been wondering why food prices have skyrocketed in the past few years? When you were planning to secure a loan to buy a car, a home, or a piece of machinery for your business, didn t your friends or business colleagues tell you to wait, for interest rates on loans were expected to fall? And, till only a few years ago, industries were laying off workers the world over. India was no exception. Did you wonder why some of your acquaintances who had just graduated then were finding it difficult to get a job with a decent remuneration? And, later, even when things began to look much better for you and your acquaintances, you may still have occasionally asked yourself while waiting at a traffic light: Why does a kid in ragged clothes still have to knock on your car window and beg you to buy balloons for a pittance?
In one s role as a homemaker or a breadwinner, a student or a professional, a businessperson or an employee, one seeks answers to these and many other economic questions. If you are one such person with an inquiring mind, this book is for you. You will find it interesting because it discusses the economic environment that is so intricately linked with the managing of everyday business decisions, both of households and firms.
The term economics comes from the Ancient Greek word oikonomia ( oikos, house + nomos, custom or law), meaning rules or management of a household . One finds reference to these words in the Socratic dialogue on household management and agriculture. Another reference is attributed to Aristotle s work titled Oikonomikos. About the same time, that is, circa 327 BCE , the Indian statesman Kautilya also wrote a treatise, Arthashastra, in which he describes economics as the basis for attaining material goods and spiritual goods. However, economics, in its modern form, attained visibility when Adam Smith wrote his famous treatise, An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. Since then, economics has evolved into an analytical modern social science with applications in practically all spheres of life. One of the branches of economics that focuses on individual economic decisions of households and firms is called microeconomics. Another-which focuses on understanding the changes in the aggregate business environment-is called macroeconomics. The development and importance of this social science was firmly recognized when the Nobel Memorial Prize in Economic Sciences was instituted in 1968.
Despite the progress made in economics, a few people still perceive it as a dismal science. To paraphrase Paul Krugman, the winner of the Nobel Memorial Prize in Economic Sciences in 2008, those who plan to go into business often major in economics but only a few believe that what they learn in economics will help them run a business. One of the reasons for this bleak impression is the expectation and the misconception that economics equips one with immediate, direct, hands-on tools to run a business. The reality is that the principles of microeconomics form the basis for developing concepts in consumer- and business-related subjects such as finance, marketing, banking, governance, and others. The second reason is that students of economics often ignore the fact that macroeconomics equips one with a sound understanding of the economic environment in which a consumer or a business operates. Perhaps, the importance of knowing the business environment is understood years after leaving college, for only then does one begin to make serious economic decisions-personal or professional. Finally, of course, it also matters whether or not economics is made interesting in the classroom by relating it to market institutions and the environment in which a consumer or a business operates. Though there are exceptions, more often than not, the application part tends to get ignored.
If there s a book you really want to read but it hasn t been written yet, then you must write it, said Toni Morrison, a Nobel laureate who worked with Random House. This book is designed precisely to overcome the perceived inaccessibility of economics to consumers and businesses alike. Hence, the reader is not presented with yet another typical, stylized textbook in economics. Rather, it is hoped that the reader-whether an entrepreneur, a homemaker, or a student-will gain a contextual understanding of the application of economic principles through exposure to the various institutions and phenomena that pervade our economic life. By no means is this exposure to institutions, economic pheno