The reclining Lady

This is a typical reclining pose of a lady, which is a favourite for any artist.

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The Sun, the central point

The sun, the clock, the ultimate clock, which determines the time of happening or non-happening of everything in this universe. The sun - the ever-faithful sun. Obey the sun, obey its magnanimity. Does anyone know with certainty when it was created? Possibly not, though scientific principles can only assume.

The birds chirp and sing only when they see the first rays of the sun. Flowers bloom only to greet the arising of the sun. We also wake up in the morning for that very same reason. When he sleeps, the whole world also goes to sleep.

The more we try to move according to our timings, the more we invite trouble for us. The sun, the central point of all that is natural, is so much important in our lives. It is not a planet. It is a star, the brightest and the mightiest that we can comprehend.

Days pass on; we remain busy with our worldly life and never remember to give a casual thought to the grace that the sun bestows upon us. We need to establish some kind of connectivity with the sun, at least once a day, most likely in the morning, thanking it for whatever it is giving us incessantly. After all, the sun needs to be worshipped with utmost devotion, no matter what scientific explanations scientists give us with regard to its composition, age etc., thereby creating in our minds a concept or sense of objectivity about it.

Does he really sleep? No. The phenomena of arising and setting of the sun is so designed that he appears to have gone to sleep.

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Theory of Consumption - Revealed Preference Analysis

Introduction: In 1960 Mr. Samuelson introduced the Revealed Preference Analysis to explain the behaviour of the consumer. The fundamental difference between the Utility Analysis, Indifference Curve Analysis and Revealed Preference Analysis is that when the first two are based on the psychology of the consumer, the revealed Preference is based on the actual behaviour of the consumer.

Assumptions: In order to explain the behaviour of the consumer with the help of Revealed preference Analysis, Mr. Samuelson made the following assumptions.

1. Utility cannot be measured.

2. The consumer always prefers more of a good to less, until his income is exhausted.

3. It is based on the Principle of Strong Ordering. This means that if the consumer is given many commodities, he can place them in order of his preference.

4. It is based on the Principle of Consistency, and the consumer acts consistently. 'Consistency in choice' means that if the consumer chooses the commodity combination P in preference to all other combinations, then he will never subsequently choose any combination from the rejected ones in a situation in which P is also available. This is the key to this approach.

5. The choice made by the consumer will reveal the preference of the consumer for the commodity. If he chooses P over Q, then this choice reveals his preference for P.

6. The consumer's preference pattern maintains transitivity. If the consumer prefers P over Q, and Q over R, Then he definitely prefers P over R.

The substitution effect is always non-positive. It can never result into a reduction in the purchase of the commodity whose price has fallen.

In order to find out the consumer's equilibrium position with the Revealed Preference Analysis, we make the following assumptions.

1. The consumer has a fixed amount of income.
2. There are only two commodities available in the market, namely A and B.

On the basis of these assumptions we can now draw the following diagram and find out the consumer's equilibrium position.

Let us assume that the price line or budget line is XY. It represents all combinations of commodities A and B available to the consumer. The consumer can choose any of the combinations of commodities A and B, lying within, or on border of the shaded triangle OXY.
We now assume that out of all the combinations available to him, the consumer chooses to consume Oa of commodity A and Ob of commodity B. This combination is represented by the point P. Thus the consumer has chosen the combination P in preference to all other combinations lying within the triangle OXY. So in future he will never choose any combination from triangle OXY in a situation where P is also available.

Now there is a fall in the price of commodity B. The price of commodity A and the income of the consumer remains constant. Given the same income, the consumer can still consume OX of commodity A by spending all his income on commodity A. Also as the price of commodity B has fallen, he can consume OZ of commodity B instead of Ob, by spending all his income on commodity B. Therefore, XZ is the new budget line.

A fall in the price of a commodity is equivalent to an increase in real income. This income effect needs to be eliminated. This is done by moving the new budget line XZ towards the origin O, keeping it parallel to its original position, until it passes through point P. So the new budget line is X'Z', where the consumer is able to purchase his original combinations of commodities A and B at P, but at the new set of prices. (new price for commodity B only; price of commodity A has not changed). The consumer can now choose any point on X'Z'.

Considering the segment X'P: All points on segment X'P were available to the consumer before the fall in the price of commodity B. All these points were within the triangle OXY and rejected by him originally in favour of the combination at point P. So, in the new situation, where P is still available, he will definitely choose P rather than a combination previously rejected. This is because the consumer moves according to the Principle of Consistency.

Considering the segment PZ': The segment PZ' represents combinations of commodities which were not previously available to the consumer. It would therefore be quite consistent for the consumer to choose some combination along the PZ' part of the new budget line. This could mean consuming more of commodity B, whose price has fallen.

This implies that the consumer either consumes same quantity of commodity B as before by remaining at point P, or more of the commodity B by choosing a point on the segment PZ'. The consumer selects the point Q. If we now restore the income effect and return to the changed budget line XZ, the consumer will move to R on the changed budget line XZ, as a result of both income effect and substitution effect, where bc (the price effect) = bs (the substitution effect) + sc (the income effect).

Conclusion: The substitution effect can never lead the consumer to buy less of a commodity whose price has fallen.

Unless the income effect is negative and of sufficient magnitude to neutralize the substitution effect, under the assumption of consistency in choice, the demand curve of a consumer for any product will slope downward to the right.

Criticism: Some economists have said that this analysis is based on the assumption of Strong Ordering. But according to the critics if the consumer is given many commodities it will not be possible for him to follow the Principle of Strong Ordering. In the case of many commodities there may be a stage where the consumer will be indifferent.

Though there are some defects in this analysis, the advocates of this analysis regard this as superior to the other two because it is based on the actual behaviour of the consumer. So according to them this is more scientific because it is based on the actual behaviour of the consumer.

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Theory of Consumption - Indifference Curve Analysis - Substitution Effect

Meaning: When there is a change in the price of one commodity, and when the price of another commodity remains unchanged or constant, the income of the consumer must be changed in such a way that the consumer is neither better off nor worse off. He remains at the same old position. Under that circumstance, if there is a change in the consumption, that would be due to the Substitution Effect.

Equilibrium: We can find out the equilibrium position of the consumer in the following diagram.

In the above diagram AB is the original price or budget line. T is the original equilibrium position. There is a fall in the price of X. So the new budget line is AC. To put the consumer at the same old position we draw another budget or price line DE, which will meet the indifference curve at the point T1. So the movement from T to T1 on the indifference curve IC shows the substitution effect. Here the consumer substitutes n->n1 of Y to get m->m1 more of X because the price of X is now comparatively cheaper than the price of Y.

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Factors Governing the Demand of a Commodity

There are several factors which determine the quantity of a commodity that is purchased by a consumer. They are as follows.

1. The price of the commodity: Payment of price involves sacrifice. No reasonable man will sacrifice more than what a thing is worth in terms of utility.
Suppose a man derives a utility worth $40 from a shirt. If the market price of the shirt is more than $40, he will not purchase any. We know that consumers always behave rationally. If the price is $40, he may purchase one. For the second shirt, his utility will be less than $40. He will never purchase two shirts at $40 each. But if the price falls to $30, he may purchase a second shirt. Thus at any particular price, there is a definite quantity of the commodity which the consumer will purchase. The amount of such purchase is determined by the utility received, in comparison with the sacrifice involved. Sacrifice includes sacrifice of liquidity in terms of parting with cash. When the price falls, the sacrifice becomes less, and more will be purchased. When the price rises, the sacrifice increases, and less will be purchased.

2. The income of the consumer: The ability to buy a commodity depends upon the income of the consumer. The higher the income, the less will be the utility derived from the last dollar spent, i.e. less will be the marginal utility of money. A rich man can afford to pay more for what he buys.

When the income of a man increases, his ability to pay increases. He usually buys in large quantities, the goods and services he used to buy formerly, thereby enjoying the economies of scale. He may start buying certain new items. But he may buy less of certain goods when his income increases. He may buy less carbohydrate food and more protein food. The goods which are purchased less when income increases, are called inferior goods.

Decrease in income has the opposite effect. Less goods and services will be purchased. But the purchase of inferior goods may increase.

Thus change in income changes the pattern of consumption, and hence the quality of goods purchased changes.

3. The prices of substitutes and complements: The demand for a commodity changes in the same direction as the price of its substitutes. If the price of coffee falls, the demand for tea will also fall. People will buy more coffee and less tea. This explains the reduced demand for tea.
The demand for a commodity changes in the opposite direction to the prices of its complements. If the prices of computers fall, the demand for internet connections will increase. More people will buy computers, and hence more internet connections will be needed or demanded.

4. The taste and preferences of the consumer: This is the most important factor. How much of a commodity a man buys depends on how intensely he desires it. This also determines how he distributes his income among his different purchases.

5. Habit and imitation: Consumption is determined partly by habit and partly by imitation. A man wants those goods and services with which he has become familiar with long use (i.e. habit). An individual tries to climb upwards in the social scale. He thus always tries or wants to imitate the habits of those people who are socially superior to him. This habit of imitation is called the Demonstration Effect.

A few words about demand schedule: At different prices, the consumer buys different quantities of an article. The demand schedule for a commodity gives different sets of prices at which different amounts of a commodity can be sold. In other words, a list showing the quantities that will be purchased by a consumer at different prices, is called his individual demand schedule.

Just for a change trying to refresh my memory with what I had learnt as a part of my education curriculum during the 80s.

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Indifference Curve Analysis - Price Effect

Meaning: When there is no change in the income of the consumer, no change in the price of one commodity, and there is a change in the price of another commodity, there will be a change in the consumption made by the consumer. This change in consumption is known as the Price Effect. Though money income does not increase, the real income increases, generating more purchasing power.

Equilibrium position: Under the Price Effect, there will be a change in the equilibrium position of the consumer. This can be shown in the following diagram.


In this diagram PCC is the Price Consumption Curve. It is sloping downwards to the right. Any point on the Price Consumption Curve will indicate the equilibrium position of the consumer under the Price Effect. In this diagram when the price of X falls, the consumer purchases more of X and less of Y.

Shapes of Price Consumption Curve

With a fall in the price of one commodity there will be some extra income with the consumer. It can distribute this real extra income on the two commodities in different ways. So the Price Consumption Curve will have different shapes. Below we draw the different shapes of the Price Consumption Curve.



















In the above diagram PCC is the price consumption curve. It is a horizontal straight line. It indicates that with a fall in the price of X, the consumer purchases more of X and the same quantity of Y



















In the above diagram PCC, the price consumption curve, is sloping upwards to the right. This indicates that with a fall in the price of X the consumer purchases more of X and more of Y.

In this diagram the price consumption curve is sloping upwards to the left. This indicates that with a fall in the price of X, the consumer purchases less of X. This is applicable in case of Giffen goods.

Mr.Robert Giffen, made a survey in Ireland in the 19th century and found out that the people of Ireland spent major portion of their income on potatoes and meat. He also observed that when there was a rise in the price of potatoes, people purchased more potatoes. Because they did not have sufficient income to purchase sufficient quantity of meat and potatoes. Since potatoes were more essential to them, they purchased more potatoes and less meat. So those commodities, which are purchased more even when there is a rise in the price, they are known as Giffen goods.

Substitution Effect will be posted in a few days.

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Indifference Curve Analysis - Income Effect

New equilibrium position under Indifference Curve Analysis

The equilibrium position of the consumer will be found out on the assumption that income of the consumer will remain constant. Now if there is any change either in the income of the consumer or prices of commodities, there will be a change in the equilibrium position.

This can be explained under three heads.

1. Income Effect
2. Price Effect
3. Substitution Effect

1. Income effect: Meaning - Where there is a change in the income of the consumer, but the prices of the commodities remain constant, there will be a change in consumption made by the consumer. This change in consumption is called the Income Effect.

Equilibrium: Under the income effect there will be a change in the equilibrium position of the consumer and that can be shown in the following diagram.


In the diagram AB is the original price line. T1 is the original equilibrium position. As there is increase in income the new price line or the budget line is CD. T2 is the new equilibrium position. When there is further increase in income, EF becomes the new budget or price line. T3 becomes the new equilibrium position. If we now join T1, T2 and T3, it forms a curve known as income-consumption curve(ICC). The ICC shows the new equilibrium position of the consumer, where there is a change in income, with prices remaining constant.

Types of Income Effect: There are two types of income effect.

1. Positive income effect: When with the increase in income, there is increase in consumption, that is known as Positive Income Effect.

2.Negative Income Effect: when with the increase in income there is decrease in consumption, that is known as Negative Income Effect. The negative income effect is applicable in case of inferior goods. Inferior goods are those goods, which are purchased less as one's income rises.

When the consumer purchases less of commodity X as a result of increase in income, X is the inferior commodity. When the consumer purchases less of commodity Y, as a result of increase in income, Y is the inferior commodity.




In both the cases the consumer moves from equilibrium position T1 to the new equilibrium position T3.

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Theory of Consumption - Indifference Curve Analysis

The advocates of Indifference Curve Analysis make the following assumptions for the analysis of the behaviour of the consumer.

1. Utility cannot be measured

2. When the consumer is given more of a commodity, he will always prefer to have more to less of that commodity.

3. It is based on the Principle of Transitivity. If there are many combinations of two commodities, and if the consumer is indifferent between the combinations of A and B, and also indifferent between B and C, so he will be indifferent between the combinations of A and C.

4. The Indifference Curve Analysis is based on the Law of Diminishing Marginal Rate of Substitution.


Properties of Indifference Curve

There are definite properties of the Indifference Curve(IC). On these properties is built the shape of the IC.

1. An IC slopes downwards from left to right, because as the consumer increases the consumption of one commodity, he has to decrease the consumption of another commodity in order to remain at the same satisfaction level.

2. The IC cannot touch either the X-axis or the Y-axis, because if the IC touches either of the axes, then the consumer will purchase only one commodity. But this is against the concept of the IC. IC is the representation of the same satisfaction obtained from different combinations of two commodities.


3. The higher IC gives more satisfaction than the lower IC, because in the higher indifference curve the consumer will have more of the commodities. Also, the consumer will always prefer to have more to less of that commodity. In the diagram IC4(highest) gives the maximum satisfaction to the consumer because on this curve the consumer will have more of the commodities.

4. The different indifference curves cannot cut each other at any point. If two ICs cut each other at a point, satisfaction obtained from both the curves will be the same. This is against the property of IC. All the points on a higher indifference curve give more satisfaction than all the points on a lower indifference curve.

5. An indifference curve is convex to the origin because it is based on the law of Diminishing Marginal Rate of Substitution.

Diminishing Marginal Rate of Substitution

Statement of the Law: If there are two commodities, the consumer will substitute one commodity for the other commodity in order to get the same satisfaction, but the marginal rate of substitution will be diminishing.

This can be explained with the following example. Figures are units consumed of commodities X and Y.
Combination A (X=1, Y=15, Substitution=0),
Combination B (X=2, Y=11, Substitution X = 2-1= 1, substitution Y = 15-11 = 4 )
Combination C (X=3, Y= 8, Substitution X = 3-2= 1, substitution Y = 11-8 = 3)
Combination D (X=4, Y= 6, Substitution X = 4-3= 1, substitution Y = 8-6 = 2 )
Combination E (X=5, Y= 5, Substitution X = 5-4= 1, substitution Y = 6-5 = 1 )

Substitution of commodity Y gradually diminishes from 5 to 4 to 3 to 2 to 1.

Diagram of Marginal Rate of Substitution

When the Indifference curve is convex to the origin, the Law of Diminishing Marginal Rate of Substitution will be applicable.

The Indifference curve can never be a straight line or concave to the origin.











Consumer's Equilibrium

Meaning: the consumer will be at an equilibrium position when he gets the maximum satisfaction out of his consumption. At this position he is not willing to make any alterations in his pattern of consumption.
Assumptions: In order to find out the consumer's equilibrium position with the help of IC Analysis, we make the following assumptions.

1. The consumer has an indifference map.
2. The consumer has a fixed amount of income, and he will spend the whole of the income on the goods or commodities, which are available in the market.
3. There are only two commodities available in the market. This is done to keep the discussion simple and easy to comprehend.
4. The prices of these two commodities are fixed.
5. These two commodities are finely divisible.
6. The consumer acts rationally.

Now if we combine the indifference map and the price line, we can find out the consumer's equilibrium position, because the indifference map shows the scale of preferences of the consumer and the price line shows the purchasing power of the consumer.

In the diagram below we combine the indifference map and the price line.


Conclusion: thus according to the Indifference Curve analysis the consumer will be at equilibrium when the price line is tangent to the highest Indifference curve.

New equilibrium position under Indifference curve analysis
The equilibrium position of the consumer will be found out on the assumption that income of the consumer will remain constant. Now if there is any change either in the income of the consumer or prices of commodities, there will be a change in the equilibrium position.

Effects of income and price changes will be discussed in a separate post soon.

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Theory of Consumption - Indifference Curve Analysis - An Overview

Introduction: The ordinalists did not accept the Utility Analysis. They pointed out many defects in the Utility Analysis. Some of the defects are as follows:

1. The Utility Analysis is based on the assumption that utility can be measured. But according to the ordinalists utility cannot be measured.

2. The Utility Analysis is based on the assumption that utility is independent. The utility of one thing does not depend upon the utility of another thing. But according to the ordinalists, utility is not independent. The utility that we get out of a commodity depends on the consumption of another commodity. For example: Pen and ink.

3. The Utility Analysis is based on the assumption that the marginal utility of money remains constant. But according to the ordinalists, the marginal utility of money does not remain constant. When the consumer has more money, the marginal utility of money, that is the utility derived from the last dollar spent, will be less. When the consumer has less money, the marginal utility of money will be more.

In order to overcome these defects the ordinalists introduced the Indifference Curve Analysis. Some of the economists are Mr. Fisher and Mr. Edgeworth. This concept of indifference curve was further expanded during the 1950s by two other economists, Mr. Hicks and Mr. Allen.

Meaning: An indifference curve is the representation of the same satisfaction obtained from different combination of two commodities.

This can be shown in the following table.

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Theory of Consumption - Utility Analysis

The Theory of consumption

Assumptions: In the Theory of Consumption we try to analyze the behaviour of the consumer. We try to find out how a consumer tries to satisfy his economic wants. But before we try to analyze his behaviour, we make the following assumptions about the behaviour of the consumer.

1. A consumer has a fixed amount of income.

2. The end of the consumer is to get the maximum satisfaction out of his consumption.

3. The consumer will act rationally.

Techniques: Economists have introduced techniques for the analysis of the behaviour of the consumer.

1. Utility Analysis
2. Indifference Curve Analysis
3. Revealed Preference Analysis

1. Utility Analysis

Introduction: The Utility Analysis was introduced by Mr. Alfred Marshall in 1890, when he published his book "The Principles of Economics."

Meaning of Utility: The aim of man is to satisfy his economic wants. So he uses the goods and services. Thus anything that has the power to satisfy the economic wants of man is said to possess utility.

Measurement of Utility: There are two different opinions among the economists for the measurement of utility.

According to one group of economists it is possible to measure the utility by the amount of money that one spends for the commodity. These economists are known as the Cardinalists.

According to another group of economists it is not possible to measure the utility because utility is abstract. These economists are known as the Ordinalists.

Law of diminishing Utility: If we increase the consumption of a particular commodity, the total utility will increase up to a certain point at a diminishing rate, and the marginal utility will decrease. Marginal utility is the utility derived from the last unit of the commodity consumed.

On the basis of the above table, we can draw the following diagram to explain the Law.

For a hungry person the utility of the first apple is quite high. But after eating the first apple, he may feel even more hungry. So the second apple fetches even higher utility. Thus utility, derived from the second apple eaten, increases. Total utility here is the sum total of utility derived from the first as well as the second apple. After eating the third apple he may start feeling less hungry. So the third apple fetches lesser utility than the second. Thus, marginal utility, that is the utility derived from the last apple consumed, starts diminishing. The fourth apple fetches even less. This way marginal utility keeps on diminishing. Hence the Law of Diminishing Utility. However, the total utility keeps on increasing, though at a diminishing rate.

Consumer Equilibrium: Meaning: The aim of the consumer is to satisfy his economic wants. The position where the consumer gets the maximum satisfaction out of his total consumption is said to be the consumer's equilibrium position. At this position, the consumer is so satisfied that he is not willing to make any alterations in his pattern of consumption.

Law of Equimarginal Utility: In order to find out the consumer's equilibrium position Mr. Marshall has introduced the Law of Equimarginal Utility. It is also known as the Law of Substitution. It is also known as the Law of Maximum Satisfaction.

Assumptions of the law: In order to find out the consumer's equilibrium position with the help of the Law of Equimarginal Utility, we make the following assumptions.

1. The consumer has a fixed amount of income and he will spend the whole income on the commodities, which are available in the market.

2. There are only two commodities, namely X and Y, available in the market.

3. These two commodities are finely divisible.

4. The consumer acts rationally.

Statement of the law: According to the Law of Equimarginal Utility, the consumer will be at equilibrium when the marginal utility of money spent on one commodity is equal to the marginal utility of money spent on another commodity. In order to find out this, Mr. Marshall has introduced the following formula:

Marginal utility of X /Price of X = Marginal utility of Y/Price of Y

When these two are equal, the consumer is said to be in an equilibrium position.

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Economics as a Science

The word science comes from the Latin word 'scientia'. But the scientists try to give the definition of science in two ways.

Science is a body of principles which are applicable everywhere in all periods of times, and on the basis of which predictions can be made. If this is the definition of science, then Economics is not a science.

In Economics there are principles of laws, such as the Law of Demand, Law of Supply, Law of Diminishing Utility, Law of Diminishing Returns etc. But the laws of Economics are not applicable everywhere. Moreover, on the basis of these laws no predictions can be made.

Science can also be defined as a systematic knowledge based on either observation or experiment or study and lays down certain principles about the subject, which is observed, experimented or studied. If this be the definition of science, then Economics is a science, because this knowledge is a systematic knowledge. It is based on observation and study. It lays down certain principles or laws.

Science can be classified into two groups:

1. Positive Science: The science, which gives the answer to the question what it is, is known as positive science.

2. Normative science: The science, which gives the answer to the question what is should be, is known as normative science.

Science can be classified into two other groups:

1. Natural science: The science, which deals with nature and natural phenomena, is known as natural science.

2. Social science: The science, which deals with society and the different elements of the society, is known as social science.

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Subject matter of Economics

There are two approaches to the study of the subject matter of economics.

1. Traditional Approach 2. Modern approach

1. Traditional Approach: The traditional approach was introduced by classical economists. Classical means something, which has been followed for a long period of time. It functions as the basis from which new ideas are developed. It must have its originality. The ideas of classical economists are the basis of modern economic theories.

According to the traditional approach, economics deals with man. Yet economics does not deal with the body or the mind of man. Economics deals with the activities of man. Economics deals only with those activities of man through which man tries to satisfy his economic wants. There are three fundamental economic wants.

a) Food
b) Clothing
c) Shelter

In order to satisfy the economic wants man uses goods and services. This is known as consumption in economics. In the Theory of Consumption we try to analyze the behaviour of the consumer.
For the purpose of consumption, there is a need for production. In the Theory of Production we try to analyze the behaviour of the producer. We try to find out how the producer will allocate his resources so as to get the maximum profit out of his production.
For the purpose of production, we must take the help of the factors of production. There are four factors of production, such as land, labour, capital and organization. When we try to study the distribution of the national income among the factors of production, it is called distribution in Economics.
In the Theory of Distribution, we try to analyze the principle of distribution of national income. In course of time man has specialized in different economic activities. Because of this specialization, the exchange system has developed in the society.
In the Theory of Exchange we study the different problems of exchange.

With the development of state, state is helping man in the satisfaction of economic wants. A branch of Economics deals only with the income and expenditure of the state. This is known as Public Finance.

In the Theory of Public Finance we try to analyze the different sources of income of the government. We also try to analyze how the government spends its income. Thus according to the traditional approach the subject matter of economics can be divided into five parts.

1. Consumption
2. Production
3. Distribution
4. Exchange
5. Public Finance

2. Modern Approach: according to modern approach of economics the subject matter of Economics can be divided into

a) Micro Economics b) Macro Economics

a) When we study the problem of Economics from a particular point of view, such as one individual consumer, one firm, the price of one commodity, that is known as Micro Economics.

b) When we study the problem as a whole, all consumers, all commodities and all producers, it is known as Macro Economics.

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Definition of Economics

If we want to define anything we must find out the class and group to which it belongs. Then we shall find out its distinguishing quality.

It is very difficult to give a definition of economics. Because economists are not of the same opinion as to the class to which it belongs and a special quality possessed by economics. As a result of this, in different periods of time, different definitions have been given about economics.

Examples of definitions of economics.

1. Adam Smith - 1776

In 1776 Mr. Adam Smith published his book, "An Enquiry into the Causes of Nations", and tried to give a definition of economics as a "Science of Wealth".

An object may be regarded as wealth if it possesses the following qualities.

a) Utility
b) Scarcity
c) Externality
d) Transferability

2) In 1890 Mr. Alfred Marshall published his book "Principles of Economics" and in this book he gave the definition of economics as,

"The study of mankind in the ordinary business of life."

According to Mr. Marshall economics deals only with those activities of man, which can be regarded as business activities. Economics does not deal either with the body or the mind of man.

3) Lionel Robbins - 1931

In 1931 Mr. Robbins published his book "The Nature and Significance of Economic Science".

In this book he defined economics as "a science, which deals with human behaviour as a relationship between ends and scarce means which have alternative uses."

If we analyze this definition we can point out the following features of economics.

1. Science : According to Mr. Robbins, economics is a science because the knowledge of economics is a systematic knowledge.

2. Human behaviour : This science of economics deals with the behaviour of man. In other words, it deals with the activities of man.

3. Ends : Economics deals only with those activities of man through which man tries to satisfy his economic wants.

The three fundamental economic wants of man are

a) Food
b) Clothing
c) Shelter

4. Means : In order to satisfy the economic wants, man uses the means available in the society. But these means are scarce. They are limited in supply.

From the above we find out that the fundamental ends of human activities is the satisfaction of economic wants.

5. Alternative uses : The means by which man tries to satisfy his economic wants are not only limited in supply but also have alternative uses.
Because of the alternative uses, there is a need of choice. Man must make the choice of the best use of the available resources. Hence choice is one of the fundamental problems of economics.

Criticism of Mr. Lionel Robbins' definition

This definition has been criticized by many modern economists on the following grounds.

1. According to Mr. Robbins, economics is a science. But according to the critics economics cannot be regarded only as a science. Because in that case we shall be missing the human touch that exists in economics.

2. According to Mr. Robbins economics deals with the problem of choice. But according to the critics every choice made by man cannot come within the scope of economics. The choice must have an effect on the society of man.

3. According to Mr. Robbins economics deals with the problem of scarcity. But according to the critics all the problems of economics are not the problems of scarcity.

4. The definition of economics does not include the other aspects of economics, such as welfare of man, determination of employment and income in the society and the stability and growth of the economy.

Conclusion : Though there are some criticisms against this definition, this definition is one of the most popular definitions of economics. Even today many economists are trying to define economics along the line of scarcity. Even Mr. Samuelson has also defined economics on the line of Mr. Robbins.

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In the near future, educational posts like this will only be published at "Courage to Know"

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Nature, on its own

I did this painting today in the afternoon. Though the whole composition came from my mind, yet I know I must have seen this scene somewhere in the past. That is how things come out from our sub-conscious minds.

It is the same painting as above, which has been given a greenish-yellow colour all over. Hope you like both the variations. I have posted both just for viewers to understand how the whole scenario changes with change of colour. In this one the sky does no longer appear to be the sky. In has become a part of the trees. This difference may please be noted. Happy viewing!

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Consciousness is necessary

One must never reel under the pressure of materialism and consequent over-enjoyment. Enjoyment knows no bounds. Its desire keeps on increasing. It gives birth to greed and lust, which, like termites, eat up the inner core of the mind, and fill it up with aspects that do not promote purification of the soul. Indulging into unsocial, unethical and corrupt activities poisons our soul. Stealing and killing are acts, which seem nothing as harmful and far-reaching as these acts. Such acts breed more such acts, which corrupt the surrounding like an infectious disease.

Fear of punishment should not completely go away. Hope of reward and gain should not loom large in one's mind.

Materialism goes side by side with externalism, whereas spirituality promotes internal growth and acquisition of knowledge about one's soul. Spiritualism is characterized by peace and tranquility. Spirituality begins with awakening of the soul. Fear of loss, an inherent characteristic of materialism, should not be made a thing of the past. Where there is no fear of loss, malpractice creeps in there.   

One must always try to emit positive force everywhere. Fake veil of humanity must never be used to cover up misdeeds. Societies and families must be protected from getting affected negatively. It is very difficult to make people see things in the light of eternity. Men must always be taught to understand the distant effect of their deeds. Disguise can never be allowed to become the order of the day.

Useless consumption of human energy and resources has to be always put under check. Societies and families must be such that people do not get duped into forgetting their roots and their belonging, and committing mistakes. Using vicious ploys to fulfill one's desire are highly immoral. Keeping other persons subordinated and obligated is one of the most frequently used tactics, which must be given up.

Worshipping God only for one's own well-being is no way to show love for God. In praying for the well-being, firstly for our near and dear ones, then for all others, seen or unseen, and lastly for all other beings, lies the true essence of a prayer. Once a person properly knows who he is, he can easily recognize who are his near and dear ones. In no way it must seem that one is taking even God for a ride. One must always know that if he fails to live his life ethically, then in his next birth, his highly impure soul will fail to find a human body to live in.

There are people who talk more, advise more, listen very little, agree and accept very little and also run around a lot, and meet a lot of people unnecessarily. They seek spiritual men, quite unconsciously, for their own survival. These men also have a poor desire and ability to learn. They have very little concern and feeling for others. They are not at all creative. They give only to take away more.  

They can't accept other people's success and prosperity. They can only enjoy, they can't rejoice. They don't know what is delight. They love to discuss about the unholy aspects of life, and seek such unholiness to feed their infected minds. They pounce upon to taint a person's character very easily. They can't forgive. Satirically speaking, they are more interested in blood than flesh!

Such men only make this world a poorer place to live in. They drain mankind of its basic ingredients. They leave only misery for the coming generation.

Need is to recognize the spiritual-minded persons, because they are the persons who can negate the negativity. Negativity is characterized by loss, sorrow, suffering and decadence. Reviving the spiritual feeling in people's minds is absolutely necessary. Unholy men should be taught to show repentance. People should control themselves, put themselves on guard, keep manifesting their true nature and make their human birth a success.

The Philosophy of Consciousness is to be cultured and nourished. That is what has been said in the ancient sacred book called Bhagwat Gita.                     

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Habit, confinement, revelation and limitlessness

The morning that dawns upon us everyday does no longer bring the same joy and pleasure it used to bring when we were young. Its arrival everyday has gone into our habit. Habit makes even the most beautiful things monotonous and distasteful. Habit itself stays in closed compartments and makes us live the same way. It confines us within a known circle. But we cannot do away with all our habits and become indisciplined.                    

When we go to visit a new place we actually try to break our daily habits to see this very same world in a new light. The veil of monotony gets removed, and then we get immense pleasure.

One who is dearest to me, habit can never make him/her monotonous. A part of him/her always remains beyond my perceptions, and there always remains something more in store for me, something more to know. That is why our dearest ones keep on giving us so much pleasure and happiness. A sense of limitlessness is always there. There always remains something more to look forward to. That only gives us real joy.

Whenever we try to confine something within limits, by our habits, customs and usages, it ceases to give us joy and happiness. That is why we open our doors and windows at times to get peace of mind. It is peace that brings happiness. But as regards ourselves, we must very clearly be aware of our own limits. We must never try to surpass them. Whereas regarding other things, we must not try to confine them within limits, particularly when something is trying to manifest itself, with all its colours, most naturally.

Again, it is revelation that gives us happiness. The more we reveal ourselves, the more our true nature gets manifested, and the more freedom we get. The ability to accept everything that comes before us makes us free. But our nature gets manifested only up to an extent it has been designed to. Again I say, we must never be led to go beyond that extent by our desire for fame, honour, riches or power.

All things that have grown old renews their existence once more only through love. When we think about someone we love dearly, everything that was old, torn and tattered yesterday, becomes new and pleasant. It is love, care and affection that makes us see the unbelievable from among our normal beliefs. We can feel the limitlessness; we can get peace and happiness. That is why, looking at the vast expanse of the sky or an ocean gives us peace. 

Everyday we keep on exchanging our love, care and concern for one another, which gives our very existence an ultimate shape or form. This way we keep on setting one another free, slowly and gradually.

Based on Bengali works by Rabindranath Tagore

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The other side of the coin

Whatever noteworthy you come across in your everyday life, be it an event, a happening, a belief, a principle or the like, or something which you have been believing in or enjoying for quite some time, for years may be, consider it as only the one side of a coin. Never forget to turn it over, and have a clear look at the other side. There is definitely an other side. Then only you will be able to analyze and synthesize the real truth behind the knowledge that you have gained. Then only the knowledge becomes complete. Otherwise it remains one-sided. Some kind of biasness makes us believe that we know all that is there to be known, and prevents us to see the other side. We must avoid this prejudiced outlook.

In the process use your reasoning power and intelligence, and then only your knowledge becomes rational. For example today someone has done you a favour, or he has been doing it for quite some time. What is there on the other side? Tomorrow that very same person may not be willing to do the same favour any more, or..... may not be willing to take a favour from you, that he had been taking in the past. It may also be the other way round. Today he has denied the favour. Tomorrow he may extend it. What happens then? The other side of the coin comes into view.

Another example: A vast majority of people is believing in something. That does not mean it is the ultimate truth. The real truth may be something else.

Try to analyze in this way. This will make your knowledge base more sound and firm through rationalization. This will help you to decide what is good and acceptable, and what is not. However, in all situations it may not be possible, practicable or just to exercise this concept. Also it is not always an easy thing to do, as it does not always come naturally.

But a great many things call for such a comparison. It can prevent us from making mistakes, or even getting hurt. In simple terms, it is weighing both the positive as well as the negative side of everything beforehand.

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Spirituality in a nutshell

Marcus Aurelius, the great Roman emperor once said, "Our life is what our thoughts make it." That was long time back. Even in recent times,(20th century) Prof. Dale Carnegie has accepted, what Marcus Aurelius once said, in his book "How to Stop Worrying and Start Living".

To a great extent we can select the path along which we can reach our destiny. Destiny remains the same for everyone, to know oneself, to manifest oneself, and ultimately get united with that Universal God. There is no other destiny anywhere. The path may be different. It is up to us to select the path.

Destiny does not mean all the merriments we enjoy and hardships we bear in our passage through life. Destiny is the ultimate home where our soul always wishes to reach at the end of our worldly life.

So there is no question of deceiving oneself for good. What one conceives in his mind as the right path of his life is the right path, because what is conceived in the mind is nothing but the wish of the inner soul, and we as spiritual beings can never do away with our soul. The soul is divine and pure. It is ever-virtuous and ever-ethical. It is indestructible. It cannot be drowned into water, or burnt into ashes or blown away by wind. It is deathless. It finds peace only by giving, not by taking. The "me" within us gathers and acquires only for the soul to give away and find peace. Through "giving" the soul purifies itself.

So why then do we take, why do we acquire? By doing that, we gain authority and control over our possessions, so that some day we can give that away and bring peace to our inner soul. We acquire only to give away someday. There is no other way out. This is where renunciation comes in. We face difficulties only when we do not listen to what our soul tells us to do. We think we are human beings having human experience. No, we are purely spiritual beings having human experience. One day we all will leave this material world, and our souls will go to their heavenly abode, provided we have been able to purify our souls with our good deeds. Else, it will again take birth in this material world. This will continue until the soul gets purified totally. Then it will go to its heavenly abode. However his love for all living beings, particularly human beings, remains. So to set human beings free from evils, it may again reincarnate as a great man, a saviour.

We are born with the concept of what is good and what is bad. That is one of the basic characteristics of our soul. So we do not have to ever bother about how to distinguish between the two. When we do something bad, we do it knowingly, because our inner soul surely sends us a message pertaining to that. When we commit mistakes our soul tries its best to rectify us. We only need to listen to our soul.

If one knows himself fully, if one knows the highest of truth, which is, why he has come to this world, then there remains no room for self-deception. In short, it can be said that each person has been sent to this world with a definite purpose. Our job is to understand it, and act according to what we have been endowed with, and manifest our true nature. Until we do that, we will continue to deceive ourselves.

Human life has four different phases. In the first phase we build ourselves with rational knowledge and discipline. Our focus remains inward. In the second phase we enjoy, create, and acquire. Our focus remains outward. In the third phase we give away what we have acquired. We start focussing inward towards our soul. In the fourth phase we submit ourselves to God. Our focus remains entirely upon God.

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Mental, emotional and behavioural disorder - anxiety and depression

This is to help build up an awareness about tension, anxiety, panic, fear, phobia, depression and other obsessive disorders. People affected by such disorders need the help of both a psychiatrist and a counsellor.

A Psychiatrist is a person, a professional, who deals with mental, emotional or behavioural disorders. He emphasizes the use of medicine and various other kinds of medical therapy.
A psychoanalyst is a person who analyzes psychic phenomena and treats mental, emotional or behavioural disorders by emphasizing the importance of the patient talking freely about himself while under treatment, especially about early childhood experiences and about his dreams.
Psychiatric Counsellor is a person who gives professional guidance by utilizing psychological methods, especially in collecting case history, data, using various techniques of a personal interview, and testing interests and aptitudes. He helps to bring back the self-confidence of the patient. In the process, he also teaches how to take care of ones' depression, anxiety etc. There is very little to choose between a psychoanalyst and a psychiatric counsellor. They can as well be the same person. Even a psychiatrist can also be a psychoanalyst and a psychiatric counsellor. Henceforth, the word counsellor will be used to mean both a psychoanalyst and a psychiatric counsellor.

Help from both these professionals, a psychiatrist and a psychiatric counsellor, are needed to cure psychological illness.

A counsellor encourages the psychologically ill person to speak out his problems. This is a very important part of the whole therapy. Along with prescribed medicines, proper counselling is also necessary. Once a person speaks his heart out, he feels comfortable. His problems also can be identified in this way. Hence its importance.

How to know whether one needs psychiatric help.
Mental, emotional or behavioural illness starts in a very subtle manner. It is characterized by low self esteem, not being able to get out of negative thoughts, extreme guilty feeling for no apparent reason, irritation, worry, panic, fear, phobia (fear that is unreal), avoiding criticism, thinking too much about the outcomes highly negatively, inability to socialize, loneliness, expecting something terrible to happen, feeling scared, terrified or frightened, fear of death, feeling isolated and different from all other people, less sleep, or almost total sleeplessness, emotionally sensitive, extremely analytical, which is totally unnecessary, putting too much blame on others etc. The list is not exhaustive.

The very first mistake that affected people make is that they continue to think that they are alright. They think it is a shame to get affected by some psychological illness. So they stay quiet and keep on trying to solve their problems in their own way. Very few people can do this. So outwardly they seem quite ok in the initial or in the mid stages of illness. Also there are many people who do not realize that their problems are anxiety, depression and such other disorder related. This way the situation aggravates. Other people start noticing their mental, emotional or behavioural disorders. This brings in more stress. Mostly, affected people need professional help.

Being mentally, emotionally or behaviourally ill does not mean that a person is weak, and unable to bear the hardships of life or lead a normal life. It is just a disease like all other diseases and is totally curable.

So it is advisable to seek professional help immediately, the moment someone finds that he is unable to perform his daily activities properly because his mind remains busy with something else all the time, and this has been continuing for quite some time. He may also feel like doing nothing during the whole day. The symptoms mentioned before should also be checked for. The affected person may feel detached from his surrounding. Familiar things may start becoming alien, arousing some kind of panic or shock. Other persons may seem intolerable. Keeping a desire suppressed for a long time can also cause psychological disorder.

It is not an easy task to get out of depression. Forgetting the self-destructive thoughts is very difficult. But once cured, one can look back and realize with a very rational mind, how wrong way of thinking can affect the life of a person adversely.

Ultimately one has to be ones' own healer but only after he understands all the techniques used by the psychiatrist and counsellor to cure him. In the long run, only the affected person can understand his own mind perfectly.
It calls for a total transformation in ones' thinking, feeling, lifestyle and behaviour.
A normal person can also suffer from anxiety, depression etc. But they get over it soon, or it is mild so as not to cause any harm. So one must be able to realize when things are going out of control.

Some helpful tips:

Yoga, meditation are very, very important tools to cure psychological illness. Getting busy, concern and care for others forgetting oneself, mild exercise, changing the daily routine as far as practicable, changing the way one had been doing things are some useful tips. Change, like time, is a great healer. Trying to feel as if one has achieved what he desires to, helps a lot. Think positive, control anger rationally, that is by reasoning, not by forcibly suppressing anger. Realize the fact that ones' best friend is he himself. So one must trust his own self and gain confidence. Listen to music. It relaxes the mind. Help from friends and family members is also necessary.

So once again I repeat, when things do not improve or gradually deteriorate, one must immediately go to a psychiatrist. He or she should not waste any more time.

He must attend counselling sessions regularly until the condition becomes normal. One must take the prescribed medicines regularly and follow all the instructions given by the psychiatrist and counsellor very religiously. If any medicine aggravates the condition or causes new problems to appear, one must immediately inform this to the concerned psychiatrist. He may change the medicine or dose or whatever. One must not stop taking medicines on his own, thinking that I am cured. It is up to the psychiatrist to do that.

Even after getting cured one must keep in touch with his psychiatrist and counsellor.

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Stay Fit

Keeping the body in shape with regular medicines is no right way to stay fit, save and except for a few diseases like heart ailment, aggravated cases of diabetes or high blood pressure etc. What I want to say is that popping up pills every now and then is no good. That is what I was telling my mother today, who is seventy-six, an arthritis patient, and still a workaholic.

Primarily the well-being of our body depends upon how we spend our days and what we eat. This should be primarily kept in mind. Regular medicine makes the body work artificially. There is no denying this fact. That should not always be the way out, though it is the easiest way out. When no other option remains, we have to take recourse to medicine. But before that, there are so many options available. We fall prey to this easiest way very easily, because planning and following the tasks of the day and eating healthily according to the needs of the body requires patience, control and strict discipline. But once that grows into a habit, it becomes the best solution to stay fit.

Older people seem to understand the need for routine physical exercises more. Younger people seem to overlook this aspect. Youth provides them the extra bit of energy to stay fit, and at young ages people indulge into a lot of activities, which give them a good exercise.

Things start going wrong as age progresses, particularly after forty-five. A time comes when certain medicines become an absolute necessity. If men could be taught to practice forbearance or temperance, to control desires, to restrain impulse and to stay away from going for the excess, then a whole lot of well-being can be incorporated into life, both physical and mental.

These days we see so many people falling prey to mental illness, leading to anxiety, depression, phobia and such other diseases. If men could be taught to understand his own self, and avoid mimicking others, then a check can be put upon mental illness to a great extent.

Our body goes one way, our mind goes another. We must aim for a proper coordination between the two, keeping in mind that going into disarray and subsequent decay is an inherent part of this universe. Depletion, resulting from normal wear and tear, on account of daily use is applicable to everything, starting from a grain of sand to the tallest mountain range. Our body is no exception. In the short span, things do not decay, but go into disarray and disorder. If we arrange the books and other things on our study table in a tidy manner, after a few days it again looks untidy. This is because during these few days, we have not looked after its tidiness. This is true for everything, everything.

This is true for our body also. The study table does not need constant attention, but our body does. It tries its best to stay fit, trying to adjust with, and rectify problems. It gives us signals in subtle ways that we seem to ignore. When it fails to take further care, it revolts. It raises the alarm in the form of some pain, or fever or whatever it is.

Right food at the right time, work, a little bit of exercise, some kind of meditation by indulging into something that one loves to do (yes, this is also a kind of meditation), adequate sleep, taking less stress by depending upon the grace of God with respect to things over which we do not have any control, are a few useful tips to stay fit. Eating the food with a peaceful mind is very necessary. Food, eaten slowly and peacefully, works as a medicine also. Sleep is an invaluable thing. It recharges the body and sets things right that has gone wrong during the day. A sick person's body recovers the most during sleep.

Taking recourse to humour is a great medicine.

The whole thing cannot be accomplished as easily as I have written this. That is true. But this may well be the starting point to stay fit.

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An Experience - Honesty Personified

I was returning home in a bus one night. The bus was more or less empty. It was almost ten by my watch. A relatively poor looking old man was sitting next to me. When the bus conductor came to collect the ticket fare, the old man asked the conductor to give him two tickets, handing him over the fare for two. Nothing was surprising about it till now.

When the bus conductor asked the old man who was his companion, he said that he was alone in that bus. Now came the surprise! I was listening each and every word quite automatically.

The conductor asked him, then why was he buying two tickets? To this the old man replied that last time when he travelled by the same bus, he did not have the bus fare. So he couldn't buy a ticket that day. He said he shouldn't have done that, and for that he apologized. So..... the other ticket is for the last day's journey. Honesty personified!!!!!

The conductor handed him two tickets. Everything became quiet once again.

I got friendly with that man and even took his address. He also took my address. He came to my house several days. He was quite old, around eighty I suppose. He was a Master Degree holder in Psychology. He had worked for many a big companies in his younger days. During his visits to my house, he taught me a lot about human psychology and logic through discussions. I couldn't ask what made him so poor. That might have hurt his pride. I visited his house once. It was a small cottage. Next time I went, I could not find him. Neighbours said he has sold the house and left that locality. I lost his track. I still remember him. Just thought I should share this with my readers.

This is a true story.

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A few Flashes

I don't like a seasonal bird like cuckoo, though its call is very beautiful. I would rather prefer the crow, which will pay its timely visit for the crusts and crumbs on every single day of the year, and ask for its share, if I make any delay.

A pet dog, very religiously, keeps in mind the inhabitants of the house, whereas a pet cat only remembers the house, not its inhabitants.

Even if my continent goes under water due to some natural calamity, (heaven forbids, that never happens), and I have to die, I will die with a great consolation, if people in some other continent(s) survive. They will carry forward this civilization of mankind.

I find myself at a loss when I am unable to make someone accept the good habits of daily life, and become disciplined.

One must try to hold back a bit, his habit of consumption. Whatever one can consume is not always honourable to consume.

Sometimes prudence is given the colour of ego by those who are less able intellectually and rationally. They are great egoists themselves. Ego is the characteristic of nourishing an idea that what I think, know and utter are ultimate. There can be nothing beyond that.

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The Helpless Lady - A story

The drizzle had stopped. Darkness of the night had engulfed all and sundry that was barely visible in moonlight. It was a warm summer night. The warmth was natural at that time of the year, and the uneasiness that it was causing was nothing to complain about. A gentle breeze was bringing some relief, and rendering some freshness to the whole surrounding.

I was getting ready to walk my way back home, which was about three furlongs away from the place where I was standing. It was customary for me to take a walk every night after dinner. Tonight was no exception. I looked at my watch. It was past 9:00 pm. My attention fell on an advancing silhouette, quite definitely belonging to that of a woman, if I am not wrong. A car, with its headlights on, passed me lazily towards the city end. Now I could see the woman distinctly. She was heading towards me.

"Can I talk to you? ", She was now very near to me.
Now I could see she was quite an young lady, whose inherent beauty has been somewhat robbed away, possibly by the drudgery of some indecent life, which her shabby dress was proclaiming.
"Yes, what is it? ", I replied with an inquisitive tone.
"Can you help me? I have a kid, a boy, with no shelter to put up ourselves." She continued.
I couldn't find anything to say. I was still observing her. She looked respectable enough.
"My husband is a rogue. I need a shelter to keep my son safe; else he would sell my son off to a wealthy couple. I have fled. Can't you see? ..... I am in great trouble. ", she continued without any pause. . . . . with a great eagerness to pour out the words into my ears in one breath.

I was not prepared for this. Moreover, I was getting late. There was no one else around. I wondered where her son was right at that moment, for whom she was so much worried. Somehow I was no really believing what she was saying.

"See madam, I live alone, and it won't look fair to let you stay in my house even for a night. I hope you understand." I squeezed the words out of my mouth with great difficulty.

My words instantly made her withdraw herself from the advancing state, which till now she was willfully forwarding. She sort of went inside a shell.
"Have I been rude? ", I just thought.
"Where is your son? ", I asked.
There was no reply.
In the next instant I found her getting ready to move forward, looking vaguely at something that was not there. I couldn't utter any more words further.

She moved away from me and started walking. I kept on looking at her for some time. Then I also started walking back home.

I had forgotten the incident, and for the next one month or so it never surfaced in my mind, until one night I saw her again. She was sitting under a tree, with a little boy in her lap. Yes, it was the same lady, looking very worn out.

I advanced towards her, but could not find any word to map upon my tongue. Instantly my conscience slapped me across my face. I understood the mistake I had committed one month back. How narrow-minded I had been that night. I did not believe her words. I stood dumbfounded. She looked up towards me expectantly.

Many a years have passed by since then. That little boy is now a young lad of twenty-two. I find great solace when I look at him every morning, getting ready to go for work. Till he comes back in the evening, my hours remain dull.

His mother is no more. Only her memory remains. I could not save her. She died of some unknown disease, which her dreaded life with her husband had possibly bestowed upon her. But she left back someone for me to fall back upon. Still I find consolation when I think that his mother, my dear sister I suppose, could die in peace, under the roof of my house. That is the most I could do for her.

This story is totally imaginary. Any resemblance to any real happening may please be treated as coincidental.

Chandra, March 10, 2011

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