Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support? About the bookthis book deals with the different facets of the indian economy. The iim ahmedabad business books: day to day economics is an explanatory guide for novice economy enthusiasts.
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The first set of books in the series published in and , were liked immensely by the readers. Several of the books went on to become best- sellers. The set is expanded further in with publication of books on new topics. The idea is to publish books on a comprehensive list of topics in management over time for practicing 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 and the resulting economic downturn since then are still impacting economies all over the 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 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. 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.
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! 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. This book is a tribute to all of them. It is my pleasure to thank them on this page.
The process of writing a book needs a catalyst to initiate the process. Subsequently, Chiki and I sat down to chalk out the plan of the book. Her suggestions on the chapter scheme and writing style which would appeal to a reader with no economics background were very helpful. When about a third of the book was completed, she left Random House and I too got quite involved in teaching, Equis accreditation work, and the administrative chores of a PGPX chairperson. The spirit of writing almost flagged and that is when Milee Ashwarya brought in encouragement at a critical moment of despondency.
In the concluding stages, Radhika Marwah helped me to complete the book and Meena Bhende refined the writing with her copyediting. My sincere thanks to all five of them. Amey Sapre, my good-natured research associate did everything that was foisted on him, which included collection of data, vital statistics, and referencing. Special thanks to him for his support.
And, how can I forget my immediate family? Sylee, my 10th-grader daughter would be fully justified in complaining of my unavailability for clarifying her doubts during her crucial board exam year.
However, she showed a heightened sense of maturity and patience by waiting for mutually opportune spare time. My son Yash, too, missed out on a few cricket duels in our backyard and on listening to a story or two at bedtime. But he never grumbled. Deepali, Sylee, and Yash—thanks for accommodating me. 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?
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. One finds reference to these words in the Socratic dialogue on household management and agriculture. About the same time, that is, circa 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 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 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 , 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 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. 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 phenomena, and economic principles complete, but an attempt has been made to offer a platter of select important topics that concern us as an economic man homo economicus. This book begins with introducing us to key economic institutions within which we operate. We know that the government does intervene in the market and, many times, engages in certain activities which you may have wondered why private firms do not—or are not allowed to—undertake.
For example, you will get clues as to why only the government offers defence services, or why it should not engage itself in producing watches! This issue is addressed in Chapter 1. If the government intervenes in the market or undertakes some economic activities, it needs to manage finances for such activities.
Is lowering income tax a good thing for us? Two other important institutions with which we are closely associated are banks and stock markets. How are the fluctuations in stock prices related to the health of industry?
Why would banks not have, at any point in time, sufficient cash to pay all its deposit-holders? These are questions we address in Chapter 3. Suppose you are a very good computer programmer and an excellent entrepreneur as well. Would you not then start your own firm? You may hire someone who is a good programmer but not so good an entrepreneur. What is true between individuals is also true between countries. It is this principle of comparative advantage that forms the basis of the formation of the World Trade Organization WTO.
We will address the economic rationale and the status of WTO negotiations in Chapter 4. Then, we will cover a few economic phenomena that affect all of us directly. In the recent past, prices of all goods in general and food in particular have been rising rapidly in India. For example, why is it that the pulses, the staple source of protein for Indians, have become so expensive? Such concerns are addressed in Chapter 5, where we try to understand the causes, consequences, and remedies for general price rise—commonly known as inflation.
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IIM Ahmedabad Business Books: Day to Day Economics
Economics and its applications are everywhere around us; however it is not easy for a layman to understand the complex theories and concepts of this subject. To ensure that the subject of Economics can be understood by common people, Satish Y. This book explains the most difficult Economics terms in a simple and easy to understand language. This book explains the role of the Government and the various policies that affect daily economic activities. This book is published by Random House India publications in The main focus of the book is to showcase the various features of Economics using simple terms which will come to the aid of readers of all proficiency levels.