November 2017 – Page 2 – Dr Ramakanta's Ideas

Monopoly

much of land’s value comes not from what is built on the plot by the owner but from the communally created value of its surroundings: nearby roads and railways; a thriving economy, a safe neighbourhood; good local schools and hospitals. Monopoly is a board game where players roll two six-sided dice to move aroundContinue reading “Monopoly”

The FedEx story

The FedEx story. In the year 1962, one Yale student named Fed Smith had submitted his paper in economics. It was titled “overnight delivery service in a computer information age”. It spoke of delivering package by air. In those days, courier delivery from one coast of the US to the other used to takeContinue reading “The FedEx story”

Equation of life.

This may be the equation of your life. Take a minute and answer these questions: 1. Why are you in your current job? 2. How did you choose your subject in college? 3. Why don’t you spend all your time on your favorite hobbies? And if your answers are: 1. “The job pays enough money.”Continue reading “Equation of life.”

Dumb stuff that smart people do.

Economics assumes that people are on the average rational. But Richard H Thaler didn’t agree. He would joke, “As far as economics is concerned, even smartest people used to commit the dumbest stuff. They go on making the same mistake on and on. People are always predictably, consistently irrational.” He had a lotContinue reading “Dumb stuff that smart people do.”

Hyper-ventilation

“When it comes to my health, I would like my doctor to base her decisions on science rather than what she, or some lawyer, thinks will stand up in court.” – Richard H Thaler Lucy was a beautiful girl of 11 years. She was studying in a prestigious international school here. She is a bitContinue reading “Hyper-ventilation”