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Economics made simple
If you can wrap up an economic principle in a story, it just
stays with you a lot more easily. That’s what Robert H Frank
has successfully attempted to explain through his book ‘The
Economic Naturalist’
 When
I picked up the book ‘The Economic Naturalist’ my immediate
reaction was ‘it is going to be fun reading this as it seems
to be amusing unlike most of the other economic books which
tend to be too serious and tedious’. It was indeed an
interesting experience to read through and it also taught me
the best way to learn and teach complex economic principles
and theories in a simpler and comprehensible ways.
Going down the memory lane, it reminded me of how I used to
struggle many times to understand intricate economic
conjectures while studying business management in the
university. I used to think probably I didn’t have the
requisite intellect to grasp everything thrown at me by my
economics teachers. But now I realise that had my esteemed
professors been like Robert H Frank, I would have earned
better grades and perhaps my understanding of the economics
would have been much better. Frank, an economics professor
at Cornell University and regular columnist with The New
York Times, believes that economics doesn’t just happen in
classrooms or international banks. ‘It is everywhere and
influences everything we do and see, from the cinema screen
to the streets. It can even explain some of life’s most
intriguing enigmas.’ He says the information that’s wrapped
up in a story just slides into the brain like a key into a
lock. ‘You can get information into the brain through other
ways also. But as hunter-gatherers, we didn’t immediately
rush for twig and start sketching equations and graphs on
the sand. When we had some idea to convey, we told a story.
And if you can wrap an economic principle up in a story, it
just stays with you a lot more easily. You don’t have to
really wrestle to get the idea. You’ll go to talk about it
with friends. You’ll get better at it. It’s just a much less
painful and more effective way to learn about a subject.’
That’s what he has tried to successfully explain in his book
with the help of interesting examples through number of
real-world questions that are answered with the application
of the economic principles in a reader-friendly manner. Why
is milk sold in rectangular containers, while soft drinks
are sold in round ones? Why do women’s clothes always button
from the left, while men’s clothes always button from the
right? Thought provoking questions you never thought of
before. Robert answers with the help of economic principles
behind them. With a lucid copy, he never loses the attention
of the reader. Instead, he leaves the reader gasping for
more.
– Akshay Bhatnagar
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January - 2010 |
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Story |
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Striking
the right note
Moulding the manpower
matters with simple solutions has never been easy. But with the ministry
getting into the act to set Omanisation in order, businesses have
to buck up. A report by Visvas Paul D Karra |
Editorial
Emerging markets emerge winners
As one looked forward to a relaxed Eid holidays, came
the shocking news of Dubai World asking its creditors for a standstill
agreement till May 2010, for restructuring debt worth $26bn. The developments
affected sentiment across the globe – stock markets across the world
fell by five per cent on fears that this could delay the economic
recovery for much longer. Moody’s and S&P immediately cut their
rating for Dubai-based government related entities and placed them
on credit watch. In a world where perceptions matter more than reality,
the crisis has given a body blow to the emirate’s reputation as a
destination of choice for tourists, investors and capital. The ramifications
of the problem goes much further than what meets the eye. |
| Other
Headlines |
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Sand Castles
The Dubai debt crisis has put a question mark on the sustainability
of the emirate’s build-and-they-will-come development model. Mayank
Singh reports |
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The coming rise in interest rates
If the US Federal reserve decides that inflation is its
greatest threat and decides to stop the pumping of cash into the banking
system then the 1994 history could repeat itself with a vengeance
in 2010 |
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Competitive regional hub
MOROCCO provides an excellent platform for reaching a
wide range of international markets due to its geographic location
and cultural ties |
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Understanding different cultures is very important
Abdul Rahman Busaidy is probably the only Omani, who looked
east by landing a top position at Jet Airways, an Indian company.
But then boundaries have never been a barrier for him, writes Visvas
Paul D Karra |
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Simplicity begets success
Taking charge of a mobile reselling company which is on
a roll is by no means an easy task, but Joakim Klingefjord, CEO of
renna, has his task cut out, finds out Visvas Paul D Karra |
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The Yemen Question
It has become clear to GCC officials and international
observers that the collateral damage from conflicts cannot be easily
contained within Yemen’s borders |
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Emerging markets – way to go
David Bloom, Global Head of FX Research, HSBC, was in
Oman to deliver his annual address on currency movements and the outlook
on the world economy in 2010, recently. Mayank Singh catches up with
him on the sidelines of the event |
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GCC’s extraordinary hydrocarbons resources
The hydrocarbons sector largely stands behind GCC’s financial
capability. Latest estimates put the value of sovereign wealth funds
of GCC states at $1.5trn |
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A school with a difference
Professor S Sundararajan, Dean, Gulf School of Business,
shares with Mayank Singh the roadmap of the institute and how it will
contribute in fostering better management practices in Oman |
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A lifestyle statement
David Crickmore, CEO, Amouage speaks to Mayank Singh about
the brand’s foray into leather goods, its retail strategy and his
aspirations about being on the same table with internationally reputed
luxury brands like Gucci, Prada and Louis Vuitton |
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Pre-eminent position
OER became the first of the media to catch up with Omar
Adli Al Sharif and congratulate him on becoming a partner in PricewaterhouseCoopers
Oman |
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A Success Story
Haitham M J Al Lawati just turned 30 last month but despite
his young age he has achieved success that take most people many more
years to achieve. OER chats him up to just to see how he has accomplished
such a feat |
| Regulars |
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