Crocus up close
Crocus up close
I was amused to see in Oxford Blackwells my new economics book in between the great philosophers Immanual Kant and Søren Kierkegaard. I’ve always fancied myself as something of a philosopher.
But when I studied PPE at Oxford University, I was hopeless at philosophy. I couldn’t read a page of Kant for love nor money. One of the few rebelllious things I’ve done in life is when I worked out you could more or less fail philosophy, but still pass on to the second year of PPE where you could concentrate on just economics and politics. So I stopped going to philosophy lectures – never read a philosophy book and scrapped a third on the philosophy 1st year exams. Then I dropped the philosophy to a great sense of joy and relief.
In my second and third year, I did start going to lectures in economics and politics!
When I joined Sri Chinmoy’s path, a disciple told me that in his youth Sri Chinmoy read all the western philosophers. But, now he prays to God to be able to forget all this dry philosophy! I was so happy to hear that – because I don’t feel any joy in western philosophy. But, I hope there is a little joy in my philosophical economics book!
We have had quite a bit of snow this spring. The garden looks quite nice. Continue Reading →
With my new book – What would Keynes do? – The brief was to write essays on how famous economists would respond to everyday questions. So for example, with the question – Is it OK to be selfish? I examined how the likes of Adam Smith, Karl Marx, Arthur Pigou and Alfred Marshall might answer this question – using their economic teachings.
It was a good experience to research and share the views of different economists, but now I’ve finished writing the book, I’m writing my own perspective on my economics blog.
The essence of this question is that – an economist may calculate it is worth parking illegally and risking a fine because the probability of getting fine is less than the utility of just parking. It is called rational choice theory – we maximise our individual utility by careful evaluation of the different benefits and costs.
I was in London, and my friend wanted to buy something from a shop. There were no parking spots anywhere, so I parked on a single yellow line, while my friend ran into the shop. I waited by the car, ready to drive off – if a parking warden came. No one did come, my friend got his food, and we drove off. I thought I was clever to save a lot of hassle and park for free.
However, one week later, I got a very nice parking fine (something like £80) from Wandsworth Council saying I spent 10 minutes on a single yellow line. Not only that – they had a picture of me standing nonchalantly by my car, waiting for a traffic warden to appear.
So in that case, the clever economist got caught out by CCTV!
I have a new economics book published this week. – What Would Keynes do?
It was good fun to write. In addition to my existing knowledge, I had to do quite a bit of research into the views of different economists. I learnt a lot about the fringes of economics in writing the book.
It gave me a new respect for some economists I didn’t know too well, but with regard to other economists – I don’t want to read them anymore!
What would Keynes do? at Economics Help