Ok, so, What they are teaching the class 11-12 students, teenagers😀 in India, including ncert text books, is that...inflation is good,🤣. So, price of one kg dal is Rs.100 now, next year price of one kg dal will be Rs.200. So, you must consume twice the amount of dal now, otherwise next year it's price will be doubled,🤣. Some Inflation will always be there, either we like or not, due to some unanticipated negative externalities. But teaching students,,"inflation is good".. is utterly irresponsible. Deflation meaning purchasing power of money is increasing, and how come that can be bad.🤣😀🎈☕👍.
Ok, so, As Joseph Schumpeter averred that "Menger is nobody’s pupil and what he created stands.. Menger’s theory of value, price, and distribution is the best we have up to now."
Alfred Marshall confused himself with his subjective value-objective cost dilemma 😀, that actually fall back to Carl Menger's original theory😀, that's why today's neoclassical economics taught at universities have no real value.😀🎈☕👍.
Ok, so, The textbooks used in colleges and universities are not beneficial or practical. They have no value as such, that's why they require top down forced funding. They can't survive in the open market competition.😀☕👍🎈.
Ok, so, What is a good idea or a good system..
- It must work for me,
- It must be beneficial for me,
- It must be informative and. enlightening to me.
- I myself must be convinced about the same.
Now, I don't know about you guys, Make your choice.😀🎈💞☕👍.
Ok, so, Say, you worked hard and earned 20 dollars in the day,..,then the state money printing press just prints trillion dollars in the evening,🤣, that is inflation. Forget dignified life, you don't have a life,🤣. Inflation has destroyed civilization, then who are you,🤣😄🎈☕👍.
Ok, so, Anything that looks too certain, too secure, no cost involved...etc.. has no economic value. There is no economic value of sea water, but bottled water has,😄🎈☕👍.
Ok, so, Told you, people are generally fickle, weird and unique. There is no ceteris paribus of human nature. They keep learning new things and new values all the time.😀🎈☕👍.
Ok, so, Avoid the high time preference flashy stuffs, such as in noise media, social media and ads,..,they are like children crying for toys. Improve your savings and do concrete things with targets,😀🎈☕👍.
I am starting with two cool books...
...
1.Barking Up the Wrong Tree by Eric Barker
2.The Subtle Art of Not Giving a Fuck by Mark Manson
...actually long overdue but ok,📚🤣😄🎈☕👍.
Ok, so, From a blamer to a problem solver,..,problems never go away,..,so, solve the better problems. Often time I hear from people,..,their parents didn't do enough, did not leave behind enough, he/she/they didn't do enough.. etc.. Well, blaming others do not make anything better or solve problems. All we can do is to...,take responsibility and solve the better problems,😄🎈☕👍.
Ok, so, Producing or not producing, earning or not earning, preserving or not preserving, saving or not saving, working or not working, happy or unhappy, good mood or bad mood, good weather or bad weather, etc.🤣, living people can't stop spending,😄🎈☕👍.
Ok, so, All the living beings need energy/food to stay alive, all the running or functioning machines need fuel/electricity to keep running. In case of machines, you can turn them off and stop fuel consumption, but you can't turn off a living being and stop food consumption. So, the death need nothing, but to be alive means continuous spending, there is no other way,🤣😄🎈☕👍.
Ok, so, It's because...at any time,
Favor can turn to disfavor
Like can turn to dislike. etc..
You know, how fickle people are generally,🤣
But Need & Want are concrete things,🥑 😄🎈☕👍.
Ok, so, 'Need & Want' is more practical and real than 'Favor & Like'. If you rely on 'Favor & Like', you will always live in fear and uncertainty. So, plan and proceed accordingly,😄🎈☕👍.
Ok, so, These days, a whole lot of people wait for the Rs.1k or Rs.1.2k per month welfare money, they are becoming more and more dependent on the state, which merely redistributes but produces nothing. Mere animal existence of whole lot of people,😄🎈☕👍.
Ok, so, You can't improve service quality of a state run company like, APDCL,..because salaries are free, and there is no urgency or obligation to deliver, and they are answerable to no one. That holds true for all the loss making PSUs. They live parasitically on tax payers money,...printing and inflation. 😄🎈☕👍.
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Notes by Mageshwar Medak | export