Thursday, February 28, 2013
Fifty years ago when I was a student of B.Sc(Ag), the then Professor of Economics taught us the law of supply and demand giving examples of agricultural products. Later on, I could see it in real life, how supply and demand operates not only in marketing of goods but also in every walk of life. In Tamil Nadu, (why in Tamil Nadu alone? Almost in every State) there is a severe power shortage while demand of power for various purposes – domestic, industrial, agricultural, business etc. is growing but we all know for sure the supply is limited because of constraints in production. If there is no production, supply gets limited and hence one has to limit one’s demand. One of the methods of limiting demand is to save power without wastage. In order to make the people to use less power, the cost of the power can be increased. When the cost escalates people have an inclination to use less power in both domestic and commercial sectors.
The power shortage has increased the demand for gadgets like UPS, inverters and generators and the supply of these gadgets has also increased. Therefore when the supply of power is limited, demands for an alternative increases and thus creates good marketing for UPS, inverters and generators.
The supply and demand determine the prices of products. If desire for goods increases while its availability deceases, their prices rise. On the other hand, if availability of the commodity increases and the desire for it decreases, the price comes down. This fantastic economic theory is used as the fundamental rule for marketing all over the world.
Production costs limit the supply or increase the price of goods – may be electronic goods, vehicles, tooth paste, soap, clothes etc. etc. Supply is also determined by the technology used in the production. New advanced technology also determines the supply. Sometimes supply is withheld for creating a scarcity in the market to get increased price for the commodities. Above all, the number of suppliers of a particular product counts a lot. Limited numbers control the market price while larger numbers create competition in supplying; such competition helps the consumers to go for better products with cheaper cost.
Similarly one of the major determinants of demand is the income of the consumers. The demands get increased when people have more money in their pockets. Taste and preference also determine the demand. Sometimes consumers expect that the cost of a particular item may go up in future, so they decide to buy it as early as possible. Also if the number of potential consumers is large the demand gets increased. I find it so fascinating to think of our day to day life linked with supply and demand theory of Economics. Actually the phrase “supply and demand” was first used by James Denham-Steuart. Then later on, many other economists applied this in their own studies.
Hence, supply and demand, indeed govern our life. One has to plan his or her life according to this simple economic theory. But who cares about it when one has plenty of money! Somehow supply and demand are ignored or managed. In fact, life itself is a management and everyone is good at it.
Take care of stress. Avoid dulling routine. Do something creative every day. Read poetry, spiritual material or anything else that makes you feel uplifted. Take time to be in nature. Bond with another person who is heart-warming. Pay attention to being happy. Make sure you take time every day by yourself to relax, meditate and self-reflect. Deal with negative emotions like anger and anxiety. Focus on activity that makes you feel fulfilled. Give of yourself. Follow a personal vision. Attach yourself to a cause that is bigger than you are. Take the risk to love and be loved.
Get set in your ways. Don’t look beyond your opinions, likes and dislikes. Isolate yourself from others. Take relationships for granted. Reconcile yourself to going downhill as you age. Look upon the past as the best time of your life. Forget about having ideals. Act on selfish impulses. Don’t examine what makes you tick. Give in to anger and anxiety. Let life take care of itself. Go along to get along. Assume that you are automatically right. Avoid anything new or challenging. Put up with stress. Take no emotional risks. Distract yourself with mindless diversions like watching sports for hours on end.
The feeling that life is essentially but a dream, while we row, row our boat down the river in the sunset of a beautiful afternoon, that flowers cannot bloom forever, the moon waxes and wanes, and human life itself joins the eternal procession of the plant and animal worlds is being born, growing to maturity and dying to make room for others. Man began to be philosophical only when he saw the vanity of this earthly existence.
Life is really a dream and we human beings are like travelers floating down the eternal river of time, embarking at a certain point and disembarking at a certain point and disembarking again at another point in order to make room for others waiting below the river to come aboard. Half of the poetry of life would be gone; if we did not feel that life was either a dream, or a voyage with transient travelers, or merely a stage in which the actors seldom realized that they were playing their parts.
- Lin Yutang
Reality of Indians…
- The smartest students pass with 1st Class and get admissions to Medical and Engineering Colleges.
- The 2nd Class students get MBA and LLBs to manage the 1st Class students.
- The 3rd Class students enter politics and rule both 1st and 2nd Class students.
- The Failures join the under-world and control politics and businesses.
- Those who did not attend any school, become Swamis and everybody follow them.
1. Doubt and fear of your ability to please others.
2. All antagonisms towards other people.
3. Your eagerness to get the best of others.
4. Feelings of superiority over anyone.
5. Thoughts of yourself as the only person that matters.
6. Desire to rule or oppress others.
7. All urges to impress others.
Omnishambles: A situation that has been comprehensively mismanaged, characterized by a string of blunders and miscalculations.
Staycation: Vacation in your home town – is a perfect way to discover the treasure trove of culture in your own city or its outskirts. You save travel time, money and get to indulge yourself not far from home.