A book to understand the basic concepts of economics.
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The book IIM – Day to Day Economics is written by professor Satish Y. Deodhar who is an economist and has a PhD in agricultural economics from Ohio State University Columbia, USA. He teaches economics at IIM Ahmedabad, a well-reputed management institution in India. He has worked on competitive market structure, agriculture trade, WTO and food quality issues and has also conducted consulting projects for Indian bank, Ministry of food processing industry, Government of India and the economic research service of United states department of agriculture. Through this book, the author wants to make understand the various basic concepts of economics to a reader of a non-expertise level.
I’m briefly summarizing the key topics this book covers. In the first chapter, it starts with how market failures led to the interference of government in various economic activities of the country. In the next chapter, the author discusses budget, expenditures and receipts, deficits and taxes. Chapter 3 includes money and its importance, system on which banks work and in the last section of this chapter, he discusses the stock market. Chapter 4 talks about world trade organization, its establishment and working. Chapter 5 discusses inflation in detail. Chapter 6 explains the recession with reference to GDP and why it’s difficult to predict the right time of recession. It also explains types of unemployment and how the government and the central bank use fiscal and monetary policy to handle such situations. Next chapter, very well explained how simply the GDP growth is not enough and we need to focus on other factors for a better standard of living. The author also gave an ecologue at the end where he summarizes the key points of every chapter.
Pros and cons – A much-simplified book on economics. The author gave key economic terms defined in reckoner at the end of each chapter to help who finds difficulty. But still, there are certain terms and topics which will need extra research, especially for a novice. Overall the book is generalized but certain chapters are discussed specifically in the context of India.
Recommendation– Overall, it is a great book to read especially for the ones who have no or little idea of various economic terms. There are certain times where many people get confused while reading or watching economic news. This book will help to solve their problem to a much extent. Understanding the basic concepts of economics is also beneficial at an individual level when it comes to personal finance.
Rating – 4/5
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