Better answers to our Biggest problems.
“In Economics The Majority Is Always Wrong” – John Kenneth Galbraith
“Good Economics for Hard Times” is an eye-opener in a true sense as it compels us to think whether the hardcore principles of Economics studied by the Commerce students in their high school is actually true or not? It touches major and also the contagious issues of our time from migration to trade. It beautifully depicts the real-life scenario of how economics works in our day to day life and how the demography is affected by it. It also tells us the reasons behind how certain policies and programs are implemented and the role of government and the authorities in the decision-making process. Moreover, it also talks about the role of business houses and corporates in certain debatable points.
The book exemplifies the major challenges from the lack of trust in Economists to the application of standard economic principles like demand and supply and along with that, it talks about issues which are applicable everywhere in the world and not just to a country specifically. As we all know that every country and every locality’s economic problem varies but the way it has been described in the book, gives it a universal appeal and everyone can relate to it.
Adding on to that, one problem which I think has a local, as well as national presence, is the issue of migration which can be easily addressed through the logic and examples given in this book. On a local level, we all know that Surat is considered to be a hub of industries ranging from textile to diamonds and thousands of people from the adjacent states of Maharashtra, Rajasthan and all the way from Odisha come here for jobs and have settled here too. Though the local Gujarati community is very tolerant and accepting towards them but the politicians and people with vested interests always think that they are taking away the jobs of the locals and are a burden on the resources or responsible for increased crime. Furthermore on the national level too, these apprehensions are still there when it came to migrants from other countries like Rohingya Muslims or persecuted Hindus or people from other religions covered under the CAA act. If you read the book you will know that the majority of problems perceived by people about migrants and unchecked influx of people cannot be that big and are unfounded. On the contrary it can be a blessing in disguise as these migrants bring spending power with them and add in the economic development by increasing demand. They could also be entrepreneurs and can add to the GDP in the long run.
In a nutshell the book talks about practical problems and their practical solutions and we have to be open-minded to understand the concepts given as it also compels us to think critically about the economic issues raised and to take a wise decision devoid of our own ideology or biases.