The Connectere brings forward the mind’s eye and panoramic view of the young writing enthusiasts on various topics

Category: Economics Page 1 of 11

global

The Global Village’s Sabbatical

A brief on the future of Globalisation and how it will shape us

It was the end of May. 24th May 2019, in an emotionally melting speech, Theresa May, then the Prime Minister of Britain, announced that she would step down as the Conservative leader and remain in office until a successor is found. In short, she was done. She had tried very hard over the last eighteen months to get parliamentary support and close the Brexit deal but in vain. The Conservative leaders were highly disappointed with her deal, they had to say she had made too many concessions to the EU and the European common market. The UK had to comply largely with the policies and terms that it said were not compatible. The air in Great Britain was of resentment. Resentment of a European alliance that had done worse than good to the natives and made sovereignty difficult. They were affected in many ways from the immigration influx of 2015.

Collectivist

Collectivist vs Individualist

All of us in this world live in a society. Society plays its part in shaping us, our choices, our mindset and our future, to an extent. In this society, each one of us plays two parts, one, as each one of us, individually (individualist) and two, as a society at large, collectively (collectivist). While it might be said that the former is a subset of the latter, it is true as well that the latter is hugely affected by the former. It is how it influences the buying decisions of all of us consumers in the market.

Individualism stresses the goals and the rights of all of us as a separate entity, as an individual. Driven by personal gains and rewards, an individualist person sets his/her own goals, may prefer working with autonomy as compared to working in a team and values personal independence.

Climate change

Two C’s of destruction: Capitalism and Climate change

The world has 7 years, 101 days, 17 hours, 29 minutes and 22 seconds to prevent its carbon budget from being depleted. This is the warning which the new Climate Clock designed by artists Gan Golan and Andrew Boyd has given out to the world. It’s no news to anybody out there that the Earth is crumbling from the exorbitant pressures put over its resources from the activities of Man and that the end of the world as we know it might not be as far as we think it is, all due to climate change.

With more than 180 countries coming together under the Paris Agreement to pledge that with stringent regulations and policies, their claims of striving to stop the global temperatures from rising by 1.5-degree celsius and successfully preventing the human species from being victims of mass wildfires, droughts, extreme heat waves, ocean acidification and all the other things you could imagine seem good on paper, however, I think it’s time to admit there’s a much bigger problem here.

Religion

Unseen link between religion and economy

According to a study, if India discards religious beliefs that perpetuate caste and gender inequalities, it could more than double its per capita gross domestic product (GDP) growth of the last 60 years in half the time. In his book “An Inquiry into the Nations and Causes of the Wealth of Nations”, Adam Smith applies his laissez-faire philosophy (leaving things to take their own course without any interference) to several aspects of religion. He says that religious beliefs and activities are rational choices. People respond to religious costs and beliefs in a predictable and observable manner. They decide the degree to which they participate and choose to believe in a religion.

Space

Space War: A New Frontier

Though there are a good amount of treaties such as the Outer Space Treaty (1967), The Moon Agreement (1979), which regulate space conflicts and limit the installation of weapons and nukes in space, the world might gradually and yet unknowingly be moving towards a future tainted with space warfare. As there are scores of conspiracy theorists who believe that space warfare will be the dystopian end to humanity. 

Geopolitics and war have always been complementary to each other, a unified process. Every individual thinks of his own interests, which is quite natural. Similarly, every individual country plays in its own interests. There have been countless cases in history where communities have fought over conflict of interests. These interests were generally concerned about territory, power, and resources. 

GST

Obstacle in the trouble-free GST regime

The Goods and Services Tax (GST) was brought into force on 1st July 2017 under the Constitutional Act (101st Amendment , 2016. It was incorporated for two basic reasons: first, it would simplify the tax collection process by avoiding the cascading effect of taxation; second, it would increase the revenue of the government.

The Introduction of GST was considered a historic and landmark decision in India’s fiscal administration. There are several reasons to support that GST is better than our old indirect tax regime. First, it leads to frictionless commerce between the states. Second, taxes are buoyant, meaning that if the GDP of the country grows, the tax collection will increase along with it. Third, it leads to removal of the cascading effect of “tax on tax” , meaning that GST subsumes various state and central taxes thus reducing  the burden on the customers.

snob effect

Snob Effect

INTRODUCTION

Have you ever considered how behavioural aspects of an individual plays an important role in economics and it can impact the demand for a good drastically? Several studies have been done in this area in the past. When considering demand, we tend to relate it to the notion of the law of demand (Quantity demanded of a good is inversely related to its price) and tend to ignore other aspects. However, the value of a product is not always dependent on the utility a consumer derives. For some goods, social superiority derives demand.

bandwagon effect

Bandwagon Effect

Does anyone of us remember how exactly Goa became the hub of bachelor trips? When did K-pop become so huge and discovered its fan base outside of Korea? How do the weirdest of things suddenly become the meme everyone’s talking about? All these processes are driven by a psychological and economic phenomenon named the Bandwagon Effect.

A layman would call it herd mentality. To briefly explain it, the Bandwagon Effect is the tendency of people to take certain actions or draw a particular conclusion primarily because other people are doing so. When you start doing or believing in something because everybody else does, it’s the results of the Bandwagon Effect. The name comes from the popular phrase ‘jump into the bandwagon’, which means doing something fashionable.

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