A shadow economy is one comprising of activities which take place ‘under the radar’, meaning activities which are undeclared. These activities go unnoticed and as a result, taxes are not paid for them. Generally, these activities take place outside the official economy and range from criminal to non-criminal activities. This type of an economy is also known as grey economy, black economy and underground economy.
Economics is all about making choices to satisfy the unlimited wants of the people with limited resources. While we limit our resources to land, labour, capital and entrepreneur, unknowingly, we also limit the application of Economics to production, consumption and market equilibrium only, thanks to the Indian Education System. But in this era of planetary emergencies, we need to realise that resources do not only include the tangible resources and that Economics is not only about production and consumption but also about ‘Conservation’ which lays down the roots of Environmental Economics.
It is not uncommon for certain denominations of a currency to go out of circulation at some point of time. In fact, as someone who has a collection of old coins, paper notes and tokens, it is exciting to witness the evolution of money. From 1-pice coins with a hole (=1/64 of a rupee) to 1-anna coins (=1/16 of a rupee), 1, 25 & 50-paise coins to 1, 2, 5 & 10-rupee coins which are in use as of now. Similarly, there are paper notes whose use has since been discontinued. Imagine if in the near future physical money becomes a thing of the past all together. It’s not unfathomable, especially with all the innovations in this field like debit and credit cards, digital payment apps etc.
The Constitution was written and enacted on 26th November, 1949. The Indian Constitution, the longest written constitution in the world was written with great detail and clarity by the Constitution makers. They ensured that the constitution was flexible enough to accommodate the changes and improvements in the future. The Constitution has been amended several times since, and as of 2019 has 103 Constitutional Amendments. Amending the Constitution is not an easy procedure, that is what gives strength and authority to it. But, it is also crucial that the Constitution adapts to the changing needs of the time. Here are listed some of the major Constitutional Amendments:
When Newton exclaimed ‘every action has an equal and opposite reaction’, it made sense in the world of Physics. Today, years after Newton quoted this or rather proved it, it turns out to be true for the biosphere in general- All Human Reactions Have an Equal and Opposite Reaction. When we dropped the first bomb, when we burst the first cracker, when we burned the first garbage dump, the first plastic bottle someone threw into the ocean, the first bottle you threw out of the car window; it will all come back. No lunch ever came free
The People’s Republic of China- the world’s 2nd largest economy with a nominal GDP of $14 trillion has been tongue-tied in a trade war with the United States of America to surpass the latter and claim the title of the undisputed global superpower. But this claim to fame has been disrupting the world economy leading to a global slowdown. And China’s economic structure has been undergoing major changes due to the aforementioned phenomenon.
Imagine delivering groceries in the morning, working on your project during the day, walking dogs in the evening and capping off the night by performing at a bar. Or perhaps, working as a graphic designer for an advertising company and simultaneously designing the interiors for a client. Sounds challenging? Tiring? Exciting? Well, irrespective, this is how it’s going to be. This is the future of work.
Think about going to a shop only to find that nothing has a price label on it. Instead, you take it to the cashier and they calculate the price. What you pay could be twice as much, or more, than an hour earlier. That’s if there is even anything left in stock. This is the economic reality that underpins Venezuela’s current “political crisis” – though in the truth that crisis has been going on for years. Venezuela’s economy was once the envy of South America. Blessed with the largest oil reserves in the world, the country had a steady stream of USD revenue and immense per-capita wealth but, is now marked by a daily life with an annual inflation rate of 1,000,000%.