Intellectual Procrastination

The other day Phadnis and Sirji were trying to appreciate my dexterity in manipulating curves; I mean my skill with understanding things using supply-demand and indifference curves. I tried to explain that although I may be good at playing around with these curves, I believe in a field of economics which does not approve of the premises behind these tools. But I didn’t explain why and how Austrian economics disproved concepts such as constant equilibrium and total utility.

Just to keep the flow of the conversation going I went on to inform them that Austrian economics believes in unrestrained market economy. What I didnt tell them is that it has been logically deduced by such great economists as Ludwig Von Mises that a mixed economy is inherently unstable and the only logical progression (read degeneration) is a totalitarian state.

Speaking to myself…….
“It’s the first time I’ve happened to mention my interest in a hitherto unheard of subject. And I have been lazy enough not to embark on the project of undoing the damage caused by the bleaching action of BGS on their minds, I am quite sure that one of them will repeat in all sincerity one of those bromides that mixed economy apologists have infused into the vocabulary of the developing world intelligentsia”.

And here it comes…….“But the efficiency of the free market is under serious doubt”.
I say “hmmmmmm”, which means I’ll explain to you the real meaning of efficiency some other day.

Will need to change this stupid habit. The habit of being lazy. Lazy to explain things.