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Sunday, April 1, 2012

Of Demand and Supply

For the past two days I was trying to impart my knowledge of the basics of economics to my son who had decided to drop physics in favour of the said subject.  It was hard to attempt to teach so much in such a short time.  I realise there is a certain degree of failure on my part in his upbringing because at the age of seventeen, he has little idea of how the money market works.  He did not understand why the banks are so kind in letting us put money with them for safekeeping and yet have to pay us interest.  Oh no, my son, you are wrong.  That's not what they do, I mean, they are not doing us a favour for nothing.  They are not charitable organisations.  He felt a bit embarraseed too about his naivety.  I went on to explain to him what the nature of business a bank is dealing with. 
That reminded me about the past when I tried to persuade my children about taking up commerce or economics at secondary school level but they declined because they had too many subjects to take and also they were not interested to read about them at all except those subjects required for the exams. Every day our conversations at home did not cover much about money matters either.  Our daily exchanges are mostly about the bad traffic, the polluted air, the heat, food, TV shows, music, tuition , schoolwork, exams, friends or relatives , the dog  or the obnoxious neighbour(God forgive me ) and his five frequently barking dogs, other than my faith which I am quite serious about.
Finally, I had his mind filled with some basic theories of economics, introduced him the famous people in the field and put him amongst realistic people of the business world. In other words, I had him start thinking about money, something quite different from what he used to study  about: biology, chemistry or mathemetics.

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