However, a lot more goes behind the inner workings of a buffet system than just our sense of consumption according to our sense of value rather than appetite. The law of diminishing marginal utility is at the center of the whole business model.
What Can We Expect Post the Covid-19 Pandemic of 2020?
Published on :it is very important to understand that the true economic impacts of the lockdown and the pandemic will take time to unfold and reveal itself. But it’s certain that a decline in economic activity will contribute to the after-effects of the pandemic, and directly impact how our economy functions as a whole
Understanding the Uber Business Model
Published on :Economists love Uber. Or at least, it’s imperative that they do because it’s the closest you can get to taking the pure economic theory of textbooks and summoning it to real life. Uber managed to create an open market, governed strictly by the forces of demand and supply.
Why the GDP is the wrong yardstick to measure prosperity
Published on :From a GDP perspective, nuclear warheads do just as well as hospital beds or apple pie. -David Pilling, Author of the Growth Delusion
Book Review: Poor Economics by Esther Duflo and Abhijit V. Banerjee
Published on :The battle against global poverty has been going on for decades now and has been a topic of debate amongst various personalities including politicians and celebrities. Yet, as we all know, the problem remains. The book, ‘Poor Economics’ by Abhijit V. Banerjee and Esther Duflo, tries to explain a few reasons as to why the problem seems to be ubiquitous, especially in third world countries.
The Economics of Apple – What is the Apple Tax?
Published on :What causes Apple products to constantly push the price ceiling? Some people may be of the opinion that its greed. After all, like all business, Apple too is incentivized by higher profit margins. It has risen to the position of being one of the most valuable companies in the world.
The Pursuit of Happiness: Understanding the Easterlin Paradox of Growth Economics
Published on :What is happiness, really? In layman terms, happiness translates to satisfaction. Economists tend to relate happiness to the satisfaction of wants- fulfilment of desires through the consumption of goods and services that possess utility.
India and the GHI
Published on :The Global Hunger Index (GHI) ranks countries on the basis of four key parameters: child mortality, child wasting, child stunting and undernourishment. In 2018, out of 119 countries, India was ranked at the 103rd position; according to the sources, India has a ‘serious’ hunger problem- lagging behind countries like Nepal, Bangladesh, Sri Lanka and even North Korea.
Rationality, Consumer Behaviour and Business Models
Published on :Behavioural Economics, in fact, dictates that we might not be as rational as we think we are. There are a lot of factors that influence our behavior and traditional economic theory does not always suffice for the explanations.