Everybody's economics

Masum Billah Golpey Golpey Orthoniti (Economics Through Tales) is the joint publication of two renowned economists -- Abdul Bayes, Professor of Economics at Jahangirnagar University and former Vice-Chancellor of the same University, and Dr Mahbub Hossain, Executive Director of BRAC and former Director General of BIDS. The focus of both the authors' research are rural economy, poverty, food security and micro-credit. The book reflects these topics in an eloquent way for those who are not economists or have not studied economics academically. Of course, nobody can avoid economics in his or her life despite the fact that the complex economic theories remain largely unknown. The book contains fifteen chapters spiced with tales and anecdotes. Economics Nobel laureate Garry S. Baker, was once asked to write regularly -- moderately one page -- for a column every four weeks. Baker agreed but his main concern was how to present a popular write-up to the readers within a limited number of words. He believed it was difficult to write something briefly. However, he mastered the art of describing a topic in a short space, and according to him, those who cannot do it means they have not captured the essence of the subject. Einstein also held the same notion that when someone fails to explain something in simple language, it amounts to a lack of understanding of the subject the individual is dealing with. The relationship between economics and literature is a long story. Some major elements of literature comprise socio-economic and political occurrences, and before combined and well-integrated economic analysis was developed, it was described through stories. Daniel Defoe's 'Robinson Crusoe' gives us the idea of the nature of wealth, the source of productivity, the nature of money etc. All these are the thoughts of economics. Gold Smith's poem, 'Deserted Village' tells us that the commercial society or the commerce-driven society never sees peaceful atmosphere and happiness. The poem 'The Fable and the Bees' composed by Mendvill is a virtual discussion on labour division, which is thought to have been derived from Adam Smith's 'Wealth of Nations'. The poem says that personal greed (corruption, love for luxury) cannot bring welfare to the people and society. George Bernard Shaw's 'Man and Superman' in a 'conversation' refers to different types of famine. Thus many elements make a bridge between literature and economics. But the authors say that readers like literature more than economics. It can be attributed to the fact that the elements of literature offer a pleasant reading. On the other hand, the issues of economics seem to be tedious to the general readers. The authors have endeavoured to arouse interest in this subject. They must have conducted research to create readers' interest in economics. As Tagore says, "I am told to speak in a lucid and easy manner, but it is not easy to speak that way." In this book, practical observations have been given more importance than theoretical ideas, which has given the book a special flavour, taste and identity. The tales used here have been taken from the existing life and society. The alternative name of development is 'freedom'. In terms of economic development, Bangladesh has achieved miracles, but it may not be sustainable. The authors have rightly identified that Bangladesh was economically weak but politically strong during the days of our struggle for freedom. Now the country is stronger in economy, but is weaker politically and is also polarised. The country appears to be going to assume the shape of a 'bottomless basket' in terms of political instability. Hartal has emerged in the field of politics as a tool of action which is no less than a 'collective suicide'. It not only causes economic losses but also leaves an adverse impact on the social and psychological aspects of the masses. The share market debacle is a recent event touching the lives of many small investors. The authors bof the book have termed it a 'Beauty Pageant' competition, where the liking and choices of 'others' are given more importance than those of the exhibitors and participants. Sir Issac Newton said, "I can understand the motion of the stars but is unable to understand the insanity of humans." The other name of money is trust. If the supply of money is not kept, high prices of commodities will rush towards us. In developing countries, the role and conduct of the central bank is like that of an 'ideal house'. It is useless to be vocal about the freedom of the central bank. The writers have pointed their fingers at the 'fruitless attempts' by some of our researchers. The useless and bizarre discussions in ourParliament by elected parliamentarians (MPs) have also been reflected in the book.. The authors satirised them by weighing the words of the MPs. Each of their words equals Tk 250, which is equal to a labourer's daily wage. The 'relief money' of the poor is spent on pleasure trips of the parliament members. Thus the authors touched upon the events and stories related to our present-day politicians which have a direct linkage with economics. The latent purpose of man's quest for socio-economic development is to prolong life and defer death. Tagore also said, "I don't want to pass away from this beautiful world." It has been reflected by the conversation of a couple of the sixth century BC. The wife Maitri asked her husband whether she would be able to achieve immortality. The husband Iaznavlaka replied that wealth could not give any hope of immortality. In reply, the wife said what was then the utility of a thing which could not stop death. Greek philosopher Aristotle said, "What we search for is not wealth because it is just a necessity for doing other things." Adam Smith was not sensitive to socialism and said, real wealth does not mean coins of valuable metal or paper notes -- actually wealth is one's family or its life standard. The wealth of a country should be measured in the perspective of the consumers, not from the viewpoint of heads of governments, or their followers. Economics deals with all these social phenomena directly and indirectly. According to Helen Keller, the most wretched person is he or she, who does not dream in spite of his having eyesight. In the same way, the nation which has no dream cannot go forward. 'Vision 2021' is such a vision or dream, which promises to raise the nation's economic growth to eight per cent by 2015, and 15 per cent by 2021. In order to traverse the rough and old path, we must have powerful players, expert guides and, of course, a smooth route. Do we enjoy this situation in Bangladesh? The book under review also contains a warning for the nation as to whether the politicians are giving the right direction to the nation in materialising the dreams they talk about. Politicians are supposed to show dreams to the nation, but when they fail to take timely steps to materialise the task, things may turn nightmarish. The reviewer is Programme Manager, BRAC Education Programme, and vice- president, Bangladesh English Language Teachers Association (BELTA). [email protected] ............................ Golpey Golpey Orthoniti ISBN: 978-984-90486-6-4 Published by Md. Inul Hossain A.H. Development Publishing House, Dhaka