Freakonomics – a Book Review

I had read this book called Freakonomics sometimes back and going to review it here today. The book can be purchased from here:

http://www.infibeam.com/Books/info/steven-levitt/freakonomics/9780141019017.html or from many such other online book stores. I strongly suggest you to look around in various websites before you buy as there will be varying discounts. The book is written by Steven D. Levitt, who is an Economist Professor and Stephen J. Dubner.

The book is amazing to speak in short and in few words. For those like me who want to read on plain economics without going in deep and without being distracted by calculus and quantitative analysis, the book is the one to read. For them, who know economics but do not know how to apply on our common sorroundings, the book is the one to read and ponder. Though the author takes help of the some of the mathematical tools to analyse, what he does is to apply economics principles in seemingly unrelated topics. For example, no one thinks that there is any economic rationality behind drug dealers staying with their mothers. But, the book demystifies this point says that yes there is. Think of the economic linkages between cheating primary school teachers in USA, sumo wrestlers in Japan. You cannot think of anything unless you read the book. Cheating, I mean, cheating in their profession and not in their personal lives. J

This is the greatness of the book. The Authors, one Economic Professor and other a Journalist after constantly observing, researching and applying minute principles of Economics come to the conclusion that there are economic rationality and relations between various social activities. Let us see another example and this is the first topic covered in the book and I found the most amazing among all. What is the reason of reduction in Crimes lately in US, in the decade of 1990s when there were predictions that crimes go unchecked? There were experts who told that crimes would grow but when crimes did actually reduce, then, he same experts came with various explanations like Gun Control Laws, Rise in Affluence, Population Control, and better Police in US etc. etc. These experts could not see these all when they were predicting that crimes would go unchecked but when actually crime rate got lowered, they started devising reasons for that. That may be so, they may be right but Freakonomists say that these experts are either wrong or even they are right, they are fractionally right. So, what is the main cause of crime reduction? They relate the incident of Roe v. Wade, US Supreme Court judgement which allowed the abortions legally. The Authors say that this judgement made sure that unwanted children were not born in US and mainly, the unwanted children used to get birth in poor black ghettos, and reduction of such numbers ensured that the children which were like likely to get driven to crimes were not actually born. So, US got a relief! No one saw this point before authors make a link between a US Supreme Court judgement and a crime and whose effects were to be seen after 20-25 years as the judgement made sure 20-25 years back that a child was not born who is going to be a criminal once he attains an age of 18-20 years later. What a link and what an observation.

The books keep on revealing those economic secrets that once you start, you cannot stop. I am sure that everyone who read it must have liked it. So, it became a bestseller. The greatest point about the book is the book is very simple, written in a simple language and you need not have even college level economic degree to understand it. Authors make it so simple that it is just like reading stories and nothing about economic principles. Second thins about the book is it covers such a simple topics that we wonder what economics has to do with such a mundane things. But, authors are good and very good to demonstrate us what economic link they are trying to unravel.

But, do not be confused that this is not a standard University textbook on Economics. This is not a book that you read and be economist, as one of the Authors is a Journalist here. This book does not help you to score more marks on your Economics Paper in College. But, certainly makes you wiser and takes you to the world that you start thinking for a while, if not for a longer time period. I say, a MUST Read. Enjoy Reading! And Comment here with your views.

For Official Freakonomics Blog, you can visit here and for other reviews, here, here and here.

(A Short Note: The authors were maintaining a blog with New York Times and later have published another book called Super Freakonomics, I shall review the second book shortly.)

Book Review – An Economist’s Miscellany written by Kaushik Basu

I just finished reading a very small and interesting book called ‘An Economist’s Miscellany written by Kaushik Basu’. Mr. Basu seems to be a renowned economist in India which I did not know before I read the book. He is currently the Chief Economic Advisor to Indian Government/Prime Minister and works from Finance Ministry, New Delhi.

Before that a PhD in Economics, Mr. Basu was professor in Delhi University and as a visiting Faculty to other US Universities.

His book can be bought from http://www.oup.co.in/search_detail.php?id=145824 or from many other online sites.

The book is about Economics, his travel reporting, his memoir, his thoughts on current social and political events, and lots more deep thought issues relating to social sciences. He writes on everything and makes the book very very intelligible, easy to understand, relevant and interesting. The book mainly contains the adapted versions of his already published newspaper articles which were written on different subjects. In the book, he makes Economics a very easy one sans derivative, anti-derivative, i.e. without using calculus, without any sorts of quantitative techniques and therefore, makes the complex concepts of economics a very easy one and very easy to understand. He does not go after theorist and theories while talking on economics. He talks of normal social events to demonstrate how things are from economist’s angle.

However, it should not be construed or misconstrued as economics book. It is not. If you want to read economics as per the syllabus prescribed by world’s greatest Universities or searching for some standard textbook on economics, this is not. This is a whole point how this book covers economics of common man for common man and to understand the economics concepts from Basu’s book, you need not have in-depth knowledge of economics. This is a beauty of the book. The Author demonstrates us how sexy! A economics can be without any fashion and cosmetics. The plain and simple beauty of economics, it portrays.

This is about the chapters that deal with economics. But, Mr. Basu deals on more things than economics alone in his book. As already said, he deals on travels and arts. He deals with sexual, minority and women rights. He talks on laws on land acquisitions; he talks on same sex rights; he talks on government enterprises like Air India how badly managed they are! Therefore, the economist gives you handful of things on various subjects and on subjects on much more than economics itself.

After his articles are chronicled in the book, there are two short stories translated from Bengali to English. The first one deal with money lending business and second one is on religious superstition. Whole book is written in a light hearted manner and so, these two stories also appear to be. These both the stories, I had heard and read before long time back and to read them after a long time, was a very refreshing. In the end, there is a play and put in a lighter manner about Profession, conference and love. The story revolves round Delhi University and Train Journey to Banaras (Varanasi in Uttar Pradesh India), and then, a professor snatching (of course not literally) other man’s wife and marrying (?) with her who happens to be a very bright student of the professor in Philosophy many years ago in Delhi University. And the book is over.

While reading this book, nowhere you feel bored. Since the book itself is a small one, and there are multiple short articles, stories, essays, you can read them without any difficulty. The lucid manner of writing makes each article interesting. You have to travel with Authors to various places around the world and he shows you the world’s some of the best Universities, Professors, of course economists, arts, and museums. Therefore, at no point, you feel fatigued from the book.

The Oxford University Press has taken care to publish the beautiful book and the paper quality is a finest one. Nicely hard covered and appropriately priced, (Of course, I bought with discount from one of the Indian online e-commerce sites and I recommend you to check many of them before you purchase, you get wholesome discount), the book is a one who every intellectual and common man must read it. You must read not because you become economist overnight but it teaches you the quality of being simple and the pleasure of reading stuffs which are simple and therefore, beautiful.

I had almost forgotten one aspect of the book that was: author frequently makes reference to his mother. Maa was 90 years old woman and always with love and insights to the author who lately started losing memory power and the Author lost her in October, 2010. Our condolence to Mr. Basu on her demise!

Overall, I rate the book 4/5 and strongly recommend reading and sharing your views.

You can read its review here , here , and here as well.

Book Review – an elegy for democracy – forget Kathmandu

I have recently finished reading this book called Forget Kathmandu by Manjushree Thapa, a much praised Nepalese Author who can write books in English Language.

The book was published many years back, most be the first edition should have been out by 2004-05 but later, the author seems to have updated the books with recent updates. I could lay my hand on updated edition of 2006 which has tried to cover the political misadventures happening in Nepal at that time.

This book, I had started reading almost 6-7 months back but had to stop in between as it could not meet my expectation then. The expectation was because of reviews and other aspects of author that I had read in magazines, webs and in NewsPaper. It could not meet the excitement of expectation then and I just stopped. Later, I thought  I should give a chance and finished reading by sticking my principle that once I start reading, I should finish it however, unintelligible, boring or idiotic the book could turn out to be.

So, how was the book? Before that, what was the book all about?

The book was about Nepal based on the Author’s travel to remote west during one of those ceasefires between Maoist insurgents and Government of Nepal. But the time line of the story starts immediately after the royal massacre of 2001 and goes to flashback to make the readers conversant about Nepal’s feudal history, about how Shah Dyanasty was established and how Shah Kings were in the past. The history whatever has been reported on the book is based on whatever author could hear and read from childhood textbooks. There is not much research on that. She conviniently takes the liberty of bashing Shah Dynasty throughout making unreasonable linakges between how irratically some of the Shah Kings acted in the past… when I say past almost 150-180 years ago.

The author wisely claims that it is not that ‘History’ that we generally understand and mean by ‘History’, and therefore, takes a complete liberty of attacking everything about Nepalese Moanrchy from past to present. The book conviniently makes general remarks about geographical unity of Nepal but culturally disintegrated nation. The same statement here and there that every left, right, royalist, businessman anyone makes when they have to give speech in public.

Now, if that is so, who is responsible? Of Course, Brahmins and Kshatriya, and those who were educated and became closer to ruling class. Now, the book starts bashing to higher castes. So, target is educated higher caste people who were in control of power and argument starts that they did nothing for the nation.

Now, the turn of how Maoist movement erupted in Nepal. As everyone says and the book mentions that after people of lower casters and dalits  and woman are oppressed for years, they get the Maoist movement a forum to voice against state and Maoist have tried to channelise the sentiments.

Then, the author revolves around evryday’s incidents about how many people were killed in cross fire between Maoists and Security Forces. Of Course, she knows the reality between these so called cross fires and keeps on going about how many people die from cholera, dysentery etc. everyday in far remote western Districts where the insurgency has already made the living a normal life very very difficult.

In the end, author takes a trip to few of the western Districts of Nepal along with a malcom so called Human Right Activisit and talk with people. Majority of People talk about state forces’ atrocities but on the same breath also mention the dislikes to Maoists. They do not like Maoists because insurgents force them either to join the party or mostly force villagers to feed party cadres. While walking in these districts, She meets young people without any future if you join party or not as Nepal hardly gives any real oppourtunity unless you belong to an educated elite class having good political connection and the book ends its story. In the updated version which I got, there are few extra pages on Maoist and Political Parties’ meeting and agreement to topple monarchy in Nepal through peaceful movement sometimes during 2006. This is all or everything about the book.

So, how was it? To be very genuine and honest, I was disappointed. I found author just wanted to flow with the sentiments based on whatever was already in public and in the general knowledge of almost everyone. There is no new research and at ease the generalisations have been made.

You are democrats or not, leftist or rightist, I feel that one sided bashing of elites, higher castes and royalists leave a sour feeling. Not that they do not deserve to be criticised, but the book fails to constructively align its thoughts on how to bring the country back and particularly which era to blame for Nepal’s calamity. Being born in a remote country side and brought up there, I have seen many of such social problems and discriminations in Nepal and many young people like us are witness to Maoist problems. Therefore, getting lecture and ‘gyan’ on these things from manjushree did not bring anything new in terms of knoledge and value addition. Though looking at her family and educational background, her ability to talk on these issues could also be well questioned. However, I would not go to that extent to criticise this book.

Well, for the foreigners, may be, for them who have very less idea about Nepal, the book can be a starting point. Or may be for them, who would like to know negatives about our country, it can be a solace but after going through some reviews and having expected a something different than usual sloganeering on the issues, the book turns out to be a forgetteable one.

If you can lay hand on it, You may read it. Otherwise, you can concentrate on good books. In my shelves, I have another 2-3 books of Manjushree and I, at least once, expect to read and comment on them – good, or bad, whatever the creations turn out to be!

Till Next post, enjoy reading my blog.

Nepal and Foreign Currency Issues

I had written a post here sometimes back. The post was titled as “India and Foreign Currency Conversion”. There, in that post, I had promised at the bottom of the post that I would write something about Foreign Currency issues and conversion related matters on coming days.

Therefore, here it goes-something about Nepal and Nepal’s foreign currency related laws. First of all, to be frank with you, I do not know anything about foreign currency law of Nepal. So, what I am going to write is my experience of almost six years back. This issue is being talked here in the light of difficulties that we face in India to convert your Indian money to foreign currency from Nationalised or Private Banks. If you have already read my earlier post about India, You will know by this time that it is very very easy to get your Indian currency converted to US Dollar or other recognised foreign currency in private open market albeit the rate might be different from what Reserve Bank of India would prescribe.

In this background note, I am talking experience from Nepal. The story is of 2003 June. First time, I was on a foreign tour/trip. For the first time, I was stepping out of my country and was heading to foreign territory. The Country of destination was India :), the foreign land where I was venturing to.

I knew that Nepalese Currency is of no use in India. I required either Indian currency or USD or something like that. At that time, I did not know much about forex law of Nepal and how to get foreign currency. First of all, I was not sure which currency to get or some kind of cards.

Problem in Nepal is that Rs. 500, and Rs. 1000 currency notes of India are not legally recognized. So, if I wanted those notes, I had to contact some businessmen of Terai and I did not have much time to do so. Another problem was that I did not want to do something illegal which may put me in some kind of trouble in the Airport-Tribhuwan International Airport. Now, legally, the problem was that I could get only Rs. 100 Indian currency and at that time, I was carrying something around 50,000 INR. First time, I was travelling to India and I did not know how much money I need and to get 100 Rs. currency note for that amount would make me to carry a big bunch of papers. I was little irritated with this idea.

My brother had suggested me to make Traveller’s Cheque, which he himself did not know what was that and neither I had any damn idea of what’s that. I thought I should contact with Bank people itself. Then, I visited to Everest Bank, in New Baneshwor where I had maintained my Savings Accounts at that time. I went to Bank told them that I am going to India and asked them to suggest what is the best method to carry some money.

They had only one suggestion-get Indian currency from us and go. I inquired about Traveller’s Cheque, Debit and Credit Card. They had low opinion about India and said me it’s not worth of doing any such things. They asked me about the city where I am heading to, and I said Hyderabad. From their facial expression that they had very low opinion about Hyderabad and in a manner of contempt to this place, said there it will be difficult for you if you do not have hard cash. I myself, did not know much about this place, and did what they suggested. I gave my Nepalese Currency and they gave Indian Currency-bunch of INR 100. The conversion rate was same as it is today as Nepalese currency is pegged with Indian Currency. N I headed to India with inner pockets of pants and shirts filled with Indian currency bunch.

In Nepal’s International Airport, while frisking my body, a policeman asked what’s there? I said-money, Indian Currency. He further said that he does not think that I have 500 INR currency note and I affirmed his thoughts. He said me to move and I moved. That’s all about my experience.

Now, let me add little more of my story before I conclude this. That day, the trip was in many ways a new for me. First foreign trip as already said, first time, I went to any International Airport and first time, I was traveling by Plane, among others. My sister Minu and Brother Rewati Raman Pokhrel came to Airport to see me off. We used to stay in Babarmahal Area and we took bus. There was no need of taking taxi. My sister had recently passed Nepal Telecommunication’s Exam and she had training in Kathmandu at that time. She skipped the half’s day training and came to see me off.

I will write more on this later. Keep on reading !!!

From another City

I just read an Article from Wall street Journal written by Krishna ji along with his friend. It was a good one to read something after a long break because of my exams. My Usual seat is my University Hostel Room in Hyderabad. But, I am far now, I am far from there, and very far-almost about 1600 Kms far in New Delhi-Capital of India. I am here for my Internship for a month in a law firm that I am joining tomorrow.  I have just arrived here today. I am staying with Krishna Ji and Madhu before I shift to some Paying Guests. We will search for that tomorrow. 

I am here in Delhi around 11 AM this morning after a very long journey of Train. Usually, Train takes 26 Hours to reach Delhi from Hyderabad but this morning the train was delayed by two hours taking around 28 Hours.It was a good morning of 27^th October when I left Hyderabad. 26^th October was a KoJAGRAT PURNIMA-the last day

 of Dashain. We all, Kul sir, Ashok Bhai, and Deepak Ji, decided not to sleep whole nights and played cards and watched TV along with our unstoppable chita chat. We did not know why we decided not to sleep. We did not really care about religious aspects of this festival but merely decided to wake up whole night. Morning was cool. We all came to railway Station. Kul, Ashok and Deepak ji came to see me off and it was so nice to take Bus instead of little expensive autos.  Hope to see all in Hyderabad after a month as I am going back at that time.Will be updating this whenever I have time and of Course, I have to say keep on reading!!!

Random Feelings without dream

I have NO Dream
Sounds pessimistic? Right. Of Course, let’s talk about pessimism sometimes. Let’s talk about dark things in life. Life is not only spring; it passes through many many cold winters. You tell me, are not you felt bored, sad, unhappy, and angry in life? You have man, you must have. Then, why do not you talk about those things?

Something politically motivated!!!!

I have not written anything in my blog so many days. So, feeling like I have missed out something.
I am somewhere far from my temporary-but-usual place. People call it Hi-Tech City. Yes, Hi-Tech City of Hyderabad. Flooded with fancy buildings, fancy offices with fancy names. It has given job to many, status to many, and of course, quick bucks to many. Hi-Tech City in Hyderabad is a part of changing Hyderabad to Cyberabad.

THE LAST ONE TO INCREASE VISIBILITY

[I have Copied this Article from Asis’ blog wothout any prior PERMISSION. I hope that he will permit me to do this one and I hope that he will not comment here to remove this Article from here. I am not totally convinced about this viral Tag stuffs and do not really know how it will work. But, I hope that it works nevertheless. This is the fourth and the LAST ONE in this series of increasing viewers. My Blog can not consume more than this. I will be back with my own usual stuffs within few times. Please visit Blog pages of my friends Sajiva and (Ashish) http://alapot.blogspot.com/ as well and cerainly , do not forget to drop some comments here.

Seeing off somebody in Airport

This is always a difficult task. I had to go this time IGI (Indira Gandhi International Airport, New Delhi) to see off some of my friends who went back to their country after completeing their various
studies in India. We all knew that they had to go and there was no alternative. It was sure, and certain that oneday the date of departure arrives and we were supposed to act in a way the situation demands.

Travelling here and there…….

When I was not blogging in my Blog, I was not in my usual place. I went to visit some of the North Indian cities and mountains.
I love travelling and this time also, I got some oppourtunity to visit some of the places.
I went to Uttarakhand (Uttaranchal State) in India and some places there like Bhimtal, Nainital, Kausani, Almora, Kumaon, Ranikhet. When there was scorching heat in the Notrh India and even more in South, these places were pleasantly cool.