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MSD - Mahi, Supply, aur Demand
I was on my way back from watching an IPL game – RCB beat table toppers RR in a tense match at the Chinnaswamy. My phone battery had drained out, and so had my voice and the bus arrived later than usual, so I was not really following on what was happening in the second game of the double header Sunday – CSK v KKR. The college kid sitting next to match was watching it on his phone (with the commentary set on loudspeaker) but I was mostly lost in reading a book I had just picked up. That is, until, Ravindra Jadeja got out, and in walked a certain MS Dhoni, with two balls left to play.
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IPL-onomics
This is not an edition of discussing the economics of the Indian Premier League in the sense of dissecting the commercial numbers, whether it be the billions of dollars that were bid for the media rights, or the billions that were paid out to buy franchises. But this season's IPL has two new interesting twists in the form of rule changes that probably deserve an economics lens.
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The Economics of Smriti Mandhana
After the Women's Premier League (WPL) auction on Monday, Smriti Mandhana, the elegant left hander and No. 3 batter in the ICC T20I rankings, became the most expensive player in women's cricket. Smriti's economic bonanza is a culmination of quite the journey for the women's game. It is also a reflection of how the economics of being a cricketer, and more specifically, a female cricketer has evolved. Playing professional sport is entering, what in economics parlance is called, a winner-take-all market, or being subject to 'superstar economics'. In short, this translates to the reality that that while many will vie for a place in that market, only a few will be successful, and as a corollary, the rewards from the profession will accrue disproportionately to the top performers, the superstars, as it were. In the WPL auction, the top 20 players sold out of the total 87, received 64% of the total purse of Rs. 600 million that was available.
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Price & Prejudice
12 February 2013, 9:23 AM, Hebbal, Bengaluru
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Invisible touch
The IPL just concluded its 'mega auction', and with ten franchises - with a limited purse - looking to pick up resources to compete for the title, there was plenty of economic undercurrent on display. I have written about some of that before. However, Omkar's casual question
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Nightingale-onomics
When Adam Smith and David Ricardo extolled the virtues of specialisation and how it can unlock higher levels of productivity, they could scarcely have been thinking about a little girl born in Indore who would start singing with a singular devotion at age five, be correcting subtle errors in the pitch and tone of learners twice as old as her at age eight, and in fifteen short years, be recording a song every other day on average for the next decade - a level of output that cannot be imagined even for the most efficient machine, let alone a human being.
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The Market Solution
The opening lines of Petula Clark’s Downtown go thus:
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The Bowrne Supremacy
The Korean dominance of Olympics archery and what it tells us about economies
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The Curse of Private Value (or why Glenn Maxwell went for Rs. 14.25 Cr.)
It's become an annual ritual almost at this point to be disappointed in the purchases made at the Indian Premier League (IPL) auction by the Royal Challengers Bangalore (RCB), who happen to be the team I cheer for at the tournament. The IPL Auction has been a fairly unique sporting and economic event since its inception, not least because most other sporting leagues see players recruited through drafts or through private negotiations.
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Be Kind: 2020 (Econ) Rewind
The year 2020, to paraphrase an often quoted line, did not build our character; it simply revealed it. An extraordinary turn of events upended how we thought about everything - life, love, work, social connections, the value of well-being. It shone a sharp spotlight, across the world, on humanity at its best and at its worst, our actions exacerbated by the extreme circumstances we collectively faced. But it was also, in a way, a reiteration of an extraordinary aspect that gets talked about often in economics, but is surprisingly ignored in a lot of its formalised models.
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The Economics of Scams
For as long as there has been finance, there have been scams. Whether it is Nigerian princes emailing you to transfer money, or Bernie Madoff promising impossible returns, or a sketchy startup raising money, Enron manipulating accounts or brokers and bankers manipulating the stock market.
4:50
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Auction Replay: What the IPL tells us about the 2020 Economics Nobel
With the advent of the IPL, not only did cricket viewing and marketing as we know it change dramatically, it also introduced us back to a rather fascinating economic phenomena – auctions.
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Rockstar Economics: How to tackle information asymmetry
One of the most ideal scenarios is economics is a marketplace that has innumerable buyers and sellers transacting on pretty much identical goods with free flowing information about how much someone is willing to buy and what price they are willing to pay for it. Economists term it ‘perfect competition’ where there is no chance anyone – buyer or seller – gets ripped off because as Tim Harford writes in his book ‘The Undercover Economist’:
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Pausing Rationality: Why we can't resist sale events
It is that time of the year again. Despite the pandemic, there will be a festive fervour around as India gears up for its biggest shopping season of the year. And sellers are at the ready with the most powerful weapon they have at their disposal - the sale event.
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Dispatches From The Econ Highway
Welcome to Econormist - an econ publication that wants to inform you on all matters economics but with a light touch. There will be posts here on everything from the Nobel Prize to neo-classical models, but coated with a generous dose of pop culture to make it a breeze.
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