In our contemporary period where everything is instant and fast most of the time we always think that economics is merely what is exactly found in textbooks, without realizing the true applied essence of it .
In the forum entitled "A forum on Every day economics" by Dr. Andres "Antong" Victorio, I must say that in many ways it changed some of my notions and conventional conception of what economics is all about. The forum in general conveys the idea that economics is indeed dynamic and it changes in order to explain the developments of the fast changing world. In here I learned how economics works from the simplest activities of man up to the most complicated issues that challenge the Mankind. The first part of the forum was very interesting, specially when the speaker asked the definition of what economics. Later he inserted the idea that economics is also about the value maximizing behavior.
In addition the speaker also gave several examples in the field economics that would explain how economics sometimes changes in explaining a certain phenomenon. In line to this he discussed the case of a Kindergarten School in Israel which is a very peculiar issue. In this case the school is experiencing high rate of late comers so what they did they decided to fine those parents who would bring their children late to school but what happened instead of dwindling the number of late comers it dramatically increased. The punishment imposed in this scenario instead of helping, exacerbated the problem which is quite ironic. The response seemed to be not in line to the Law of demand in economics.
In this forum the speaker also distinguished the difference of shame and guilt which I always tend to equate as one. Shame and guilt according to the speaker definitely have a relation to our behavior in economics.
Overall I really learned a lot from this forum, learning that I can use in making tough economic decisions in life.
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