"Living Economics" refers to viewing economics as a dynamic,
human-centered, and practical discipline, rather than a cold, mechanistic
set of formulas. It emphasizes understanding how individuals and markets
solve problems in real-time, focusing on human actions and interactions to
improve living standards. Key concepts emphasize that economic knowledge,
not just technological innovation, is essential for progress.
Living Economics (A Perspective on the Field)
Definition: *Living Economics* by Peter J. Boettke portrays the field as a
study of human action, emphasizing that economics is *for understanding the
world, not just for professional calculation.*
Key Principles: The "living economy" approach connects economic activity to
human purpose, focusing on creativity, cooperation, and the pursuit of
betterment. It emphasizes that market processes and institutions are
crucial for solving complex problems.
Human-Centered Approach: This perspective argues that economic policy
should directly focus on the living standards, wealth, and quality of life
for households, rather than just abstract GDP figures.
Role of Knowledge: It highlights that for economic actors, the "price
system" is necessary to determine which projects are worth pursuing.
Leaving Economics (A Concept of "Leaving" the Subject)
Exam Context: "Leaving" in the context of economics often refers to the
Irish Leaving Certificate Economics exam, which requires students to
demonstrate knowledge of economic principles, market structures, and, in
2025, to prepare for potential questions on topics like housing, energy,
and environmental sustainability.
The Econocracy: Some perspectives, such as in The Econocracy: The Perils of
Leaving Economics to the Experts, warn against "leaving" economic policy
entirely to experts, arguing that the public should be more involved in
economic decision-making.
Core Components of a "Living Economy"
Purpose: To support the ongoing, creative, and voluntary, interactions of
people.
Components: Involves integrating institutions—like social protection,
education, and environmental regulation—into the core of economic theory.
Application: It is about understanding "what is" (positive economics)
versus "what ought to be" (normative economics) in a rapidly changing
world. Leaving economics is IRISH conjuce, who remained under below par
questioning and explaining every product of the developments and
stationarity.
Your baby wants a Balloon blown even before reaching home or a toy
which will lie under the stair case; the economy is not in terms of money
but that moment pleasure which sustained the body in whole health. However
if you were to buy everyday to the baby or the grown up boy his broken
bats, that is spend-thrift tendency and spoiling the economy and the
characters as difference between the permanent assets and the temporary
assets in life are not well taught. For that matter, even buying a
television or a pen in 60s went a waste; but you went for the smart TV,
cell and Ball point which will also become a waste sooner than later; many
a things are not daily used; the jewels are such lying in the bank; but if
you encash cash will face the depreciation while Jewels appreciate; so why
would one to hold?
THE TERM “UTILITY”
Utility is the total satisfaction or benefit derived from consuming a good
or service. Economic theories based on rational choice
<https://www.investopedia.com/terms/r/rational-choice-theory.asp> assume
that consumers will strive to maximize their utility. The utility of a good
or service directly influences an item's demand and its price. Economic
models try to quantify or estimate utility to determine consumer
decision-making. If utility in economics is cardinal and measurable, the total
utility (TU) <https://www.investopedia.com/terms/t/totalutility.asp> is the
sum of the satisfaction that a person receives from the consumption of all
units of a specific product or service. Using the example above, if a
person can only consume three slices of pizza and the first slice of pizza
consumed yields ten utils, the second slice of pizza consumed yields eight
utils, and the third slice yields two utils, the total utility of pizza
would be twenty utils. Thus the utility is having at the right time and
disposing it also at the right moment; that means surplus to invest; how
ever , buying late and hence had to be kept for long, are the ways of
stress; and any stressful purchase is unwanted but 80% do this. Economists
assume that consumers seek to maximize their utility and are motivated by a
specific need, such as happiness, wealth, or generosity. Utility can be
used to measure the usefulness of goods and services to consumers. While
there are limitations when more variables and differences appear in the
market, various types of economic utility are identified. Measuring utility
helps companies structure pricing based on the laws of demand.
From 21 when I started earning, I bought a sleek tape recorder and
in 2years vertical system came; so I bought it though while I gave the 2
year old to my sister who was very happy. The Black white TV 18” arrived
and bought it; system was also there. Then came 32 inches so kept the B&W
in one room and 32 in the hall ; both were useful though any one will be
silent for days but utility were for both. So the purchases went along as
the technology changed and the old one well maintained were sent to the
orphanages where -people did enjoy; utility is transferred. And now I have
3 TVs in three rooms and one TV is never used and charged till my children
arrive; it does not mean that unused so don’t . Never buy with stress and
which you will not be able to maintain or only become a debtor on account
of it. Dispose at right time as donation or sale and go for recent
technology. The statement that if it is not going to be used for a year
it’s a waste; no; audio tapes >1000 were sent 4 charities and one of my
friend took them; and they are running there. VHS is no more but all
functional converted as CDs and DVDs through the DVD recorder (which also
has no value now) are held; because it has a life value and the recorder
and player is not used regularly. Baby happiness is more important than the
product; but never beg borrow or steal.
K Rajaram IRS 1126
On Thu, 1 Jan 2026 at 10:51, Venkatachalam Subramanian <[email protected]>
wrote:
> நிச்சயமாக! தாராளமாகப் பகிருங்கள். இது பலருக்கும் மிகவும் பயனுள்ள ஒரு
> விழிப்புணர்வாக இருக்கும்.
> இன்றைய நுகர்வோர் கலாச்சாரத்தில் (Consumer Culture), நாம் பொருட்களைச்
> சேர்ப்பதில் காட்டும் ஆர்வத்தை அவற்றை முறைப்படுத்துவதில் காட்டுவதில்லை.
> உங்கள் பகிர்வு மற்றவர்களுக்குத் தூண்டுதலாக அமைய, கீழே உள்ளவாறு ஒரு
> சுருக்கமான குறிப்பை (Short Summary) நீங்கள் பயன்படுத்தலாம்:
> தலைப்பு: வீட்டை நிர்வகிக்க பட்டினத்தார் காட்டிய வழி!
> "காதற்ற ஊசியும் வாராது காண் கடைவழிக்கே" - இது தத்துவத்திற்கு மட்டுமல்ல,
> நம் வீட்டுப் பராமரிப்பிற்கும் பொருந்தும்.
> ஏன் பொருட்களைக் குறைக்க வேண்டும்?
> * இடவசதி: தேவையற்ற பொருட்கள் குறையும்போது, வீடு விசாலமாகும்.
> * சுகாதாரம்: தூசி மற்றும் பூச்சிகள் சேர்வது தடுக்கப்படும்.
> * மனஅமைதி: குப்பைகள் இல்லாத சூழல் மன அழுத்தத்தைக் குறைக்கும்.
> எளிதான 3 பெட்டி முறை:
> * குப்பை: தேவையற்ற, உடைந்த பொருட்கள்.
> * தானம்: நமக்குத் தேவையில்லாத, மற்றவருக்குப் பயன்படும் பொருட்கள்.
> * தேவை: அடிக்கடி பயன்படுத்தும் அத்தியாவசியப் பொருட்கள்.
> தாரக மந்திரம்:
> கடந்த ஓராண்டாக ஒரு பொருளை நீங்கள் பயன்படுத்தவில்லை என்றால், இனி எப்போதும்
> அதைப் பயன்படுத்தப் போவதில்லை என்று அர்த்தம். அதைத் துணிச்சலாக
> அப்புறப்படுத்துங்கள்!
> இதை நீங்கள் கூகிள் குழுமத்தில் (Google Groups) பகிரும்போது, மக்கள் தங்கள்
> அனுபவங்களையும் பகிர்ந்து கொள்வார்கள். இது ஒரு நல்ல விவாதத்தை உருவாக்கும்.
> வேறு ஏதேனும் தகவல்களை இதில் சேர்க்க வேண்டுமா அல்லது இதை ஒரு மின்னஞ்சல்
> (Email) வடிவத்தில் மாற்றித் தரட்டுமா?
>
>
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> <https://groups.google.com/d/msgid/thatha_patty/CAJgp%3Ddu6udQGiGrmYSHweXRER_P5tU-MTH%2BzYyfVpDpQKum1jg%40mail.gmail.com?utm_medium=email&utm_source=footer>
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