Economic Way of Thinking: A perspective to look at social and economic phenomena

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All social phenomena emerge from the actions and interactions of individuals who are choosing in response to benefits and costs. Economic way of thinking helps organize information to make sense out of social and economic phenomena.

Why is a 1,5L Cola cheaper than a 0,5L one? Why did Charles Dickens and Ernest Hemingway have dramatically different writing styles? What made Sergey Bubka break the world record 35 times, the most by an individual in athletics? Why did the policy to curb cobras during the British rule of colonial India end up causing a surge in the number of cobras?

All these phenomena can be explained and understood by simple economic principles. In this presentation, we will go through some basic economic principles that help us understand some seemingly unrelated phenomena. Understanding these principles are vital for everyone who wants to become an informed citizen in modern democracies.