08: The Story of Markets (बजारको कथा)

Hello dear listeners! Welcome to the tenth episode of The Nepali Economist. In this episode, I try to find the answer to the question: where did the 9.3 trillion dollars of the world's poor go? And why does capitalism triumph in the West but fails everywhere else? Happy listening! References: The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else by Hernando De Soto

Hello, dear listeners! Sorry about the long, long gap after the eighth episode. I finally welcome you to the ninth episode of The Nepali Economist. In this episode, I bring you the story of Hernando De Soto who sought an alternative path to prosperity for the poor people. How did De Soto find the alternative path and what impact did his findings have on the developing countries around the world? Listen to find out! References: The Other Path by Hernando De Soto De Soto recognized by The World Bank Business reforms in Rwanda by Ease of Doing Business Index Ease of Doing Business Rankings by The World Bank

Dear listeners, Welcome to the eighth episode of The Nepali Economist. In this episode, I talk about the marvel of the markets - what they are, how they work, and why they are important. References: The Reality of Markets by Russel Roberts Spontaneous Order by Norman Barry I, Pencil by Leonard E. Read Halt and Catch Fire TV Series

Dear listeners, I am back after a long hiatus of about 4 months. In the 7th episode of the podcast, I build on the things we discussed last time about the prices and explain the concept of inflation and deflation along with their impact on our lives. I have also included the examples of hyperinflations from around the world. Do check it out! References: Hyperinflation in Zimbabwe on Wikipedia साम्यवाद किन असफल भयो ? by Bettina Bien Greaves (Nepali Translation: Surath Giri) Deflation as per the Austrian Economics

Welcome to the sixth episode! Why are footballers or fashion models paid more than doctors and health workers? Why is life-saving water cheaper than diamonds? Who determines the prices of goods and services? Is it the seller or the buyer? What happens if we try to control prices? I try to answer all these questions in this episode along with discussing the Diamond-Water paradox and real-life examples from Nepal. Happy Listening! References Materials: Where do prices come from? by Russell Roberts The paradox of Value by Wikipedia Austrian School of Economics by Britannica Carl Menger Profile by Library of Economics and Liberty The Problems of Price Controls by Fiona M. Scott Morton

Welcome to the fifth episode! In this episode, I discuss the Public Choice Theory, aka the economic way of thinking about politics. I talk about the theory, its implications, some examples from the US and Nepal. I also talk about the concept of Baptists and Bootleggers proposed by economist Bruce Yandle. Happy listening! Reference Materials: Public Choice Theory by Jane S. Shaw Pigs Don't Fly: The Economic Way of Thinking about Politics by Russell Roberts The Calculus of Consent: Logical Foundations of Constitutional Democracy by James M. Buchanan and Gordon Tullock Bootleggers & Baptists: How Economic Forces and Moral Persuasion Interact to Shape Regulatory Politics by Bruce Yandle & Adam Smith If you have any comments or feedback for me, please email me at [email protected] .

And here comes the fourth episode! In this episode, I discuss why trade is important and what is the law of comparative advantage which states that countries engaging in trade benefit even when one country is better at doing everything. Happy listening!  Reference Materials: 1. Comparative Advantage Theory and Examples by Kimberly Amadeo 2. A Brief History of the Concept of Comparative Advantage by Morgan Rose 3. On the Principles of Political Economy and Taxation by David Ricardo 4. An Inquiry Into the Nature and Causes of the Wealth of Nations by Adam Smith

Thank you for liking the second episode! In this episode, I discuss the unintended consequences through examples of the cobra control program of colonial India, Four Pests Control Campaign of China, Child Labour Ban, consequences of seat belt laws, consequences of Hoy De Circula program of Mexico City, Kathmandu's taxi problem, and the Barbara Streisand Effect. Happy listening! Reference Materials: The consequences of banning child labor (World Bank) UN’s ban on child labor is a ‘damaging mistake’ (The Guardian) Perverse consequences of well-intentioned regulation: Evidence from India’s child-labor ban (CEPR Policy Portal) The Effects of Automobile Safety Regulation (Jstor) The Effect of Driving Restrictions on Air Quality in Mexico City (Journal of Political Economy)  The Cobra Effect: Lessons in Unintended Consequences (FEE) The Armchair Economist: Economics and Everyday Life (Steven E. Landsberg)

Thank you for your overwhelming response to the first episode. In this episode,  I talk about instant gratification vs delayed gratification and why there ain't no such thing as a free lunch!  Reference Materials: 1. The Moon Is A Harsh Mistress by Robert A. Heinlein 2. Getting the Most Out of Life: The Concept of Opportunity Cost by Russell Roberts

Welcome to the very first episode of The Nepali Economist. In this episode, we'll discuss one of the most important principles of economics. A principle that is usually considered the backbone of economic thinking: Incentives matter. Enjoy! Reference materials used for this episode: 1. Incentives Matter by Russell Roberts 2. Asal Arthshastra by Surath Giri (Nepali Translation of Common Sense Economics) 3. Freakonomics by Steven D. Levitt & Stephen J. Dubner