Peter Leeson's writing reads as good as reading dense fiction: it's light in introducing a new subject, keen on the details, and quite thrilling to rePeter Leeson's writing reads as good as reading dense fiction: it's light in introducing a new subject, keen on the details, and quite thrilling to read. As someone who loves the sea, pirates, and economics, I enjoyed reading this book. The economic ideas and concepts are surely ones a serious student of economics would have studied in their course work, but to write them in an interesting and accessible manner is a daunting task which Leeson has well accomplished here (I wish economics and concepts of risks are taught in universities this way, using innovative examples and interesting factors from history!). Some reviews have called this book similar to Freakonomics and that's an injustice to the depth and range explored by Leeson. Although, the book talks about Pirates, the concepts discussed could be applied to any monopoly/monopsonist in the grand contemporary market.
As anything with Pirates, I would like to have a Part II :) Delectable read (in a nerdy way!)...more
There's something absolutely lovely about reading Calvin and Hobbes as you're getting old (I am in my early 30s). The humor is brilliant, the characteThere's something absolutely lovely about reading Calvin and Hobbes as you're getting old (I am in my early 30s). The humor is brilliant, the characters endearing, and the messages profound. The comics make you smile with warmth, and you feel loved and cherished - just as you did when you were a child. Bill Watterson is one of those creative artists to whom I will forever owe my happiness in my teens.
Anything that speaks so deeply to the human heart never gets old. And this goes true for Calvin and Hobbes. I cherished reading this copy. <3...more
Recently, I had a discussion with an economics researcher in Germany where we discussed how the cost of racism is quantified in economics. Research ouRecently, I had a discussion with an economics researcher in Germany where we discussed how the cost of racism is quantified in economics. Research outputs from the USA, especially by some of the pioneering Black economists (that's why we need diversity!), have shown the impact of racism on economic growth, innovativeness in society, sustainable growth, the health of the kids (future citizens), etc.
And, it left me wondering whether it's possible to quantify the economic cost of caste.
To quantify the economic cost of caste in India would be a Himalayan task, and it would also be a time-taking one since India does not have a census on the basis of caste post-independence (India took a census with caste data in 2011, and the results of same with details of the backward castes were never published). Of course, there're several other ways to collect caste-based socio-economic data but still to arrive at the economic cost of caste, one must look at every aspect of life affected by caste (meaning, everything an Indian does!).
However, it should be possible to look at the ways how caste does affect the economic aspects of an Indian at places one can follow, identify, and quantify. And, this book exactly does that!
By looking at the problem of open defecation as a case study, the authors explain how social inequality like caste have economic consequences and health inequity in India. India's economic growth in recent decades has been unprecedented but the percentage of open defecation hasn't reduced despite its economic growth. The authors prove that open defecation continues to be a problem in India not because India is poor, or the rural people are not educated (percentage of those with a Bachelors' degree opting for open defecation is around 32%), or that rural India doesn't have access to water or toilets. On the contrary, the open defecation continues only because of the ideas of (ritualistic) purity of caste, a system that affects every single day-to-day choice of an Indian.
It's astonishing to me to realize that more than 65% of Indians consider having a toilet within their homes as 'unclean' or 'impure' while open defecation is considered to be a better option (the authors prove that open defecation causes an outbreak of cholera that results in infant mortality and health inequality).
Some of the results are worth noting:
1. The upper caste people in rural India are more prone to resort to open defecation than the lower castes and Dalits.
2. Although the lower caste people would like to use a toilet at home, they blindly adhere to the practice of open defecation because not following the norms and ritualistic practices of the upper caste would bring the scorn of the society on them.
3. Open defecation continues because the upper caste people consider it an impurity to clean their own toilets with their hands.
4. Hindu population (65%) is more prone to openly defecate than the Muslim population (45%).
5. States like Tamilnadu that are considered to be economically progressive and socially better-off also have a population of around 68% who openly defecate.
6. Lastly, even those with Bachelor's degree open defecate in India (32%), and government built toilets are often used for storage purposes (when they are built as per the plan, without losing money in corruption).
The consequences of the social inequality of caste that result in open defecation (as one of the outcome) results in higher infant mortality rate, gender based health inequities, short-height of Indians (Indians are relatively shorter than sub-Saharan poor), and a wastage of tax-payers money in building toilets that are often siphoned-off due to corruption, or end up in toilets that are not used by the rural Indians.
This book is written in an accessible language that allows anyone interested in the topic to understand (without employing jargons or any economic-technical terms of the academia).
Although, in most other cases, I would be skeptical that it took two white authors to write the underlying problem of the open defecation, it becomes apparent that this was a topic that hasn't been extensively discussed by Indian economists before (bias due to the structure of caste, perhaps!).
This is a wonderful book that would help a researcher in economics to understand how to approach a subject and bring to certain conclusions. Also, this is an excellent read for anyone who wants to understand contemporary India better.
---------------------------- Edit: In a way, the problem of open defecation in India is not only the problem of caste but also a problem of design . If people are against using pit latrines (something they need to clean with their hands), the government could adopt a different, bio-based, latrine system. Seems, that the Indian government wanted to build toilets that are easier to build and then leaving its maintenance to the people (thereby reducing the costs). The only alternative seems to be building proper sewage systems in our rural areas, thereby reducing the dependency on using pit latrines....more
India has a caste problem. Caste ( a fixed, graded inequality, which is a very aspect of Hinduism as a religion. It's not based on one's occupation (aIndia has a caste problem. Caste ( a fixed, graded inequality, which is a very aspect of Hinduism as a religion. It's not based on one's occupation (although it's made to be so), or one's food, the color of skin, or race. Rather, it's entirely based on where one is born in the religio-social hierarchal system. It's a system that does not allow someone born in the lower or untouchable caste to rise to the upper caste, or let the upper caste drop down to the lower ones, irrespective of someone's education, skills, etiquettes, genius, and moral upstanding). In India, caste is pervasive and affects every mundane activity of life. Simple, innocent aspects of life including what one can wear, what one can eat, whom one can love/marry, where one can live, the food or tradition or language, or the access to every day's markets, access to public goods, etc. depends on the workings and rules of caste. To put it simply, life in India, every aspect of it, is a function of caste.
Ambedkar, although widely recognized as the First Law Minister of India and the Chief Architect of the Indian constitution, is a fighter and leader who dedicated his entire life to abolishing caste and for the upliftment of the much afflicted Dalits (the marginalized community at the last end of the caste pyramid, formerly addressed as 'Untouchables'). His fighting against Hinduism sanctioned casteism (In his own words, "There is no casteism without Hinduism. There's no Hinduism without casteism.") not only involved activism but rather an intellectual deconstruction of the working of the casteism in the Hindu religion, which continues to inspire generations of scholars to understand, decode, de-legitimize the caste and manifestations in society. Much more, he gave the blueprint on the caste and its close working mechanism with the economic and cultural concentration of power within a few ruling castes. He is a genius, and many of his writings on caste and its manifestations stand a source of power and scholarship one can draw from, to understand, re-negotiate, and question the morality of casteism in India, thereby providing hope and voice to the worst afflicted marginal communities in India.
In this short 20 pages book, B.R.Ambedkar describes the untouchability and casteism he faced in India, in his everyday life. An accomplished scholar with a Master degree from Columbia University and a doctorate from London School of Economics, he recounts how he has forgotten about his 'untouchability' status while he was away from India. But, upon the return to his homeland, he was greeted with abuse and humiliation, and instances where his very life was threatened, just because of the caste he was born into.
In all the five different scenarios which Ambedkar describes here from his personal life, what is horrible (I howled internally) is that his entire existence, skills, intelligence, identity is reduced to being an 'Untouchable'. An irreconcilable and non-negotiable identity that warrants a higher caste person* to dehumanize and humiliate (even kill) the other person, and what's worse it draws the sanction for the same from the Hindu religion and the caste order it has prescribed in detail. To humiliate, threaten, dehumanize, scorn, discriminate, lynch, kill an 'untouchable' is very much sanctioned by the religion. To be a caste Hindu (aka a religious Hindu) means, one can be casteist, racist, and treat 'untouchables' not even worth as a human. By the standards of humanity, a casteist or a racist may not be a human at all. But, under the Hindu religion, this person would be a 'pious Hindu' following the sacred scriptures prescribing the caste codes.
The other lesson that Ambedkar makes clear here is the fact how religions such as Islam, Zoroastrianism, Christianity, which have no caste within them, actually have borrowed and assimilated caste practices from Hinduism within them. This explains very much why Ambedkar eventually chose and converted to Buddhism, a religion that had its origins in India and opposed casteist practices.
The other experience of him that made me shook (although I have read about these a lot) is the fact how casteism doesn't spare the treatment one bestows on a child. An 'untouchable' child is not a child but rather an 'untouchable'. Any ill-treatment, abuse against an 'untouchable' child is warranted by the casteism.
Lastly, I found myself shook to the core, when I realized that the entire 'untouchability' of casteism was working that prevented the 'untouchables' from having access to the innocuous, lovely gift of nature and the utmost necessity for life, Water. The brief recounts by Ambedkar of how he cannot open a tap to quench his thrust at his school; the experience of a young Dalit working at a government job was forced to spend days without water; or the stirring of the mob towards Ambedkar and his colleagues because they drank water from a public tap gave a shrill in my spine.
Although, this book was written years before when India was still without Independence, many of these injustices in the name of caste are very much alive in India today. There's a long fight ahead of every single person who wants to abolish caste in India, and no matter who begins this fight, they shall be doing the same under the torch and light ignited by B.R.Ambedkar.
This book is a must-read for anyone who wants to understand the caste and its manifestations in India. Highly recommended.
--------- * For an 'untouchable', who is at the lowest end of the caste pyramid, every single caste above is an 'upper caste'. And everyone does oppress them.
** Casteism is a graded inequality that places one caste above another. Like a million steps in a ladder. There are too many lower castes, and these castes are not even the same all over India. But, irrespective of the divisions at the lower level of the caste pyramid, the upper castes are the same all over India. And the lowest castes, 'untouchables' are the same all over India.
In other words, an upper-caste Brahmin from the South of India might find similarities and brotherhood in another upper-caste Brahmin from the North of India. But, the lower caste (with different names, identities, traditions, food habits, occupations etc) may not find solidarity or similar identities with the lower castes or groups beyond their region. Bertrand Russell once said that had the English found religion in India, they could have remained and ruled in India for a longer time. It's true!...more
If you're looking for a simple, easy source to know about all the available investment options in India, and a little guidance to throw perspectives oIf you're looking for a simple, easy source to know about all the available investment options in India, and a little guidance to throw perspectives on them, Let's Talk Money is the best book one can go for.
The book is entirely jargon free, and gives enough tips and guidance to help one to ask the right questions and make some of the important investment decisions. The book's coverage on Insurances - Life Insurance and medical insurance - is a boon, and the author covers a fair amount of details and nuances one should check before subscribing to a policy. The author has a great chapter on 'Mutual Funds' and 'Index Funds' which is zero complex to approach and a wonderful read for beginners.
Monika Halan does not ask their readers to write down every single expense done every day (which often acts counter initiative and the idea of saving money turns a bore eventually) or does she promises to guide the reader to choose investments which promises exorbitant returns. This is one of those books which one has to read to structure their saving plans (monthly or annual), to tick the most important points while investing (Eg.Term Life Insurance better than others or check whether there's a cap on the room rental by the medicial insurance policy etc),and to make oneself financial literate (which in my view is more important than anything) for a long term quest.
I would recommend this book more to women readers than men because the book is written from a women's perspective (very unlikely for a book on personal finance), and a great book for freelancers/entrepreneurs for whom income is fluctuating and has no coverage of any security.
2020 is one of those years where I took my personal finance management seriously not only because I turned 30 but I also became very aware of all the 2020 is one of those years where I took my personal finance management seriously not only because I turned 30 but I also became very aware of all the financial options available for investment and the great necessity for a woman, especially a married one, to be financially literate and independent.
The Psychology of Money is one of the those books that lays the fundamentals required for investment and saving your money without pushing and punishing with a lot of jargons, technical terms, and read-the-offer-documents-carefully-before-investing kind of mundane warnings (mind you, I am academically qualified and work in Finance and a Legal field). The book speaks in a very clear manner, chapters being crisp and brief, in a language which is assertive with a lot of understanding of the psychology of an individual average investor/human who wants to secure the future.
This book helped me to understand, something I never really did till now, that saving/investing money is a habit which is greatly guided by the relationship which one establishes with money itself. Do you see money as a tool/ enabler to pursue goals which brings you happiness or do you see money itself as happiness? Do you want to earn money because you want to buy 'things' (tangible, and as a show) or do you want to earn money because you want to secure a future that is stable, well-grounded, good-enough to weather through all the rough corners of life? Do you want to be rich or wealthy?. It's these fundamental questions which will guide in forming solid habits towards savings and investments.
The chapter explaining why money should be saved although there's no visible goal gave me words for thoughts I never could articulate otherwise. Money has to be saved not because one aims to buy a house or achieve a dream but rather it helps to buy one of the most valuable of all things - TIME. Also, the chapter on how debt erodes wealth gives a clear picture on the actual (opportunity) cost of debt, which for an individual investor, is too huge and substantially toxic in the long term (NOTE: This book does not talk about the educational debt and has not much to offer on the same. All the debts mentioned are those incurred for purchasing an asset/developing an asset/maintaining a lifestyle).
Although the chapters on compounding are too known to me, as someone from Finance field, to read the same in a clear language is such a pleasure in itself. I loved the insistence on being 'reasonable' in one's investments and expectations of returns rather than being completely 'rational'. Nothing helps to act as a motivation to save ourselves from the spiral of consumerism than the simple sentence, "If you buy too many things from your money, all you have is too many things and no money."
Although almost all the examples in this book is about a guy, and it really made me feel bad that there isn't a name of a woman in the list of best investors around the world, it did help me to understand that the true value of money is not in its value of amassing assets but rather in its purchasing power to leverage oneself in life - in terms of freedom, independence, security, and ability to achieve dream, which one doesn't have to let go.
Definitely a book I will get back to read every year - again and again! ...more
My best find this year is Caroline Criado Perez. Her words carry more passion and anger, and it portrays the struggles of being a woman in everyday liMy best find this year is Caroline Criado Perez. Her words carry more passion and anger, and it portrays the struggles of being a woman in everyday life. I got bowled over by her "Invisible women" and this book is no lesser than the other. I really wish she keeps writing more books. And, this book deserves a full-blown detailed review, which I shall come up with soon. ...more
"One of the most important things to say about the gender data Gap is that it is not generally malicious, or even deliberate. Quite the opposi
"One of the most important things to say about the gender data Gap is that it is not generally malicious, or even deliberate. Quite the opposite. It is simply the product of a way of thinking that has been around for millennia and is therefore a kind of not thinking. A double not thinking, even: men go without saying, and women don't get said at all. Because when we say human, on the whole, we mean man".
Caroline Criado Perez explores and presents how the world has always been shaped by men's perspectives & have produced almost all our systems, even those used and meant for women. Best is that she presents this with the use of data - authentic, reliable, and intersectional. .
Think about this: Medicines which are meant to be used only by pregnant women are clinically trailed on men. Because women mensurate and it fluctuates data, and hence more work for men. .
Or this: Cars seat belts are always tested and designed to suit men, although increasingly more and more women drive. Why? Because women have boobs and they still don't have an authentic design of a seat belt to help women better.
Or this worse case: What are the symptoms that one has a heart attack? You say that you have pain on your left arm. False. That's a symptom only for men. For women, the symptoms are completely different and hence more than 40% of women who has heart attack goes undiagnosed and eventually dies.
This book is great because it tells you how the world is designed by men, for men, not because men are wicked/evil, but because men and women have ingrained unconscious bias which constricts them to imagine a system enabling only men. Much of this bias is also propagated by lack of data or data which is not segregated on the basis of gender, thereby keeping women in dark shadows for centuries.
This is a book which makes you angry but for all the right reasons. It made me realize all the bias I hold against women, against my own self. This will be a book I will go again and again. Empowering, passionate, and hardcore woman-like. Just badass!...more
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