Wednesday, 16 May 2007


Oii... since when did the class blog become my blog???

Everyone is busy. Econs lecture quiz tmr. PW to do. Research programmes of various sorts. Block tests. CCAs and competitions. Tests and tutorials.

One thing that I've learnt these days... is not to rely only on your own strength. A person's physical and mental strength is limited, and only by working with others, be it friends, family, or anyone else, can one fully utilise his or her potential.

In economics terms...

Scarcity (Stress) arises when the unlimited human wants cannot be satisfied by the limited abilities of the human mind and body. As such, a choice (priorities) has to be made, and opportunity costs have to be incurred (not being able to take up everything one likes). However, by trade (teamwork) one can overcome the problem by the speacialisation of resources (focus on your strengths).

Working alone is like a monopoly. A monopoly is a price setter (you set your own targets).
The marginal revenue (amount of extra work needed to do better) is always less than the average revenue (results). Hence, by the marginal approach, the firm (individual) should produce at MC = MR, where MC is rising. Now that the output (effort) has been determined, the monopolist will let the market demand set the price (get your results). Although a monopoly is prodictively efficient, it is always allocatively inefficient. This creates a deadweight loss (the empty feeling).

On the other hand, if everyone were to work together, the situation would tend towards perfect competition. By being a price taker (everyone sets the same target), the resultant is both productively and allocatively efficient. By shifting from a monopoly to a perfect competition, consumer surplus (everyone's satisfaction) is greatly increased, although producer surplus (personal satisfaction) may or may not increase. There is also no longer a deadweight loss.


Furthermore, by working together, the market (class) as a whole can experience substantial economies of scale (common benefits). This is due to the class being a large firm. This internal EoS usually takes the form of technical EoS (greater scope for specialisation).


Sounds crappy, and this should NOT be used as a studying material.

But basically... its quite saddening to see the disparity in many things, not just results. There are people who just can't do well or get what they want despite the amount of effort they put in, and there are people who just have to devote every bit of their time and stressing themselves out. And there are also people who are still free and easy (how lucky..).

Either way, do study hard, not just alone, but do to ask and clarify your doubts as well. And do take care of ur health.

Cheers,
JJ

Junjie says lets mug at 7:37 pm

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