Economics always freaked me. Freakonomics tweaks me even more. That is well not the end to my freaking, shrieking, shrilling list. There is more and one of it could be termed as “changeonomics”. Ekta Khetan
The above statement will soon find its place in list of famous quotes from an upcoming
freakonomist of all times - Yours truly. From years, world has truly conspired me towards the subject economics and acknowledging the GDC [Globally designed Conspiracy]; I shall explain the proposed theory of “Change-o-nomics”.
Before I begin, let us assume that- we all have studied economics sometime and we are patient readers who appreciate humor over grammar. So taking
ceteris paribus as the baseline, let us take a random sample of 10 people and ask- Bhai Sahib Kya aapke paas Rs 100 ka ‘change’ hai?
99% of the responses so generated would be-
# 9.555 out of ten responses says “no” [
Closed economy]
# 2 out of 10 will too claim to have Rs 100 only [
Perfect Competition]
# 1 of 10 retorts to have only Rs 60 or any lesser amount [
inelastic demand]
# Another 10% confesses that they have just given it away or deposited in bank. [
Institutionalized Monopoly or
economy of scales or
restrictive practices ]
# 25% of respondents guides you to another shop, store or even Taxi Walla [
Globalization]
# Eight out of those 10 redirected sellers will apply-
“IF (You make an impulsive purchase, Yes_change available, No_change not available)”. [Also known as
Opportunity cost over and above
economic cost]
Well that establishes
correlation of change-o-no-mics with market efficiency. How? Consider this-
1. No one can be made better off without making someone else worse off: Almost true
2. More output cannot be obtained without increasing the amount of input [refer point no 6 above]
3. Production proceeds at lowest possible unit cost [Try to get the change for Rs 500, Rs 100 and Rs 50 and you will understand]
So what is "
Changeonomics"? In economic terms, it is a
social choice theory, which works on the “compensation principal” of matching the dynamics of “what is in my pocket” and “what is in my mind. Therefore, whether it is recession, or inflation, the flow of ‘change currency’ as in medium of exchange is a mutually exclusive event. This type of
heterodox economics aims to explain how economies of asking “change money” work and how its agent interacts.
In simple words, it is the tough commerce of getting "small change" from public. Like two Rs 50 for a hundred ruppee currency.
The phrase “Mister, Do you have change for X rupee” has become a dreaded economic condition for money market and theorem’s of liquidity. By asking this question, one stimulates a market condition driven by equal demand and supply but low intend to purchase called- “Change-no-mics” [read it as change?-no-oh me?-eeks! It is self-explanatory]
Economics is freaky at times. And “change-o-no-mics” is even freakier. I am a daily victim, everyday I play the recipient role with new scripts. I travel to office by taxi and consider myself lucky when these taxis walla’s accepts the possibilities of providing me “change” for the amount, however rare occasions they are. I am luckier if I find a “messiah” having either the changes or the equivalent amount to bail me out of that situation.
Conceding the immense contribution of changenomics in my life, I shall dedicate last week as the “changeonomics week”. Having proved that “changenomics” has little to do with Economics and more with human dynamics, we shall be moving our right side of brain keeping the left side still engaged, marveling the theory above.
500-56-12
So last week, one funny incidence incurred over other. I had an appointment at
VLCC for hair fall treatment and the moment I stepped outside my building, it started raining. Irony is that I cannot let my hair wet, as it would affect the kera procedure to the extent of getting electric shock. I initially planned to take a bus as the clinic was nearby and hiring a taxi would be waste. Accordingly, I had Rs 500 and Rs 20 plus some coins in my pocket. The rain got dense and for next 15 minutes, I stood hopelessly with my matching blue umbrella at main gate. The bus became a no-no option, so I settled on taxi and that was the second mistake I did. I took the cab a colleague came in, continuing the same meter, letting her to pay her share later. The moment I realized that cabbie does not have change for Rs 500 and I Rs 50 as change, I asked the cabbie to get a change from nearest petrol pump. He first refused, blabbered and after some resistance, parked in middle of road and walked to the pump. “Madam change nahi mila”.
We stopped at the venue in middle of market place,
IDBI bank and eateries. I spent solid 10 minutes while experiencing all those six responses above. We finally received mercies at 4th floor of the institute where a faculty decided to help me with Rs 56 to pay the fare and release the cab. Phew! If you think the matter settled then read further. I did not remember the vehicle no and accompanied the office boy back to ground floor. Paid and settled? No. Being the other smartest fellow on earth [first one is me off course], the peon boy went around, packed all the food orders and then came back to state that he could not generate a change for Rs 500. Gosh! He did all this while I waited for another ten minutes on pavement. Moreover, this all for a net amount of Rs 12, which I anyways was carrying in my pocket. That also explains 500-56-12.

Incident no2- One morning, I landed at office gate holding the Omnipresent Rs 100. Once again, the cabbie ditched me. The local chai-pan wala ditched too and office motley is as good for nothing as often. This time my messiah was the main gate security guard. In incidence no 3, my rescuer was a female colleague who, apparently got very amused with my “accounts management,
bad debt recovery and
cash flow theories”.


Incidences like this keeps on happening. Everyday either I do not have the exact fare amount or the taxi/ auto rickshaw person does not have. It goes from 50 paisa to 50 rupee and I end up being the sacrificing party. Well every experience teaches you something. I for that matter learnt to- always carry over n above the adequate change assuming the cabbies will be cabbies. Secondly, be very stringent to impart with your “changes”.
Now did I forget to say that the theory of “change-o-no-mics” works both ways- Buyer’s end and seller’s too? Eeeeks stop freaking, stop freaking! A "small change" is always welcome!
45 Visitor's Comments:
Hi Folks,
You heard me...now its time for Bouquets and Brickbats!