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?
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.
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.
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!
lolz...very well written...but believe me if u'll to anyone in this change-o-no-mics language, u r bound to give a people nightmares!!! U've used eco terms on daily life...it was lovely..this proves u know your eco well...lol!!
Very well written .... humor,math et al...I have no clue why people get all possesive about change ...never ever do they want to part themselves away ... reminds of an Akshay Kumar movie in which he makes the heroine spend a bunch of money just to generate the change .... good stuff !!
Thanks, I guess it works both ways. Ppl knowing the difficulty is gaining small change, do not like to part away with theirs. Which movie by the way? Phir hera pheri?
ditto with me as well. every morn to be exact.. i ask before hand if they have sau ka chutta. If they dont i make em take change usually the auto drivers stop by a pan shop for obvious reasons. One auto wallah actually stopped at a market and bought tide for his household.
Wow Economics, freakanomics and changenomics..he he i was wondering if was a new study :) now i know...but consider yurself lucky, the other day my friend gave the money(50rs) to the auto wala for change and that fellow disappeared for more than an hour, he actually had to leav the place :( !! ..cheers and good write up and thanks for taggin me :)!
Thanks and yeah i too have faced many instances like this esp with taxi.
Sorry could not reply u earlier...saw new post..it was fantastic!
After reading this post, I think you were behind the global financial crisis!
I am impressed with your knowledge of economics .
Change-o-nomics is a manifestation of "preference for Liquidity" in everyday life. Economicst do recognize that 2 fifty rupee notes are better than a hundred rupee note. That's why you see that share prices of a stock rise whenever there's a news of it splitting into 1:5 or 1:2.
But yes, when dealing with auto-wallahs, Liquidity-Prefernece would be a heavy term; Changeonomics sounds much more apt :).
And I sympathize for the trouble you have to go through due to the phenomenon :).
Excellent blog. I love it. You are not alone. I have this experience several times when I visit India. The worst place is Chennai. So, now I carry plenty of small denomination in rupees.
This is what happened to me once in Chennai. We went to a restaurant and paid the bill and tips. All of a sudden I realized I have only 500s in my wallet. I asked the waiter to get me change from the cashier. He went and came back and said "no change". I immediately ordered a cup of coffee. The bill came to Rs.12. I gave the same 500 rupee note and he brought the change back. In the meantime, I did not drink the coffee. After I put the change in my wallet, I purposely pushed the coffee from the table. It fell on the floor with a loud noice. I said: oops. I am sorry. And left the restaurant.
Nice humor you have posted here. Keep up the good work!
Thanks...You must be happy that the restaurent owner at least had decorum to serve that cup of coffee, gen a lot of Indian establishments do not have basic courtesy of service, they shoo away the customer if their mood id off.
Cool...smart girl. Thanks for writing in..keep visiting and keep sharing.
aajkal khulle ki badi killat hai ..
very well written!! Humour and economics combined in such a deadly combo great work!! The regular irritating incidences prove to be a boon later na? as we can make humorous posts on them..
Thanks for droppin in. Yeah chillar ki killat. but tell me this change should be a two way approach. I mean if i cant obtain change, how can i pass them on? Thought provoking?
Yeah, I have tagged you in my first ever attempt of tagging business...Would love to see ur response!
Thanks for writing in and welcome to my blogs. Keep visiting!
Thanks for explaining economics to dummies like us, but if I try to read more difficult concepts, i will definitely have go to VLCC for hair loss treatment!
Just joking! Enjoyed your theories immensely.
Thanks...you finally did it! Take care and keep visiting!
Arre i know this angle theory...But i guess you asked why they are "called as" and not why they are "written as".
Thanks Bhavik. I do check your blogs...good ones!
as a foundation to build a plyo box soon, but in moderation.
In the Paleolithic period to help you gain where other plans fail.