It is usually easy to decide where to buy bread, or soap. There are many supermarkets and they are easy to find.
According to the classical view of the market- where supply and demand always balance- buyers and sellers find each other immediately, without cost,and have perfect information about the prices of all goods and services. However, anyone who has tried to find a used CAR or a NEW HOUSE or PARTNER- knows that it rarely works like this in REALITY.

Economists had long seen poverty as the greatest social policy issue. The unemployment began to cause increasing concern since our independence. At first, it was thought the problem was caused by illness or some defect in the character of workers, such as idleness or lack of work ethics. This meant that unemployment was seen as a problem for individuals who were for some reasons unable to work rather than a problem for society in general. But in the current scenario unemployment control is a big task for the country and is affecting the whole society at large.
While many people now work in well paid, satisfying job,unemployment is persistently high in our country. The market in jobs is shifting and good jobs are vanishing. In the job market individuals have to limit their search to the vacancies they can find within a certain time and budget.
Today, the condition in our country is that even a graduate and knowledgeable person has to work below his potential such as working as a clerk or a driver and sometimes even as delivery boys !

imageAccording to a government Report, 34%were found employable out of about 1, 00,000 unemployed candidates. As per the report’s findings, the coming year would not see bullish hiring in any of the sectors. Out of about 10 sectors surveyed, majority of the sectors (like BFSI, BPO/ITES, Manufacturing,engineering &core etc.), are not expecting a major change in their hiring numbers and a decline in the number of jobs available can also happen in the coming years.Hospitality and travel, came out as the only sectors where there will be a significant increase in the hiring numbers. The report also brings out a general trend amongst the employers to look for skills rather than qualifications in candidates.

As per government records our GDP is growing at a rapid rate but unemployment is a big threat in future for the Indian economy and there are chances of even protests and riots by the educated unemployed population.





To sell a thing for more than its worth, or to buy it for less than its worth, is in itself unjust and unlawful. ” – Thomas Aquinas

Many people know what it is like to be exploited or ‘ripped off’ by a vendor, such as when buying over-priced ice creams at a tourist venue.

However, according to economics; there is no such thing as a rip off ! The price of anything is simply the market price – the price people are prepared to pay.

This flow chart will help you understand the concept of just price better.



Thomas Aquinas, a scholar monk, recognised avarice as a deadly sin, but at the same time he saw that if a merchant is deprived of the profit incentive, he would cease to trade, and the community would be deprived of goods it needed.

Aquinas concluded that a merchant may charge a”just price”, which includes a decent profit, but excludes excessive profiteering, which is sinful. This just price is simply the price the buyer freely agrees, given honest information.

The issues of price and morality are very much alive today, as both economists and the public discuss “the just price ” of a banker’s bonus or the minimum wage.

Thank you for reading my blog !