The lazy decision making?
Welcome back everyone to another series of unveiling practical truth (not indicated towards offending)! When I was first introduced to Economics, the very first thing I was taught was, ‘What is the Basic Economic Problem?’ The Basic Economic Problem is Unlimited Wants + Limited Resources = Scarcity. After being in love with the subject and living on Earth for 16 whole years, I see things differently. The Basic Economic Problem is that humans are lazy. Please re-read this line and try to relate. As you read forward, your partially clear conception will become clear and you will be able to understand as to what I am trying to convey.
Issue №1: Unemployment. According to the International Labor Organization (ILO), unemployment is defined as “people of working age without work, available for work, and actively seeking employment.” With this standardized definition, I do not think that unemployment is caused by workers themselves at any point. When I look at this issue, it is nothing but our decisions as consumers that cause unemployment to soar in any economy. Despite being described as rational, the results of our decisions certainly do not benefit us but instead harm the others also. This is because apart from us, even our decisions are lazy in nature. The basic example of a currently trending social media topic. ‘Baba Ka Dhaba’; the moral behind this was to support local businesses. The support has indeed been given but why was it needed initially. We are becoming lazy.
We, humans, want everything at our doorstep. We do not want to take out our vehicle or walk an extra mile to get ourselves the daily necessities or be them our leisure items. We think of anything and we search it on Amazon, Flipkart, Snapdeal and etc. Amazon is the leading online retailer with a net revenue of $232.88 billion in 2018. The company set a record for profits in the first quarter of 2019, reporting net income of $3.6 billion for the quarter, or $7.09 per share, crushing analyst expectations for earnings of $4.72 per share. Amazon continues to set a new high bar for profits every quarter, with the previous record of $3 billion set last quarter. Whereas, According to PayScale’s 2017 data, the average small business owner’s income is $73,000 per year. The point here is to highlight the difference because these statistics vary between countries and regions.
Right now, some things require the human brain and its intelligence, for example, for developing complex algorithms. Who knows, soon that same brain may develop an AI computer program to develop the same algorithm on its own so that the dude can ‘Netflix and chill’. And as things like these keep going like a flowchart every single country comes to an economic crisis; Issue №2. E-commerce is definitely encouraged but it should be in balance with normal commerce too. Soon our own parents will no longer be able to pay for the internet that holds these eCommerce platforms. Therefore, dearest friends this is the impact of the Laze Revolution and it shall persist if we do not bring back the balance now!
This is just my vision of the world, please let me know what you think.
