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- เผยแพร่เมื่อ 30 ต.ค. 2019
- In an MIT lecture in 2013, the latest poster boy of development economics offered golden tips on who should save and who shouldn't. #tbt
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Loved the way he mentioned his grandfather and the way he built his house. So quintessentially Indian.
10 years back I was earning 1/10th of current earnings. Was trying hard to save. Saved half of my salary by avoiding public transport and choosing to walk for an hour of commute (saving Rs 10 in the process). The abount I saved with a job of 1.5 years is what I earn in a month now. Had I known, wouldn't have struggled as hard. Things could have been so much easier and better in the hindsight!
Its basically Paradox of Thrift.
Trying to add humour when the class is serious .
Basically he got so involved into economics, that he almost neglected social appearance and how society behaves.
People who believes that their income will grow in future won't save . Good principle.
Theoretically and in isolation, this theory is correct. However, in current times when lay offs are a common thing, not having any savings can lead to catastrophe. However, he is right about 'not saving'. Any surplus money should not be saved but invested so that it gives you more money in the long run. Eventually, the goal should be to make your surplus money work into making you even more money.
What you have said about your grandfather, reminds about my father who was a school teacher built our parental house in the same way. After building of one room, he used to save some money from his moderate salary and built another one. In this way he took several years to complete our house. But observing my father I got so many life lessons to proceed further in life.
He's like a celebrity
Proud to be a bengali...to see him give lecture on mit and also he is a great economist who is adorned by noble prize.. 🔥
Poor people have a greater uncertainty in there life compared to richer people. that makes a lot of sense for me.
In a bigger context, Its better to spend on something which enhances you like education than short term happiness which can pull resource out of earth... that way you spend but meaningfully.. just because you are certain of making more money tmw, does not give you ticket to ruin resources today
I don't know how certain one can be about the job security, I think his concept was only applicable for govt. jobs in India before 2004 as at that time there was pension which kept on increasing with time, so you got job security and continuous increase in income throughout whole life.
I believe the full lecture is available on TH-cam.
Thanku Sir
Don't postpone your joy and enjoyment of the present for future spending. You will likely enjoy it less than now. Save only as much is required and use insurance wisely.
This is a 1 hr 15 min lecture. This video is not a proper summary of the lecture, niether it has the head or tail what he was trying to say. So kindly watch the full lecture. It's a gem
Love him, though!!
Though I disagree on few points, yet I'd praise him as a teacher 👍
This discourse excludes however people with irregular income.