ECONOMICS MAG (1)_merged

4. Budget 2021-22 proposals to rest on six pillars. Which of the following is not among them? a. Minimum Government, Maximum Governance b. Innovation and R&D c. Inclusive Development for Aspirational India d. Agricultural Development 5. Which of the following is not a part of the UN SDGs (Sustainable Development Goals)? a. Life below water b. Gender equality c. Responsible consumption and production d. space research 6. Which currency does not determine the value of Special Drawing Right(SDR) in IMF a. Japanese Yen b. Euro c. Indian Rupee d. Chinese Yuan 7.OPEC is an ____________ a. Organization of Petroleum Exporting Country. b. Organization of Pre- European Commission. c. Oil Producing Economies Caucus. d. Organization of Problematic Economies Committee. 8. The Physical Quality of Life Index (PQLI) combines three indicators. They are: 98

a. infant mortality, life expectancy, and adult literacy rate. b. crime rate, clean environment, and quality of housing. c. air pollution rate, water pollution rate, and sanitation. d. health, education, and environment. 9. Dual economies will have-: a. More imports than exports b. A modern manufacturing sector and a traditional agriculture sector. c. More labor-intensive products than capital-intensive products. d. Foreign-owned and domestically-owned capital. 10. Which of the following is not an indicator of MPI (Multidimensional Poverty Index)? a. Health b. Education c. Occupation d. Standard of living 11. Which of the following stock exchange is not recognized by SEBI(Securities and Exchange Board of India) a. Bombay Stock Exchange b. Delhi Stock Exchange c. Calcutta Stock Exchange d. Bangalore Stock Exchange 12. Identify the following logo a. G20 b. OECD c. BRICS d. IMF 99

13. Which three of the following nationalized banks have been merged recently a. New Bank of India and Bank of India and SBI b. Central Bank of India and Corporation Bank and Bank of Baroda c. Karur Bank and Bank of India and Vijaya Bank d. Bank of baroda and Vijaya Bank and Dena Bank 14. What is the latest amendment to the FPI regulations by capital and commodities market regulator SEBI? a. Barring Indians, NRIs, and entities beneficially owned by NRIs from trading b. Barring Indians, NRIs, and entities beneficially owned by NRIs from being owners of participatory notes c. Barring Indians and NRIs from FDI in India d. None of the above 15. The Golden Revolution is concerned with ___________. a. Gold Jewellery b. Oil Seeds c. Minerals and Energy resources d. Cotton - Lamha Negi 12L 100

Painting by Yashvi Kumar 12M 101

102

CROSSWORD TIME To find: Debt Trap Surplus Labour Market Human Capital Recession Resource Union Budget Monopoly Supply Investment Stock Market Asset Unemploymen - Aisha Sangwan 10K 103

CLUES 1.A decentralized digital currency 2.Estimation of revenue and expenses for a specified future period of time 3.An economic system that allows private individuals and businesses to own goods 4.A basic good used in commerce, a finished product 5.Money as a medium of goods and exchange of services 6.A term used to refer to consumers desire to purchase goods 7.Discontinuing the legal tender status of currency units 8.Of or relating to the treasury or public revenues 9.A sudden rise in the prices of goods and services 10.A market characterized by a single seller selling a unique product 11.A market dominated by a small number of firms and companies (limited competition) 104

12. A period of temporary economic decline in trade and ......industrial activity 13. A consumption tax on a product when value is added at each ......stage 14. A person or organization that rescues a company from ......financial difficulties ANSWERS 1. Bitcoin 2. Budget 3. Capitalist 4. Commodities 5. Currency 6. Demand 7. Demonetisation 8. Fiscal 9. Inflation 10. Monopoly 11. Oligopoly 12. Recession 13. VAT 14.White Knight - Ashira Singal 09L 105

CLUES DOWN 1. Branch of economics which examines the psychology behind economic decision-making. 3. Winner of the 1st Nobel Prize in Economics. 5. Decline of purchasing power. ACROSS 2. Economic system in which economic decisions and pricing of goods and services are guided by the interaction between citizens and businesses. 4. Economics was originally called __________. 6. Father of Economics. 106

RENDEZVOUS WITH PROF. ARCHANA AGGARWAL, HINDU COLLEGE, DU Ms. Archana Aggarwal teaches Economics at Hindu College, University of Delhi. The papers which she has taught for the longest time are Macroeconomics and Political Economy. As a teacher and a student of Economics for three decades, she has been most interested in the question of how the processes of economic development and India’s structural transformation affects the lives, livelihoods and rights of ordinary people. This has been the departure point of her academic and research engagement over many years. She founded a research group with university students, called Perspectives. The group remained active in the University of Delhi from 2007 to 2014 and conducted field surveys and brought out reports. Q: Economics is a dynamic subject and it continues to evolve. In your opinion, what direction will it take in the post covid era? A: I will not answer the direction it will take, but what it ought to take. What the economists have been missing out on for a very long time is to try and focus on the issue of demand. During covid, it was clear that demand has been largely hit. Over a short period of time, investment in the Indian economy has plummeted to 27% from 34% of the output. 107

The reason behind this is that when the investors do not see a booming demand, they are naturally hesitant to contribute. Irrespective of the cost of borrowing or the rate of interest, they will be hesitant to produce and invest as they are not sure if there will be demand for the goods they produce. Hence economics as a whole should focus on demand. For instance, after the great depression, we saw Keynesian theory. Keynes talked about the fact that if the demand is lacking, the economy can fall into depression and his sayings came true. Every time there is some crisis like 2008, the idea of demand comes up, like why is the demand plummeting and what can be done to revive it. But sooner or later, economics falls back into the supply side, assuming the demand to recover itself. Such a pattern has been evident all across the classical theory and later in monetarism and theories of Milton Friedman, Keynes etc. In some or the other way, we circle back to the idea of early economists such as Adam Smith, who did not focus on the problem of demand. Hence I hope that economics should focus on demand, employment, and livelihoods- the issues it had originally started with. Q: What does the future of digital currencies look like? A: I believe that an economy like India cannot manage to survive in a system where the medium of transaction is solely digital. Ours is an economy where 92% of the population is informally employed and this very same population got devastated as and when we tried to go digital. Hence, in my opinion, digital currencies’ future is cloudy. 108

Q: In your opinion is the rising inflation just a hiccup or a trend reversal. In simpler words, Is it a temporary phase or does it point to a more permanent change? A: The current inflation is not a trend reversal. The Indian economy has been seeing consistent inflation largely driven by the prices of intermediate goods such as oil. I think inflation is here to stay. What is worrying about it is how it impacts the lower class of society. Them being informally employed or completely unemployed, they do not have the safety of a regular salary. With inflation on the rise, the real income of the population goes on decreasing. RAPID-FIRE ROUND Q: Would you rather be a consumer or a producer? A: Neither, I would want to study both the consumer and the producer Q: You received 10000 dollars as a price, would you invest it or lend it? A: Depends on who needs it more. Q: Would you rather study or teach economics? A: Teach economics. Q: Would you prefer to live in a developing country where everything is cheap, or a developed country where everything is expensive? A: It is not necessary that a developing country is cheap. However, I will like to live in a country whose culture I can feel integrated with. 109

Q: To conclude, can you guide us on how to inspire the students who are not so certain about economics as a subject as well as a career option? A: Let me use a talk given by one of the fairly well-known economists Amit Bhaduri about what is the court of economics. He said that the need to understand economics is so that the economists cannot make a fool of you. I agree with that as unfortunately behind algebra, graphs, equations, and formulas, one often forgets what economics truly is about. However, if you are genuinely interested in the real-world questions around you, you need to understand economics, so that you can look behind the veils of the equations and graphs. If the following example interests you, you should consider economics as a career option. One of the first things we study in economics is demand - willingness and ability to buy. We memorize the demand curves however we do not halt and re-read the words “ability to buy”. Does that mean those who do not have the resources to buy, are outside the purview of economics? If this question excites you and you feel curious to learn further about this you are a perfect fit for economics. However, if instead of curiosity it becomes a technical mind game, ie if you feel excited by calculating the equilibrium and looking at profits and cost, then it is not the subject that is inspiring you, but the paychecks that would come along. If you genuinely feel curious about the workings of society, you should consider economics but not in the form it is present today. 110

Today's form has to be waded through as we wade through the slush to reach a clean river. For instance, in today's economy, we equate the individual with the society ie we multiply the individual behavior to study that of the society. As an individual, we know our income say Rs. 10000 per month. If we consume more, we will save less. If we consume Rs. 8000 we will be able to save only Rs. 2000. Keeping in mind the income constraint, we might want to try to save more to secure our futures. However, consider how it might affect society as a whole. If we save our entire income, there will be no consumption hence no demand, and further no supply. Therefore the idea of savings is not beneficial for economics as a whole. Unfortunately, the core of today's economics is focused on looking at the behavior of the individual, how he/she shall be rational in his/her behavior, and extending the same to society. However, this does not apply to the concept of savings. This phenomenon is often referred to as the paradox of thrift. To conclude I say that the interest in economics must come from trying to understand what is happening around us. The study of economics will be useful so that we are not bluffed by anyone. We would not assume that lowering share prices indicate the economy’s fall and we will not consider that if the government is spending, the country would become bankrupt. There is some contemporary work that is moving toward this direction so there is hope. However, this hope shall be driven by your curiosity for the subject and not the payment that potentially follows. 111

RENDEZVOUS WITH DR. (PROF.) SAPTARSHI MUKHERJEE Mr. Mukherjee is an Associate Professor of economics at IIT Delhi. His areas of interest are game theory, decision theory, and behavioral economics. He teaches the related courses in the UG and PG programs at IITD and supervises graduate students interested in these fields. His research outputs have been published in journals such as Journal of Economic Theory, Games and Economic Behavior, Journal of Mathematical Economics, Social Choice and Welfare, etc. He did his Ph.D. from the Indian Statistical Institute of Delhi in quantitative economics and post-doctoral fellowship from the Universitat Autònoma de Barcelona. He was awarded the Teaching Excellence award by IITD in 2016 and has received grants and fellowships from the DST, JSPS, etc. Q: Is digitalization of business processes the next best step in boosting the output of the Indian secondary sector? A: Digitalization has helped the manufacturers of the final products (or services) reach the customer base intensely. However, what is likely to lead in this sector is the adaptability of this sector to AI-based pricing mechanisms. 118

Analyzing online consumer behavior and designing suitable reinforcement learning techniques would be the key to positioning a firm in the competitive market. Q: Do you believe the impact of digitalization on the economy could lead to an improvement in the Indian GDP? What should be the expected time period? A: As digitalization helps make a better matching between buyers and sellers, the welfare generation is expected to rise. However, the effects of the same on the ancillary industries need to be analyzed. Thus the overall effect may not be positive right now. However, an integrative approach might be required and such a system must be developed and put in place. The expected time depends on such integration and implementation, but if prioritized, could take place in 5-7 years. 119

PAVING THE WAY This section brings together our glorified alumni to share their experience as an economics student and be an integral part of our magazine. 120

MEDHAAVI DIDI Ms. Medhaavi Didi was the President of the Think Club for the session 2019-2020 . She is a recipient of the G Bhaskar Memorial Award for excellence in academics as well as extracurricular activities. Currently, she is pursuing BA in Economic Hons. at Hindu College. She is the Marketing Head at Hindu consulting group, senior member at Enactus Hindu, and member of the media team at the Department of economic. Economics as a subject has always piqued my curiosity and made me question the conventional. Understanding the intent of economic theories, their implementation, issues, and their application excites me. It is a very dynamic subject and hence staying up-to-date with current affairs is an essential part of this subject. By studying economics, students get practical knowledge and hands- on experience. Economics gives us an edge in internships because most of them are focused on data analysis management, research, and content writing. Another additional benefit is that of immense prospects in this field, for example, Consulting, Data Science, Machine learning, Education, Research, Financial Analysis, Risk Management, etc. To conclude, I would strongly recommend economics as a career option to those who are interested in real-life questions and day to day workings of the economy. 12 0

SHIVANI MALHOTRA Wealth Manager, IIFL Securities LTD. MSc. Finance and Management Durham University Business School CFA Level 2 Candidate USA Delhi Public School, R.K . Puram Alumni (2008-09 BATCH) - Gold Medallist As a child, I often accompanied my father to his office; his work is associated with the Indian Stock Market. Dinner table conversations in my house always revolved around the ‘Nifty’ or the ‘Sensex’. I started watching financial news channels on television and reading the business sections of newspapers right from high school. As a result, I was exposed to the financial world quite early on; this invoked my interest in the area of finance and investment. Having studied commerce both at school and college, I went on to pursue Master’s in Finance degree from Durham University, UK, and also started working on the CFA charter. The Chartered Financial Analyst (CFA) programme from the USA is a world- renowned certification for the Investment Management industry with only 1.67 lakhs charter-holders across the globe. This forms the basis of my knowledge of a number of fundamental financial concepts. 112

When it comes to the investment industry, people imagine it to be a fairly complex structure to analyze and wish to get their hands on before they start investing in any asset class. However, to be honest, investment can be understood only in a much simpler manner when you have got connected to the right financial advisor for your portfolio of funds. In the stock market, all individuals and institutions can trade in all types of financial instruments such as stocks, derivatives, bonds, mutual funds, and listed commodities. In India, the prime stock exchanges are the National Stock Exchange and the Bombay Stock Exchange. In the Indian stock market, the regular activities of buying, selling, and issuance of shares of publicly-held companies take place during 9.15 am – 3.30 pm. Having worked with IIFL securities as a Wealth Manager for 5 years now, I’ve made some really good relationships with High Net-worth individuals (HNI) and their families. In this tenure, I’ve observed and analyzed how the rich have only got richer over their lifetime and even passed on this inheritance to the next generations. Honestly, they have not done anything big or anything impossible, rather, they’ve just followed some healthy habits to manage their earnings in a disciplined and consistent manner. Further, most smart and financially savvy people have always invested in different asset classes to diversify their portfolios and also stayed invested in the stock market for long durations. Their investments have always been diversely allocated into different assets proportionately into equity, fixed income deposits, bonds, mutual funds, and real estate. 113

Another strong belief that's common amongst all HNIs is that they understand how inflation and low-interest rates are dangerously only going to decrease their purchasing power in long term and never lead to incremental cash flows for their living. Hence, investing in riskier assets after calculating the risk- return ratios acts as the only countermove against both of those factors. Active Income is the money that we’re all able to earn through job salaries or business profits by putting our time, efforts, and talents to use. However, Passive Income is the money lying in our banks or lockers which is not increasing as such unless we park them in some asset class which will give us a return on our earned money. Financial intellects always make sure that their earned money works as hard as themselves. It’s also a real fact that it takes money to make money and creating passive income requires upfront work. As Warren Buffet, the global investment and financial wizard quotes, “If you don't find a way to make money while you sleep, you will work until you die.” So we need to separate our income and our time! The lesson from his quote is to build income streams that make money regardless of whether we work that day. We need to master passive income so that we’re able to create wealth beyond boundaries. 114

Apart from the conservative fixed-income deposits that one has in their respective banks, people must always invest in the stock market as the stocks, bonds, and mutual funds not only give unlimited returns but also provide wealth creation opportunities like no other asset class. These things pay dividends, provide coupon-based interest income, or appreciate in value no matter if we’re sleeping, traveling, or doing anything else. The need for creating wealth should be instilled basis on the fact that our active income is only going to suffice for our present needs but we need to create passive income that will help us meet our future goals and aspirations. In times when the stocks markets are highly volatile, having a non-correlated asset allocation in your investment portfolio is a wise choice. Alternative investments such as Gold, Silver, Crude, etc. might provide added diversification for us to continue building wealth. Henceforth, it’s rightly said so that making money is an absolutely different ballgame than keeping money and growing it, as the latter requires a completely different skill set to exploit the opportunities for creating wealth. Since the stock market provides the maximum liquidity, people have started preferring equity investments over real estate as well in recent times. The demonetization move by Mr. Narendra Modi, the PM of India, has also contributed immensely in adding liquidity and the volume of investments into the stock market today, through both monthly SIP and lump-sum investments. In fact, in the past 2 years, we’ve had record account openings PAN India since the first wave of Covid-19. 115

Even when the entire world was at a halt, all country’s stock markets were highly operative, active, and received maximum participation globally. Lastly, for retired individuals and housewives/house-husbands, the stock market is not only just a virtual trading platform but also a line of work that gives them a sense of purpose, helps them build a daily routine, learn new things every day and earn some additional cash flow for their monthly expenses. Hence, in consideration of the points mentioned above, whoever wishes to become a subject matter expert in Finance must start pursuing some professional certification that will equip them with the necessary specialization and global exposure. It would also ideally complement the knowledge gained from the academic courses they’ve learned already in their educative years at school and college. Mixing this skill set of knowledge with professional internships in the related organizations will actually help them land up the job they love to work for, out of their passion and not just for money, merely. In fact, the brokerage firms provide the intellectually curious candidates with a great platform to research companies from different sectors, learn how to apply all the formulae learned theoretically to determine the intrinsic value and return on investment and get practical answers to the knowledge obtained already. One can also get so much awareness about the regulatory environment of India, apart from grasping the methods of performing technical and fundamental analysis on stocks. 116

Also, very interestingly the wealth management industry provides a great opportunity to develop and exploit one’s communication and sales skills as the majority of the working hours revolve around interacting with clients, both virtually and physically. Moving up the ladder when one has obtained enough knowledge and expertise of the financial market and investment behavioral patterns of the clients, they can aspire to become a Portfolio Manager as well. A Portfolio manager usually manages complete funds and portfolios of individuals and institutional investors. Managing public funds for a big mutual fund house in India requires the advanced knowledge necessary to manage, structure, and monitor investment portfolios. Designing structured portfolios by incorporating cutting-edge methodologies, sophisticated tools, and developing appropriate investment strategies are the core skill set required to pursue this fund management business. Lastly, fund managers who have a proven track record of providing their clients with substantial returns, also then start charging profit-sharing fees for their additional incentives. In this manner, the fund manager not only works as just an employee of a particular Asset Management Company but also starts treating their line of work as their own business for further motivation. A few books that may help understand personal finance and investing in more detail may include - The Psychology of Money by Morgan Housel; A Random Walk Down Wall Street by Burton G. Malkiel; Rich Dad, Poor Dad by Robert Kiyosaki; One Up On Wall Street by Peter Lynch; The Essays of Warren Buffett by Lawrence A. Cunningham. 117

SIDDHARTH GULATI Siddharth Gulati is a 20-year old currently pursuing a Bachelors in Economics and Political Science from St. Stephen's College, University of Delhi, India.His profound interest in science has led him to showcase his innovative ideas before the President of India. He is a two-time recipient of the President's Award for his work in innovation and technology. He is from the batch of 2019 and was actively involved in the activities of the Economics Club. THE WOUNDED HEALER An analysis of medical care sector affecting supply, demand and quality of medical services Since Adam Smith published his revolutionary work, there has been a great thrust on the idea of laissez-faire, a French term that translates as \"leave alone\". It refers to an economy, free from government interventions and subscribes to a notion that if everyone takes care of his/her interest, the interest of the society will be served automatically. The presence of the same idea in the first theorem of welfare economics is an attestation to its crucial role in competitive markets. The first welfare theorem states that a competitive market will tend to approach a weak Pareto optimal equilibrium; a condition of rest in which one can’t be made strictly better off without making others worse off. The market mechanism guarantees an efficient outcome in a competitive environment. 121

Our interest in the competitive market model is simply because of its ability to generate Pareto efficient results, with certain preconditions, as there exists no other way to allocate resources that will make all participants in the market better off. Hence, any alteration in the allocation of resources that makes everyone better off is the one that should be followed as a non-optimal allocation is not desirable. Should we make medical care more competitive to make it more efficient? To answer this question, one needs to understand certain important features of the medical care sector. First, the subject is the medical-care industry, not health. The medical care sector is only a part of the health sector. There are many more factors for health such as nutrition, shelter, clothing, sanitation, etc. which, at times, may be much more important than the medical sector. Second, the efficacy with which it satisfies the needs of society differs from a norm, the norm that economists employ to determine the flow of services, that would be offered and purchased and the prices that would be paid for them if each individual in the market offered or purchased services at the going prices. This deviation in the norm is because of uncertainty. Uncertainty has a crucial role to play in the medical care sector. Hence, the medical care market is much different from other markets and the special economic problems concerning medical care can be explained as adaptations to the existence of uncertainty in the incidence of disease and the efficacy of treatment. 122

The first distinguishing feature of medical care is non- marketability. Non-Marketability is the failure of a market to provide a medium for the exchange of goods and services upon the payment of a price. Intrinsic technological characteristics associated with medical care are majorly the reason behind its inability to enforce suitable prices. For instance, in case of a communicable disease, an individual who fails to get immunized, not only risks his health but of others also. In an ideal price system, there would be a price which he shall pay to the person whose health is endangered, a price sufficiently high so that the victim would feel compensated. Alternatively, there can also be a price that others shall pay him for the immunization procedure. Practically speaking, both methods are not feasible as a collective intervention of subsidy or tax or compulsion is required. Uncertainty as to the quality of the product is perhaps more intense here than in any other sector. Moreover, when there is uncertainty, information or knowledge becomes a commodity. These commodities provide the desired protection against many diseases. Like any other commodity, the information in the medical sector also carries a cost of production and transmission (required medical expertise/R & D), but is not available to everyone. It is concentrated only amongst the beneficiaries. If indeed, everyone knew the information, they would know the information itself and the entire medical sector would collapse. 123

However, unfortunately, many of these ‘commodities’, i.e., desired protection against many diseases are not adequately available to the physicians as well. This is because first, the probability of learning from one’s own experience is eliminated in case of severe illnesses and second, in the case of a communicable disease like COVID-19, where transmission rates are very high, stats is required as quickly as possible. For instance, China failed to provide the world, the stats for the burgeoning volume of severe coronavirus cases, especially in Wuhan and Hubei province, the epicenter of the world pandemic, which proved to be fatal and today, we seem to be living in a nightmare scenario. The coronavirus emerged in the middle of a golden age for media, but still, information is not available in adequate amounts. An array of dangerous misinformation, disinformation, and flawed amateur analysis fills the void, making it more difficult for the world to handle this severe surge of respiratory illnesses. Another distinguishing feature of the medical care sector is the nature of the demand for medical care services. It is both irregular and unpredictable as medical services (life-saving) provide satisfaction only at the time of illness, which in itself is quite unpredictable. This property of the medical care sector reduces people’s desire to consume or save for medical care. Moreover, commodities and services with little risk attached to act as substitutes for the risk-bearing commodities this is why even after robust economic growth in India over the past two decades, gains in other indicators of “well-being” such as access to medical care continues to lag. 124

Moreover, in a country like India, the need for medical services is felt only during a medical urgency because of which we are usually underprepared. Furthermore, one demands medical care only when he/ she is ill but at the same time, his/ her health or capability to work also deteriorates, affecting his/her purchasing power and ability to demand. Therefore, avoidance of illness is not like the avoidance of food or clothing. It is not only a risk but a costly risk in itself even if we don’t consider the cost of medical care. Furthermore, there exist some flaws in both the demand and supply sides of the transaction. The non-profit medical care system is generally highly subsidised because of private and public subsidies which in turn decrease the cost to be paid by a patient in so-called nonprofit hospitals. Another possibility arises from the fact that the association of profit-making with the supply of medical services arouses suspicion and antagonism on the part of patients and referring physicians, so they prefer nonprofit institutions. A time may come when medical ethics will have to be considered in the harsh light of economics because that is the only way to decipher the true nature of the medical sector. One has only to have been poor to realise the error as somewhere we all know that price and income do have some consequences for medical expenditures. Supply conditions in the medical sector also have a crucial role to play. Unmistakably, entry to this market is restricted by licensing, leading to restricted supply and an increase in the price of services. Licensing in the medical field is usually defended on the grounds to provide a minimum quality of medical services. 125

Lastly, the irregular pricing practices of the medical profession are well known. Some people might argue that since hospitals initially bill all of their patients at their chargemaster prices (or the consultation fee), they do not engage in \"price discrimination\". Such bills, however, are insincere, as in reality hospitals accept different payments from different payers for the services which are more or less identical, and that can properly be called price discrimination. In many cases, apparent rigidity of so-called administered prices considerably understates the actual flexibility. For example, if physicians find themselves less occupied, rates are likely to go down, openly or covertly; if there is insufficient time for the demand, rates will surely rise. The \"ethics\" of price competition may decrease the flexibility of price responses, but probably that is all. Hence, the laissez-faire solution for medicine is intolerable. The characteristics mentioned above make the medical care market a unique market with some obvious flaws and complexities. These complexities, however, can be avoided if discussed thoroughly. Proper implementation of regulations is also required as when a market fails to achieve the optimal state, society will, to some extent at least, recognise the gap and the non-market social institutions will arise in an attempt to bridge it. It depends on these conditionalities as to what extent the gaps would be filled. We have to do this together by embracing the complexities of medical care. These complexities may metastasize and harm other organs of the economy. The girth of simultaneous problems today is an indicator of tomorrow’s bandaging. Maybe now is the time to lend a hand to the ailing Invisible Hand. 126

CLUB ACTIVITIES INTER SECTION ACTIVITIES ‘Reflections’: E-poster Competition 11 May 2021 Ist- Anhad Sood XII-S 2nd- Manya Garg XII-R 3rd- Shagun Shrivastava XII-N and ‘Expressions’ 25 May 2021 1st- Raavi Bajaj XII-S 2nd- Ishaan Singh Sarna XII-K 3rd- Shashank Sinha XII-U GUEST SPEAKER PROGRAMME REPORT Indian Economy Amidst Pandemic Money and Banking 3 May 2021 14 May 2021 Ms. Hema Choudhary Mr. Praveen Khanna INTER SCHOOL COMPETITIONS 10-12 July 2021 COM Conclave 2021 Gyan Bharati School (Online) 1st Position - Business Buletin by Shagun Shrivastava 12N & Seetha K 12N 127

10-11 July 2021 Arthashastra Confest DPS Vasant Kunj (Online) 24-25 July 2021 Bizeco DPS Rohini (Online) Corporate Adda 1st position S P Thanusree XII U & Mridul Malani XII M 14-21 August 2021 Annual Fest 2021 Delhi Public School, Dwarka (Online) Crossroads- 3rd position Anhad Sood XII S, S P Thanusree XII U Currency Creation- 2nd position Saisha Jolly VI E Memeonomics- 3rd position Smriti Srivastava X F Artharaj-3rd position Diya Kandhari XII S 20- 22 August 2021 AFBBS Inter School Fest Rendezvous 2021 Air Force Bal Bharati School Digital Collage 1st position - Saanvi Arora XII T, Priyansh Gupta XII S 128

ECOQUEST The team conducted an online competition in July 2021 for classes 9th and 10th to find your if there are any questions that they would like to ask an economist. Winners were picked on the basis of creativity and relevance of their question. CLASS 09 1st posititon- Manas Sood 09D Even though Africa is a powerhouse of resources, it is the earth's poorest continent. How can we reduce inflation, increase the GDP, etc in African countries? 2nd position- Ifra Asna Shahid 09N What are some disliked factors which affect our economy massively? In your opinion, why should these factors be left un-popularised? 3rd position- Pratiti Mehndiratta 09I Resources are said to be limited, but with the advancement in technology, their alternatives have also come. Then why do we still need to manage our choices and why is Economics still needed? 129

CLASS 10 1st position- Adeeva 10N Is interest a boon or a bane for economic development? 2nd position- Shreya Singhal 10A After collecting reliable data, you often make assumptions and fallacious theories while analyzing. How do you work over the incorrect research model again with a new approach amidst your thoughts? 3rd position- Anannya Gupta 10K A good economic idea is implemented badly or a bad economic idea is implemented smartly, which is better? 130

COMICAL CHRONICLES The team conducted an online comic-making competition in July 2021 for class 11th on the topic of “Post-COVID Economic Recovery” 1st position- Suhani Vats and Vinayak Dhawan 11U 131

2nd position- Amaira Kapoor 11S 132

CLUB APPOINTEES 2021-22 SHAGUN SHRIVASTAVA President, Economics Club Interacting with those having the same admiration towards the subject as I do has been the best part of belonging to The Economics Club. I wish the best to the future club members and a big thanks to Vijayalakshmi ma’am and Anubha ma’am for giving me an opportunity to lead this wonderful club. NEASHA MITTAL President, Economics Club I would like to express my deep gratitude to the school authorities for giving me an opportunity to be a part of such a wonderful journey, which would be incomplete without The Economics Club. 133

ISHANVI ARORA Vice President, Economics Club Good management is the art of making problems interesting, and their solutions constructive.I wish the club the best in its future endeavors. NIMISHA DHAWAN Vice President, Economics Club Serving the club not only instilled a sense of responsibility but also enabled learn the essence of teamwork and push my potential. I wish the club success and growth in its future endeavours. UDHITA SHANKAR Director, Economics Club The club has provided me with the much- needed impetus to expand my horizons and gain a lot of knowledge about this discipline. I would like to take this opportunity to thank the teachers in charge and all the other members for this experience. 134

ANUSHKA GOYAL Director, Economics Club The club has been an excellent medium to learn about the economic world as well as an outlet to express my thoughts. I would like to extend my sincere thanks to all who have made the creation of this magazine possible. KRISH GUPTA Creative Director, Economics Club Working with the best team one could ask for has enhanced my interpersonal skills and sharpened my creative thinking. \" Economics runs the world! \" JUSHYA GANDOTRA Creative Director, Economics Club Being a part of the Economics Club has been mesmerizing. I would like to thank my teachers for allowing us to explore our creative mindset and explore this beautiful journey. Being in a team has helped me grow as a person. 135

ECONOX'21 Delhi Public School R.K. Puram Sector XII, R.K. Puram New Delhi - 110022 Fax. +91 (011) 26184023 www.dpsrkp.net Illustration by Eva Aggarwal 11K