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“Give a man a fish and he will eat for a day. Teach a man to fish and he will eat for a lifetime.”- Laozi (老子)



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Hey Geeks is it the weather or is it something else. Maybe it's just me 😌

"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest." - Adam Smith

Why do you go to work? Why do you go to school? There may be many reasons, but at their core you probably go to work and school because you are self-interested. To be self-interested simply means that you seek your own personal gain. You go to work because you want to get paid so you can buy the things you want. You go to school so you can get a better job someday and earn more money to buy the things you want. In fact, most of the economic activity we see around us is the result of self-interested behavior.

So why does the baker choose to bake? The answer is self-interest. The baker wants to earn enough money to feed his family and buy the things he wants and the most effective way he has found to do that is to bake bread for you. In fact his bread has to be good enough and the service friendly enough that you are willing to give up your money freely in exchange for his bread. The baker while serving his self-interest has produced a good that is very valuable to you. The miracle of a market system is that self-interest produces behavior that benefits others.

Continue reading about The Role of Self-Interest and Competition in a Market Economy:
https://www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-3-the-role-of-self-interest-and-competition-in-a-market-economy

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Trivia of the day!

Did you know that there is no single economic theory that can explain Singapore's economy!?

This is what we call the 'Singapore problem'. If you read the standard account of Singapore's economic success in places like the Economist or the Wall Street Journal, you will only hear about Singapore's free trade and welcoming attitude towards foreign investment. You will never hear about how almost all the land in Singapore is owned by the government, while 85% of housing is supplied by the government's housing corporation. 22% of GDP is produced by state-owned enterprises (including Singapore Airlines), when the world average in that respect is only about 9%.
To put it bluntly, there isn't one economic theory that can single-handedly explain Singapore's success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex.

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the only type of balance that matters for economists

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Whether it's about keeping track of your personal savings, planning out your investments, or managing financial records. Microsoft Excel has everything that you need! 🔥

Here are some Geeky Facts about Excel that you didn't know about! 🤓