Vivek

My Personal Blog

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Author: Vivek K S
Managing Director & Chief Architect, Makto Technology Private Limited | Managing Director, Daker Consulting Private Limited

Education and economics

Both sums up the fuel for living. Education is directly related to gaining knowledge. The indigenous question is the 5 w’s. Education is way more related to framing or understanding economics within a contrained set of rules.

Getting into the ‘what’ phase, leading to what knowledge. It is too ambiguous to clearly define knowledge. Can also be said as, knowledge is something which makes a person to effectively handle or do something. Isn’t it that simple. Example, a good cook has the knowledge of making good dishes, a film director makes a good film with the knowledge of film making, a good driver knows to drive a car smooth, etc.. fall into that category. These may not fall directly into the actual economic system.

Market education is what pushes economic system grow or pull it back. The market education is fundamentally not stable, does not always bring inclusive growth and will not always be an effective one. The market education is framed based on demand, on ideologies and also on the capital of money invested into it.

In recent times, social media groups and public forums are rather questioning the fundamentals of Indian educational system. How could a basic fundamental education for a kid go wrong suddenly when the kid becomes an adult? That’s because of the choice of career which is totally not related to what he / she had learnt.

A mechanical engineer who should be good in automobiles or making industrial machines gets into software industry, a good coder in the software industry becomes a tester. Market education makes these things happen and fundamental educational is being blamed for it. The choice was that of the individual and the menu was always full with various options.

An educated illiterate is a bigger and grave threat to the society than an atomic missile. Well learned person should be wise enough in their choices and that is the result of good education and make economics have a wider reach.

Ideological economics

We have been constantly fighting for equal distribution of resources right from the day of monarchial implementation. A single man’s ideology and his political knowledge of resource management greatly failed leading to the fall of monarchial rule.

It is surprising, that even after the downfall of monarchy, handling of economics is being implemented from the olden way of management ethics. The defunct theories of the governance are still prevailing in the sub-continent in various forms be it religious divisions or the East Indian migration to the soil.

The real problem was never been the equal distribution of resources, it was accumulation of abundant resources. After the start of 21st century, India greatly moved into globalisation and early 90’s saw abolition of license raj system and opening up the economy. But, a democratically elected government was only able to upheld the democracy in governance and it couldn’t break the defunct ideologies which people carried right through centuries.

The ‘subjects’ as it is called during the monarchial period, people still have their loyalty to their ideological leaders and individual economic independence is going far away from reality. Traditional practices on financial management results in resource stagnation and newer means of availability is seen to be as growth in today’s governance. For example, many people in the country look at gold as an investment as such, which can be used for long term purposes.

Economics in itself is not ideological, but every ideology has the core idea towards equal economy. Well, governance and economics are not the same.