TeleVaja Model of Economics

 This happened after Ms Banerjee won the most coveted award in Economics, Nobel Prize in the year 2015. Her work on Televaja(তেলেভাজা) for over 10 years had fetched her Nobel Prize in Economic Sciences in the year 2015. It was Ms Banerjee’s Theory of Televaja which gave altogether a new dimension to the subject of Economics and her theory works wonder to revive any model of Economics when it fails!!Inspired by NarendraModi’s “Chai peCharcha”, she threw a high tea party to commemorate her award-winning at Kolkata Book Fair Hall at Kolkata Book Fair 2016. All stalwarts from the field of Economics were invited at that “Chai peCharcha”. ChatterjeeBabu personally went to invite all of them for whichhe had to undergo a hectic non-stop schedule of 20 days to invite all invitees across the globe.Among the invitees were Adam Smith, John Maynard Keynes, Irving Fisher, Karl Marx, ElinorOstrom, Milton Friedman and many more!!

Date: Sunday, 31^st January 2016

Time: 4:30 pm

Venue: Kolkata Book Fair Hall, Kolkata Book Fair 2016, Milan Mela Ground, Kolkata – 700046

Before entering the party

Banerjee:Bobby, see Gurung brought the tea or not? I phoned him to bring tea from Darjeeling, if he forget contact Gogoiji in Assam immediately and tell Gurung to go back Darjeeling. No package this year! What an insult if tea party, no tea!!

Bobby:Didi, Gurung delivered it in the morning.

Banerjee:Babbaa!! Good, Good, full package this year.

Bobby: But Didi, how come full package? Selection is in April!

Banerjee: OK OK pore dekhchi (will see later). Getting late, all has come?

Bobby: Yes Didi

Ms Banerjee enters the Hall and gets standing ovation from all invitees. She straight away snatches the microphone from ChatterjeeBabu,

Banerjee: Look I’m very happy. I’m very happy to win this award. All credit goes to MaatiManush for this wonderful prize! I was working on televaja for last 10 years. Actually, I like televaja. I eat televaja when I paint, when I draw, when I write poetry in different languages. Suddenly one day I realized this televaja is doing miracle in economy. Ramu, the televaja seller from Talirchal (roof with burnt earthen tiles) to 4 storied building!! I started observing how televaja is working. Observing, observing and one day I found televaja will solve all the economics problems!See Tata sitting there, he has also converted Tata Factory to TFC – Tata Fry Centre! He is getting raw material potato in cheap rate from Tarakeshwar with less transportation cost and selling “Alur Chop”. We are number 1 in “Alur Chop” in world now! There are many examples who are sitting here and you can talk to them individually later. I will not speak more, now let other speak.

Irving Fisher: Didi, my work is relatively simple than yours. I formulated quantity theory of money in terms of the equations of exchange, the equation is

MV = PT

Where M be the total stock of money, V the velocity of circulation of money, P the price level and T …………

Banerjee:Televajaaa!! SeeFisser u increase Televaja, your stock of money and velocity will also increase. No problem, your equation never fail!! Next.

Elinor Ostrom: Didi, my research on analysis of economic governance has brought the subject from the fringe to the forefront of scientific attention, by showing how common resources can be managed successfully by the people who use them rather than by governments or private companies. Common resourses are forests, oil fields, grazing lands or fisheries…………

Banerjee:Ahaa!! Fish Fry!!!! See Elinoyou must tell your fishery peoples to supply fish we will make Fish Fry. Your poblem is solved!Next.

John Maynerd Keynes: Didi, my General Theory of Employment, Interest and Money argues that demand, not supply, is the key variable governing the overall level of economic activity. Aggregate demand, which equals total un-hoarded income in a society, is defined by the sum of consumption and investment. In a state of unemployment and unused production capacity, one can only enhance employment and total income by first increasing expenditures for either consumption or investment…………

Banerjee:Televajaa! Look John you can increase peoples expenditure by selling televaja! So your poblem for unemployment is also solved! Next.

Vilfredo Pareto: Didi, my work is relatively simple; I found 80-20 rule. Roughly 80% of the effects come from 20% of the causes. I found approximately 80% of the land in Italy was owned by 20% of the population, firstly I observed that 20% of the pea pods in my garden contained 80% of the peas…………

Banerjee: Ahaa!! Koraishutirkochuri (Geen-peas Kachori)!! That is also televaja. Next.

Aurther Cecil Pigou:Pigovian Tax is my brain child. It is a tax applied to a market activity that is generating negative externalities (costs for somebody else). The tax is intended to correct an inefficient market outcome, and does so by being set equal to the negative externalities. For example a businessman sells alcohol, because of the crime associated with alcohol; the sale of alcohol necessitates higher costs in policemen and prisons so……………

Banerjee:No, No, No, No!! We can’t stop selling alcohol. Televaja goes well with Alcohol! How can we stop? We will cover the cost of police and prison from televaja sales. OK. Next.

Karl Marx: Capitalists take advantage of the difference between the labour market and the market for whatever commodity the capitalist can produce. I observed that in practically every successful industry input unit-costs are lower than output unit-prices. I called the difference "surplus value" and argued that this surplus value had its source in surplus labour, the difference between what it costs to keep workers alive and what they can produce.

Banerjee (didn’t interrupt): Mr Marx, I respect you lot! When any comrade comes to my office I offer Fish Fry!! There is not much difference between unit cost and unit price in televaja. No labour poblem also, we pay well. See TATA, his TFC outlet has more dish-washer compared to employees of other factories!

(Silence)

Banerjee (continues): Mitra, tell them how we did last year.

Mitra (In American Accent): It had been a wonderful evening, having so many legends under one roof! I would like to congratulate Ms Banerjee for winning Nobel Prize in Economic Sciences in the year 2015 for her splendid work on TeleVaja. Well let me come back to the topic which Ms Banerjee has entrusted me. Last year India has overtaken China with a GDP growth of 8.1% but MaatiManush state has out-paced India and has grown at 11.71%!!

Paul Krugman: How?

Ben Bernanke: Amazing!! How was it possible?

Banerjee: We have 2 special televaja products named Dhoper Chop and Bhater Chop, which we don’t sell outside our state as our people are very happy with it. Whenever we need to perform we sell these 2 products.

Max Weber: Can we know the technical know-how?

Banerjee (grumbled): Once we appointed an All India distributor, Mr Manna at Delhi, to spread these two products pan India, but he ditched us on launch date!! Since then we don’t share the technical know-how to outsiders.

Banerjee (continues):So good night to everybody! Stay well!

Adam Smith (murmured): Era of Father of Economics ends here! Mother has come!!