Emergic: Rajesh Jain's Blog

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Economics and Game Theory

June 17th, 2003 · No Comments

I think entrepreneurs (and perhaps manager) should have a good understanding of economics and game theory. It is a pity that those who study engineering (I can speak for myself) are barely taught either of the two. I remember one course in Economics at IIT – it was more a diversion from the other “core” engineering courses than something I took seriously.

Over the past few weeks, as I have been talking to Atanu (who is a development economist), I have also been getting a tutorial in some of the basics of economics. A few days ago, I bought a book by Debraj Ray on “Development Economics” (the Indian edition, published by Oxford University Press, is only Rs 295 – amazing value for money). I have been reading more from a point of view to understanding the wider picture so I can better appreciate the interventions (solutions) that we need to construct. I wish I had spent some more time on understanding economics earlier in my life!

Game Theory is subject which has a close relationship with economics. Again, it helps one understand the situations one is in, and therefore devise the righr strategies. In most cases, wedo have an instinctive realisation of what is needed, but some theoretical background can make a big difference. A good book (had mentioned earlier) is “Game Theory At Work” by James Miller.

Tags: Entrepreneurship

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