Dear sister Beccalyn

How are you fairing on given the fact that you, dad and mum decided to go silent on me. On my part am fine and enjoying every minute in this campus. Life is sweet and fun, but that doesn’t mean that I am not taking education seriously. Hey, do you remember how you guys were against me taking the economics course, I want to disapprove you that am enjoying the course every minute am in class. For instance, there is this book we are reading it is called, “Dinner Party Economics.” You guys can’t imagine how much I have come to enjoy the book. It has given me a deeper insight into all aspects of life, for instance, happiness, money liberty and so much.  Now that you people have little knowledge of economics I will gladly share what I have fallen in love with this book. The concept of measurement in chapter three is one of those topics I can’t avoid since life is all about measures. I remember when dad used to give me fixed for my expenses I never realized what he was doing. It is till I read their concept of measurement that I came to understand that economists, dada being one of them, love to quantify what is valuable. Money is valuable, and that’s why maybe dad could never give me an extra penny. The concept of measure has, in other words, opened my inner understanding of the common belief people have regarding money being equated to prosperity. Without money, a person cannot be rich. This statement implies that all individuals with money are wealthy. But listen, Dinner Party Economics has taught me to understand this concept of measurement a little bit different. It is true that money is a measure of a standard living, but this concept is only true when knowledge is equated to money to make it easy for measurement. In other words, spending money without measuring or keeping in mind the living continuum only implies one thing, poverty. I remember that time we forced dad to take us on vacation, and when he refused, we felt like he was afraid of spending his cash. Now, through the concept of measures, I have come to understand that dad is an economist who applies measure on any commodity in hand as he is fully aware that money is extinguishable.

My dear, do you still remember our argument on the reason behind why people work? We argued that day so badly that we couldn’t talk the whole day because of your reason based on the need for them to get money. But thanks to Dinner Party Economics which through chapter seven, the concept of labour explains this question. Paid labour market at first seems to be the reason as to why people work. But this fact changes when I read the entire concept of labour. People do not work because they want money or because they want to join the labour markets. If these assumptions were correct, then once people get paid from their labour, they ought to stop working. The microeconomic theory explains that it is good or it pays to work. When these people are paid, they feel good to spend their paycheque on getting goods and services that increase their state of happiness.

A good example is that time dad bought a car for you after you had improved in the subjects that proved difficult for you. I remember dad had promised that if you improved, then you will never use public means to school anymore as he could get you a vehicle after he received his paycheque. In other words, I have come to understand through Dinner Party economics book that it is not a must for people to receive payment through monetary. Someone can be paid just by making another feel good or happy. Dad felt good and happy when you improved, and as a result, he bought you a car. Hope you really can get the picture of what economics is all about. To tell you the truth my dear sister, reading this book has made me understand that life is not all about money, but money is at the center of every macro aspect of life.  Money is just a measure of the quality of life we want for ourselves, but it doesn’t guarantee total happiness. Reading the labour concept from the book has broadened my understanding on the fact that personal preferences intermarry with happiness and work, hence implying that a person can still be earning little cash but still be happy (71). My dear, life not all about money. Working, alone, is enough to make someone feel happy and satisfied with life (72). Study shows that employed individuals become sad when they lose their jobs since they would have lost their income which plays an integral part in the well-being of a person. In other words, unemployment denies a person the chance to be happy. It thus means that employment is considered a precursor to the well-being of an individual (81).

My dear, I know by now you think am drunk with knowledge from this book considering what I have told you about but wait a minute, am not through yet. This book is super detailed that there is no question regarding the economy that has not been answered. Listen to this my dear sister, in most cases, we think the government sets policies on trade or businesses to benefit while traders suffer. Policy matters is a topic talked about in chapter 11, a topic that emphasizes on issues related to taxation, budgetary and fiscal policy. At first, looking at this chapter left my minds with so many questions like what are the specific tool of trade given the primary macroeconomics. But such questions erupted only because I had not given the chapter much focus. Of course, after I did, I realized that policy roles set by the government to control as well as manage businesses (146). If the government fails to set effective regulations such as the monetary policy, it can be hard for them to manage aspects of money such as supply, issuance of bank notes and even interest rates. Before reading this book, I could never understand why the government put policies on international trade yet this brought much money in their banks. However, reading the concept of policy matters opens my understanding that when we talk about trade, we have to keep in mind the problems that tend to arise from risks. And if there exist problems, then the need for solutions is vital. Policy solutions in most cases solve inflationary gap problems (148). So in other words, trade policies are good since they address the issue of the economy as a whole. I know I have spoken a lot my dear, but am drank with knowledge Dinner Party Economics has filled me with. Am so much in love with this book, and I promise to get a copy of it when I come home so that I can teach you more.

Yours Faithfully

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