First of all, I am not a fan of economics. Its really not my cup of tea. But Abhishek showed me that irrespective of we notice or not, we experience these laws in our day to day life. Interesting. And I realized, laws of economics are eternal and omnipresent.
Consider a situation.
Hot summer afternoon, scorching sun overhead, you are walking since last two hours without any shade on the way. You see a lush green tree and decide to settle down for a moment and take out your water bottle. The first gulp of water gives satisfaction of 100 "percentile". I have used word percentile and not percentage for a specific reason. The next gulp of water does satiate your thirst but sweetness of first drop was more than the on you are drinking now. - A classic economics law explained.- Law of diminishing returns.
Similar is the case of learning curve.
We keep on talking about " Practice makes a man perfect" and "Experience is the best teacher". These phrases generally used by our grandpas and grandmas are nothing but pure strategy. If this is not learning curve, then what is it?
Isn't it true? Its kind of fun to see how any subject you studied ( mainly theoretical subjects) in your yesteryear translates into real life.
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