Dr Harkant Mankad: "Economics is Life"

Sometime back I dedicated a blog to Dr Rakesh Singh, our professor of Macro economics in term-1. In term-2, we have a course on Micro Economics and guess who taught us. It was Prof Harkant Mankad, the same professor who taught economics to Dr Rakesh Singh during his post graduation time. So, you may understand that what is the stature of this person. In a way I must say he is the "baap" of economist (Dr Rakesh).


This young man of age 68 is full of charisma and fascinating stories about the history and whole world. Even after having 3 hours of continous lecture, you crave for more time with him. He choose very simple words to communicate, relates economics with the actual situations and most importantly never utter even a single irrelevant word. Each and every word just fits in the context like pearl. No more or less word may do the right job. BTW he is just not an economist but a complete knowledge data-warehouse. He taught us BCG matrix, Du Pont far better than we read in marketing.


The very first lecture was highly thought provoking and meant to orient ourselves in the right direction for future. He commented about importance of demographics which I never-ever thought of. 

The evolved 6 stages of life in this modern world are (earlier it was just 4): 
1. Childhood
2. Adolescence
3. ODDYSSEY GENERATION(New entry): People with never say die attitude. Don't want to settle, don't want to marry, expermentive, creative. These people are running the world now a days with rolling money and innovations everyday.

4. Adulthood
5. ACTIVE RETIREMENT(New entry): People who are not giving up against age and still active.
6. Old age: Now, old people have money to spend on themselves


Few of Prof Mankad sayings and my learning which I still remember:
- Economics is Life.
- There is always a trade-off.
- Value is about what we perceive.
- "Stock markets are guided by irrational passion, for dispassionate rationality."
- Rationality is a myth. But economics is based upon rationality. (what a contradiction)
- Perception of value keeps on changing with times
- Recession is state of mind.
- Don't let the competitor kill you. Prevent erosion of your market share.
- NEVER be ONE buyer and ONE product company. 
- Market share is the most important(even more imp than profits) for companies. Quality is second most.
- Stand by your commitment, whatever happens.
- Reduction in cost (while keeping quality) is the need of today.
- Once you are out of B-school, PLAY your OWN GAME. (while saying thanks)


It was really great to learn from you, Sir. Alas, we could have got more insights from you. Finally, a big thanks to share your part of knowledge with us. Keep smiling as always.