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Visible and Invisible Hands at ‘Colors of India’ Fest

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This caselet introduces the participants/students to the concept of circular flow of an economy. Set in the backdrop of the Bangalore School of Management's (BSM) cultural fest - 'Colors of India' - this caselet helps understand the factors that propel a smooth operation of circular flow. When several women social entrepreneurs assembled at BSM's cultural fest, 'Colors of India' their sales expectations were quite high. However, the first day's sales seem to have dampened their spirits and the organizers were in a spin to convince the women social entrepreneurs to be positive. While the event is a microcosm of how an economy's circular flow operates, there are several visible and invisible hands that keep the circular flow at a constant motion. What are those visible and invisible hands? How can a college fest be a microcosm of a circular flow of an economy?

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Visible and Invisible Hands at ‘Colors of India’ Fest

  1. 1. VISIBLE AND INVISIBLE HANDS AT ‘COLORS OF INDIA’ FEST This caselet introduces the participants/students to the concept of circular flow of an economy. Set in the backdrop of the Bangalore School of Management’s (BSM) cultural fest – ‘Colors of India’ – this caselet helps understand the factors that propel a smooth operation of circular flow. When several women social entrepreneurs assembled at BSM’s cultural fest, ‘Colors of India’, their sales expectations were quite high. However, the first day’s sales seem to have dampened their spirits and the organizers were in a spin to convince the women social entrepreneurs to be positive. While the event is a microcosm of how an economy’s circular flow operates, there are several visible and invisible hands that keep the circular flow at a constant motion. What are those visible and invisible hands? How can a college fest be a microcosm of a circular flow of an economy? Pedagogical Objectives • To understand the concept of circular flow of economy and how the constituents of the system – factor markets, product markets, consumers and companies – interact to fuel an economy’s continuous movement • To have an overview of how Adam Smith’s ‘invisible hand’ and Alfred Chandler’s ‘visible hand’ facilitate a seamless functioning of an economy through its circular flow • To examine the factors that propel the operation of an effective circular flow in an economy Case Positioning and Case Setting This caselet can be used for: • MBA Program in Managerial Economics course – To understand the concept of circular flow of economy, its constituents and the various factors that affect it • International Business Module – To understand the concept of circular flow of economy amidst globalization ABSTRACT © www.etcases.com

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