Introduction to Economics


Laspeyres price index


Index used for measuring current prices or quantities in relation to those of selected base period. Distinctive feature: uses group of commodities purchased in base period as basis for comparison.

Tends to overstate price increases

tends to overstate a lot

tends to send me off

to sleep


face mashed into crook of elbow

and exercise book

drool slowly seeping

into my half-hearted notes


floating above the seated dozens

a light snore, a fluttering insect

over the drone of a voice

so distant now


and oceans and forests

and deserts, swamps and fields

rise up so slowly, surely

swallowing entire economies

this paper, this building, my mind

all nibbled away by the snail of time

gross domestic product replaced

with a new standard of living



Fisher equation


Explains many things:


how a kingfisher spots and snatches a fish,

dives, barely breaks the surface before emerging,

quivering with quiet triumph and wriggly dinner;


how the symbol for ‘approximately equal to’

is approximately equal to a gentle wave

rolling ashore, or a creek’s curve;


how the designated names number in the millions

(hagfish, goblin shark, chiff chaff warbler et al.)

representing nominal value over real value;


how I wish I were outside

climbing a rainforest’s worth of trees

and not writing or drooling on dead ones.



Walras’ law

Definition: what happens (undefinable, inscrutable)

when you meet a walrus: whiskers, tusks and all.


This arcane law states that you’ll know the mystery in the meeting

not in any textbooks, capital, cul-de-sac studies or sleeping.

I awoke, left the lecture hall and

went walking through the leaves


beyond suburbs

to the sea.

About Duncan Felton

Duncan Felton: writer, editor, publisher. View all posts by Duncan Felton

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